Message: Return type of CI_Session_null_driver::open($save_path, $name) should either be compatible with SessionHandlerInterface::open(string $path, string $name): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
Message: Return type of CI_Session_null_driver::close() should either be compatible with SessionHandlerInterface::close(): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
Message: Return type of CI_Session_null_driver::read($session_id) should either be compatible with SessionHandlerInterface::read(string $id): string|false, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
Message: Return type of CI_Session_null_driver::write($session_id, $session_data) should either be compatible with SessionHandlerInterface::write(string $id, string $data): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
Message: Return type of CI_Session_null_driver::destroy($session_id) should either be compatible with SessionHandlerInterface::destroy(string $id): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
Message: Return type of CI_Session_null_driver::gc($maxlifetime) should either be compatible with SessionHandlerInterface::gc(int $max_lifetime): int|false, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
NRIPage | Articles | New Income Tax Bill May Affect NRIs with Income Over 15 Lakhs | Get Finance & Economics News. Master Your Financial Future - NRI Page
Union Finance Minister Nirmala Sitharaman is expected to introduce a new Income Tax Bill in Parliament today that will replace the existing Income Tax Act of 1961. The purpose of this new bill is to simplify the language and provisions of the current tax law, making it easier to understand and more accessible for taxpayers. The bill is part of the government’s ongoing efforts to reform and modernize the Indian tax system. The new bill will streamline various processes, eliminate complexities, and potentially address challenges that have arisen under the existing Income Tax Act, especially regarding how the residency status of individuals is determined for tax purposes.
A significant change introduced in the new Income Tax Bill could affect Non-Resident Indians (NRIs) who earn over 15 lakhs annually in India. According to reports, individuals who meet this income threshold may be considered “residents” for tax purposes, even if they are living outside of India for a significant portion of the year. Under the proposed changes, an individual will be deemed a resident for tax purposes if they spend at least 182 days in India during a tax year. Alternatively, the person may also be classified as a resident if they stay in India for at least 60 days in a given year and have accumulated a total of 365 days or more in India during the previous four years. This will impact NRIs who were previously able to avoid paying taxes on their income earned in India by exploiting current residency status loopholes.
However, the new bill has specific exemptions. The 60-day rule will not apply to NRIs who leave India as part of an Indian crew or for employment purposes abroad. Additionally, the rule will not apply to NRIs who are only visiting India. In cases where such NRIs earn Rs. 15 lakhs or more in India (not including income earned from abroad), the new rules state that the 60-day rule will be extended to 120 days. This extended rule is intended to ensure that NRIs visiting India who earn significant income within the country pay their fair share of taxes. Overall, the new bill is designed to address tax evasion and close existing loopholes while making the tax system more efficient and transparent for both residents and NRIs alike.
