Finance Minister sets Rs 15 Lakh income cap to tax NRIs
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Finance minister Nirmala Sitharaman softened the contentious budget proposal to tax non-resident Indians, putting in place a threshold of Rs 15 lakh for the levy of tax on incomes emanating from India, while leaving out global incomes from the tax ambit.
Through amendments to the finance bill, she provided a carve-out for REITs and InvITs in respect of changes in the taxation of dividends announced in the budget. Non-resident ecommerce firms will face a 2% equalisation levy or the so-called Google Tax.
Sitharaman also raised special additional excise duty on petrol and diesel in the latest changes introduced as amendments to the Finance Bill, which was passed without any discussion amid vociferous demands from opposition for a fiscal stimulus to tackle the economic impact of Covid-19. #casansaar (Source - Economic Times)
Through amendments to the finance bill, she provided a carve-out for REITs and InvITs in respect of changes in the taxation of dividends announced in the budget. Non-resident ecommerce firms will face a 2% equalisation levy or the so-called Google Tax.
Sitharaman also raised special additional excise duty on petrol and diesel in the latest changes introduced as amendments to the Finance Bill, which was passed without any discussion amid vociferous demands from opposition for a fiscal stimulus to tackle the economic impact of Covid-19. #casansaar (Source - Economic Times)
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