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Are acceptance rates for early admission truly higher or is it really just that there are higher quality applicants who are more qualified?

Early Decision Can Help You Edge Out Your CompetitionBy Peterson's Staff Monday, March 21, 2016Does getting early decision mean an automatic entry into college? This article helps you find out the truth about ED applicants.There's a lot of hype floating around that some schools accept almost all of their incoming freshmen from their pool of Early Decision (ED) applicants. While it's true that there may be a higher acceptance rate among the early action pool, this doesn’t necessarily hold true at every school, nor does it mean that all the spots get filled up early. (It also doesn't mean that all schools even have early acceptance options, because some schools are doing away with them altogether.)Realistically, all schools only have so many openings set aside for the incoming class, and they want to give those spots to the best candidates possible. If they give away every bed they have by December, then they won't have room to accept the Colorado State Spelling Bee Champion who applies in February. Some schools hedge their bets just as some students do when applying to college. They may defer a portion of their ED applicants so they can eyeball what comes across their application desks later in the year.Early admission by the numbersIt’s generally true that many of the most exclusive schools are the ones most likely to offer Early Decision admission options, and research supports the buzz that you stand a better chance of scoring a coveted spot by applying early. On average, 25 to 50 percent of the freshman classes at these schools come from ED applicants. (Those numbers could be higher, depending on the school.) However, that means that come springtime, although there’s still another 50 to 75 percent of the class to accept, you’ll be competing against a much larger pool of applicants and your chances of getting accepted are lower. So, statistically speaking, a larger percentage of the ED applicants are accepted than of the applicants who apply during the normal timeline.There are a few schools who accept a very large majority of their incoming class from their early admission applicants, and the only way to know if your choice school is among those is to do your research. Ask the school directly about their admission statistics to get a better picture of your chances of acceptance and discuss what this means with your school guidance counselor. In some cases, an Early Decision application really may be the only way to edge out your competition. Before you send off that paperwork, make sure one more time it’s what you want since an early acceptance under ED means you have entered into a binding agreement to attend that school and you can’t apply anywhere else.Keep in mind as well that some schools, Ivy League included, are starting to do away with early application options altogether. Harvard and Princeton no longer offer the option of applying early and there are a number of schools that are considering doing away with their policies as well. There are several reasons for doing so, but the gist of their reasoning is that it skews the playing field and leaves a number of students at a distinct disadvantage when application time rolls around. Schools that are doing away with early application procedures hope to soothe the competitive nature of "getting in" and allow everyone the opportunity to apply at the same time and under the same conditions.Early action and financial aidIf you’re like most students, finances probably play an important role in making your final decision about where to apply. As part of your decision process about ED, you should meet with your choice school's financial aid office as early as your junior year. You’ll be able to get an idea if the school is an economically viable choice or if it’s just too far out of the ballpark.Ask your parents to bring their tax forms so they can get an idea of their likely Expected Family Contribution, and you can find out ahead of time what financial aid you’re likely to receive. By checking it out early on, you can avoid the wrenching disappointment of getting in but not being able to go. Acceptance decisions for early action applicants show up in your mailbox months before you hear from the Financial Aid office.Early admission and youSo what does all this mean? Should you apply for Early Decision at a school that you’re considering? Not unless you are 100 percent absolutely, positively certain that it’s THE school that you want to attend above all others. However, just because you really want to go there doesn’t mean you should feel like you have to apply early, either. Early application is really only a good tactic when you and the school are truly well matched. In a nutshell, don’t waste their time or yours if you’re not really sure it’s your top choice or if there is a strong likelihood you won’t get accepted.If you decide to go for it, give your all to that crucial essay by emphasizing your strengths and vividly describing what makes the school a perfect fit for you. Schools that have Early Decision options want to accept ED applicants because they are usually the most qualified and most sought-after students, and they are students who are communicating that by applying as ED, they really want to get in to that school. Admission committees look favorably upon excellent candidates who desire nothing more than to be a part of their student body. If it’s a competitive school, you fit the profile, and you really have your heart set on it, then by all means, apply Early Decision and better your chances of being able to call it your alma mater.Early Decision & Early ActionThe benefits and drawbacks of applying earlyEarly decision (ED) and early action (EA) plans can be beneficial to students — but only to those who have thought through their college options carefully and have a clear preference for one institution.Early decision versus early actionEarly decision plans are binding — a student who is accepted as an ED applicant must attend the college. Early action plans are nonbinding — students receive an early response to their application but do not have to commit to the college until the normal reply date of May 1. Counselors need to make sure that students understand this key distinction between the two plans.Approximately 450 colleges have early decision or early action plans, and some have both. Some colleges offer a nonbinding option called single-choice early action, under which applicants may not apply ED or EA to any other college.ED plans have come under fire as unfair to students from families with low incomes, since they do not have the opportunity to compare financial aid offers. This may give an unfair advantage to applicants from families who have more financial resources.ED applicantsApply early (usually in November) to first-choice college.Receive an admission decision from the college well in advance of the usual notification date (usually by December).Agree to attend the college if accepted and offered a financial aid package that is considered adequate by the family.Apply to only one college early decision.Apply to other colleges under regular admission plans.Withdraw all other applications if accepted by ED.Send a nonrefundable deposit well in advance of May 1.EA applicantsApply early.Receive an admission decision early in the admission cycle (usually in January or February).Consider acceptance offer; do not have to commit upon receipt.Apply to other colleges under regular admission plans.Give the college a decision no later than the May 1 national response date.Who should apply early?Applying to an ED or EA plan is most appropriate for a student who:Has