Proposals related to personal taxation has been saved
Proposals related to personal taxation
Union Budget 2020
The residency rules for individuals modified:
- Indian citizens not liable for tax in any other country to be deemed as ‘resident in India’ -proposal to apply for income derived from any India business or profession.
- Residency threshold for Non Resident Indian (‘NRI’s’) or Person of Indian Origin (‘PIO’s’) on visit to India reduced from 182 days to 120 days.
- Individuals to be “Not Ordinarily Resident” if they have been non-resident in India in seven (previously nine) out of 10 previous years. Other criteria of stay for 729 days in India in 7 tax years preceding the previous year removed.