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FE Home- Economy - Story

DTC Bill brings bad news for NRIs

Agencies

Posted: Sunday, Sep 05, 2010 at 1810 hrs IST
Tags: NRIs | DTC Bill
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New Delhi: More NRIs may fall under the tax net if the Direct Taxes Code (DTC) Bill proposal to impose a levy on their global income if they stay in India for more than 60 days in a year is approved by Parliament.

As per the existing Income Tax laws, an NRI is liable to pay tax on global income if he is in India in that year for a period or periods amounting to 182 days.

Furthermore, in case an NRI resides in India for a period of 365 days or more over a period of four years prior to the assessment year, he is also liable to pay tax on his global income.

The new DTC Bill has proposed to make an NRI liable to pay tax on global income is he resides in India in a particular year for a period or periods amounting to 60 days, down from the existing provision

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Comments
» SCRAP ADVANCE TAX FIRST
Posted by Jai Kishore on 2011-01-20 15:52:03.993791+05:30
Amoung various stupidity in Indian tax laws, first thing is Advance Tax. When someone's income is not predictable, yet expected to pay 30% of tax (not known ahead), surcharged and charged interest for the tax he anyway pay - this whole system is unfair and corrupt. You pay interest, surcharge etc. etc. They deduct tax even after you paid it (double payment) and you have to send a "Rectification Letter" and if there is a refund, they dont pay on time. India's corruption starts with the Income Tax Department. Obviously, Income Tax department is a friend of the scam ridden government.
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» Reducing interest for overses job
Posted by pawar on 2010-10-27 17:36:47.673966+05:30
Before 4 ya 5 month back PM r annouced ,government try do for come back all NRI,they will make like this market . But we cant think they r planning this , it is really bad news , means u serview in india dont rise urs status.

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» these parliamentrians can serve only their pockets!!!!!!!!
Posted by sailor on 2010-10-23 11:18:13.294047+05:30
the system can never be bad but these politicians r!but what i don't get is what our elite thinkers n policy makers doing they are learned man! for shippies I want to say... for months they don't see their families, sea sickness, risk of life at all time in which if they are caught once no one will be there for their families. it is a hard earned money earned not with sweat but only blood..... that's too working in the worst of conditions ....... a ship when returns to his cabin late at night....he leaves a trail of blood behind them...these filthy politicians would never be able to see that! i just hope INSA , MUI, NSUI comes fast to our rescue ...... !!!!!! lastly some words by Albert Einstein...... "The hardest thing in the world to understand is the income tax." i say why give us some income?take away all money we earn ... we can better be called slave to these khadi force!!!! i will definitely vote u netaji... for making our life more miserable.JAI HIND.I feel PROUD TO B INDIAN
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» Consultant
Posted by Rajmohan on 2010-09-27 07:14:39.60494+05:30
How would the Indian government react if USA and UK reciprocate by taxing worldwide income of Indian visitors whose visits exceed 59 days in an year?

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» There atre exempted categories
Posted by Saumitra Talukdar on 2010-09-30 13:16:57.976955+05:30
Nobody has mentioned about the exempted categories at all. Look at the text of the bill carefully.4. (1) An individual shall be resident in India in any financial year, if he is in India%u2014 (a) for a period, or periods, amounting in all to one hundred and eighty-two days or more in that year; or (b) for a period, or periods, amounting in all to%u2014 (i) sixty days or more in that year; and (ii) three hundred and sixty-five days or more within the four years immediately preceding that year. (2) The provisions of clause (b) of sub-section (1) shall not apply in respect of an individual who is%u2014 (a) a citizen of India and who leaves India in that year as a member of the crew of an Indian ship; or (b) a citizen of India and who leaves India in that year for the purposes of employment outside India. It clearly exempts sailors and persons who go out of the country for employment purposes. The analysts have goofed up in their interpretations.