researched colleges extensively.Is absolutely sure that the college is the first choice.Has found a college that is a strong match academically, socially and geographically.Meets or exceeds the admission profile for the college for SAT® scores, GPA and class rank.Has an academic record that has been consistently solid over time.Applying to an ED or EA plan is not appropriate for a student who:Has not thoroughly researched colleges.Is applying early just to avoid stress and paperwork.Is not fully committed to attending the college.Is applying early only because friends are.Needs a strong senior fall semester to bring grades up.Encourage students who want to apply early to fill out NACAC's Early Decision Self-Evaluation Questionnaire, in the Deciding About Early Decision and Early Action handout. You may want to share this with parents as well.The benefits of applying earlyFor a student who has a definite first-choice college, applying early has many benefits besides possibly increasing the chance of getting in. Applying early lets the student:Reduce stress by cutting the time spent waiting for a decision.Save the time and expense of submitting multiple applications.Gain more time, once accepted, to look for housing and otherwise prepare for college.Reassess options and apply elsewhere if not accepted.The drawbacks of applying earlyPressure to decide: Committing to one college puts pressure on students to make serious decisions before they've explored all their options.Reduced financial aid opportunities: Students who apply under ED plans receive offers of admission and financial aid simultaneously and so will not be able to compare financial aid offers from other colleges. For students who absolutely need financial aid, applying early may be a risky option.Time crunch for other applications: Most colleges do not notify ED and EA applicants of admission until December 15. Because of the usual deadlines for applications, this means that if a student is rejected by the ED college, there are only two weeks left to send in other applications. Encourage those of your students who are applying early to prepare other applications as they wait to receive admission decisions from their first-choice college.Senioritis: Applicants who learn early that they have been accepted into a college may feel that, their goal accomplished, they have no reason to work hard for the rest of the year. Early-applying students should know that colleges may rescind offers of admission should their senior-year grades drop.Students and parents can use our Pros and Cons of Applying to College Early, in the Deciding About Early Decision and Early Action handout, to weigh their options.Does applying early increase the chance of acceptance?Many students believe applying early means competing with fewer applicants and increasing their chances for acceptance. This is not always true. Colleges vary in the proportion of the class admitted early and in the percentage of early applicants they admit.Higher admission rates for ED applicants may correlate to stronger profiles among candidates choosing ED. Students should ask the admission office whether their institution's admission standards differ between ED and regular applicants, and then assess whether applying early makes sense given their own profile.The ethics of applying early decisionThe Common Application and some colleges' application forms require the student applying under early decision, as well as the parent and counselor, to sign an ED agreement form spelling out the plan's conditions.Make it clear in your school handbook and at college planning events that your policy for early-decision applications is to send the student's final transcript to one college only: anything else is unethical.Keep in mindED and EA program specifics vary, so students should get information as soon as possible directly from the admission staff at their first-choice college.ED and EA applicants must take the October SAT or SAT Subject Tests™ in order for these scores to make it to the college in time.Print out and share the Early Decision and Early Action Calendar with students and parents to be sure they are aware of all the required steps for applying early.Related DownloadsWhat to Know About Applying EarlyEarly Decision and Early Action CalendarA college-admissions edge for the wealthy: Early decisionBy Nick Anderson March 31, 2016Nathan Hanshew, 17, a senior at Washington Latin Public Charter School, is embraced by the head of the school, Martha C. Cutts, after learning that he received a full-ride scholarship to attend George Washington University. GW President Steven Knapp, at lower right, visited the school March 17 to make the surprise announcement. (Logan Werlinger/GW Today)Many of the nation’s top colleges draw more than 40 percent of their incoming freshmen through an early-application system that favors the wealthy, luring students to commit to enroll if they get in and shutting out those who want the chance to compare offers of grants and scholarships.The binding-commitment path known as “early decision” fills roughly half of the freshman seats at highly ranked Vanderbilt, Emory, Northwestern and Tufts universities, as well as Davidson, Bowdoin, Swarthmore and Claremont McKenna colleges, among others, a Washington Post analysis found.The Post found 37 schools where the early-decision share of enrolled freshmen in 2015 was at least 40 percent. At Duke University, the share was 47 percent, and at the University of Pennsylvania, it was 54 percent.[Sortable table: See the details of the early decision advantage]The rising influence of early-decision enrollment underscores a stark and growing divide in college admissions between the masses of students who apply to multiple schools through the “regular” process in quest of the best fit and deal and a privileged subset who apply early and simultaneously pledge to attend just one, without fear of cost, at a time when the sticker price for private schools often tops $60,000 a year. Call them the Shoppers and the Pledgers.College admissions: The Early Decision advantageNathan Hanshew, 17, a senior at Washington Latin Public Charter School in Washington, D.C., said he applied to a dozen schools but did not opt for early decision anywhere.“That was too risky,” he said. “You’re stuck in a bond, like a marital bond.”Shopping around paid off hugely for Hanshew, a Polish immigrant, who learned March 17 in a surprise announcement in front of cheering classmates that he won a full-ride scholarship from George Washington University.Kate Morrison (Family photo)Kate Morrison, 17, a senior at Walt Whitman High School in Montgomery County, Md., said she was drawn to Bowdoin after a soccer coach there encouraged her to apply early. She visited the Maine college last spring. “I just loved it so much,” she said. “I was really, really content.” No athletic scholarship, no financial aid. But she applied early decision in the fall and was admitted Dec. 11. Her search was done.This week, angst is cresting for traditional applicants as prestigious colleges finalize who’s in and who’s out. Ivy League decisions are scheduled to be released Thursday evening. But admitted early-decision students are tranquil; they’ve known for months where they’re going to college. Early-decision applicants also enjoy a crucial edge over the regulars: Their admission rates tend to be much higher. That’s because schools want good students who really want them, and they want to lock them down.At Penn, the admission rate for early applicants was 24 percent for the class that entered in 2015. The total admission rate, early and regular, was 10 percent. Eric Furda, Penn’s dean of admissions, said the academic credentials of students who win early admission tend to be stronger than those admitted later in the cycle. Furda also said more early-decision students than ever are qualifying for need-based financial aid.