NEW DELHI : Big changes in India’s direct tax regime will come into force on Wednesday, covering a host of stakeholders, including non-resident Indians (NRIs), company shareholders, digital firms and individual income taxpayers, with provisions of the Finance Act taking effect on 1 April.
One of the key changes that take effect applies to non-residents. NRIs who have more than ₹15 lakh income from Indian sources will be deemed as Indian residents for the purpose of taxation if they had spent 120 days in India in the previous year.
Earlier, the time Indian citizens or persons of Indian origin needed to spend in India to qualify as Indian tax resident was 182.