What is the full form of NRI?
- on Jul 04, 2022
NRI stands for Non-Resident Indian.
|Full Form||Non-Resident Indian|
|Category||Governmental » Rules & Regulations|
What is NRI?
Non-Resident Indian (NRI) is a citizen of India who holds an Indian passport and has temporarily moved to another country for work, business, or education. An NRI is not a resident of India and therefore is not subject to Indian tax laws.
The term “Non-Resident Indian” was first used in the Income Tax Act, 1961. It refers to a person who does not reside in India but who has income from sources in India. An NRI is usually resident in another country for employment, business, or educational purposes.
NRIs are taxed on their income from Indian sources. They are also required to file an annual tax return in India. NRIs are not subject to Indian capital gains tax or wealth tax. However, they are subject to other taxes such as gift tax and inheritance tax.
NRIs can open bank accounts in India, and they can also invest in certain types of financial instruments such as bonds and mutual funds. NRIs can also buy property in India.