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.
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If Owaisi compains for jds and bsp, he will lose the respect what we kannadigas have in him. He is being used by these parties only to divide muslim votes and alternatively support bjp. In case Owaisi did so, it will be very clear that he is hidden agent of bjp. If actually he needs betterment of muslims, he should keep away from Karnakataka elections. |this is our sincere advice to Mr. Owaisi otherwise we will support or respect him any more. Besides this if he comes to karnataka, i reqeust muslims to welcome him by rotten eggs and black flags. Let him understand that this is not Hyderabad. Why is he showing double standard? Why cant he stand in one boat. He should not try to be another Mir Jafar or Mir Qasim. I was a fan of him, but if he comes to karnataka on the hidden agenda of bjp, i will disrespect him for ever and will not consider him as a sympathisers of Muslims. He will do it for his own benefit. In every speech he speaks about unity in Muslims but he himself is going against it. I doubt he will keep on his popularity and may lose next election in his own constituency and AIMIM will also be thrown out. Hope Owaisi will understand the situation and take back his plan to visit karnataka to divide muslim votes.
Mr. Owaisi, try to follow one ideology. Dont spread your leg in two boats at the same time, you may fall down
He only denied the campaign offer before. Now again..
Double Standard guy, we know about you and we know about your dealing With BJP president Amith Shah close door meeting , do not try to fool Kanndaigas , we are very clear whom to vote ...........
Wonder land man from wonderland AIMIM looks not Indian degree, may be United Kingdom Degree after MIMIM this is Masters degree to the wonder Owaisi!!!!! any way he is the Gate way of "Devide and Rule" good money bai sabb, you divide or Sale no problem, we need our comission, he did in Uttarpradesh, Bihar now he came to Karnataka, no worries "Every Dog has its own day Bai sabb" I am sure Kannadians will not listen your stupidity
Jai hoo Siddaramanna
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