TDP high command rewards loyal leaders with coveted posts
TDP high command rewarded Mr. Nagarjuna with the coveted post as he could not get the party ticket for the Cheepurupalli Assembly seat although he was in-charge of the constituency and president of TDP-Vizianagaram Parliamentary wing prior to Assembly elections held in the Year-2024. TDP high command offered Cheepurupalli seat to the former Minister Kimidi Kala Venkata Rao who defeated the then Minister for Education Botcha Satyanarayana, who represented the seat thrice since 2004.
Mr. Gompa Krishna, who is an NRI, could not be given the party ticket for S.Kota Assembly seat, as the party selected former MLA Kolla Lalitakumari, who emerged victorious after defeating sitting MLA Kadubandi Srinivasa Rao in the 2024 general election. Mr. Krishna, who is also TDP State Secretary, was selected for the DCMS chairperson post.
Minister for MSME Kondapalli Srinivas, MLAs Kondru Muralimohan, Aditi Vijayalakshmi and others congratulated both leaders and hoped their vision would put DCCB and DCMS on the path of development.
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Business Standard
an hour ago
- Business Standard
NRIs face residency test upon India return, must stick to 182-day rule
A recent appellate tribunal ruling has complicated matters for non-resident Indians (NRIs) returning to India by replacing the Reserve Bank of India's (RBI) intent-based residency test with the Foreign Exchange Management Act's (Fema) stricter requirement. Until clarity emerges, NRIs should exercise caution and avoid major financial transactions not fully compliant with FEMA regulations. What is the controversy? Section 2(v)(i) of FEMA includes two tests for residency. The first requires a physical stay of 182 days in the preceding financial year. The second, which is intent-based, allows residency even without meeting the 182-day rule if the intention to reside in India for an extended period is evident. RBI has long followed the intent-based approach. Once an NRI returns with the intention to stay — say, on retirement or for employment — they are treated as residents from the date of return, allowing immediate conversion of non-resident external and non-resident ordinary (NRE and NRO) accounts and access to transactions that residents can undertake. 'In effect, RBI places greater weight on intention and conduct, rather than requiring a 182-day physical stay in the previous financial year,' says Suresh Surana, a Mumbai-based chartered accountant. The tribunal in New Delhi, however, held that intent alone is insufficient. In the Pradeep Mishra versus special director, Directorate of Enforcement, Lucknow case, it ruled that at least 182 days of physical presence in the preceding financial year is mandatory under Fema. 'By doing so, the tribunal effectively subordinated the intent-based carve-outs to the 182-day condition, treating physical stay as a mandatory prerequisite. This interpretation diverges from RBI's long-standing intent-based approach,' says Surana. Myriad implications for returnees This stricter reading is expected to create several hurdles for returning NRIs. 'A person may have to wait up to 18 months before declaring themselves a person resident in India,' says Dhruv Chopra, managing partner, Dewan P. N. Chopra & Co. Conversion of NRE/NRO accounts to resident accounts is only possible after an individual qualifies as a resident. 'The conversion will now happen in the financial year following the one in which the individual spent more than 182 days in India. Premature conversion may lead to non-compliance under Fema,' says Riaz Thingna, partner (tax), Grant Thornton Bharat. Additionally, only resident Indians are allowed to purchase agricultural land. NRIs returning to India must now ensure they are residents before entering into such transactions. Residents can invest freely in Indian companies. 'Non-residents must comply with sectoral caps, pricing guidelines, and reporting obligations under FEMA,' cautions Thingna. Their private investments will remain subject to foreign direct investment (FDI) norms. 'Any such investments will require adherence to procedural compliances, such as filing of Form FC-GPR, FC-TRS, etc.,' says Chopra. Capital movement will also get affected. 'They will only be able to receive gifts from residents up to the Liberalised Remittance Scheme (LRS) limit of $250,000,' says Archit Gupta, founder and chief executive officer (CEO), ClearTax. While residents can remit $250,000 annually, non-residents are capped at $1 million. Experts say Fema limits on gifting and lending to relatives and companies will be harder to navigate without clear residency. 'Overall, the ruling risks unsettling the financial transition for NRIs returning mid-year, and could create uncertainty in banking, investments, and taxes,' says Gupta. Penalties and other risks Experts warn that past transactions could also be scrutinised. 