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With Indians rushing to file their ITRs ahead of the July 31st deadline that's coming up tomorrow, did you know that residents of just one Indian state are exempt from filing <keyword id="19901478" type="General" weightage="20" keywordseo="income-tax" source="keywords">income tax</keyword> returns, or paying taxes at all? Yes, <keyword id="19903425" type="General" weightage="20" keywordseo="Sikkim" source="keywords">Sikkim</keyword> is the only state in the country where the residents do not have to pay income tax. But why is that the case? Let's delve into it. An erstwhile princely kingdom for almost 333 years prior to its amalgamation, Sikkim merged into independent India in 1975, thereby becoming the country's 22nd state. But this happened on one condition- that it will be allowed to continue with its old <keyword id="21152786" type="General" weightage="20" keywordseo="tax-laws" source="keywords">tax laws</keyword> post the merger. Sikkim has its own income tax manual, which stipulated that no resident of Sikkim was to pay taxes to the center. Hence, honoring the merger agreement, the Indian government granted a special tax exemption to Sikkimese residents from Indian income tax regulations. This changed in 2008, when the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union budget</keyword> repealed the state's tax laws. However, to maintain the exemption status enjoyed by the state's residents, it inserted section 10 (26AAA). Under this section, any income generated by a Sikkimese, be it from a source within the state, or by way of dividend or interest on securities, would be tax-exempt. At present, any individual who has been domiciled (noted as having fixed, principal and permanent residence) in Sikkim as of April 26, 1975 would be considered a Sikkimese, and hence, exempt from paying income tax. As per data from PRS Legislative Research, the state's estimated own tax revenue for 2023-24 stood at Rs 1,727 crore. However, if a Sikkimese has rental income from properties situated outside of the state, or has an income from source that is not located in Sikkim, it will be subject to relevant taxes. Nevertheless, the provisions of tax exemptions would not apply to any Sikkimese woman, who marries a non-Sikkimese or an outsider, on or after April 1, 2008. Market regulator SEBI has also exempted residents of Sikkim from mandatorily having a PAN card for investing in Indian stock markets, equities, cash market and even mutual funds. <h2>Decoding Section 10 (26) of the IT Act</h2>All these income-tax exemptions also extend to a few other regions in the country, but only if you are a member of the scheduled tribes. Section 10(26) of the Income Tax Act applies to Ladakh, Arunachal Pradesh, Manipur, Mizoram, Nagaland and <keyword id="19919396" type="General" weightage="20" keywordseo="tripura" source="keywords">Tripura</keyword>, along with the North Cashar hills district, Karbi Anglang district, Chakma district, Mara district, and Lai District. Simply put, it stipulates that if you belong to the scheduled tribes and generate any income, the source of which lies in the above mentioned regions, or by way of dividend or interest on securities, your income would be tax-exempt. But any income generated outside of these regions would be taxable.

Did you know about the only Indian state exempt from paying any income tax? Know all about it here

