What Are The Best NRI Saving Accounts?

Has my son status has been changed from RI to NRI?

• My son had got job in Dubai. He proceeded there in middle of June 2011. Uptill now he had completed more than 182 days in a foreign country. Has his status has been changed from RI to NRI? He is coming on vacation for 10 days. What he should do to be a tax compliant person:- 1) He already possess PAN as Resident Individual (RI). (2) He has two Bank Accounts in India linked with FDs (Flexideposit Saving A/cs) (3) He maintains another Saving A/c as Guardian of his minor son (4) He has a joint Saving A/c with his wife as first applicant (My son's as jointholder is only for safeguard measure, since the deposits in a/c relates to his wife only) (5) He has a Demat A/c as Resident Individual, opened when he was RI (6) He has investments in PPF, Tax Saving Schemes of Mutual Fund and Infra Bonds (6) He subscribing two SIPs of Mutual Funds as guardian of his minor son out of a/c mentioned at (3) above. I shall be grateful if you will guide me the next course of action to be a tax compliant person. Thanks.

• Answer:

  According to income tax act sec 6 there 2 basic conditions 1. The person should be more than 182 days in India in py Or 2. Should be at least 60 days in py in India or should stay in India at least 365 days in past 4 years And additional conditions States as 1st at least RI in past 2years among past 10years And 2nd should stay in India for730 days in preceding 7 years. So if ur son goes to UAE for first time he is surely RI