“This pool is becoming broader and deeper and more diverse than it’s ever been. It’s time to start telling that story,” Furda said. “I don’t want lower-income families to be told, ‘Don’t apply early decision because you’re going to need to compare financial-aid packages.'” These days, nearly as many early-decision freshmen receive need-based grants from Penn as their peers admitted in the regular cycle, he said.The Post reviewed 2015 admissions data for 64 schools as reported through a questionnaire called the Common Data Set. The analysis covered top-60 schools on U.S. News and World Report lists of liberal arts colleges and national universities, and it found 48 schools in which early-decision admits comprised at least a third of the total enrolled class and 16 in which they comprised at least half.[U.S. News college ranking trends 2015]While most early-decision admits enroll, a few do not. The most common reason: If a financial aid offer is deemed insufficient, an admitted student may be released from their pledge.Within the Ivy League, Penn appears to be the most aggressive user of the early process. The early-decision share of freshmen at Dartmouth College was about 43 percent. At Brown and Cornell universities, it was about 38 percent. Columbia University, which also uses early decision, is the only Ivy League school that refuses to make public its Common Data Set reports.Harvard, Yale and Princeton universities also allow students to apply early, but they do not require admitted students to decide on enrollment until May 1. That technique, which enables comparison shopping, is known as “early action.” Stanford, the University of Chicago, MIT and hundreds of other schools use early action.Georgetown University’s longtime dean of admissions, Charles Deacon, said he favors early action because students should be as sure in May of where they want to attend as they were in November. He calls it a “student-centered” approach to admissions, in contrast to “enrollment management” techniques in vogue at many schools.“No matter what anybody tells you, the early pool favors those who are more advantaged,” Deacon said. “They’re the ones who have been better advised. They know more from their families. There’s an advantage, for sure, and that plays itself out particularly at the early level.”Early decision, which developed gradually among elite schools from the late 1950s through the 1970s, has drawn criticism in recent years, earning a critique in a 2001 Atlantic article headlined “The Early-Decision Racket.” In 2006, the public University of Virginia announced that it was ending an early-decision program in an effort to attract more low-income students. It now uses early action.“For us, the early-action plan makes the most sense,” U-Va. dean of admission Greg Roberts said. “And it’s more in line with our values and enrollment goals.” Most top-tier schools with early decision are private. An exception is the public College of William and Mary, in Virginia.[Nation’s prominent public universities are shifting to out-of-state students]Though some schools have spurned the practice, the volume of early-decision applications to elite schools is growing, and some of them are filling a larger share of their seats with those applicants, making it far more difficult to get in during the normal cycle.At Williams College, a premier liberal arts school in Massachusetts, a little more than 40 percent of freshmen come through early decision. Williams President Adam Falk said early decision provides stability for the college in what can be a volatile market, and it provides peace of mind for successful applicants who can then leave “an insane-feeling rat race” during their senior year of high school.Jon Reider, a former Stanford admissions officer who counsels students at San Francisco University High School, said that 15 years ago, early decision was not a central part of most of his advising conversations. Now it is. Another important variable is that ultra-selective Harvard, Princeton, Stanford and Yale are “single-choice” early-action schools, meaning that students may not apply early to any other private school, with few exceptions. So students must weigh their top choice carefully, and it can feel like making a life-altering gamble.But the calculations are much more complex than a simple ranking of choice, Reider said. Sometimes admission to that first-choice school is so tough to obtain, even in an early application, that it makes more sense to apply early decision to a second choice, or even a third choice. “You’ve got one chip,” Reider said. “One card to play. It’s an absolutely crazy system.”Even more bewildering: Some schools offer two rounds of early decision. Some — the University of Miami, for example — offer two rounds of early decision and early action.Charlotte Smith (Family photo)Charlotte Smith, 17, a senior at Walt Whitman High, put her early-decision chip on Wake Forest University, in North Carolina. Her application was deferred into the regular pool. For many applicants, that is demoralizing. For Smith, it was a relief.“I’m actually glad,” Smith said last week as she had several applications pending and some offers in hand, including some with scholarships. It’s hard in November, she said, “to pick one school and say this has everything I want.” As students, she said, “we’re still trying on different versions of ourselves.”Micah Guthrie, 17, a senior at Washington Latin, is shooting for liberal arts colleges but not through early decision. “I make a lot of my decisions last minute,” he said. In the fall, he said, “I really didn’t know a lot about a lot of colleges.”Grade Point newsletterNews and issues affecting higher education.Sign upMicah Guthrie (Nick Anderson/The Washington Post)Among his targets is Davidson, advertised on a sweatshirt he wore to school the other day. His mother, Michelle Guthrie, a registrar at Washington Latin, said money is a factor wherever he gets accepted. “We’ll make it happen,” she said. “But I’m hoping some scholarships come with those choices, too.”Davidson had the highest share of early-decision admits in its entering class among colleges The Post analyzed: about 60 percent. Davidson said it is firmly committed to access, with half of the early-decision students who were admitted qualifying for need-based financial aid. That is nearly the same as the share in regular admissions who receive need-based aid. The small college, which has a robust NCAA Division I sports program, said it also relies heavily on early decision for athletic recruiting.A few years ago, the share of early-decision students entering Emory was less than 40 percent, said John Latting, the university’s dean of admission. Now two rounds of early decision fill about half of Emory’s class. Latting said the volume of early-decision applications has doubled in the past four or five years.“Mostly what’s going on is an unbelievably competitive marketplace” for top students, he said. “Early programs bring some calm to what is otherwise a frenzy.”Latting said Emory uses financial aid aggressively to ensure it enrolls a diverse class. About 20 percent of freshmen have enough financial need to qualify for federal Pell grants, a sizeable share for a private university. But Latting acknowledged that early-decision applicants, the Pledgers, tend to be more affluent than the regulars, the Shoppers. That creates added pressure on schools hunting for more students from low-income families.