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3 Things NRIs Expect in Financial Budget 2012

The Non-Residential Indians (NRIs) expects from the Finance Minister to reduce the Tax Reduction at Source (TDS). NRIs are charged with TDS and they want some relaxation, whereas Resident Indians are charged with TDS only when income exceeds a certain limit. There is no such rule for the NRIs.

Financial Budget 2012 for NRIs
Financial Budget 2012 for NRIs

The NRIs should also have a TAN number in order to pay proper TDS. The Direct Tax Code (DTC) is expected to become effective, at least partly from April 1, 2012. The NRIs who are returning to India are not in the DTC for the payment of wealth tax.

Currently, foreign individuals are allowed to invest in Indian bonds only on a sub-account of a foreign institutional investor (FII). FIIs are allowed to buy a total of USD 45 billion of corporate debt, of which USD 25 billion is allocated for infrastructure bonds.

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