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FinMin to clarify on residency status of NRIs stranded in India this fiscal due to Covid
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FinMin to clarify on residency status of NRIs stranded in India this fiscal due to CovidPTI
Last Updated: Feb 04, 2021, 04:34 PM IST
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There were expectations that the government would clarify on the residency status of these individuals in the 2021-22 Budget, which was presented on February 1.
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The Finance ministry will issue a circular to provide clarity on the residency status of NRIs and foreign nationals stuck in India in the current fiscal due to the coronavirus pandemic. For the fiscal ended on March 31, 2020, the ministry, in May last year, clarified that the period of stay of Non-Resident Indians (NRIs) and foreign nationals in India during the lockdown period would not be counted for the purpose of determining their residency status for the purpose of taxation.
INDIA New England News
New Delhi–The Ministry for Corporate Affairs (MCA) has amended the rules to allow One Person Companies (OPC) to grow without any restrictions on paid up capital and turnover.
An official statement said that the amendment would allow their conversion into any other type of company at any time, reduce the residency limit for an Indian citizen to set up an OPC from 182 days to 120 days and also allow Non-Resident Indians (NRIs) to incorporate OPCs in India.
According to the government, the move will directly benefit startups and innovators in the country, especially those who are supplying products and services on e-commerce platforms, and will bring in more unincorporated businesses into the organised corporate sector.
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Finance Ministry to clarify on residency status of NRIs stranded in India this fiscal due to COVID-19
The Finance Ministry will issue a circular to provide clarity on the residency status of NRIs and foreign nationals stuck in India in the current fiscal due to the coronavirus pandemic. For the fiscal ended on March 31, 2020, the ministry, in May last year, clarified that the period of stay of Non-Resident Indians (NRIs) and foreign nationals in India during the lockdown period would not be counted for the purpose of determining their residency status for the purpose of taxation.
Budget 2021: A non-event from a personal finance standpoint
While there were announcements on procedural improvements in the Budget, there are no new tax benefits February 03, 2021 / 11:01 AM IST
Unlike every year’s budget, this edition had very few announcements on the aspects of individual taxation, as far as the investments are concerned. Let s take a look at the areas where it has an impact.
No Change in Income Tax Slab Rates: Yes, there is no change in Income Tax Slab Rates from what they were last year. In terms of tax saving options, also, there is no change in the limits of 80C or other sections.