“I wouldn’t for a minute say this is the right system for the nation,” Latting said.Read more:At some colleges, your gender might give you an admissions edgeInside the admissions process at George Washington UniversityColleges often give discounts to the rich. Here’s one that gave up on ‘merit aid.’Meet the man behind the new SAT: ‘I’m in the anxiety field.’https://www.iecaonline.com/PDF/IECA_Library_ED-vs-RD-Acceptances.pdfEarly Admission Ivy League Schools 2016-12STRATEGYEarly acceptance rates to Ivy League schools are drastically higher than regular — but the reason why isn't as obvious as it seemsAbby JacksonDec. 21, 2016, 2:51 PM6,213The figures may look a little out of sync with regular decision acceptance rates to those who follow admissions trends.Courtesy of Stefan StoykovThe Ivy League classes of 2021 are one step closer to attending the school of their dreams.Last week, every Ivy League school, with the exception of Columbia University, reported the number of students who applied and were accepted early this year, giving a glimpse into the college choices of tens of thousands of students.The figures may look a little out of sync with acceptance rates released during the spring.Harvard reported the lowest acceptance rate of the bunch, with 14.5% of applicants gaining acceptance. That's nearly three times higher (meaning more students were able to gain acceptance) than last spring's acceptance rate of 5.2%, which includes both the early and regular decision applicants.Business InsiderHarvard isn't the only school where early application percentage rates are drastically higher than rates released in spring.To give you an idea of where the University stands in comparison to its peers, below are the decision acceptance rates for the class of 2020, released last spring:8. Cornell University — 13.96%7. Dartmouth College — 10.52%6. University of Pennsylvania — 9.41%5. Brown University — 9.01%4. Princeton University — 6.46%3. Yale University — 6.27%2. Columbia University — 6.04%1. Harvard University — 5.2%Every single Ivy League school, by a factor of two or three, appears easier to access when applying early. The contrast appears even starker if you were to isolate just the regular decision rate from the early decision rate, though all of the Ivies announce their spring numbers as a combination of the two.So what gives?Harvard UniversityMarcio Jose Bastos Silva / ShutterstockIvy admissions offices emphasize that the reason it appears easier to get into schools during early admissions is more a factor of the strength of the applicant pool rather than an ease of acceptance.In other words, students who apply early to Harvard are probably better qualified compared the larger applicant pool, and more confident in their chances of being admitted."We have continued to stress to applicants, their families, and their guidance counselors that there is no advantage in applying early to Harvard," William R. Fitzsimmons, Dean of Admissions and Financial Aid, said, in a release from Harvard. "The reason students are admitted – early or during the Regular Action process – is that their academic, extracurricular, and personal strengths are extraordinary."Harvard releases a survey on incoming freshman every year that provides details on the makeup of the class. For the Class 2019 — the most recent survey conducted— the survey indicated that students admitted early had higher SAT scores than regular admissions students, on average. Early admissions students scored an average 2239, compared to 2217 for regular admissions.Still, schools certainly find early applicants attractive as they can lock in a higher "yield" — the number of admitted students who decide to go to the college. Early decision is binding, and early action means that students are only allowed to apply to one school early (though they can apply regular decision to other schools) and then make their final choice in the spring.Some higher education experts feel that there is certainly an advantage to applying early, and that its practice is troubling, as it disproportionately helps wealthier students. The early admissions process is not possible for students who need to weigh the different financial aid packages they are offered before making a decision.Early admissions "significantly disadvantages students from low-income and middle-income families, who are already underrepresented at such schools," columnist Frank Bruni wrote in The New York Times.Still, it doesn't seem that the early admissions process is going anywhere soon. The Ivy League had a record number of early applications this year, and, more broadly, about 450 American colleges accept early applicants.The Ivy League has released early-application acceptance rates — here's where they all standAbby Jackson and Andy KierszDec. 16, 2016, 12:09 PMThe Ivy League classes of 2021 are one step closer to attending the school of their dreams.Almost every Ivy League school reported the number of students who had applied and were accepted early this year, giving a glimpse into the college choices of tens of thousands of students.Business InsiderHarvard reported the lowest acceptance rate of the bunch, with 14.5% of applicants gaining acceptance versus 14.8% last year. Applications at the school were up by 5% from the previous year, with 6,473, an increase from 6,167, according to a representative for the school.Applications were up across the board. The biggest jump in application numbers came from Princeton University, which reported 4,229 early applications last year and 5,003 this year, an 18% increase year-over-year.Early applications come with some stipulations. Harvard, Princeton, and Yale are restrictive early-action schools, meaning applicants can apply to only one school early but have until May to accept.Brown University, Columbia University (which does not release acceptance figures), Cornell University, Dartmouth College, and University of Pennsylvania are all early-decision schools, which means students must go there if they get accepted.Check out the number of early applications to each Ivy League school this year below:Brown University — 3,170 applications, 695 acceptancesColumbia University — 4,086 applications, does not release acceptance figuresCornell University — 5,384 applications, 1,378 acceptancesDartmouth College — 1999 applications, 555 acceptancesHarvard University — 6,473 applications, 938 acceptancesUniversity of Pennsylvania — 6,147 applications, 1,354 acceptancesPrinceton University — 5,033 applications, 770 acceptancesYale University — 5,086 applications, 871 acceptancesHarvard just released its early admissions decisions — here's how many students got inAbby JacksonDec. 13, 2016, 5:32 PMHarvard University released the early action decisions for the class of 2021 on Tuesday. Flickr / Sam S.Harvard University released the early action decisions for the class of 2021 on Tuesday.Applications at the school were up 5% from the previous year, with 6,473, compared to 6,167, a spokesperson for the school confirmed.Of those applicants, 14.5% gained acceptances, versus 14.8% last year."Early admission appears to be the 'new normal' now – as more students are applying early to Harvard and peer institutions than ever before," William R. Fitzsimmons, Dean of Admissions and Financial Aid, said, in a release from Harvard."At the same time, we have continued to stress to applicants, their families, and their guidance counselors that there is no advantage in applying early to Harvard," he continued. "The reason students are admitted – early or during the Regular Action process – is that their academic, extracurricular, and personal strengths are extraordinary."Harvard is an early action school, meaning that students can only apply to one school early, and have until May to decide if they want to accept. This policy differs from early decision, which requires a student to attend a school if they gain admission.Regular decision Harvard applicants will find out their admissions status in the spring.

How do I find the best auditors for NRI tax advisory services in Chennai?

