Re: [www.keralites.net] Re: NRI criteria in budget 2012-2013

 

Dear friends,

It seems to me that Mr P Nair has written an article after two months. I am sure his valuable information in the field of Financial literacy might have helped a lot of people. I request him to continue in his efforts and pass on the information & analysis. My best wishes and regards to him.

Krishnakumar
Sama, Baroda

On Sat, Mar 24, 2012 at 10:33 PM, P Nair <pnair1966@yahoo.com> wrote:

Dear Asif,

The Direct Tax Code (DTC) which was expected to be implemented from April 2012, has been deferred for the time being and expected to be implemented later.

In his Budget three years ago, the Finance Minister announced the introduction of the New Direct Taxes Code ('DTC') and a draft of the same was also circulated for comments and discussion. Thereafter, based on the inputs from various lobbies; the revised draft was constructed and the DTC Bill was introduced in the Parliament in August 2010.

Since last two years, the Finance Minister has been communicating its introduction from the ensuing financial year, but the same has not been happening. The result is the same even in this year. However, the Report of the Parliamentary Standing Committee on the DTC has been submitted and therefore the chances are very bright that the DTC may come into effect from the next year i.e. Assessment Year 2014-15 relevant to Financial Year 2013-14.

Finance Minister Pranab Mukherjee expressed hope that the direct tax regime would become effective from 2013-14. Responding to a query in a post-budget interaction with industry leaders, he said the DTC legislation would be in place in 2012-13, but "effect would be from the next year onwards".

Standing Committee on Finance headed by Senior BJP leader Yashwant Sinha scrutinised the DTC Bill and submitted the report to Parliament on March 9.

This is a great relief for the NRI for the time being because some of the provisions in the DTC is not in favor of the NRIs/PIOs at all. For example, under the proposed DTC, any individual which includes NRIs/PIO will become resident, if they are present in India for 60 days or more in the financial year and 365 days or more over a period of four years prior to the financial year and would be liable to pay taxes on their global income. This provision would have impacted those NRIs and PIOs used to visit India frequently for business or personal purposes

Best Regards

Prakash Nair
 

From: Asif Iqbal <asifdme@yahoo.com>
To: "Keralites@yahoogroups.com" <Keralites@yahoogroups.com>
Cc: "pnair1966@yahoo.com" <pnair1966@yahoo.com>
Sent: Saturday, March 24, 2012 2:13 AM
Subject: NRI criteria in budget 2012-2013

Dear Experts!

I heard that the Criteria for NRI status has been changed in this budget for financial years 2012-2013.

Earlier if somebody staying outside India for 183 days or more will be considered as NRI and hence will be

exempted from Income Tax, but in this budget If somebody staying outside india for 305 days or more will

only be considered as NRI. That is if we want Income Tax exemption, we can not stay more than 60 days.

Please reply with reliable source of information.

Regards;
ASIF
+971-50-9198730

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www.keralites.net

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