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.
Police used mild force to disperse the protesters in which some of them received minor injuries.
Comments
Good Treatment to Swami, appreciated...ha...ha..ha............
When the mind is empty about the knowledge of the CREATOR , YOU all will find people like SWAMY & their fans spread the hatred & support the EVIL without the knowledge of accountability of the DEEDS with the Creator. When we live in FALSE ideology - we tend to do INJUSTICE to the innocent and OPPRESS them...
Dear Swami and his fans should learn more about the CREATOR of all that exists.. who created the SKY without any Hole in it.. Please look up the SKY, try to find a whole .. LOOK Again try to find a hole... and then PONDER and think on the creation... The CREATOR will guide those who Ponder on his verses...
QURAN asks human to think & PONDER on the verses of the QURAN. and implement and research with the LIFE which ALLAH has given us... Many Scientist have already proven & accepted the word of ALLAH and with their deep study they are PROVING its the word of GOD which is FAR FROM IMPERFECT -- Praise be to ALLAH alone who created the heavens and earth...
Subbu Swamy...Deserves These kind of welcome...Don't Throw good tomatos.Throw only waste. Otherwise he will catch & cook it.
Why swami never tell about vyapam scam, chiikki scam, food scam, lalit modi scam? He only shows at others. First let him look into his own party memebers
An insult to rotten eggs and tomatoes. Swamy need stonewash.
indian Drama Leader,
FreeSpeech is the private property of Marxists on JNU campus -- not open for Ramdev or Subramanian Swamy.
Unlike Kanaiyah.....he survived.
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