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 1,2020

Mangaluru, Jan 1: On the first day of 2020, Bajpe Police became somewhat of a Guardian Angel for a college student, who was wandering around the city in the wee hours of Wednesday, convincing and escorting him to his home safely, after coming to know about his residence.

According to Bajpe Police Probationary Sub-Inspector Anita Nikkam and Police Officer Devappa Hosamani, they noticed a youth, hailing from Handelu in Todaru and studying in a college at Moodbidri, wandering at around 0245 hrs.

When asked about his whereabouts, the boy did not respond initially. However, police managed to collect his address and his mother's phone number after half an hour of interrogation.

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
January 28,2020

Bengaluru, Jan 28: Brace for hefty traffic penalties as the state government is all set to reverse a notification on revised fines which came into effect last September following pushback from road users and opposition parties.

The Karnataka government will implement traffic penalties as stipulated in the amended Motor Vehicles Act, 2019, in a phased manner following a diktat from the Centre. The government did not specify the timeline for it.

“At a recent meeting of transport ministers from various states, the Union government explained why it wanted to implement these huge fines. We found it convincing and will implement it in its original form,” said transport minister Laxman Savadi on Monday.

Savadi said India’s image globally has taken a beating due to the high number of road deaths and the Centre wants to change it at any cost. However, he said the entire set of hefty fines would not be reintroduced all at once.

BJP govt revised rates in Sept

The BJP government last September had revised fines on compoundable offences and those which are fined on the spot by traffic cops by 50%- 80%, barring drunken driving and racing.

As per the revised rates, helmetless riding attracted a penalty of Rs 500 against Rs 1,000 notified by the Centre. Driving without a licence attracted a fine of Rs 1,000 for

two- and three-wheelers and Rs 2,000 for light motor vehicles as against the earlier Rs 5,000 for all types of vehicles.

The central government recently told states and Union Territories they should enforce fines as per the amended Act and they cannot be rolled back. The road transport and highways ministry said fines cannot be reduced below the minimum amount fixed by law, unless the President gives his assent.

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
June 5,2020

Bengaluru, Jun 5: A COVID-19 patient, who was admitted to Victoria hospital, has recovered from the disease after he was administered convalescent plasma therapy.

He is the second patient in the state who has recovered from COVID-19 after the therapy.

"I am happy to inform the second plasma therapy patient has recovered and shifted out of ICU. This middle-aged patient was admitted in Victoria hospital ICU with severe COVID-19 illness and was also diabetic with poor sugar control," Dr Vishal Rao, HCG Hospital Bengaluru said.

"The patient received convalescent plasma on May 27, since then there was steady improvement in patient's condition and was taken off high flow nasal oxygen on June 2, 2020, and is at present on a minimal oxygen, shifted toward yesterday. With the rapid recovery we hope to discharge the patient soon," he said.

Speaking further, Rao said: "This is a significant improvement and reassuring. We hope to see him recover completely and will closely monitor the condition going forward to send the patient from ward to home."

In Karnataka, 4,320 coronavirus cases have been reported including 1,610 cured/discharged/migrated and 57 deaths, according to the Ministry of Health and Family Welfare. 

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.