Implications of India’s Union Budget for NRIs residing in Oman and other countries
By: CA. Sarweshwar Biyani
CA. Sarweshwar Biyani, Vice President – Finance and Accounts, SV Pittie Sohar Textiles [FZC] SAOC, Sohar Free Zone.
The Union Budget of India is equally important for non-resident Indians residing in Oman as it is for resident Indians. Various reasons contribute to this, specially NRI’s saving, investment, income and tax implications in India.
In 2021 budget, announcement was expected to make residency conditions favourable to NRIs for their investments and income in India, however, budget kept silence on the same.
Last year budget linked residency conditions with NRIs annual income in India. In case annual income in India is more than Rs.15 lakh, NRIs allowed to stay in India only up to 120 days in a year. This is to maintain NRI status and to avoid paying taxes in India. This change considered widely to discourage investment by NRIs in India.
Ten takeaways from a Budget aiming for growth
Finance Minister Nirmala Sitharaman
FM Nirmala Sitharaman’s budget 2021 speech, which ran into 17,031 words, holds several new ideas to get the economy going again. Though, it could have done without higher import duties. Here’s a one-stop shop for the most important details of the Budget.
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FM Nirmala Sitharaman’s budget 2021 speech, which ran into 17,031 words, holds several new ideas to get the economy going again. Though, it could have done without higher import duties. Here’s a one-stop shop for the most important details of the Budget.
Barometers traded with robust gains in afternoon trade. At 13:31 IST, the barometer index, the S&P BSE Sensex, jumped 1836.11 points or 3.97% to 48,121.88. The Nifty 50 index surged 507.90 points or 3.73% to 14,142.50.
Shares rallied as there was no COVID-19 tax in the Union Budget. The budget offered huge stimulus to infrastructure, capex, healthcare and boosted the credit flow by taking out the toxic assets of the banking system and supported growth on an overall basis.
In broader market, the S&P BSE Mid-Cap index was up 2.19% while the S&P BSE Small-Cap index was up 1.39%.
The market breadth was positive. On the BSE, 1773 shares rose and 1022 shares fell. A total of 177 shares were unchanged.
Read more about Benchmarks at day s high; healthcare stocks in demand on Business Standard. In broader market, the S&P BSE Mid-Cap index was up 0.53% while the S&P BSE Small-Cap index was up 0.38%.
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Union Budget 2021: History & Trivia About Indian Union Budget Ahead Of Presentation Today
With a history of 161 yrs, the Indian Union Budget is considered the largest budget in the world and is prepared by the Finance Ministry of India.
The Union Budget 2021 will be presented by the Union Finance Minister Nirmala Sitharaman in the Parliament on Monday at 11 am. This year s Union Budget will be extra special because Nirmala Sitharaman earlier had promised a never before like Union Bidget as the government plans to steer the pandemic-battered economy and push growth. While investment in health, medical Research & Development (R&D) and developing greater skills to handle telemedicine is going to be critical, livelihood challenges would have to be seen in a newer canvas with a newer perspective on vocational training and skill development