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» DTC: Brings bad news for NRIs
Posted by  B.K.Chatterjee on 2010-09-13 02:58:46.481058+05:30
Government should pause and re-think. They must rememmber that NRIs are already sending enormous money through legal channel (lately it was some 50 Billion Rupees to their Motherland. It is a record in itself. Instead of giving incentive to these guies Government is giving wrong signal to them. They are trying to kill the goose that lays golden eggs. People would be wondering if men at the top proposing such a law are senile or not!
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» There are exempted categories
Posted by Saumitra Talukdar on 2010-09-30 13:17:46.908793+05:30
Nobody has mentioned about the exempted categories at all. Look at the text of the bill carefully.4. (1) An individual shall be resident in India in any financial year, if he is in India%u2014 (a) for a period, or periods, amounting in all to one hundred and eighty-two days or more in that year; or (b) for a period, or periods, amounting in all to%u2014 (i) sixty days or more in that year; and (ii) three hundred and sixty-five days or more within the four years immediately preceding that year. (2) The provisions of clause (b) of sub-section (1) shall not apply in respect of an individual who is%u2014 (a) a citizen of India and who leaves India in that year as a member of the crew of an Indian ship; or (b) a citizen of India and who leaves India in that year for the purposes of employment outside India. It clearly exempts sailors and persons who go out of the country for employment purposes. The analysts have goofed up in their interpretations.

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» Wake up!!! Hon'ble PM
Posted by Sultan on 2010-09-07 12:35:37.376942+05:30
Regret to read such a proposal being approved by seasoned parlimentarians. As rightly said.. the govt first lures NRI's and then stabs them on their back particularly the salaried middle class. Hope the intellectuals at the parliment realise the pain of the hardwork and stop making such stupid decisions.
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» NO BAD NEWS FOR WORKING PERSONNEL
Posted by Saumitra Talukdar on 2010-10-02 12:51:49.556684+05:30
Nobody has mentioned about the exempted categories at all. Look at the text of the bill carefully.4. (1) An individual shall be resident in India in any financial year, if he is in India%u2014 (a) for a period, or periods, amounting in all to one hundred and eighty-two days or more in that year; or (b) for a period, or periods, amounting in all to%u2014 (i) sixty days or more in that year; and (ii) three hundred and sixty-five days or more within the four years immediately preceding that year. (2) The provisions of clause (b) of sub-section (1) shall not apply in respect of an individual who is%u2014 (a) a citizen of India and who leaves India in that year as a member of the crew of an Indian ship; or (b) a citizen of India and who leaves India in that year for the purposes of employment outside India. It clearly exempts sailors and persons who go out of the country for employment purposes. The analysts have goofed up in their interpretations.

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» lecturer
Posted by Joy on 2010-09-06 23:00:02.835922+05:30
They lured NRIs to invest in India with all sorts of promises.Now they have the money in Indian banks,they break their promises and decide to tax them.It will only be fools who will be lured by any of their promises,and decide to invest in and serve the motherland's economy.
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» Indian or looking for other citizenship or what i can say?!?!??
Posted by Murugesan on 2010-09-06 15:28:47.792252+05:30
Stupid system of governement! Most of politician doing corruption at all time. Further more they need salary hike in pariliment?!?! Let them go to foreign and earn money whle leaving their home town and parents as well relatives, then they will realize pain of people who stay out of country. If they do like this then terror group will be keep on up coming, isn't it?? stupid...Stupit...proposal. Stop corruption and go to your parilimentary area do good for pupblic!!!!!
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» Mean Financial Policies
Posted by Shareef Indian on 2010-09-06 12:07:08.959723+05:30
In a country of 100 Crore, the businessmen are getting rich day by day and the middle class being taxed from all the possible means, of course the poor has nothing to worry. If the Govt. is honest it should tax the businessmen involved in trading, like Timber, marble, Ores,Jwellery, buliding Materials etc.... The real traitors are those businessmen who evade tax and are backed by politicians who make policies to target only salaried class middle income group.
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» very painful for NRIs
Posted by sanjiv on 2010-09-06 08:02:13.054358+05:30
Yes some people living in India as they are US citizen of Indian origin.They spent lot of money in India.some live 6 months in India and 6 month in US.Now it all would stop.and losing end is India.Congress Govt want to stop direct investment in India as many C.E.Os of different companies staying in India for approx many days to accomplish their work and they would resist to go to India .Because nobody want to give double tax because they earning this money with so hardwork. Even our leaders spoiling that money in curruption like in CWG.Now NRIs would stop loving India due to Indian Govt policies.Stupid policies of Indian govt would be harmful for Indian economy.Very hurtful news.
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