US presidential candidate <keyword id="19918985" type="General" weightage="20" keywordseo="Donald-Trump" source="keywords">Donald Trump</keyword> has gone from suggesting that immigrants were poisoning the blood of the country to saying that he would welcome immigrants from “nice” countries like Denmark, Switzerland and Norway to his most recent plans of automatically granting green cards to <keyword id="22128571" type="General" weightage="20" keywordseo="foreign-graduates" source="keywords">foreign graduates</keyword> of US colleges in a rather short duration of time. Feeling a little whiplashed, anyone? Securing a green card in the US is a Herculean task whose difficulty is probably comparable to capturing and bringing back Cerberus. And this legal permanent residence, which can sometimes take decades, is only the first step to becoming a US citizen. Many Indians have tried, whether it’s through residing and working for decades, navigating rather lengthy paperwork or marrying someone who is already a US citizen. Sadly, many have failed too. However, should Donald Trump become the President of the United States again (and decide to keep his word), Indian students might actually have an easier time getting a green card. In a surprising shift from his previous stance on immigration, former President Donald Trump has unveiled a bold plan to automatically grant green cards to foreign graduates of US colleges if re-elected. This announcement, made during a podcast interview with Silicon Valley investors, marks a departure from Trump's traditionally tough rhetoric on immigration. During the podcast hosted by Chamath Palihapitiya and others, Trump expressed his commitment to retaining talent educated in American universities. He argued passionately for granting green cards as a standard benefit for graduates, regardless of the institution they attended. Trump emphasised that this policy should encompass graduates from renowned institutions like Harvard and MIT as well as from junior colleges across the country. “It’s so sad when we lose people from Harvard, MIT, the greatest schools, and lesser schools that are phenomenal schools also,” Trump lamented on the All-In Podcast. “I think you should get, automatically, as part of your diploma, a green card to be able to stay in this country and that includes junior colleges, too.” A green card affords its holder permanent residency rights in the United States and represents a crucial step towards citizenship. Trump's proposal, if enacted, could potentially introduce hundreds of thousands of new applicants for citizenship annually. Adding to the exodus of Indians who have already migrated to the US, over 200,000 Indian nationals are enrolled in institutes across the US in 2024, setting a new record. In fact, the significant surge in Indian students seeking education in the country between 2022-23 represented an unprecedented 35% increase from the year before that. The former US president specifically mentioned India and China, highlighting how talented individuals were unable to stay in the US because of current <keyword id="22151110" type="General" weightage="20" keywordseo="visa-policies" source="keywords">visa policies</keyword>. We can see how this may show him in a favourable light for green card aspirants. And while we’re not one to look a gift horse in the mouth, it is important to remember that Trump has made his discriminatory nature very public in several instances. Immigration has been a hot topic in the US political arena for decades. However, in recent years, the political right and others have been more divided than ever on this issue. Republicans have been calling for stringent immigration policies and strict border protections. Therefore, even if Trump does deliver what he promises, the packaging will most likely have fine print that might continue to make it difficult for students to attain green cards. In fact, the presidential candidate’s campaign press secretary, Karoline Leavitt, has already clarified that Trump's proposal would only apply to thoroughly vetted college graduates who can “make significant contributions” to America and would not undercut American wages or workers. She emphasised that Trump has outlined the most aggressive vetting process in US history to exclude "all communists, radical Islamists, Hamas supporters, America haters and public charges." Anyhow, Trump’s proposal starkly contrasts with Trump's previous hardline stance on immigration, which had been a cornerstone of his political platform. During his presidency, Trump advocated for stringent immigration policies, including the largest deportation campaign in US history, aimed at undocumented migrants, and building a wall on the southern borders of the country. Trump intensified restrictions on legal immigration amid the pandemic and his final year in office. He proposed halting all immigration to the US and deporting foreign students who didn't attend some in-person classes. A month before the 2020 election, Trump once more moved to tighten regulations on the <keyword id="20773661" type="General" weightage="20" keywordseo="H-1B-visa" source="keywords">H-1B visa</keyword> program. He has also criticised the H-1B visa program, which tech companies favour for hiring foreign skilled workers, as detrimental to American prosperity. The H-1B visa is a non-immigrant visa allowing US firms to employ foreigners in specialised occupations requiring theoretical or technical expertise. At a recent campaign event in Wisconsin, Trump criticised Biden's immigration policies, particularly lambasting a new program allowing undocumented spouses of US citizens to apply for permanent residence without leaving the country. Trump characterised immigration under Biden as an "invasion" and argued against discussing amnesty, urging instead for measures to halt what he perceives as an influx of unauthorised migrants. Estimates from the Department of Homeland Security suggest that approximately 11 million migrants currently reside in the US without authorization, a statistic that has been central to Trump's arguments against leniency in immigration policy.

Donald Trump strikes again: Ex-President proposes automatic green cards for foreign graduates of US colleges

<ul><li>One needs to buy a property worth 300,000 euros in Greece, or 250,000 euros in Cyprus, for 'Permanent Residency'.</li><li>That is the cost of an mid-to-upscale apartment in big Indian cities like Mumbai and Delhi.</li><li>Not surprisingly, there is a surge in Indians investing in real estate in Cyprus and Greece.</li></ul>Permanent residency programmes in Cyprus and Greece are attracting lots of Indians as all economic indicators of both these European Union countries are extremely positive for investors, according to realty developer Leptos Estates.
 There is an upsurge in Indian investors making up an ever-increasing proportion of people interested in these schemes, Cyprus' largest real estate developer said on Monday.
 It said people need to just invest 300,000 euros in property to acquire permanent residency for entire family in Cyprus and 250,000 euros in Greece.
"The two countries of the European Union makes for an excellent choice for wealthy Indians with large families and family-run businesses," it added.
 Applicants can become official residents in Cyprus after only 60 days with investors not required to physically reside in Cyprus before and after approval, the statement said.
Greece has a similar scheme, with the process taking on average only 10 days, and residents applicable for a citizenship after 7 years, it added.
 "Best time to invest in Cyprus and Greece is now. All economic indicators are in both countries are extremely positive so as an investor this is the best time," Leptos Group of Companies Deputy President Pantelis M Leptos told reporters here. Cyprus and Greece are EU countries, and EU residency and citizenship are seen as hallmarks of credibility, so it's no surprise the residency programme here has been so popular, he added.
 "In particular, interest from Indian, Middle Eastern and Asian applicants has increased in recent months," Leptos said.
Although the Cypriot and Greek residencies do not allow taking up employment in the country, it does allow opening a business. The residency scheme covers the entire family, and once obtained is valid for life, Leptos Estates said.
 In Cyprus, the corporation tax rate for all companies is just 12.5 per cent and estate duty has been abolished since January 2000 and the immovable property tax since January 2017, it added.
For getting citizenship of Cyprus, through citizenship investment programme, investment of Euro 2 million in real estate is required, Leptos Estates said.
 Founded in 1960 by Michael G Leptos, Leptos Estates is leading property developer in Cyprus and the Greek Islands and has an established international network across 75 countries, having completed over 350 projects to date. SEE ALSO: <a href="https://www.businessinsider.in/usa-has-passed-a-bill-to-help-indian-it-professionals-get-permanent-residency/articleshow/70170952.cms" data-type="tilCustomLink" target="_blank">Indians can get permanent residency easily in the US, if the Senate clears the Bill</a>

