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Bengaluru, Jun 15: Karnataka Chief Minister B S Yediyurappa on Monday laid the foundation stone for the construction of a Rs 220 crore airport project in his political bastion of Shivamogga, as he expressed confidence that it will give a boost to tourism, industries and economic activities in the region.

"The long cherished dream of people of Shivamogga about having an airport is finally becoming a reality.

The project that was planned when I was Deputy Chief Minister and Chief Minister in the past was shelved due to contractor issues and lack of interest by the governments that came later," Yediyurappa said.

Speaking at the foundation laying event for the airport, which he attended virtually via video conference, he said, now the government is once again taking up the project through infrastructure development and PWD departments.

The project to construct the well-equipped airport at Sogane in Shivamogga taluk at the cost of Rs 220 crore in about 662.38 acre land area has been initiated, he said, adding that the project will be taken up in two phases.

He expressed hope that it will be completed in a year's time.

The first phase consists of runway, taxiway, apron, approach road, peripheral road and compound wall construction, while the second phase consists of terminal building, ATC tower, fire station building, among others, a release said.

Noting that under the Udan scheme the project has been envisaged to provide affordable air travel to people, the Chief Minister expressed confidence about tourism, industries and economic activities in the region getting a boost, with the small airport coming up at Shivamogga.

He also directed officials to complete the airport work on time without compromising on the quality.

Highlighting various developmental works that is being implemented in Shivamogga, the district which is regarded as his political turf, Yediyurappa said, with the cooperation of the central government various railway projects have also been taken up in the district including Shivamogga- Shikaripura rail route.

Shikaripura is the constituency represented by the Chief Minister, while his son B Y Raghavendra represents Shimoga constituency in Lok Sabha.

Yediyurappa, who also inaugurated the divisional office of National Highway authority in the district, said a bridge project across river Sharavati at Singndur in Sagara taluk will be taken up.

Conceding that developmental work has taken a backseat due to the COVID-19 situation, the Chief Minister said the challenge is to overcome it and achieve development.

New Delhi, Feb 1: The budget is a little more demanding of the non-resident Indian. Firstly, to be categorized a non-resident, an Indian now has to stay abroad for 240 days, against 182 previously. In other words, an Indian national, to claim the non-resident status, can’t stay in India for 120 days or more in a year.

“We've made changes in Income Tax Act where if an Indian citizen stays out of the country for more than 182 days, he becomes non-resident,” said Revenue Secy Ajay Bhushan Pandey. “Now in order to become non-resident, he has to stay out of the country for 240 days.”

The second rule is more deadly: a non-resident Indian, who is not taxed in the foreign country, will become taxable in India.

“If any Indian citizen is not a resident of any country in the world, he'll be deemed to be a resident of India and his worldwide income will be taxed,” said Pandey.

"It's a very big disadvantage for Indians residing overseas only to save on tax,"  said Dinesh Kanabar of Dhruva Advisors. He expects that many Indians stay abroad in countries, where the income tax is low or nil such as Dubai. Now they will be taxed in India if they are in the income tax bracket.

For Indians, finance minister Nirmala Sitharaman revised income tax rats and proposed new tax slabs.

The new income tax rates will, however, not allow exemptions under Section 80C. Home loan exemption, insurance exemptions, the standard deduction will also not stay under the regime.

"The new tax regime will be optional and the taxpayers will be given the choice to either remain in the old regime with exemptions and deductions or opt for the new reduced tax rate without those exemptions," Sitharaman said while unveiling Budget.