Who is tax resident person & why is it important?

What does Tax resident of India mean and why is it important?   

A resident taxpayer is an individual who satisfies any one of the following conditions:
  1. Resides in India for a minimum of 182 days in a year, or resided in India for a minimum of 365 days in the immediately preceding four years and for a minimum of 60 days in the current financial year.
  2. A bank account cannot be opened if you are not a Tax Resident of India as per Indian banking law.