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
June 19,2020

Bengaluru, Jun 18: Former Karnataka Chief Minister and Congress leader Siddaramaiah has accused the BJP-led government of not passing the benefit of the low price of crude to the common man and urged Prime Minister Narendra Modi to take steps to bring down prices of petroleum products.

Hitting out at the BJP-led government, he termed it as "opportunistic" and said the price of petroleum products were being increased when people were facing difficulties due to COVID-19.

"It is very disheartening to witness and unprecedented opportunistic government which is trying to extract every pound and flesh from the common man, that too when the whole country is suffering from the COVID-19 pandemic. This is in the backdrop of the continuous price hike in the last 10 days," said the letter was written on Wednesday.

The Congress leader said that the policy decisions taken by the government "with respect to managing fuel sources are inconsistent with the prudent measures generally adopted".

"When the price of crude oil was remarkably low in March, April and May 2020, your government was very reluctant to pass on the benefits to the people by reducing the fuel prices proportionately, but, instead, your government continued to capitalise by increasing the excise duty," he said.

He said the government had also "failed" in the last six years to increase the oil storage capacity which could have been used for the country's advantage when the international crude oil price fell really low.

He said the government should roll back the excise duty and help in the reduction of fuel prices.

"The reduced burden will help the common man to have additional money in hand that will be spent on essential goods and services which will ultimately help them tide over these difficult times," he said.

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News Network
February 19,2020

Bengaluru, Feb 19: Karnataka Chief Minister BS Yediyurappa is facing major dissent within the party and the BJP MLAs held a meeting on Tuesday night at former Chief Minister Jagdish Shettar's residence to discuss the functioning of Yediyurappa-led government, said BJP sources.

According to BJP sources, some of the unhappy BJP leaders and MLAs met last night at Shetter's place and expressed that they are not satisfied with Yediyurappa's leadership.

Last night's meeting shows that party leaders are looking to bring down Yediyurappa from the Chief Minister's post by sending a clear message to the high command that Yediyurappa is incapable of continuing as the CM, said BJP sources.

Other sources in BJP have also asserted that BJP leadership in Karnataka is looking for a "leader" who can lead the party in upcoming elections which is going to be held after three years. At this point of time, it's crucial for BJP to promote second-line leadership.

Meanwhile, a letter is being circulated in the BJP party forum and over social media against Chief Minister Yediyurappa's leadership.

It looks like the same team which is unhappy with Yediyurappa's leadership is trying to convey the same message to their high command. The letter which is being circulated says to be written by one of these leaders' groups against Yediyurappa and his son Vijayendra.

On this, Congress leader Ramalinga Reddy told media, "Maybe the letter is written by the same MLAs because after the expansion of Karnataka cabinet so many leaders from BJP were kept out."

"There is a lot of discontent among BJP MLAs that the ones who have toiled for the party day and night have been neglected from the cabinet expansion. This will definitely result in destabilisation in the government," said Eshwar Khandre, KPCC Working President.

Now party high command needs to look into Karnataka leadership to manage the government in the state.

"Now BJP leadership in Karnataka and Delhi need to look into the matter and need to solve the issue after cabinet expansion," said a BJP leader.

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News Network
March 21,2020

Bengaluru, Mar 21: Karnataka Deputy Chief Minister CN Ashwath Narayan on Saturday said that all the IT companies in the state have agreed to close their offices and have also allowed some employees to work from home in the backdrop of the coronavirus pandemic.

"IT companies agreed to close their offices and allow employees, except for those discharging essential services, to work from home during a video conference with companies' representatives yesterday," said Narayan.

The Deputy Chief Minister said a circular regarding it will be issued soon.

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