Union Finance Minister Nirmala Sitharaman will present the country’s general budget on February 1, this budget can have a great impact on the Indian economy recovering from the Corona epidemic. Everyone’s eyes are on this budget also because this is the last budget of the second term of the Modi government, after which elections are to be held in 2024.
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For the last few years, the Government of India is working on improving the tax system for Non-Resident Indian ie NRI. now that on february 1st Budget If it is going to be presented then the expectations of NRI people have increased. NRI people are hopeful that the government may announce something in the 2023 budget to file their taxes and improve their experience in India. Along with this, the government can also provide additional incentives and benefits to NRIs who are already in India or planning to return home.
The government through its digital platforms can make it easier for NRIs to understand the Indian tax system. This may include when an NRI citizen is required to file a return and when not. Along with this, there can be scope for improvement in the process of digitally submitting all types of returns and forms and necessary documents online. By doing this, NRI people will not have to visit any department again and again.
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eyes on property tax rebate
When an NRI in India sells a residential property to a resident here, the resident is liable to pay tax at the rate of 20 per cent on the sale. In this, it is seen whether the property being sold comes in long term capital or short term capital. If it comes in short term capital then NRI has to pay 30% tax to the Government of India. If it is long term capital then he has to pay 20% tax. Due to such a heavy tax, there are many NRIs in the country who shy away from selling their properties.
Certificate has to be made under Income Tax Act
If the NRI feels that his tax liability on the capital gain from the sale will be low or nil, he can apply to the concerned authority for a lower deduction certificate from thereon by filing Form 13 under section 197 of the Income Tax Act. At present, the biggest problem for NRI people is arising here. In this case, this class is now expecting from the budget that the government can make its rule simpler and easier than before. Apart from this, the government may also consider providing additional relief and tax deduction to those NRIs who invest in India or donate to specific causes in India or contribute to the country’s infrastructural development.