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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coastaldigest.com news network
July 14,2020

Bengaluru, July 14: Girls outshone boys in the Second Pre-University Board examinations in Karnataka, results of which were announced on Tuesday.

As many as 6.75 lakh students had written the examination of which 4.17 lakh students passed.

Thus, the pass percentage is 61.80 per cent, Primary and Secondary Education Minister S Suresh Kumar said while announcing the results.

He said 68.73 per cent girls cleared the exam against the boys whose pass percentage was 54.77 per cent.

In terms of urban versus rural, 62.60 per cent students passed in the urban area while 58.99 per cent were from rural areas.

The three districts where the students' performance was excellent were Udupi, Dakshina Kannada and Kodagu whereas the districts where students fared badly were Chitradurga, Raichur and Vijayapura, the minister said.

Both Dakshina Kannada and Udupi have recorded 90.71 percent results. Kodagu has bagged second position with 81.53 pass percentage. Vijayapura district has recorded lowest pass percentage (54.22)

Combination wise, the pass percentage of students in science stream is 82.57 per cent, Commerce 72.60 per cent and Arts 47.90 per cent, said the Minister.

He also said of those who passed the examination, 72. 45 per cent were from English medium and 47.56 from Kannada medium.

There are 68,866 distinction scorers, 2,21,866 students who got first division and 77,455 students who passed the exam in second division, the minister added.

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coastaldigest.com news network
May 14,2020

Bengaluru, May 14: As many as 22 new cases have been reported in Karnataka taking the total number of positive cases in the state to 981. 

The new cases include five in Bengaluru Urban - all with a contact history, four each in Gadag - with history of travel to Ahemadabad, Mandya with travel history to Mumbai, Maharashtra and Bidar - with three from containment zone and one with travel history to Mumbai, three from Davangere and one each from Belagavi and Bagalkote.

Meanwhile, two more deaths have been reported in the state on Thursday morning taking the total toll to 35. This is apart from a non-COVID-19 death.

An 80-year-old resident of Dakshina Kannada, got admitted at private hospital following a stroke. She was shifted to the icu on confirmation for Covid-19 at a designated hospital on April 26. She died on Thursday due to septic shock.

Another 60-year-old male, resident of Ananthapur in Andhra Pradesh, admitted at Victoria Hospital in Bengaluru with severe pneumonia and respiratory distress died due to cardiac arrest on Thursday morning. He had hypotension and Diabetes Mellitus, according to the morning health bulletin.

Sources in Victoria Hospital said this person was the first patient to undergo clinical trial for plasma therapy. He was infused plasma on Monday. However, his condition continued to remain the same.

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News Network
January 25,2020

Bengaluru, Jan 25: The Karnataka government would hold a Global Investors' Meet (GIM 2020) in Bengaluru from November 3-5 to showcase the southern state's ecosystem for attracting investments from the world over, an official said on Friday.

"Our Chief Minister B.S. Yediyurappa held the first road show on the GIM at the 50th World Economic Forum (WEF) annual meeting, being held at Davos in Switzerland and invited global firms to participate in the 3-day event for investment opportunities," additional secretary P. Ravikumar told IANS.

At a curtain-raiser on "Invest Karnataka 2020" on Thursday, the BJP Chief Minister said the theme of the GIM would be "Innovate Now. Growth Forever" as the state had one of the best natural and human resources for investing in manufacturing, services and agriculture sectors and creating jobs.

"About 100 entrepreneurs, businessmen and heads of global firms participated in the roadshow to assess the state's industrial policies, incentives, infrastructure, tax system and its ease of doing business for investment potential," Ravikumar said.

Among the participants at the event were Swiss-India parliamentary group president Niklaus-Samuel Gugger, Uber Chief Executive Dara Khosrowshahi, General Electric (GE) executive William Cowan and heads of Gemini Corporation, Coca Cola, SAP Labs, Swiss Re and Mitsubishi Heavy Industries.

"Khosrowshahi discussed Uber's expansion plans in Bengaluru and assured the Chief Minister of investing more in the state. Cowen expressed interest in the development of healthcare, renewable energy and power distribution across the state through partnership with the state government," the official noted.

The US-based transnational firm (GE) has a large presence in Bengaluru with one its largest engineering and technology centres and two production plants.

"A Coca Cola executive told Yediyurappa that the soft beverage firm would initially invest $25 million in its plants in the state and enhance it to $200 million to benefit farmers and rural people with access to clean drinking water in their villages," Ravikumar said.

The Chief Minister also sought to know the investment or expansion plans of global firms present in the state, especially Bengaluru and assured their heads of the state support in creating hundreds of jobs and wealth.

About 100 members of the Indian delegation to the WEF, led by Union Commerce and Industries Minister Piyush Goyal, Confederation of Indian Industry (CII) director-general Chandrajit Bannerjee, Bharat Forge chairman Baba Kalyani, Kirloskar Systems Managing Director Vikram Kirloskar, also participated in the state's GIM roadshow.

State Industries Minister Jagdish Shettar, chief secretary T. M. Vijaya Bhaskar, additional chief secretary E.V. Ramana Reddy and industrial department principal secretary Gurav Gupta also attended the state event.

"Emiriti Lulu Group chairman M.A. Yusuf Ali discussed plans to invest $300 million (Rs 2,160 crore) in logistics, hospitality and health/wellness sectors across the state with Yediyurappa," said Ravikumar.

Ali, an NRI (non-resident Indian) migrated to the United Arab Emirates (UAE) from Kerala two decades ago and founded the Lulu Group at Abu Dhabi to operate a chain of hypermarkets and retail firms since 2000.

"The Chief Minister assured Ali of speedy approvals and incentives for investing in the state, with ease of doing business," the official said in an e-mail to IANS from the Swiss town.

Asserting that his proactive government would work overtime to facilitate global investments in the southern state, Yediyurappa said he was committed to create more jobs across sectors.

Dassault Systems executive Florene Verzelen told the chief minister about her company's plans to set up centres of excellence in smart manufacturing and smart cities in the southern state.

"The centres will train and equip the youth with skilled jobs in large corporations the world over," Ravikumar reiterated.

Yediyurappa apprised US aerospace behemoth Lockheed Martin executive Richard Ambrose of the ecosystem for aerospace and defence industry in the state, especially Bengaluru.

"I will soon visit Bengaluru to explore the possibilities of investing more in Karnataka and taking up research and development work," said Ambrose on the occasion.

A delegation from global automotive component maker Denso also called on the chief minister and interacted with the state delegation.

The Japanese firm has an excellence and research centre in New Delhi and a manufacturing unit at Nelamangala on the outskirts of Bengaluru.

Denso executive Hiroyuki Wakabasyi said he would visit Bengaluru soon to explore further investments in the state.

"Arcelor Mittal chairman Laxmi Mittal also met the chief minister and discussed his company's investment plans in the state," the official added.

Mittal backed out of setting up a steel plant in the state's northern region over a decade ago due to delays in acquiring land and mandatory approvals.

Drug maker Novo Nordisk chief executive Lars Fruergaard expressed readiness to work with the state government in taking up educative and awareness programmes for diabetic patients.

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