Budget 2018-19

  So, if a person moves to India and becomes a resident Indian for tax purposes, they get taxed on any income they earn in these accounts The FM announced relief for non-resident Indians (NRIs) from double taxation. In the US, there are pension plans like 401K and Individual Retirement Accounts, which are not taxable unless the subscriber withdraws from them. However, any income earned in these accounts gets taxed in India. This is because according to the current provisions of the I-T Act, income is taxable on accrual basis. So, if a person moves to India and becomes a resident Indian for tax purposes, they get taxed on any income they earn in these accounts. “The mismatch in the timing of taxation and double taxation is sought to be addressed by prescribing I-T Rules such that there is relief from double taxation,” said Sonu Iyer, tax partner & national leader, People Advisory Services, EY India.

  The government on Monday announced a Rs 18,000 crore scheme to augment public transport in urban areas Budget 2021 updates: Finance Minister Nirmala Sitharaman is presenting her third Union Budget in Parliament. Sitharaman said the Budget for 2021-22 rests on six pillars – from healthcare to infrastructure. The finance minister has also announced a total spend of around Rs 2 trillion on healthcare and mega national highway projects in election-bound states of Tamil Nadu, West Bengal, Assam and Kerala. The Budget speech is being keenly watched by both domestic and foreign investors, various interest groups like farmers, anxious middle class and corporate entities, besides parliamentarians. As the Covid-19 pandemic hit India last year, the government witnessed a rising expenditure and tumbling revenue, even as economic activity came to a standstill due to the pandemic-induced lockdown. However, the economy is now in a recovery mode. On Friday, the government tabled the Economic Sur...

  Budget 2021 LIVE: Finance Minister Nirmala Sitharaman is presenting Union Budget 2021-22 in the Parliament. Follow Business Standard for LIVE updates Budget 2021 LIVE updates: Finance Minister Nirmala Sitharaman is presenting her third Union Budget in Parliament. Sitharaman said the Budget for 2021-22 rests on six pillars – from healthcare to infrastructure. The finance minister has also announced a total spend of around Rs 2 trillion on healthcare and mega national highway projects in election-bound states of Tamil Nadu, West Bengal, Assam and Kerala. The Budget speech is being keenly watched by both domestic and foreign investors, various interest groups like farmers, anxious middle class and corporate entities, besides parliamentarians. As the Covid-19 pandemic hit India last year, the government witnessed a rising expenditure and tumbling revenue, even as economic activity came to a standstill due to the pandemic-induced lockdown.  However , the economy is now in a recov...