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.
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This is a false allegation by this BJP Leader. BJP has no issue now a days and nominated certtain people to give illogic, false and anti national statement. Whatever this local bjp leader telling is nothing but lie. He wants to create trouble in karnataka based on guidance received from his party. Police should do investigatin and in case whatever being told by this local bjp leader is wrong he should be arrested under goonda act. At the same time, in case the Moulvi has said anything wrong apprpriated action should be taken on him. He should respect our nation and should not compare it with Pakistan which is quite instable and people are fighting there themselves. We cant compare Pakistan with India. There is a huge difference between India and pakistan in many issues. India is far better than Pakistan.
Hell with your fake desh bhakti.
BJP leaders know that there are many people who will believe what they say and believe in them without VERIFYING and hate others. Guys GOD has given Us intellect . till when will we guys will be Fooled by the haters of humanity to FOOL us to hate eachother. We need to Wake up and use our god given intellect.. No Muslims want to create a pakistan in india.This concept is only with the Hate mongers who play with the minds of those who are not thinking on their own about the society which was living peacefully by both hindus and muslims since long time.
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