Work pressure: SBI deputy branch manager commits suicide in Karnataka

Mangaluru, May 31: A yellow alert has been sounded in eight districts of Karnataka, amidst the Indian Meteorological Department’s (IMD) prediction that the low pressure area formed over Arabian Sea and Lakshadweep may to intensify further into a cyclonic storm.

The yellow has been sounded in Dakshina Kannada, Udupi, Uttara Kannada, Chikkamagaluru, Kodagu, Hassan, Shivamogga and Chamarajanagara till June 1.

Moderate to heavy rain is expected to lash parts of coastal Karnataka today and tomorrow. 

The IMD has assessed that the situation is favourable for the onset of southwest monsoon. In view of the enhanced cloud cover and the deepening of southwesterly winds up to mid tropospheric levels, the southwest monsoon advanced further.

The IMD has also advised fishermen to avoid fishing in west coast of India from May 31 to June 4.

New Delhi, Jun 5: Congress has named Mallikarjun Kharge as its candidate for ensuing biennial elections to the Rajya Sabha from Karnataka.

Party interim president Sonia Gandhi approved Kharge's candidature on Friday, according to a Congress release by general secretary Mukul Wasnik.

The elections to fill the pending 18 Rajya Sabha seats from seven states will be held on June 19.

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.