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.
Mangaluru, Jan 18: A few days after Islamic orator Zakir Naik was barred from Mangaluru, the police have barred the entry of Vishwa Hindu Parishad’s International Working President Praveen Togadia into the city between January 18 and January 24.
Comments
Justice is done fairly.
Commissioner Chandrashekhar is fair enough.
If Dr. Zakir Naik a peace preaching person, can not enter a place, then hate preachers can and should never enter that land.
I do not Understand why you media raising this type of Issues, why Ravan Thogadia Banned to Enter Hindustan's most popular City,
Really it is not Acceptable we are all Hindustanis not other Stanis, but you commented to Master Blaster Pump well there are lot of Pump wells, this is Irreducible to all in Hindustan if one Pump well become Criminal do not blame all, My Dearest Reader please find out \How the Name Pump Well\" started calling there was a big story behind it You Buffoons with out knowing the History Calling to all Idiots as Pump Well totally not acceptable my dear.
Jai Hindustan"
Dear Pump well, We believe district administration got permission from STRONG Bajrangi's to ban entry of P(ravan) Togadia.
Add new comment