'Since this ruling is in the nature of an interpretation of law, it may be inferred that it can have a retrospective impact on past transactions also,' says Thingna. 'If returning NRIs assumed that they were residents upon arrival, based on RBI's rules, and immediately reorganised bank accounts, bought property, or invested in shares, these actions could be challenged under the Fema interpretation,' says Gupta. Thingna points out that the ruling is likely to be appealed. Proceed with caution Until clarity emerges, experts advise caution. 'Do not rush to convert NRE/NRO account to a resident account. And until the picture is clear, delay major investments and property purchase decisions,' says Deepak Kumar Jain, founder and CEO, the tax advisory and e-filing portal platform of Rising Advisory Services. One common practice among NRIs is to buy land for a house soon after returning to India. 'According to the ruling, this needs to be postponed until they have resided for at least 182 days in the financial year prior to the one in which land is purchased,' says Xerxes Antia, partner, corporate transaction and restructuring, BTG Advaya. An NRI should apply for conversion of their bank account only once they have spent 182 days in India in the previous financial year. Jain suggests that all major transactions should be backed by clear intent, proper documentation, and RBI/authorised dealer (AD) approvals. NRIs should avoid undertaking certain transactions. 'Transactions such as accepting gifts or investing in specific assets, certain inheritance and transfers, are barred for non-residents. Hence, caution should be exercised herein,' says Vivek Jalan, partner, Tax Connect Advisory Services. Jalan further suggests that funds in special bank accounts (like NRE or NRO), even after conversion to a regular account, should not be used for the purchase of agricultural land until the FEMA criteria for residency are met. Until the law gets settled, NRIs should adhere to the stricter FEMA interpretation. 'The ruling has made it clear that for an NRI to be considered a person resident in India, they need to fulfil the test of having been a resident for at least 182 days in the previous financial year,' says Antia. NRIs should seek professional advice before undertaking major financial moves, so as not to invite prosecution and penalties.
Mint
5 hours ago
- Mint
Don't trip up on taxes: A guide for returning NRIs
Rahul Fernandes, 43, moved back to Mumbai after living in California for nine years, where he worked at multinational companies. Before returning, he learned about 'resident but not ordinarily resident' (RNOR) status, which helps with taxes when bringing money to India for two to three years. Fernandes discussed his taxes with tax and investment advisors well in advance, so he had a clear idea of how things would play out on his return. Here, we explore the key tax strategies non-resident Indians (NRIs) should know about to ensure a smooth financial transition when moving back to India. RNOR benefits When you move back, the first thing to get right is your residential status under Indian tax law. 'This isn't about your visa or citizenship status; it's simply a question of days spent in India. Cross the 182-day mark in a financial year and you are treated as a resident for tax purposes," said Raj Ahuja, co-founder of Turtle Finance, a financial planning platform. Residential status depends on the number of days spent in India in the relevant financial years. A person qualifies as resident (ROR or RNOR) if they are in India for at least 182 days in a financial year, or 60 days in the current financial year and 365 days in the preceding four. Also, if an individual has been a resident in at least two of the preceding 10 financial years, or has stayed in India for 730 days or more in the preceding seven financial years, they will be treated as ROR; otherwise, they will be classified as RNOR. 'One does not have to opt for RNOR status—it is determined automatically under the Income Tax Act. While filing the return, the correct residential status (RNOR) must simply be selected," said Priyal Goel Jain, partner and NRI desk head - Dinesh Aarjav & Associates, Chartered Accountants. Bridge period Under resident & ordinarily resident (ROR) status, your global income – interest from overseas bank accounts, rental income, pension withdrawals, and even capital gains from stocks – will be taxed in India. But there's a bridge period that many miss, forgoing RNOR status. For the two to three years that your RNOR status lasts, you get a breather: most foreign income remains non-taxable in India, unless you run a business abroad that's controlled from India. 