Income Tax for NRIBudget 2021 update: FM proposes to notify rules for removing hardship for NRI due to double taxation.We all know that taxes collected from citizens is the foundation of Indian Economy. Section NRI Taxation under the Indian Income Tax Act, 1961, applies to those earning outside the home country. The income tax rules and perks allowed to them are drastically different from those applicable to resident Indians. In this article, we will discuss Income Tax for NRIs in detail.1. How do I Determine My Residential Status?You are considered an Indian resident for a financial year:i.When you are in India for at least 6 months (182 days to be exact) during the financial yearii. You are in India for 2 months (60 days) for the year in the previous year and have lived for one whole year (365 days) in the last four years If you are an Indian citizen working abroad or a member of a crew on an Indian ship, only the first condition is available to you – which means you are a resident when you spend at least 182 days in India. The same is applicable to a Person of Indian Origin (PIO) who is on a visit to India. The second condition is not applicable to these individuals. A PIO is a person whose parents, or any of his grandparents were born in undivided India.You are an NRI if you do not meet any of the above conditions. For FY 2019-20 if an individual has come to India on a visit before 22nd March, 2020 anda) has been unable to leave because of lockdown on or before 31st March, 2020, period of stay from 22nd to 31st March shall not be considered.b) has been quarantined due to Covid19 on or after 1st March, 2020 and departed on evacuation flight on or before 31st March, 2020 or unable to leave India his period of stay from the beginning of quarantine to 31st march shall not be considered.c) has been departed on a evacuation flight on or before 31st March, 2020, period of stay from 22nd March 2020 to date of departure shall not be consideredNow let’s begin with taxation part:a. Is My Income Earned Abroad Taxable?An NRI’s income taxes in India will depend upon his residential status for the year. If your status is ‘resident,’ your global income is taxable in India. If your status is ‘NRI,’ your income which is earned or accrued in India is taxable in India. Salary received in India or salary for service provided in India, income from a house property situated in India, capital gains on transfer of asset situated in India, income from fixed deposits or interest on savings bank account are all examples of income earned or accrued in India. These incomes are taxable for an NRI. Income which is earned outside India is not taxable in India. Interest earned on an NRE account and FCNR account is tax-free. Interest on NRO account is taxable for an NRI.b. Am I Required to File My Income Tax Return in India?NRI or not, any individual whose income exceeds Rs.2,50,000 is required to file an income tax return in India.Case Study:Sumana lives and works in the UK. She checked her Form 26AS online and found out that a TDS entry of Rs 20,000 is mentioned. This TDS had been deducted at 30% on interest earned by her in her NRO account. Sumana has no other income in India.Does Sumana have to pay any tax in India, and is she required to file an income tax return?Whether your income will be taxed in India or not, depends upon your residential status. First, let's find out Sumana's residential status. She is an Indian citizen and has gone to the UK for her job - she will be a resident if she spends 182 days or more in India. Sumana left India on 3rd July 2017 and came back to India on 15th March 2018. Therefore in the financial year that begins on 1st April 2017 and ends on 31st March 2018, Sumana has spent less than 182 days in India. Since she is an Indian citizen on employment abroad, to qualify as a resident she must spend 182 days or more in India. Therefore, Sumana is an NRI for the purpose of income tax in India. For Sumana, only her income which is earned or accrued in India shall be taxable in India. Her income in the UK is not taxable in India since she is an NRI. Interest earned in India is taxable for an NRI. (Do note that interest on NRO account is taxable whereas interest earned on NRE account is exempt from tax). Sumana needs to add up all the income she has earned in India. The interest earned on the NRO account of Rs 70,000 is Sumana's only income. For FY 2017-18, the minimum income which is exempt from tax is Rs 2.5 lakhs. Sumana's total income in India is less than the minimum exempt amount, and therefore she does not have to pay any tax on it. In fact, since no tax is payable by her, she must claim a refund of the TDS deducted on her interest income. A refund can only be claimed by filing an income tax return for that financial year.c. When is the Last Date to File Income Tax Return in India?July 31st is the last date to file income tax return in India for NRIs.d. Do NRIs Have to Pay Advance Tax?If your tax liability exceeds Rs 10,000 in a financial year, you are required to pay advance tax. Interest under Section 234B and Section 234C is applicable when you don't pay your advance tax.2. Taxable Income for an NRIYour salary income is taxable when you receive your salary in India or someone does on your behalf. Therefore, if you are an NRI and you receive your salary directly to an Indian account it will be subject to Indian tax laws. This income is taxed at the slab rate you belong to.a. Income from Salary:Income from salary will be considered to arise in India if your services are rendered in India. So even though you may be an NRI, but if your salary is paid towards services provided by you in India, it shall be taxed in India immaterial of where you are receiving the income. In case your employer is Government of India and you are the citizen of India, income from salary, if your service is rendered outside India is also taxed in India. Note that income of Diplomats, Ambassadors are exempt from tax. Amir was working in China on a project from an Indian company for a period of 3 years. Amir needed the salary in India to take care of the needs of his family and make payments towards a housing loan. However, since salary received by Amir in India would have been taxed as per Indian laws, Amir decided to receive it in China.b. Income from House PropertyIncome from a property which is situated in India is taxable for an NRI. The calculation of such income shall be in the same manner as for a resident. This property may be rented out or lying vacant. An NRI is allowed to claim a standard deduction of 30%, deduct property taxes, and take benefit of an interest deduction if there is a home loan. The NRI is also allowed a deduction for principal repayment under Section 80C. Stamp duty and registration charges paid on the purchase of a property can also be claimed under Section 80C. Income from house property is taxed at slab rates as applicable. Deeksha owns a house property in Goa and has rented it out while she lives in Amsterdam. She has set up the rent payments to be received directly in her bank account in Amsterdam. Deeksha 's income from this house which is in India shall be taxable in India.c. Rental Payments to an NRIA tenant who pays rent to an NRI owner must remember to deduct TDS at 30%. The income can be received to an account in India or the NRI's account in the country he is currently residing. Esha pays a monthly rent of Rs 30,000 to her NRI landlord. She must deduct 30% TDS or Rs 9,000 before transferring the money to the landlord's account. Esha must also get a Form 15CA prepared and submit it online to the Income Tax Department. A person making a remittance (a payment) to a Non-Resident Indian has to submit Form 15CA. This form has to be submitted online. In some cases, a certificate from a