You could get permanent residency in Cyprus or Greece for the price of a mid-to-upscale apartment in Mumbai and Delhi

<ul><li>Canada has accelerated the process for permanent residency for candidates with STEM (Science, Technology, Engineering, Mathematics) skills. </li><li>The duration of the permit is two years, after which workers can apply for permanent residency. </li><li>The permanent scheme will benefit companies looking for specialised skills and short-term occupations.</li></ul>A permanent residency visa application to move to Canada can take several months, if not years. It appears now -- at least for technologists -- a faster work permit may bring closer permanent residency. Under its GTS scheme, technologists with science, technology, engineering and mathematics or STEM background, can secure a work permit in certain sectors in two weeks, TOI <a href="https://timesofindia.indiatimes.com/business/international-business/canada-holds-doors-wide-open-for-indians/articleshow/68804155.cms">reported.</a> That is likely to aid in their future PR applications. The duration of the permit is two years, after which workers can apply for PR. The GTS scheme is said to benefit companies looking for specialised talent and those planning to fill short-term positions. For the companies seeking <keyword id="6822620" type="UNKNOWN" weightage="20" keywordseo="STEM-Skills">STEM skills</keyword>, the minimum annual salary bar will be 80,000 canadian dollars for the first two applications and 1,50,000 CAD for the rest. Canada is the second largest destination for Indian emigrants moving with ‘in demand’ skills, a recent Linkedin report said.

Canada just made it easier for Indian techies to find work in the country

<keyword id="19896882" type="General" weightage="20" keywordseo="canada" source="keywords">Canada</keyword> is looking at the possibility of putting a cap on the number of international students to help reduce the surge in demand for housing and fix the system that has gone out of control, Immigration Minister <keyword id="19946179" type="General" weightage="20" keywordseo="marc-miller" source="keywords">Marc Miller</keyword> has said, a move that is likely to affect Indian students. The remarks by Miller came on Sunday as the federal government of Prime Minister <keyword id="1740494" type="General" weightage="20" keywordseo="justin-trudeau" source="Orion">Justin Trudeau</keyword> faced criticism for welcoming an increasing number of immigrants - both permanent and temporary residents - while the country faces an acute housing shortage. In an interview with CTV News, Miller said the federal government will need to have talks with provincial governments "to make sure that the provinces that have not been doing their jobs actually rein in those numbers on a pure volume basis." "That volume is disconcerting," Miller said, in reference to the number of international students in Canada. "It's really a system that has gotten out of control." A cap on international students would not be a "one-size-fits-all solution" to housing shortages across Canada, Miller noted. But he did not reveal the size of the reduction the government is planning on making. India was the first among the top ten origin countries of study permit holders in 2022 in Canada, with a total of 319,000 students. Meanwhile, new reporting by The Canadian Press news agency - citing internal documents obtained through an access to information request - shows the federal government was warned by public servants two years ago that its ambitious immigration targets could jeopardise housing affordability. The Liberals have set targets aiming to bring in 485,000 immigrants this year, and 500,000 in both 2025 and 2026. Temporary residents, largely international students and migrant workers, are another part of the equation, with more than 300,000 of them arriving in Canada in just the third quarter of last year. Miller said he will be looking in both the first and second quarter of this year at possibly setting a cap on international students to help reduce the demand for housing. When asked why the government is only considering a cap now, when the idea of one has been floated for months, Miller said there's a need to sort out numbers on a federal level before looking with "a little more granularity" at what individual academic institutions are doing in different provinces, possibly profiting off bringing in more international students. "We need to be doing our jobs and making sure that we have a system that actually makes sure people have a financial capability to come to Canada, that we're actually verifying offer letters," Miller said. "And now it's time for us to have a conversation about volumes and the impact that that is having in certain areas." When pressed further on the number of international students coming to Canada far outpacing the number of homes the federal government has announced it's planning to help build, Miller also said housing is only part of the calculation when it comes to immigration targets. The pressing need to bring down the average age of the workforce also needs to be taken into consideration, he said. And while he wouldn't give specifics, Miller said a cap on international students is something the federal government is considering, "and will continue to consider." "We have a sense of what those numbers would look like, what the reduction of those numbers looks like, out of courtesy to my colleagues in the provinces, those are discussions that we're first going to have around the negotiating table," he said, adding the financial needs of academic institutions is also a factor.