'It's a golden window to clean up, restructure, or even gradually repatriate funds before your full ROR status kicks in" said Ahuja. Reporting foreign income and assets The Income Tax Act requires residents to disclose their foreign assets and income in their tax returns. 'Specifically, Schedule FA (Foreign Assets) in the ITR form is meant for reporting foreign assets, and Schedule FSI (Foreign Source Income) is for reporting income from foreign sources. Failure to disclose foreign assets and income can attract a penalty of ₹10 lakh a year and even result in imprisonment for up to seven years under the Black Money Act," said Ankur Choudhary, co-founder and CEO of Belong, an NRI-focused fintech startup. The mere repatriation of foreign assets to India does not, in itself, attract tax. Taxability is contingent on residential status. During the RNOR phase (generally up to three years), global income is not taxable and foreign assets don't need to be disclosed. 'Once ROR status is acquired, however, foreign income such as interest, dividends, capital gains, and rental income becomes taxable in India, and all foreign assets must be reported in Schedule FA of the income-tax return," said Ankit Jain, partner at Ved Jain and Associates, a chartered accountancy firm. Using DTAAs to reduce tax 'If tax has already been paid in another country, the taxpayer can avail benefits under the relevant double taxation avoidance agreement (DTAA). Taxes paid abroad can be claimed as a credit and offset against their Indian tax liability, thereby preventing double taxation," says Jain of Ved Jain and Associates. Here it is important to understand the concept of foreign tax credit. 'Taxes already paid abroad can be adjusted against your Indian tax liability. For example, if the US withholds tax on your dividends, you can claim that as a credit in India instead of paying twice," said Ahuja. For example, Ambika Bharadwaj, who returned from New York in 2023, continued receiving dividends from her US brokerage. The US withheld 25% as tax, but under the India-US DTAA she could claim this as a credit in India. Tax planning for foreign retirement funds Managing foreign retirement accounts such as 401(k)s, individual retirement account (IRAs), or foreign pension funds is a big financial challenge for NRIs planning to move back to India because these products were designed for the tax laws of their country, not India's. When you move back, the same account can feel like a tax trap if not managed well because any withdrawals from overseas retirement accounts become taxable in India once you attain ROR status. 'NRIs relocating permanently must carefully consider whether to retain such accounts or withdraw funds prior to the change in status. The decision depends on several factors including liquidity requirements, long-term financial objectives, currency risk, potential estate tax exposure, the desire for geographical diversification, and age," said Jain of Dinesh Aarjav and Associates. The right decision depends on tax treaties, RNOR status, timing, and personal plans, and engaging a cross-border tax advisor can help you navigate this complex landscape. For example, Rajesh Singh, a 52-year-old engineer, had built up $600,000 in his 401(k) before moving back from Texas in 2024. Unsure what to do, he worked with a cross-border tax advisor, who advised phased withdrawals during his RNOR years. This way, part of his withdrawals were taxed only in the US. FEMA compliance: what you need to know India's Foreign Exchange Management Act (FEMA) governs the legality of holding and repatriating foreign assets, while the Income Tax Act determines the taxability of income from these assets. Under FEMA, a returning NRI is permitted to retain foreign assets indefinitely, while the Income Tax Act requires disclosure of such assets in Schedule FA once ROR status is attained. 'Funds lawfully earned abroad can generally be repatriated to India without restriction, provided the source is legitimate and compliant with FEMA regulations. From a tax perspective the principal repatriated is not taxable, although the income generated from such funds—whether interest, dividends, or capital gains—becomes taxable in India once the person is ROR," said Jain of Dinesh Aarjav & Associates. Holding off-shore accounts is therefore not a problem, and can even be beneficial as the money remains freely repatriable around the world and is protected from rupee depreciation. A returning NRI can get the same benefits by opening an onshore RFC (resident foreign currency) account with an Indian bank in India as well. 'These accounts are available in USD and other foreign currencies and can be used to hold foreign currency sent to India by a returning NRI. Interest earned in these accounts will be tax-free during the RNOR phase and taxable once the NRI becomes fully resident," said Choudhary.