chartered accountant in Form 15CB is required before uploading Form 15CA online. In Form 15CB, a CA certifies details of the payment, TDS rate, and TDS deduction as per Section 195 of the Income Tax Act, if any DTAA (Double Tax Avoidance Agreement) is applicable, and other details of nature and purpose of the remittance. Form 15CB is not required when:i. Remittance does not exceed Rs 5,00,000 (in total in a financial year). Only Form 15CA has to be submitted in this case.ii. If lower TDS has to be deducted and a certificate is received under Section 197 for it or lower TDS has to be deducted by order of the AO.iii. Neither is required if the transaction falls under Rule 37BB of the Income Tax Act, where it lists 28 items.In all other cases, if there is a remittance outside India, the person who is making the remittance will take a CA's certificate in Form 15CB and after receiving the certificate submit Form 15CA to the government online.d. Income from Other SourcesInterest income from fixed deposits and savings accounts held in Indian bank accounts is taxable in India. Interest on NRE and FCNR account is tax-free. Interest on NRO account is fully taxable.e. Income from Business and ProfessionAny income earned by an NRI from a business controlled or set up in India is taxable to the NRI.f. Income from Capital GainsAny capital gain on transfer of capital asset which is situated in India shall be taxable in India. Capital gains on investments in India in shares, securities shall also be taxable in India. If you sell a house property and have a long-term capital gain, the buyer shall deduct TDS at 20%. However, you are allowed to claim capital gains exemption by investing in a house property as per Section 54 or investing in capital gain bonds as per Section 54EC.g. Special Provision Related to Investment IncomeWhen an NRI invests in certain Indian assets, he is taxed at 20%. If the special investment income is the only income the NRI has during the financial year, and TDS has been deducted on that, then such an NRI is not required to file an income tax return.h. What are the Investments that Qualify for Special Treatment?Income derived from the following Indian assets acquired in foreign currency:i. Shares in a public or private Indian companyii. Debentures issued by a publicly-listed Indian company (not private)iii. Deposits with banks and public companiesiv. Any security of the central governmentv. Other assets of the central government as specified for this purpose in the official gazetteNo deduction under Section 80 is allowed while calculating investment income.i. Special Provision Related to Long-Term Capital GainsFor long-term capital gains made from the sale of transfer of these foreign assets, there is no benefit of indexation and no deductions allowed under Section 80. But you can avail an exemption on the profit under Section 115 F when the profit is reinvested back into:i. Shares in an Indian companyii. Debentures of an Indian public companyiii. Deposits with banks and Indian public companiesiv. Central Government securitiesv.NSC VI and VII issues:In this case, capital gains are exempt proportionately if the cost of the new asset is less than net consideration. Remember, if the new asset purchased is transferred or sold back within 3 years, then the profit exempted will be added to the income in the year of sale/transfer. The benefits above may be available to the NRI even when he/she becomes a resident - until such an asset is converted to money, and upon submission of a declaration for the application of the special provisions to the assessing officer by the NRI. The NRI may choose to opt out of these special provisions and in that case the income (investment income and LTCG) will be charged to tax under the usual provisions of the Income Tax Act.a. Deductions under Section 80C:Most of the deductions under Section 80 are also available to NRIs. For FY 2019-20, a maximum deduction of up to Rs 1.5 lakhs is allowed under Section 80C from gross total income for an individual.b. Of the Deductions Under Section 80C, those allowed to NRIs are:i. Life insurance premium payment: The policy must be in the NRI's name or in the name of their spouse or any child's name (child may be dependent/independent, minor/major, or married/unmarried). The premium must be less than 10% of sum assured.ii. Children's tuition fee payment: Tuition fees paid to any school, college, university or other educational institution situated within India for the purpose of full-time education of any two children (including payments for play school, pre-nursery and nursery).iii. Principal repayments on loan for the purchase of a house property: Deduction is allowed for repayment of loan taken for buying or constructing residential house property. Also allowed for stamp duty, registration fees and other expenses for purpose of transfer of such property to the NRI.iv. Unit-linked insurance plan (ULIPS): ULIPS is sold with life insurance cover for deduction under Section 80C. Includes contribution to unit-linked insurance plan of LIC mutual fund e.g. Dhanraksha 1989 and contribution to other units -linked insurance plan of UTI.v. Investments in ELSS: ELSS has been the most preferred option in recent years as it allows you to claim a deduction under Section 80C upto Rs 1.5 lakhs, it offers the EEE (Exempt-Exempt-Exempt) benefit to taxpayers and simultaneously offers an excellent opportunity to earn as these funds invest primarily in the equity market in a diversified manner.4. Other Allowable DeductionsBesides the deduction that an NRI can claim under Section 80C, he is also eligible to claim various other deductions under the Income tax laws which have been discussed here:a. Deduction from House Property Income for NRIsNRIs can claim all the deductions available to a resident from income from house property for a house purchased in India. Deduction towards property tax paid and interest on home loan deduction is also allowed. You can read about house property income.b. Deduction under Section 80DNRIs are allowed to claim a deduction for premium paid for health insurance. This deduction is available up to Rs 30,000 ( increased to Rs 50,000 effective 1 April 2018) for senior citizens and up to Rs 25,000 in other cases for insurance of self, spouse, and dependent children. Additionally, an NRI can also claim a deduction for insurance of parents (father or mother or both) up to Rs30,000 (raised to Rs 50,000 effective 1 April 2018) if their parents are senior citizens, and Rs 25,000 if the parents are not senior citizens. Beginning FY 2012-13, within the existing limit a deduction of up to Rs 5,000 for preventive health check-ups are also available.c. Deduction under Section 80EUnder this Section, NRIs can claim a deduction of interest paid on an education loan. This loan may have been taken for higher education for the NRI, or NRI's spouse or children or for a student for whom the NRI is a legal guardian. There is no limit on the amount which can be claimed as a deduction under this Section. The deduction is available for a maximum of 8 years or till the interest is paid, whichever is earlier. The deduction is not available on the principal repayment of the loan.d. Deduction under Section 80GNRIs are allowed to claim a deduction for donations for social causes under Section 80G. Here are all the donations which are eligible under Section 80G.e. Deduction under Section 80TTANon-resident Indians can claim a deduction on income from interest on savings bank account up to a maximum of Rs 10,000 like resident Indians. This is allowed on deposits in savings account (not time deposits) with a bank, co-operative society or post office and is available starting FY 2012-13.f. Deductions not Allowed to NRIsSome Investments under Section 