Canada mulls putting cap on international students numbers; move likely to impact Indians

<ul><li>The United States of America (USA) has passed a bill which will help Indian technology professionals get permanent residency soon. </li><li>The bill could help many of the 300,000 Indian H1-B temporary work visa holders now in the US and in various stages of the green card process. </li><li>It will allow up to 85% of green cards to be given to Indians and Chinese in the first two years and 90% in the third year, to clear the backlog.</li></ul>In a rare good news, the United States of America (USA) has passed a bill which will help Indian technology professionals get permanent residency soon. But the US house has been facing backslash in the Senate, which could block it from becoming a law. This bill, which is sponsored by 311 representatives, will do away with the cap on the number of green cards given out for citizenship. This can open doors to qualified applicants from India and China. The bill could help many of the 300,000 Indian H1-B temporary work visa holders now in the US and in various stages of the green card process. Of the 85,000 <keyword id="931341" type="PERSON" weightage="20" keywordseo="H1-B-visas">H1-B visas</keyword> that are granted every year, nearly<a href="https://economictimes.indiatimes.com/nri/visa-and-immigration/us-tells-india-it-is-mulling-caps-on-h-1b-visas-to-deter-data-rules/articleshow/69865212.cms"> 70% are for Indians</a>. Under the current system, there is a cap on the maximum number of green cards that can be granted to people from any country, whether it is as large as India and China or as small as Maldives and Luxembourg. This is at 7% of the total, which is about 26,000 per annum. This quota affects Indian technology professionals and other highly qualified people who have to wait of 10 years. During the time those who are already in the US on temporary H1-B work visas face uncertainty about their future prospects. If passed, the bill can bring cheer to Indian companies which have been facing visa rejections. According to the US think-tank <a href="https://www.businessinsider.in/tcs-and-infosys-face-most-rejections-on-h1-b-work-visa-extension/articleshow/68316202.cms">Centre for Immigration Studies</a>, top IT firms <keyword id="6357585" type="DOMAIN" weightage="20" keywordseo="tata-consultancy-services">Tata Consultancy Services</keyword> (TCS), <keyword id="28721" type="COMPANY" weightage="20" keywordseo="Cognizant">Cognizant</keyword> and <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword> faced the most rejections in extension of H1-B work visas. Fairness for High-Skilled Immigrants Act of 2019 The bill, officially known as Fairness for High-Skilled Immigrants Act of 2019, seeks to eliminate the cap. It will allow up to 85% of green cards to be given to Indians and Chinese in the first two years and 90% in the third year, to clear the backlog. After that, the backlogs are unlikely to build up unless there is a comprehensive immigration reform. The bill received the votes of 224 Democrats and 140 Republicans. However, it was opposed by both the extreme left and the right. Two important leftist members, Rashida Tlaib and Ilhan Omar, were among the eight Democrats who voted against it. On the Republican side, 57 voted against it. With inputs from IANS

Indians can get permanent residency easily in the US, if the Senate clears the Bill

<ul><li>It would get easier for Indians to get US citizenship if the country cap in green cards is removed, said an annual Congressional report. </li><li>Nearly 78% of the 395,025 foreign nationals waiting for Green Cards in employment-based LPR applications are Indians. </li><li>Indians have to wait for an average period of nine years to get a green card that allows any person to live or work permanently in the US. </li></ul>Thousands of Indian struggling to get American citizenship would benefit if the US government considers revising or eliminating the per-country ceiling on employment-based Legal Permanent Residency (LPR), <a href="https://economictimes.indiatimes.com/nri/visa-and-immigration/ending-country-cap-in-green-cards-may-allow-india-china-to-dominate-path-to-us-citizenship-report/articleshow/67346383.cms">according</a> to a Congressional report. A US ‘Green Card’ that grant a permanent residency status to foreigners gives any person the right to live and work permanently in the US. Nearly 78% of the 395,025 foreign nationals waiting for Green Cards in employment-based LPR applications are Indians with the majority of them to go through the current wait period of almost a decade. Further, the waiting period is relative in nature and may increase or decrease depending on the number of applications received annually, said the report. Eliminating the <keyword id="4823453" type="PERSON" weightage="20" keywordseo="country-quota">country quota</keyword> will not only make LPR process easy but also benefit the IT service industry that finds it difficult to employ Indian techies. “Currently, nationals from <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> in particular, and to a lesser extent <keyword id="1334" type="LOCATION" weightage="20" keywordseo="China">China</keyword> and the Philippines, face lengthy queues and inordinately long waits to receive LPR status. Many of those waiting for employment-based LPR status are already employed in the United States on temporary visas,’’ said the<a href="https://crsreports.congress.gov/product/pdf/download/R/R45447/R45447.pdf/"> report. </a> If the lawmakers consider eliminating the country cap then nationals from India, China and the Philippines will not have to wait much long time. Many proposals were made to remove the per-country ceiling cap in past years but none have been incorporated. The US government awards 140,000 visas every year for all five employment-based LPR categories. Further, it also imposes per-country ceiling of maximum seven percent on each country that is sending immigrants. While the many may think it is tough to get the citizenship, In 2017, over 50,000 Indians took oath of American citizenship, said Economic Times <a href="https://economictimes.indiatimes.com/nri/visa-and-immigration/50000-indians-took-us-citizenship-in-2017-official-report/articleshow/66279970.cms">citing</a> an official report. See more: <a href="https://www.businessinsider.in/business/more-indians-flew-overseas-than-on-domestic-routes-in-november-report/articleshow/67347965.cms">More Indians flew overseas than on domestic routes in November: Report</a> <a href="https://www.businessinsider.in/politics/policy/myanmar-introduces-visa-on-arrival-for-indian-travellers/articleshow/67056366.cms">Myanmar introduces ‘visa-on-arrival’ for Indian travellers</a>

