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NRIs – determination of residential status – again in limelight Authored by Suresh Surana There are over 28 million non-resident Indians (NRIs) settled outside India primarily concentrated in the US, UK, UAE, Saudi Arabia, Canada, Singapore, Hong Kong and other countries. The NRIs have always played an enormous role in India’s growth and economic progress due to investments in India and remittances made to India. Residential Status Crucial to NRIs Residential status is ascertained for each financial year (1 April to 31 March) separately. Residents are liable to tax on their worldwide income whereas non-residents are liable to tax only on income that accrues or is received in India. Hence, this is crucial for NRIs. ....
In a budget that has proved disappointing for many taxpayers, especially those who were hit hard by the covid-19 pandemic, the finance minister maintained status quo as far as the income tax slabs and other tax relief measures are concerned ....
Affordable housing gets shot in the arm - Daijiworld.com daijiworld.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from daijiworld.com Daily Mail and Mail on Sunday newspapers.
Here’s what the budget did not do for taxpayers, home buyers, pension funds, job market SECTIONS Here’s what the budget did not do for taxpayers, home buyers, pension funds, job marketBy Share Reuters Finance Minister Nirmala Sitharaman in her third budget did not levy any tax such as corona cess or surcharge etc on higher income groups but did not give any tax relief to the small taxpayers which was widely expected. Further, it was expected that tax sops may be given to the home buyers to give a boost to the real estate sector or deduction for covid-related expenses. ....
Budget 2021: Residency problem persists for NRIs, but retirement fund glitches removed For NRIs stuck in India due to COVID-19, the tax problem persists. But mismatch in taxation period and retirement benefit funds will be addressed Source: AFP Contrary to what many income tax experts had expected, finance minister Nirmala Sitharaman did not change the requirement for a person to be classified as a non-resident Indian (NRI). The underlying and existing rule remains intact: those who live in India for 120 days will be considered NRIs, as opposed to 182 days earlier. But another matter that results in significant litigation has been addressed. ....