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Redefined in Budget: Who's an Indian resident

This is a rather high price to pay for the Indian passport as NRIs will now end up paying tax on income earned outside India and they never even set foot in India for the whole year

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Harsh Roongta
Based on a quick internet search it seems Budget 2020 puts India in very illustrious company. We have joined the illustrious company of Eritrea (it is a small country in East Africa) and the mighty US of A as the third country that will tax its citizens on income earned outside the country even when the citizens  reside outside the country. It has been proposed as a provision to prevent tax abuse.  The proposal seeks to redefine the concept of “resident in India” tax provisions for what are referred to as “stateless” persons. The explanatory memorandum talks of High Networth
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper
Topics : Budget 2020

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