Budget shocker: Modi govt proposes tax on non-taxpaying NRIs

News Network
February 1, 2020

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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Kannadiga
 - 
Saturday, 1 Feb 2020

Good news NRIs vote for modi . 

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News Network
March 21,2020

Bengaluru, Mar 21: Three new COVID-19 cases have been confirmed in Karnataka, taking the total number of infections to 18, the state government said on Saturday.

Earlier in the day, Health Minister B Sriramulu giving details about one positive case said, a 32-year old person from Gauribidanur in Chikkaballapura district, who has returned from Mecca has been confirmed for coronavirus infection.

The person has been admitted in a designated isolated hospital for treatment, he said in a tweet.

Details regarding the other two patients are still awaited.

The mid-day situation update by the government also said a circular has been issued to Health and Family Welfare Department officials and staff at all levels to work even on Sundays and general holidays without fail till March 31 in view of COVID-19.

A total of 48 government hospitals and 35 private hospitals have been identified as first respondent hospitals for the case management of COVID-19 cases, it said.

Mental health counselling is being done for positive COVID-19 cases and suspects in the identified hospitals and quarantined persons at home and hospital.

A total of 4,390 counselling sessions have been held till date, it added.

Sriramulu in a tweet, also said the government as a precautionary measure is planning to install thermal test CC cameras at government offices and certain important places.

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News Network
May 23,2020

Bengaluru, May 23: SSLC and PUC students residing in containment zones will not be able to write the exams scheduled to be held in June and July, respectively, but will be given opportunity to write the supplementary examination and treated as fresh candidates.

Primary and Secondary Education Minister S. Suresh Kumar announced this at a press conference on Friday.

In turn, officials in the Department of Primary and Secondary Education will start collecting the list of students in containment zones. However, they are worried since the list of containment zones is dynamic and a particular locality can be declared a containment zone even the night before the examination.

“If any examination centre is located in the containment zone, then we can change the centre and move it to a non-containment zone. However, if a student resides in a zone that is declared containment zone just before the exam, there is no option but for the person to skip the exam,” an official said.

Officials of the department are worried about another scenario as well. “There is a chance that midway through the examination, an area is becomes a containment zone. Then some students may write a few papers and give the rest a miss. Implementation at the district- and block-levels will be a challenge,” said an official.

Sources said that the department is working out several situations that may arise and trying to work on providing practical solutions to the students.

Around 5.98 lakh students have registered for the second pre-university English examination that is scheduled to be held on June 18. As many as 8.48 lakh students have registered for the SSLC examination scheduled to be held between June 25 and 4 July. Currently, there are 261 containment zones in Karnataka that have 5.49 lakh people residing in these zones.

Meanwhile, the Karnataka Secondary Education and Examination Board has decided to ensure that only 18 students are seated in a classroom to write the SSLC examination. This is to ensure that social distancing is maintained in the exam hall.

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News Network
January 14,2020

Bengaluru, Jan 14: Days after the Reserve Bank of India (RBI) capped to Rs 35,000 the withdrawal limit of Sri Guru Raghavendra Co-operative Bank, BJP MP Tejasvi Surya on Monday reassured account holders and said Finance Minister Nirmala Sitharaman was personally monitoring the issue.

Taking to Twitter, Surya said, "I want to assure all depositors of Sri Guru Raghavendra Co-operative Bank to not panic. Hon'ble Finance Minister Nirmala Sitharaman is appraised of matter and is personally monitoring the issue. She has assured the government will protect interests of depositors. Grateful for her concern."

The Bengaluru South MP also attached a letter in his tweet where he had appraised Sitharaman of the situation.

"Finance Minister, after speaking with the RBI governor and other authorities concerned, assured Surya that the government will do everything in its capacity to protect the interests of the depositors and the long term interests of the bank," the letter read.

It said that Surya also reached out to Sitharaman "three times on January 13" after which she reassured him that the "depositors need not panic".

RBI had, on January 10, imposed certain restrictions on Sri Gururaghavendra Sahakara Bank Niyamitha.

"In particular, a sum not exceeding Rs 35,000 of the total balance in every savings bank or current account or any other deposit account may be allowed to be withdrawn subject to conditions stated in the above RBI directions," the notification said.

The regulatory body said that the bank will continue to undertake banking business with restrictions until its financial position improves.

"These directions shall remain in force for a period of six months from the close of business of January 10 and are subject to review," it said.

The bank has been restricted from granting or renewing any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets except.

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