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
Andye und enchina driver less tempo battinda
Daani pattdina janake podar ditijera
Dont request to reveal the name of the driver and his associates and their background, Kalladka, Pumpwell, Surathkal, Kuttar etc.. are working hard to not to publish their names.
Hindu transporter.....all senes...go n break his stuff...ha ha
Ambindu batti kana tumbuga..................
PLEASE NOTE DOWN, THE DRIVER NAME IS NARESH....
Mahesh -Mangalore
How can they reveal the name of the driver or passenger?
because this was not done by Muslims.
this s not the right way driver must be punished in that same way which calf suffered and suffocated to death.
Police must investigate the driver's back ground and its owner detail he must be owning more vehicles for this transport, i request police department to seize them all.
please reveal the driver name., and police must take strict action against the driver.
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