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.

Comments

Kannadiga
 - 
Saturday, 1 Feb 2020

Good news NRIs vote for modi . 

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
January 13,2020

Bengaluru, Jan 13: Days after indicating that he may not travel to Davos to attend the World Economic Forum later this month, Chief Minister B S Yediyurappa on Monday said he will be attending the global meet, and that the expansion of his ministry will take place before his foreign tour.

Reiterating that he will keep the promise of making disqualified legislators who have won bypolls on BJP ticket as ministers, he said ministry expansion will happen soon after his meeting with party national president Amit Shah on the matter. "There is no truth in speculations that are going on regarding the cabinet expansion, in fact, Amit Shah had given me time for meeting today in Delhi, but I had to attend important programmes here.

Tomorrow if possible I will cancel all my programmes and will go to Delhi, and get cabinet cleared, there is no problem in that," Yediyurappa said.

Speaking to reporters here, he said the legislators who have won in the bypolls need not worry about the speculations.

"I will fulfil the promise that I have made. If Amit Shah is available I will try to go to Delhi tomorrow. If not he is coming here (Karnataka) on January 17 and 18, will get things cleared and expand the ministry," he said. Yediyurappa had earlier said he will be going to New Delhi probably on January 11 or 12 to discuss cabinet expansion with the BJP high command. However, on Saturday, he said he has decided to discuss the exercise with Shah during the latter's visit to the state next week.

Shah will be here to address a huge rally at Hubballi on January 18 as part of the BJP's nationwide outreach programme to create awareness among the people about the Citizenship Amendment Act.

To a question about his visit to Davos, Yediyurappa said "everyone is persuading me to go, so I have decided to go. As I'm being sent by the central government, so I will have to go, and I will go and come." Yediyurappa along with Union ministers Piyush Goyal and Mansukh Mandaviya as well as chief ministers - Amarinder Singh (Punjab), Kamal Nath (Madhya Pradesh) are among those expected join over 100 Indian CEOs in the Swiss ski resort town of Davos later this month for the WEF's 50th annual meeting.

The Chief Minister, however, had last week, indicated that he may not travel to Davos.

Rubbishing reports about the Ministry expansion after Delhi assembly polls, he said there is no connection between the two.

"I will talk to Amit Shah in a couple of days and immediately take up ministry expansion after that, there is no need for anyone to worry, and there is no truth in certain media reports," he said, adding that expansion exercise will be completed before his Davos visit.

The Chief Minister is likely to travel to Davos on January 20, according to sources.

According to reports, disqualified legislators who got re-elected during the December 5 bypolls on BJP ticket and are all set to become Ministers too had put pressure on Yediyurappa to expand the cabinet before the Davos visit.

As the Chief Minister has already made it clear that 11 of the disqualified JDS-Congress MLAs who got re-elected in the bypolls on BJP tickets will be made ministers, lobbying has been on within the party for the remaining ministerial berths.

Currently, there are 18 Ministers, including the Chief Minister in the cabinet that has a sanctioned strength of 34.

However, with reports that the high command may not be keen on making all the 11 re-elected legislators, whom Yediyurappa has given assurance, as Ministers, it remains to be seen how things turn out.

Cabinet expansion will not be an easy task for the Chief Minister as he will have to strike a balance by accommodating the victorious disqualified legislators as promised and also make place for old guards, upset at being "neglected" in the first round of the induction exercise.

He also has to give adequate representation to various castes and regions in his cabinet and also deal with allocation of key portfolios.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 23,2020

Mangaluru, May 23: Domestic flight services will resume from Mangaluru International Airport (MIA) from May 25 as per the instructions of Union Civil Aviation Ministry. Six Indigo and SpiceJet flights will be operated from Mangaluru to Bengaluru, Mumbai and Chennai.

Air-India is yet to finalise its schedule, airport sources said. Three Indigo flights will depart from Mangaluru to Bengaluru, Mumbai and Chennai and three flights of SpiceJet will leave for Bengaluru and Mumbai on May 25.

SpiceJet flight will take off from Bengaluru to Mangaluru at 8.30 am and7 pm while Indigo will take off from Mangaluru to Bengaluru at 5.55 pm. SpiceJet flight will take off from Mangaluru at 10.20 am and 9.35 pm while Indigo will depart at 7.30 pm.

From Mumbai, Spice Jet flight will take off at 7.05 am and Indigo at 9.30 am. The Mangaluru-Mumbai SpiceJet flight will take off at 9.05 am and Indigo at 11.40 am. Indigo flight will depart from Chennai to Mangaluru at 5.45 pm and from Mangaluru to Chennai at 8.05 am.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 17,2020

Bengaluru, Apr 17: Nikhil Kumaraswamy, son of former Karnataka Chief Minister HD Kumaraswamy, married Revathi, grand-niece of former Congress Minister for Housing, M Krishnappa, on Friday.

According to sources, more than 100 people participated in the marriage ceremony held at Kumaraswamy's farmhouse in Kethaganahally, Ramanagara.

There were around 50-60 members from former Prime Minister HD Deve Gowda's family and more than 30 people participated from Revathi's family, sources added.

This comes in the middle of a nationwide lockdown which has been imposed to deal with the coronavirus threat.

Earlier, HD Kumaraswamy had said that the marriage ceremony would be held behind closed doors in the presence of family members.

Nikhil Kumaraswamy, who contested the Lok Sabha election from Mandya, is also the national youth wing president of Janata Dal-Secular.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.