There are many Indian citizens who are pursuing higher education outside India for years or are doing jobs outside India. In that case, he or she is not residing in India for a long time. Thus, if you want to know what is resident but not ordinarily resident meaning, the answer is very simple. It refers to those people who are citizens of India but referred as ordinarily resident because they spent most of their life outside India.
The main difference between the two is that, an ordinary citizen is to get all the benefits provided by the government and in exchange he or she is liable to pay the taxes in due time. Whereas for a not ordinary resident, taxes are levied only on the income that they had while living in India. If they had earned money outside India, the person need not pay any tax for it.So it can be said that resident but not ordinarily resident income tax is almost nil.
What are the minimum number of years required to be called a normal resident?If a person lives for a year or more in India, he or she will be called as a resident of India and if a person lives less than a year in India, he will be called as a non resident.
Who is given the Status of Resident but Not Ordinary Resident (RNOR)?This RNOR status is given to the people who have been Non-Resident in India during 9 out of 10 financial years preceding that year or for people who have been in India during 7 previous years preceding that year for a time of total 729 days or less.
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You must have understood the resident but not ordinarily resident meaning clearly now.
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What Is Resident And Ordinary Resident?
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What is Resident But Not Ordinarily Resident?
Priya Rana
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3 Year
2022-05-18T19:17:05+00:00 2022-05-27T18:06:31+00:00Comment
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