For any economy in every part of the world, the collection of taxes is the primary foundation of revenue for the central authority. Taxes are usually collected to keep the services that are rendered to the citizens running smoothly. These essential services include health care services, infrastructure projects like roads or railway lines plus other amenities that allow the other economic activities to continue effectively. Central organizations imply that a ruler will be overseeing a given number of people, and this rule has remained in use for a long time since the era of kingdoms. This simply means that taxes are not entirely a new concept as you understand it today. The dynamics of collection plus structures of the collection might have improved, but all the money collected is cumulatively given to the financial body. However, taxes remain a controversial topic, with current complicated systems that can quickly confuse you.
There are currently many kinds of taxes that you are required to pay to the taxman, and having a good understanding of the relevant categories that apply to you can help to evade trouble from authorities. India in particular has different types of deductions that will apply depending on whether you are a resident or non-resident. Due to little awareness, most individuals are not yet conversant of what types of revenues that they are needed to pay. What does NRI imply? It is a common term that you are likely to encounter especially when you are a visitor or simply travel in and out of the country for job purposes. For starters, NRI simply denotes a non-residential Indian, meaning that you likely spend less time within the country during a specified financial year. Being NRI, you can be exempt from certain types of deductions, but you’ll also be liable to commit to other taxation.
The concept of NRI was adopted to include other Indians who live outside the country, who have direct or indirect contact with their country of origin. This status can be given when certain parameters are met according to the law. How does a person know whether they qualify for NRI status? Being NRI simply implies that you are not a resident, and understanding the merits of a resident can help in understanding what qualifies a person as NRI. To be considered a resident, you are required to have spent at least 183 days in a particular financial year, which implies a period of at least half a year. Other requirements include living in India for at least 60 days in your last year within 4 years of residency. If these merits don’t apply to you, you fall under NRI.
Marine engineering is considered an interesting profession since you are likely to spend more time in the seas compared to the Indian soil. A question, therefore, comes up? Do marine engineers qualify for NRI status? Currently, there is a provision that caters to ship workers. A marine engineer is a ship worker, and these clauses will apply to them. For ship workers, there is only one clause that applies to them, living in India for at least 6 months.