NRI:- Non-Resident Indian
NRI stands for Non-Resident of India. It refers only to the tax status of a person, as per section 6 of the Income-tax Act of 1961, has not resided in India for a specified period for the purposes of the Income Tax Act. The income-tax rates differ for persons who is a are “resident in India” and for NRIs. A person who needs the status of “Resident in India” requires staying in India for at least 182 days in a financial year or 365 days in over four consecutive years or at least 60 days in that year, for the purpose of the Income Tax Act. Any Indian citizen who is unable to or does not meet the criteria as a “resident of India” is considered to be a non-resident of India and will be treated as NRI for paying income tax, according to the same act. Non-Resident Indian and Person of Indian Origin are together called Overseas Indians or Indian Diaspora.
