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
Hello there! I could have sworn I've been to this blog
before but after reading through some of the post I realized it's new
to me. Nonetheless, I'm definitely happy I found it and I'll
be book-marking and checking back frequently!
My web-site - digital pianos review: http://www.orchadash.org/component/k2/itemlist/user/521678
Thanks , I have recently been searching for info about this subject for
a long time and yours is the greatest I have came upon till now.
However, what concerning the bottom line? Are you positive about
the source?
my page :: best
digital piano review: http://Www.huadongwinery.com/comment/html/index.php?page=1&id=92046
Its like you read my mind! You seem to understand so much approximately this,
such as you wrote the e book in it or something. I feel that you simply could do with
a few percent to power the message house a bit, however other than that, this is great blog.
A fantastic read. I will definitely be back.
Feel free to visit my page - best cheap digital piano: http://hljkjcx.com/comment/html/index.php?page=1&id=3938
An outstanding share! I've just forwarded this onto a friend who was doing a little homework
on this. And he actually bought me dinner due
to the fact that I found it for him... lol. So allow me to reword this....
Thanks for the meal!! But yeah, thanx for spending time to talk
about this issue here on your blog.
Feel free to visit my website ... yamaha piano 88 keys: http://football.antingonline.com/comment/html/index.php?page=1&id=675
I know this if off topic but I'm looking into starting my own weblog and was curious what all is required to get set up?
I'm assuming having a blog like yours would cost a pretty penny?
I'm not very internet savvy so I'm not 100% certain. Any recommendations or advice would be greatly appreciated.
Appreciate it
Here is my webpage - best digital piano sound: http://www.gensyo.com/comment/html/index.php?page=1&id=4971
I'll immediately snatch your rss as I can't to find
your e-mail subscription link or e-newsletter service.
Do you have any? Kindly permit me understand in order that I may subscribe.
Thanks.
Also visit my homepage - in piano and drums the piano stands for: http://zzjz2.edong.com/comment/html/index.php?page=1&id=91334
Asking questions are in fact good thing if you are not understanding anything fully, but this piece of writing offers pleasant understanding even.
my web blog ... best digital piano: http://Www.inthevendee.com/classifieds/user/profile/1301
I love your blog.. very nice colors & theme. Did you make this website yourself or did
you hire someone to do it for you? Plz reply as I'm looking to construct my own blog and would like to find out where u got
this from. thanks a lot
My web-site; keyboard 88 weighted keys: http://www.feedbackerteam.com/author/francessymo/
You ought to take part in a contest for one of the
best sites on the internet. I am going to recommend this blog!
Feel free to visit my blog :: best casio digital
piano (Lawrence: http://sailingdreamspr.com/sailing/?option=com_k2&view=itemlist&task=us…)
Hi to every one, it's really a good for me to pay a visit this web page, it consists of precious Information.
My blog post :: best digital piano review: http://tp.nayicn.com/comment/html/index.php?page=1&id=2482
Add new comment