News18
5 hours ago
- News18
Fadnavis Seeks Support Of Uddhav Thackeray, Sharad Pawar For NDA VP Candidate Radhakrishnan
Last Updated: Devendra Fadnavis seeks support from Uddhav Thackeray and Sharad Pawar for NDA's vice presidential nominee CP Radhakrishnan. Maharashtra Chief Minister Devendra Fadnavis on Thursday reached out to Shiv Sena (UBT) chief Uddhav Thackeray and NCP (SCP) veteran Sharad Pawar to seek their support for the BJP-led NDA's nominee for the vice presidential elections, CP Radhakrishnan. Last week, the BJP announced Maharashtra Governor CP Radhakrishnan as the NDA's candidate for the Vice President, following the resignation of Jagdeep Dhankhar last month. The decision to nominate CP Radhakrishnan was taken unanimously during a key meeting of NDA floor leaders held at the residence of Union Minister Pralhad Joshi, with all leaders pledging their full backing for Radhakrishnan's candidature. Earlier on Monday, Fadnavis urged parties that speak of 'Maharashtra Asmita' to walk the talk by backing the NDA candidate, who is not only the state's governor but also a registered voter from Mumbai. 'It is a moment of pride for the state. All parties, especially Uddhav Thackeray and Sharad Pawar, who often talk about the pride of Maharashtra, should come forward and support the candidature of CP Radhakrishnan for the VP post," Fadnavis had said. Meanwhile, the TDP, NDA's ally, on Tuesday reaffirmed its support for Radhakrishnan and said there is 'no ambiguity" in the matter. Andhra Pradesh minister Nara Lokesh, accompanied by senior TDP leaders and MPs, met the vice-presidential nominee in New Delhi to extend warm wishes on behalf of the party. Who Is CP Radhakrishnan? Radhakrishnan has previously served as a Member of Parliament and as Governor of Jharkhand and Telangana. Prime Minister Modi praised his 'dedication, humility, and intellect", noting his long-standing grassroots work in Tamil Nadu. Chandrapuram Ponnusamy Radhakrishnan, who has been the Maharashtra Governor since July 31, 2024, had earlier also served as the Governor of Jharkhand, Telangana and Lieutenant Governor of Puducherry. Radhakrishnan has also served as a two-time MP from Coimbatore. Born on October 20, 1957, in Tamil Nadu's Tirrupur, The BJP stalwart became the state committee member of the Bharatiya Jana Sangh, the BJP's precursor, in 1974. Before the Jan Sangh, he joined the Rashtriya Swayamsevak Sangh (RSS). In the year 1996, Radhakrishnan was appointed as the BJP Tamil Nadu secretary, following which he was elected as a Lok Sabha member from Coimbatore in 1998 and reelected again in 1999. During his tenure as MP, he served as the Chairman of the Parliamentary Standing Committee and was also a member of the Parliamentary Committee for Public Sector Undertakings (PSUs) and the Consultative Committee for Finance. Radhakrishnan was also a member of the Parliamentary Special Committee investigating the Stock Exchange Scam. view comments First Published: August 21, 2025, 16:14 IST News politics Fadnavis Seeks Support Of Uddhav Thackeray, Sharad Pawar For NDA VP Candidate Radhakrishnan Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy. Loading comments...
