Hi there (Subject VISA and include Taxation)
Many of you are not aware of this, and hence I am writing it here:
1)
As per FEMA act and Income Tax Act 1961 the PIO and OCI
Card holders should be aware that it is two different things
when it comes to number of days stay in india without Taxation.
I am an Indian by birth including my parents and grand parents and I hold now a foreign passport. Therefore, with my OCI Card I can stay in India .......now comes the important part
a)
I Can stay lifelong in India without Visa, with OCI Card, but will be taxable on my gloabl income, since my stay exceed 182 days in India!
b)
What if I want to stay Long but dont want to pay tax in India? Then the answer is my stay is limited to 182 days and much less.
Just make sure that you involve a professional Chartered accountant who are well versed with FEMA and Tax rules.They are the only one who can compute the number of days you can stay in India every year so that you don't hit Taxation, if you want to be a non-resident. You have to provide them your historic number of days spent in India for the past 4 years and 10 years, and they can simulate the eligibility of days you can stay in the future for 4-5 years in advance
c)
My wife is foreign national. She is not Indian by birth. Also
her parents and grand parents are not Indians. She has a PIO Card
d)
With this PIO card she can visit India visa-free and its validity
is 15 years.
e)
I recently found out through my Chartered Accountant that she can only stay less than 90 days (not as everyone thinks 182 days) every year since she is not a real PIO under Income Tax Act. (Where as under FEMA rules, yes)
f)This would mean that, like me, she is not entitled for a 182 days or less threshhold but, only between 80-90 days or less
So Indians, who are married to foreign nationals as their spouse need to research on this thoroughly if they want to stay in India. Don't mix up FEMA and Income Tax rules. This advise is valuable to those who want to vist India but want to keep their
NRI Status. I am afraid that this rule is also applicable to foreign nationals. So this is a humble warning. Respect the law and avoid future troubles.