Industry body PHD Chambers of Commerce and Industry in its pre-Budget suggestions has urged the government to relax conditions that determine residential status of non-resident Indian (NRI) in view of lockdown imposed during the current fiscal. It has also sought tax holiday for health care sector for four years and reduced withholding (TDS) tax rate for specific industries specially affected by the pandemic.
In the Budget earlier this year, the Centre had reduced the days an NRI can spend in the country to 120 days from 182 days earlier, failing which the person is to be treated as residents and liable to pay tax on income. “Residential status of directors is important to determine the residential status of companies as per provisions of Place of Effective Management under Section 6(3) of the I-Tax Act,” the pre-Budget memorandum on direct taxes said.
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