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Straight from the Specialists

Budget 2012: Common man’s expectations

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(The views expressed in this column are the author’s own and do not represent those of Reuters)

The weeks before the Union budget are days of wishful thinking for the common man. It is always the expectation that the threshold and tax exemption limits will be increased. This year is no exception, and the common man would definitely be happy if his wishes are met.

Realistically speaking, as we move closer to implementing the Direct Taxes Code (DTC), the personal tax slabs in this budget could be aligned to the proposed DTC thresholds. So we can expect the minimum income limit not subject to tax being raised to 2 lakh rupees from 1.9 lakh rupees.

Also, the threshold limit of applying 30 pct tax rate may be raised to 10 lakh rupees from 8 lakh rupees. This together would account for reduction of taxes by 21,000 rupees (plus the reduction in effective surcharge).

International workers and social security regulations in India

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(The views expressed in this column are the author’s own and do not represent those of Reuters)

The movement of employees across countries has been a growing trend in recent years with increasing multinational presence of companies.

Tax issues for individuals travelling abroad

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(The views expressed in this column are the author’s own and do not represent those of Reuters)

Taxability in India is based on an individual’s residential status. As per the Indian Income Tax Act, 1961, an individual may be an Ordinary Resident (OR), Non Resident (NR) or Not Ordinarily Resident (NOR) based on the number of days of physical presence in India.

NRI returning to India? How to calculate your tax

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(The views expressed in this column are the author’s own and do not represent those of Reuters)

The grass is not really greener on the other side as many Indians abroad are figuring it out the hard way. Faced with a gloomy economy and career prospects, some are packing their bags and heading back to test the job market.

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