Eliminating country quotas will make path to the permanent residency easier for Indians: US Congressional report

<keyword id="6356662" type="General" weightage="100" keywordseo="singapore" source="Orion">Singapore</keyword> has seen tremendous growth as a wealth management centre in recent years. In the ten years from 2012 to 2021, assets under management have increased more than three-fold from SGD1.6 trillion (USD1.2 trillion) to SGD 5.4 trillion, according to data from Singapore's central bank, MAS (Monetary Authority of Singapore). In just one year, 2021, it grew 16 per cent, the last year's data is available. Three-quarters of this came from outside Singapore, with just under a third from Asia-Pacific countries. Indeed, some call Singapore the Switzerland of the East. Recently, the trend of setting up family <keyword id="47357" type="General" weightage="20" keywordseo="offices" source="Orion">offices</keyword> has been growing and has accelerated since the start of the pandemic and Singapore has managed to take a large slice of this market as well. Family offices are privately held companies set up to manage the wealth and investments of the uber-rich. These family offices are usually set up with the objective of managing the financial and investment needs of affluent families or individuals including providing financial solutions, budgeting, insurance, charitable giving, wealth transfer and succession planning, and tax services. Family offices are different from traditional wealth management in that they offer a total solution to managing the financial and investment needs of an affluent individual or family. Between 2020 to 2021, Singapore has seen the number of family offices set up in the city-state climb from 400 to 700. No data is available for 2022 at the moment but anecdotal evidence suggests that this trend continues to grow. Chung Ting Fai, a lawyer who helps set up family offices, told Reuters that in late 2022, he had one enquiry a week from people who want to move at least USD20 million into Singapore. That's up from about an enquiry a month in 2021, while in January this year, he received two enquiries a week. In October last year, <keyword id="29740" type="General" weightage="20" keywordseo="Bloomberg" source="Orion">Bloomberg</keyword> reported that Indian billionaire Mukesh Ambani ranked 10th richest man in the Forbes billionaires list for 2022, is establishing a family office in Singapore. The office will be set up by Reliance Industries, the billionaire's firm. It is being believed that opening a family office in Singapore will help Ambani achieve his greater goal of turning his retail-to-refining business global. It will also help him buy assets abroad. He is in good company. The likes of ultra-rich individuals like hedge fund billionaire Ray Dalio and co-founder of Google Sergey Brin have chosen Singapore to establish their family offices. So have British inventor James Dyson famous for his bladeless fans and hair dryers and vacuum cleaners, and Zhang Yong, founder of China's Haidilao hotpot restaurant chain. As it started to significantly ease COVID restrictions, being the leading Asian country to do so, Singapore has seen a fresh wave of affluent foreigners looking to park their wealth here. This is especially so among the Chinese as they became disenchanted by their government's draconian COVID policies. These mainlanders have become impatient and are keen to look at alternative destinations for their wealth. Although China has now abandoned its zero-COVID policy, these wealthy Chinese are expected to continue to explore options outside of their home country, in part also due to concern about President Xi Jinping's common prosperity drive that aims to reduce inequality. Besides the Chinese, Malaysian and Japanese citizens are also looking to set up family offices in Singapore. What attracts ultra-rich foreigners to Singapore to set up family offices is its tax-friendly regime and comparatively safe and secure environment. It is also seen as politically stable with clear transparent rules and an incorruptible system. Singapore also is an international financial centre which allows investment firms the ability to offer their clients a varied range of products and investment opportunities to suit their needs. The arrival of the wealthy is leading to Singapore's resident population growing again after many expatriates left at the height of the pandemic. In 2022, the island received 30,000 more permanent residents and 97,000 more foreigners on work or long-term visas, lifting its population to 5.64 million. However, the flood of the global rich squeezing onto the tiny island is causing some pain to the local population. Prices of cars, housing and other goods have escalated significantly. Deputy Prime Minister Lawrence Wong signalled in August last year that the wealthy may face more taxes to boost inclusive growth. Singapore's new residents have sent rents surging 21 per cent in the first nine months of last year. Home prices have also jumped over the past two years with mainland Chinese buyers continuing to be the top foreign buyers of expensive private properties. The steep rise in golf memberships is but one sign of how the price of the symbols of affluence on the island has gone bonkers. Accordingly to the membership brokerage firm, Singolf Services, the membership cost to Singapore's prestigious Sentosa Golf Club has more than doubled since 2019 to reach SGD 880,000 (USD 665,000) for foreigners. Desmond Teo, Asia Pacific family enterprise leader at consulting firm EY commented to Reuters that the inflows of money support Singapore's financial services sector and startups, creating a "rich ecosystem" that makes the country more attractive to new stakeholders. "When you hit a certain critical mass, the critical mass itself is an attraction," he said.

