Under Income Tax Act, Section 6-”Residence in India” read with section 2(30)-”Non-resident” defines criteria to decide residential status of a person.

As per Section 6, any person is considered as resident in India if he satisfies any of the following conditions:

• The concerned individual has been in India for more than 182 days during the relevant previous year; or
• The concerned person has stayed in India for 365 days or more for 4 years immediately preceding the relevant previous year and has stayed in India for 60 or days during the relevant year.

Amendments by Finance Act, 2020

However, the Finance Act, 2020 has proposed to change the period of 182 days to 120 days. Therefore, concerned individuals must have stayed in India for more than 120 days during the relevant financial year to qualify as a resident.

Foreign equity in Indian companies can be up to 100% subject to the demand of the investor and subject to equity caps in respect to the area of activities under the Foreign Direct Investment (FDI) policy.

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