80C:i. Investment in PPF is not allowed (NRIs are not allowed to open new PPF accounts, however, PPF accounts which are opened while they are a resident are allowed to be maintained)ii. Investments in NSCsiii. Post office 5-year deposit schemeiv. Senior citizen savings schemeg. Investment under RGESS (Section 80CCG)Deduction under Section 80CCG or Rajiv Gandhi Equity Savings Scheme was introduced in effective assessment year 2013-14. The main purpose behind this deduction was to increase retail investor participation in equity markets. Upon satisfaction of certain conditions the deduction allowed is lower of 50% of the amount invested in equity shares or Rs 25,000. This deduction is not available to NRIs. No deduction under this section shall be allowed in respect of any assessment year commencing on or after the 1st day of April, 2018.h. Deduction for the Differently-Abled under Section 80DDDeduction under this Section is allowed for maintenance including medical treatment of a handicapped dependent (a person with a disability as defined in this Section) is not available to NRIs.i. Deduction for the Differently-Abled under Section 80DDBDeduction under this Section towards medical treatment for a dependent who is disabled (as certified by a prescribed specialist) is available only to residents.j. Deduction for the Differently-Abled under Section 80UDeduction for disability where the taxpayer himself suffers from a disability as defined in the Section is allowed only to resident Indians.k. Exemption on Sale of Property for an NRILong-term capital gains (when the property is held for more than 3 years) is taxed at 20%. Do note that long-term capital gains earned by NRIs are subject to a TDS of 20%.NRIs are allowed to claim exemptions under Section 54, Section 54 EC, and Section 54F on long-term capital gains. Therefore, an NRI can take benefit of the exemptions from capital gains at the time of filing a return and claim a refund of TDS deducted on Capital Gains. Exemption under Section 54 is available on long-term capital gains on sale of a house property. Exemption under Section 54F is available on sale of any asset other than a house property.Exemption is also available under Section 54EC when capital gains from sale of the first property is reinvested into specific bonds.i.If you are not very keen to reinvest your profit from sale of your first property into another one, then you can invest them in bonds for up to Rs.50 lakhs issued by National Highway Authority of India (NHAI) or Rural Electrification Corporation (REC).ii.The homeowner has 6 months' time to invest the profit in these bonds, although to be able to claim this exemption, you will have to invest before the tax filing deadline.iii.The money invested can be redeemed after 3 years, but cannot be sold before the lapse of 3 years from the date of sale. With effect from the FY 2018-2019, the period of 3 years has been increased to 5 years.iv. With effect from FY 2018-19, the exemption under section 54EC has been restricted to the capital gain arising from the transfer of long term capital assets being land and building or both. Earlier, the exemption was available on transfer on any capital assets. The NRI must make these investments and show relevant proof to the buyer to get no TDS deducted on the capital gains. The NRI can also claim excess TDS deducted at the time of return filing and claim a refund.l. How are You Taxed When You are a...i. Resident Individual on a Temporary Foreign AssignmentRamesh worked out of Singapore on a temporary assignment for 4 months and earned in Singaporean Dollars during that time. He got this income credited to a bank account here in India. He has returned back home now. How should he file his income tax return? Ramesh's taxes for this year will depend on his residential status. Since Ramesh has not been outside of India for more than 182 days, he will be considered a resident. He will be required to file his income taxes in India this year. This will also include his salary earned during the foreign assignment in Singapore. If the assignment extends to more than 182 days, Ramesh's residential status will change and he will be required to pay taxes only on the Indian income earned thus far. Here, note that Ramesh's foreign income credited to an Indian bank account is taxable in India.ii. Resident Individual recently moved abroadPrakash moves to the US on a new assignment. He gets his US income credited to an NRE account in India. He continues with his FD investments and has some money put away in a savings account in India. He just received Form 16 from his Indian employer. Should he file his returns this year in India? NRI or not, every individual must file a tax return if their income exceeds Rs 2,50,000. But note that NRIs are only taxed for income earned/collected in India. So, Prakash will pay taxes on income earned while in India, and income accrued from FDs and savings account.Prakash's income from IndiaIncome from Indian employer Rs .3,00,000/-Interest income from FDs Rs. 25,000/-Bank account savings interest Rs. 4,500/-Gross total income Rs. 3,29,500/-DeductionsSection 80C - PPF investments Rs. 20,000/-Section 80TTA exemption Rs. 4,500/-Taxable income Rs. 3,05,000/-Tax slab at 10% Rs. 5,500/-Cess at 3% Rs. 165/-TDS deducted by employer Rs. 4,000/-TDS deducted by bank Rs. 4,500/-Tax Refund Rs. 2,835/-iii. Living in a Foreign CountryIt's been 3 years since Arun moved to the US. He is paid in US dollars. He has his money invested in a savings account and FDs in India. He has bought an apartment and gave it on rent for Rs.35,000/- per month. He gifts his parents a car and transfers Rs.10,000/- every month to their account to help with their household expenses during the year. He also transfers Rs 20,000/- in his father's account to meet the cost of the insurance policy he has purchased for his parents.Rental Income Rs. 4,20,000/-Less: Standard 30% deduction under Section 24 Rs. 1,26,000/-Income from house property Rs. 2,94,000/-Income from FDs and bank account Rs. 30,000/-Gross total income Rs. 3,24,000/-Deduction under Section 80D Rs. 20,000/-Taxable income Rs. 3,04,000/-Arun gift to his father and money transfer of Rs. 10,000/- to his mother are exempt from tax. Regarding the insurance expenses on his parents, Arun can claim a deduction under Section 80D of Rs 20,000/-, since his father is over 65 years of age. He will be required to file a tax return in India as his gross income exceeds Rs 2,50,000.iv. NRI Recently Moved Back to India.Returning NRIs assume RNOR (Resident, Non-Ordinary Resident) status when:a. You have been an NRI in 9 of the 10 financial years preceding the year of your returnb. You have lived in India for 2 years or less (729 days or less) in the last 7 financial years The IT Department allows RNORs to continue to enjoy exemptions available to NRIs for a period of 2 years after their return. Therefore, deposits held in foreign currency, which are exempt for an NRI, shall be exempt to returning NRIs for 2 years. After these 2 years, returning NRIs are treated as resident individuals.v. A resident with Global Income.If you are a resident Indian, your global income is taxable in India. This income may have been earned or received outside - but it shall be taxed in India. In case this income is also taxable in another country, you can take benefit of DTAA (Double Tax Avoidance Agreement).CASE STUDY:Deepa returned to India in 2010 after living in London for more than 5 years. The French company she worked for has retained her as a consultant and sends her fees in pounds. Her salary is credited to a bank account there, and Deepa pays tax on it in the UK. Does Deepa Have to Pay Tax on this Income or Include it in Her Income Tax Return in India?Deepa is a resident of India. Taxability of