Why are wealthy Indians, foreigners opening family offices in Singapore?

Non-resident companies will now be able to claim benefits of tax treaty, only by providing personal details like name, address and tax residency certificate; they would not have to provide their <keyword id="764765" type="UNKNOWN" weightage="100" keywordseo="Permanent-Account-Numbers">permanent account numbers</keyword> (PAN). 
 The <keyword id="121964" type="ORGANIZATION" weightage="100" keywordseo="Central-Board-of-Direct-Taxes">Central Board of Direct Taxes</keyword> (<keyword id="128665" type="ORGANIZATION" weightage="100" keywordseo="CBDT">CBDT</keyword>) has brought Rule 37BC, relaxing non-residents from furnishing PAN number in India in order to claim TDS benefits. These ‘non-resident’ entities include foreign partnership, foreign body corporate and foreign companies. 
 
Earlier, non-residents who didn’t provide PAN details were subject to higher rate of withholding tax on payments that Indian companies made in form of interest, royalty, fees for technical services. 
 
Now, non-residents will be able to claim the beneficial provisions of the tax treaty by providing some details like name, email-id, address, Tax Residency Certificate (TRC) and Tax Identification Number (TIN) or any similar Unique Identification number that they must have obtained from their country of residence. 
 
As per Section 206AA of IT Act, in absence of PAN, the payer was liable to withhold taxes at the rate of 20% or the rate of tax as per the Act or that as per tax treaty (whichever is higher) while making payment to a non-resident. This made PAN mandatory for every non-resident, which was not an easy process. The new rule removes this need for PAN details. 
 
<a href="http://economictimes.indiatimes.com/photo/48542850.cms">Image source</a>

