Business Leaders Forum (BLF) members held a meeting in Dubai.
Imran Mojib, Special Correspondent
Indian business leaders in the UAE have welcomed the Indian government’s decision to restrict taxation only to the income generated by them from businesses in India. Moreover, taxes would need to be paid only on income of more than Indian Rs1.5 million.
They also appreciated the government for retaining the 182-day stay in India to retain the NRI status. The period of stay in India has been reduced to 120 days for those whose income from businesses in India exceeds Indian Rs1.5 million. The Finance Bill 2020 had initially proposed to reduce such period of 182 days to 120 days for all.
The changes formed part of the amendments in the Bill, which was passed in the Indian parliament by voice vote without discussion.
Soon after the Bill was proposed on Feb.1, 2020, the Business Leaders Forum (BLF) - a group of top Indian businessmen in the UAE, had made a representation to the Indian government to withdraw the Deemed Resident of India amendment and also to maintain the mandatory period of 182 days stay in India to retain NRI Status.
“BLF secretariat is pleased to announce that the BLF representation on both counts was considered and accepted by the government,” said BLF Secretary General Sripriyaa Kumaria.
The news has given the much needed breather to the NRI business community. Prominent business leaders have welcomed the decision.
Chairman of Giant Group of Industries Sudesh Aggarwal said that this will boost the confidence of NRIs and will certainly help in more business and investments.
Chairman Regal Traders Vasu Shroff said that this decision reinforces the importance and the contribution of the NRIs and the Indian business leaders in the GCC countries.
Chairman of ITL Cosmos Group Dr. Ram Buxani termed it “a very encouraging move by the Indian government.”
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