India Budget 2017 ÔÇô the NRI wish-list!
ItÔÇÖs that time of the year, when India awaits with bated breath, for the Union Budget 2017, that is to be announced in a couple of days. Here is a quick view of what Indian expats living abroad, want from this budget.
- Easing of the tax refund process is first on the budget wish list. Non-Resident Indians (NRIs) today find it difficult to collect cheques for tax refunds in excess of INR 50,000/- and honour it within the stipulated time. It would be great to have some facility to have direct remittance of funds to the NRI account ÔÇô either by way of wire transfer or maybe online banking, or some other electronic mode.
- For NRIs to avail benefits under tax treaties entered into by India, the tax authorities have to provide a Tax Residency Certificate. This is quite cumbersome to claim and hence NRIs are expecting for some relief by claiming the treaty by producing copies of passport, host country tax return, etc.
- NRIs would like to see some parity in the income tax process irrespective of whether the residents are local or expats. The current Tax Deducted at Source (TDS) and other income tax slabs vary for resident Indians whereas for NRIs, TDS is applied based on the applicable slab rate and his income in India.
- Expats are also looking for some relief in procedures when buying property such as stamp duty rates on during property registration.
- NRIs are also hoping that relief in prices of basic commodities would help better savings for families back home.
- For Indians wishing to set up businesses, they would like the ÔÇ£ease of doing businessÔÇØ process to be more efficient. This would be a great fillip to foreign investments and boost the confidence of the expat community, leading to more growth, job creation and healthier economy.
So, what do you want from this budget?