CBDT eases TDS claims rules for non-resident investors

<ul><li><keyword id="1806167" type="General" weightage="100" keywordseo="murty" source="Orion">Murty</keyword> has a reported £<a href="https://www.bbc.com/news/uk-politics-61055789">700</a> million pounds stake in her father’s company, Infosys. </li><li>She has a networth of around $1.3 billion, according to Bloomberg. </li><li>Apart from being a fashion designer, she is the director of Digme Fitness and owns shares in Wendy’s India and Jamie Oliver restaurants. </li><li>Murty was surrounded by controversies over evading tax on foreign income from India. </li></ul>Akshata Narayana Murty was born in 1980 to a young ambitious computer engineer and a computer scientist who were finding their foot in the yet-to-evolve software market of the country. While most of her young age was spent with her paternal grandparents, it did not stop her parents — N R <keyword id="6355623" type="General" weightage="50" keywordseo="narayana-murthy" source="Orion">Narayana Murthy</keyword> and Sudha Murthy – from drawing the line in terms of parenting her and her brother both. Hence, Akshata and Rohan were one of those rare 80-born children who lived without TV and spent their time in better pursuits like reading and spending time with real people instead of TV characters. Now, even as she holds the distinction of being UK’s first Indian first lady, billionaire Akshata Murty is known for much more than that. She is a fashion designer, venture capitalist and entrepreneur. The latest title however came with its own pressures. Murty, born in India and non-domiciled in the UK, came under the spotlight after her husband <keyword id="221875" type="General" weightage="20" keywordseo="rishi-sunak" source="Orion">Rishi Sunak</keyword>, now the PM of UK, began his campaign. Murty comes from a family of wealth and reportedly has a £<a href="https://www.bbc.com/news/uk-politics-61055789">700</a> million pound stake in Infosys, a company her parents founded along with others. Rishi Sunak and Akshata Murty’s combined net worth is £730 million, which is reportedly more than the head of the British monarchy <a href="https://www.businessinsider.in/international/news/rishi-sunak-akshata-murtys-combined-fortune-is-2x-that-of-king-charles-iii/articleshow/95074007.cms">King Charles III</a>. Murty’s networth is $1.3 billion, according to <a href="https://www.bloomberg.com/news/articles/2022-05-30/rishi-sunak-s-wife-akshata-murty-builds-catamaran-ventures-ties-to-rich-families">Bloomberg</a>, largely due to a 0.91% stake in her father’s company Murty is one of Britain’s wealthiest businesswomen. They met at Stanford Born in Hubli in Karnataka, the daughter of N R Narayana Murthy, considered ‘father of the Indian IT sector’ and <keyword id="6355854" type="General" weightage="50" keywordseo="sudha-murty" source="Orion">Sudha Murty</keyword>, an acclaimed philanthropist and writer. Narayana Murthy is one of India’s wealthiest businessmen with a fortune of <a href="https://en.wikipedia.org/wiki/N._R._Narayana_Murthy#:~:text=As%20of%20October%202022%2C%20his,the%20world%20according%20to%20Forbes.&amp;text=Murthy%20was%20born%20and%20raised%20in%20Shidlaghatta%2C%20Karnataka.">$4.5 billion</a>. Sudha Murty is a Padma Shri awardee, considered India’s fourth highest civilian honour, and also heads Infosys’ non-profit arm Infosys Foundation. Akshata Murty attended high school in Bangalore and studied at Fashion Institute of Design &amp; Merchandising, Los Angeles. She also has a Masters degree in business administration from Stanford University. This is where she met Sunak and got married to him in Bangalore in 2009. The couple have two daughters Anoushka and Krishna. “When I met him we were 24 year old business school students, living in another country, and had no idea of where life would take us,” she tweeted in<a href="https://twitter.com/anmurty/status/1512711676709191680?t=Fbkv_a5GZg-EgAEhOtFDNQ&amp;s=08"> April</a>. ‘India remains the country of my birth, but I love UK too’ The shadow of her father’s company Infosys became heavier on her when it was reported earlier this year that the Indian IT company was still operating in Russia during the Ukraine war, despite counter claims by the company. Akshata Murty denied having any stake in the operations of the company, clarifying her position with Sky <a href="https://news.sky.com/story/rishi-sunak-calls-for-explanation-over-chancellors-wife-stake-in-company-operating-in-russia-12604359">News</a>. Another controversy which clouded the Sunak campaign was her status as a non-domiciled resident in the UK, which BBC reported gave her a way to evade £2.2 million in UK <a href="https://www.bbc.com/news/uk-politics-61055789">taxes</a>. A non-domiciled is a resident citizen who has her permanent home in another country, in this case, India. “My decision to pay UK tax on all my worldwide income will not change the fact that India remains the country of my birth, citizenship, parents’ home and place of domicile. But I love the UK too,” Murty tweeted in <a href="https://twitter.com/anmurty/status/1512711676709191680?t=Fbkv_a5GZg-EgAEhOtFDNQ&amp;s=08">April</a>. As the law states, Murty as a non-domiciled citizen in the UK is not required to pay taxes on her overseas earnings, which came to £11.6 million she got as a <a href="https://www.bbc.com/news/uk-politics-61055789">dividend</a> from her father’s company last year. Post an inquiry, Akshata agreed to pay her due taxes. She additionally pays £30,000 per year to maintain her non-domiciled <a href="https://www.bbc.com/news/uk-politics-61045825">status</a>, BBC reported. “It has become clear that many do not feel it is compatible with my husband's role as chancellor. I understand and appreciate the British sense of fairness and I do not wish my tax status to be a distraction for my husband or to affect my family,” she <a href="https://www.bbc.com/news/uk-politics-61045825">said.</a> Murty had previously started her own design label called Akshata Designs, which closed down in 2012. The next year, she became director of the family-owned venture capital firm called <a href="https://www.bloomberg.com/news/articles/2022-05-30/rishi-sunak-s-wife-akshata-murty-builds-catamaran-ventures-ties-to-rich-families">Catamaran Ventures</a>, which invested in British luxury furniture The New Craftsmen and Elon Musk’s Space Exploration Technology Corporation. She is also director at London-based Digme Fitness which is currently valued at £<a href="https://pomanda.com/company/09631514/digme-fitness-limited#:~:text=digme%20fitness%20limited%20Estimated%20Valuation&amp;text=Pomanda%20estimates%20the%20enterprise%20value,multiple%20(adjusted%20for%20liquidity).">7.2 million</a>. Murty also owns shares in two of famed British cook and entrepreneur Jamie Oliver restaurants, Wendy’s in India and in fitness brand Digme Fitness, according to <a href="https://economictimes.indiatimes.com/news/international/world-news/akshata-murty-billionaire-wife-of-rishi-sunak-runs-these-businesses/articleshow/95075345.cms?from=mdr">Economic Times</a>. Murty also heads the London branch of IT company <a href="https://en.wikipedia.org/wiki/Akshata_Murty#cite_note-15">Soroco</a>, co-founded with her brother <keyword id="80837" type="General" weightage="50" keywordseo="rohan-murthy" source="Orion">Rohan Murthy</keyword> in 2014. ‘I know how <keyword id="4793" type="General" weightage="50" keywordseo="will-smith" source="Orion">Will Smith</keyword> felt at the Oscars’ Rishi, in a BBC news <a href="https://www.bbc.com/news/uk-politics-60941902">podcast</a>, defending the smear campaign against his family, especially his wife, said, “I think it's totally fine for people to take shots at me. It's fair game. I'm the one sitting here and that's what I signed up for.” “But I feel, on reflection, both Will Smith and me having our wives attacked - at least I didn't get up and slap anybody, which is good”, he <a href="https://www.bbc.com/news/uk-politics-60941902">added</a>. Rishi Sunak, until recently was the chancellor to the exchequer, residing in 11 Downing Street. He resigned in July and the family shifted to a house in West London. The<a href="https://en.wikipedia.org/wiki/Akshata_Murty#cite_note-15"> couple</a> reportedly also own a manor house in <keyword id="15351944" type="General" weightage="50" keywordseo="kirby-sigston" source="Orion">Kirby Sigston</keyword>, a mews house in Central London, a penthouse apartment in Santa Monica and a flat on Old Brompton Road. They would soon be moving to 10 Downing Street. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/rishi-sunak-akshata-murtys-combined-fortune-is-2x-that-of-king-charles-iii/articleshow/95074007.cms">Rishi Sunak, Akshata Murty's combined fortune is 2x that of King Charles III</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/row-over-bravermans-reappointment-as-uk-home-secy/articleshow/95094758.cms">Row over Braverman's reappointment as UK Home Secy</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/rishi-sunaks-wife-akshata-murty-earned-15-3-mn-dividend-income-from-infosys-in-2022/articleshow/95076869.cms">Rishi Sunak's wife Akshata Murty earned $15.3 mn dividend income from Infosys in 2022</a>

