NRIs at the end of runway……

Today we complete 140 days of lockdown in India. There has been no international flight
service for the last 140 days. Many NRIs have come down to India on holidays, annual
leave, official duty, etc. Now they are unable to travel from India and everyone is
stranded in India. 

As per the Income Tax Act, if an individual stays in India for more than 182 days, the
status of the person will be resident.

If the person loses NRI status, all his foreign incomes will be taxed in India.

Due to COVID 19 circumstances, the Hon'ble Supreme Court of India, on its own, has
ordered that the period of limitation in all proceedings, irrespective of the limitation
prescribed under General or Special Laws, whether condonable or not shall stand
extended w.e.f. March 15, 2020, till further order/s are made by the Hon'ble Supreme
Court in this regard. 

RBI has announced a moratorium of 6 months for repayment of loans extended by

commercial banks.

The Income-tax department has extended the due dates for submission of tax returns and
payment of taxes. 

It is expected that an ordinance would be promulgated to suspend three sections of

insolvency and Bankruptcy Code for up to one year and would pave the way for banks to
restructure loans.

These are all fine and they are the need of the hour. In the same line, the government of
India should promulgate an ordinance to extend the 182 days by the number of days
international flights were suspended in India.  

This is the need of the hour, the new financial year started and already 130 days are over.
The requested extension would not only serve natural justice but provide peace of mind
to NRIs. 

--- Dr.R.Venkatachalam