NRI is a citizen of India who holds a valid passport issued by Govt. of India and is temporarily residing outside India for the purposes of employment or business or otherwise. Any person holding ‘Person of Indian Origin’ (PIO) Card/ ‘Overseas Citizens of India’ (OCI) Card shall be considered at par with NRI. Income Tax Act has not directly defined NRI. However, Section 6 contains detailed criteria of who is considered as Resident in India and further provides that anyone who doesn’t meet these criteria is Non-Resident. The status of a person as a resident or non-resident depends on his period of stay in India. The period of stay is counted in number of days for each financial year beginning from 1st April to 31st March (known as previous year under the Income-tax Act 1961) An individual will be treated as a Resident in India in any previous year if he/she is in India for at least 182 days in that year, OR at least 365 days during 4 years preceding that year AND at least 60 days in that year.