Meet the first Indian first lady of UK - Akshata Murty

<ul><li>Yesterday, the <keyword id="6355187" type="UNKNOWN" weightage="20" keywordseo="lok-sabha">Lok Sabha</keyword> passed a bill that allows Non-Resident Indians (NRIs) to cast their vote through an Indian resident. </li><li>The bill amends the Representation of People Act, which only allows government officials abroad or members of the army to submit their votes through a proxy. </li><li>As of December 2016, there were 13 million NRIs around the world, according to the Ministry of External Affairs. </li></ul> Till now, if you were a Indian citizen living abroad and you wished to vote in an Indian election, you would have to physically travel back to your constituency in India and cast your vote. However, that looks set to change. Yesterday, the lower house of India’s Parliament passed a bill that affords Non-Resident Indians (NRIs) the privilege of submitting their votes through “proxies”, or a person living in India. The bill amends the Representation of People Act, which only allows government officials abroad or members of the army to submit their votes through a proxy. The move has been in the works for a while. A proposal to allow NRIs to cast their votes electronically was mooted by the Election Commission in 2015, however after the central government accepted the proposal the following year, there hadn’t been any real movement on the issue. Additionally, a proposal to allow NRIs to vote through postal ballots was shot down over concerns that it would too difficult to implement. The issue of <keyword id="6357804" type="UNKNOWN" weightage="20" keywordseo="NRI">NRI</keyword> <keyword id="43546" type="EVENT" weightage="20" keywordseo="Voting">voting</keyword> was given a new lease of life <a href="https://indianexpress.com/article/india/government-clears-proxy-vote-move-for-nris-4779759/">in August 2017</a>, when the Cabinet cleared a proposal to allow proxy voting, thereby preparing the policy for discussion in the Parliament. At the time, the proposal included a provision that made it mandatory for NRIs to nominate a new person every time they vote in an election, unlike service personnel who are allowed to nominate a permanent proxy. A number of concerns NRIs are an important vote bank. As of December 2016, there were 13 million NRIs around the world, according to the Ministry of External Affairs. They have consistently complained about their inability to vote in <keyword id="6355644" type="DEFINITION" weightage="20" keywordseo="elections">elections</keyword> and the bill addresses their complaints. However, the bill also raises a number of important issues. Firstly, the party that is currently in power, the <keyword id="14666" type="ORGANIZATION" weightage="20" keywordseo="BJP">BJP</keyword>, enjoys a huge following among the NRI community, and this bill could be an important ploy to win them over ahead of national elections next year. Secondly, the proxy voting process is vulnerable to misuse. There don’t seem to be any sufficient checks and balances in place to ensure proxies vote for the NRI’s choice of candidate. Lastly, and this issue is largely unsolvable, only parties with sufficient financial resources will be able to roll out significant promotional campaigns abroad, which tilts the balance of power against smaller, regional parties. There is no adequate mechanism to track how much is spent by these parties outside India. All things considered, however, the move is a step in the right direction. A number of NRIs, especially manual workers, are unable to travel back home for elections. The bill allows them to have a say in India’s democracy. The amended act will now be sent to the upper house of Parliament. After it is approved by the Rajya Sabha, it will be codified into law.

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