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
So happy to see at least in this business Green and Saffron goons are dealing with peace respect and harmony...ha ha.......
Others need to learn from them......(not to sell ganja) but to unite....
By the way these arrests are just to show that police not with them...
see here all parties are united. BJP, VHP BD will not stage protest or declare them terrorists. wtihin few days they will be out. Without the ingredients how these outfits servive?
In this business there is no cast community religion etc. no ghar wapasi,
Al Hamdulillah....im just imagining if its only Muslims involved then there will be different stories. they might get connections with PFI, SDPI,, Lashkar etc. they survived doing these dirty things along with other religion mate..
Anyway punish all of them like Saudi law especially for drug suppliers hanging in public by that no one else will do the same thing. if they release on bail they will continue the same.
State toppers in Smuggling
Toppers in...????
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