Amendments to the Finance Act 2021 have given rise to debate on the criteria used to define NRI status, qualification of people who are resident but not ordinarily resident (RNOR), treatment of various incomes for liability, tax deducted at source, applicable tax rates and taxation under double taxation avoidance agreements for NRIs in the Gulf region.
This article will answer some of your queries
Effective FY21 and onwards, any dividend income from shares of an Indian company is taxable in India. If a shareholder qualifies as a ‘non-resident’ in India under the India income tax law, the dividend income is taxable at 20% plus applicable surcharge and 4% health and education cess on gross basis.
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NRI-business man Ravi Pillai, who holds a 10 percent stake in the Kerala-based Dhanlaxmi Bank, may be planning to return to the private lender’s board as a non-executive director (NED), moneycontrol reported.
The possible return follows a change in a
Reserve Bank of India's (RBI) rule that now allows non-executive directors to
remain board members till the age of 75.
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