income in India depends upon residential status. A resident has to pay tax on their global income. The resident must disclose all the income earned by them from all sources and all countries in their income tax return and pay tax on it in India. (An NRI pays tax only on income earned or accrued in India). Therefore, all of Deepa's income, including the fee that she earns in foreign currency will be taxable in India. Her income in pounds shall be converted to Indian rupees for the purpose of income tax calculation and added to her total income, which will be taxed at slab rates prescribed by the tax department. If Deepa has already paid tax on the foreign income in the UK, she can claim the benefit under DTAA. Based on the relevant provisions of the DTAA between the two countries, Deepa will be saved from getting taxed twice.If you are a resident and have earned any income from abroad, remember to disclose it in your income tax return.m. Income Tax Filing for Foreign NationalsAn expatriate in India is someone who comes to live in India but is not a citizen of India.Read more about income tax filing for foreign nationals.5. How can NRIs Avoid Double Taxation?NRIs can avoid double taxation (meaning: getting taxed on the same income twice in the country of residence and India) by seeking relief from DTAA between the two countries. Under DTAA, there are two methods to claim tax relief - exemption method and tax credit method. By exemption method, NRIs are taxed in only one country and exempted in another. In tax credit method, where the income is taxed in both countries, tax relief can be claimed in the country of residence.When are you considered as a non-resident Indian (NRI)?A person who is not a resident of India is considered to be a non-resident of India (NRI). You are a resident if your stay in India for a given financial year is : 182 days or more or 60 days or more and 365 days or more in the 4 immediately preceding previous years. In case you do not satisfy either of the above conditions, you will be considered an NRI.I am an NRI. I have rental income from a flat that I own in India. I am employed in the US and I receive salary income in the US. What income should I offer in India?Since you are an NRI, only the income that accrues to you in India will be taxable. You would not be taxed on your global income. Accordingly, you will have to pay taxes in India on the rental income from the flat situated in India. However, you will not be liable to pay any taxes on the salary income that you receive from the USA.When should an NRI file his return of income in India?An NRI, like any other individual taxpayer, must file his return of income in India if his gross total income received in India exceeds Rs 2.5 lakhs for any given financial year. Further, the due date for filing return for an NRI i also 31 July of the assessment year.I am an NRI aged 65 years. Do I have to file a return even if my gross total income is Rs 2.8 lakhs during a year from India?The basic exemption of Rs 3 lakhs and Rs 5 lakhs is available only for resident senior citizens and resident super senior citizens. Hence, as an NRI, even if you are a senior citizen, the moment your income in India exceeds Rs 2.5 lakhs, you will be liable to file your return of income in India.Should taxes be deducted when payments are being made to NRIs?Specified payments in the nature of rent, professional or technical fees etc made to an NRI requires tax deduction at source by the individual making the payment. The individual must obtain a TAN for himself in order to deduct taxes at source. Further, Form 15CA (to be filed by the person making the payment) and Form 15CB (to be obtained from a Chartered Accountant) are also required for making payments to non-residents. Read our detailed article on Form 15CA and 15CB for further clarity.Is an NRI taxable on the income he receives in India, in his country of residence? What is the role of the Double Taxation Avoidance Agreements (DTAA) here?An NRI in receipt of income in India is taxable in India on such income i.e. India as a source state has the right to tax such income. However, the country of which such NRI is a resident, will also have a right to tax such income as it is the residence state. In the process, the NRI will end up getting taxed twice on the same income. To overcome this, India has entered into DTAAs with various countries which help eliminate such double taxation by allowing the taxpayer to claim credit for foreign taxes paid while filing their return of income in the home country.I am an NRI. Will I be subject to capital gains tax if I sell a flat that I own in India?Yes. You will be liable for capital gains tax in India upon sale of your flat. Further, the purchaser himself must deduct taxes on the quantum of gains you make. The rate of tax deduction for a long term asset would be 20% while taxes at slab rates would be deducted at source if the asset is a short term asset.It’s time to wrap-up now and will be coming up with most important statutory compliance relating to NRI’s soon.** Would you Like a Tax Expert to Help You With Your IT Returns?**Get help on your income taxes and tax filing from us. The we can prepare your tax return and e-file within 48 hours. Plans start at reasonable rate for NRI drop an email [email protected]!Cheers!!!

How will the announcements in the Union Budget 2020 affect the average Indian middle class?

Finance Minister Ms. Nirmala Sitharaman presented the first Union Budget after the onset of the COVID-19 crisis on 1st February 2021. As all of us are aware, the pandemic-induced lockdown restrictions dealt a severe blow to economic activity across sectors. On this backdrop, there were a lot of expectations from various segments of the economy for growth stimulus.As the fight against the pandemic continues in 2021, the budget focused mainly on health, infrastructure and capital expenditure boost. The budget has proposed a 137% hike in outlay for health and well-being at Rs. 2.2 lakh crore for 2021-22.The FM has provided Rs. 5.54 lakh crore for capital expenditure, a sharp increase of 34.5% in capital expenditure and has announced various infrastructure projects. This could potentially generate employment opportunities and rejuvenate the economy.Besides this, there was not much for the common man, who had been hoping to see some relief coming in the form rise in base exemption limit and increase in deductions under various Sections of the IT Act after the pandemic. The personal income tax rates and deductions under various Sections under the 80s were left unchanged.However, there are various reforms related to tax proposals which can provide some relief to individual tax payers. Some of these are mentioned below:Relief to senior citizens and NRIsFor senior citizens aged 75 and above whose only source of income is pension and interests, FM has provided relief by proposing exemption from filing their income tax returns. The paying bank will deduct the necessary tax on income.However, if the interest income earned is less than the base exemption limit, the senior citizen assessee will have to file ITR to claim a tax refund because the tax deduction at source has already taken place if Form 15H isn't furnished.For NRIs, who face issues with respect to their accrued incomes in their foreign retirement accounts and have difficulties in getting credit for Indian taxes in foreign jurisdictions, the Government has notified rules for removing their hardship of double taxation.Exemption from auditTo incentivise digital transactions and reduce the compliance burden for persons who are undertaking 95% of their transactions digitally, the budget proposed an increase in the limit for tax audit from Rs. 5 crore to Rs. 10 crore.Ease of filing returnsCurrently, details of salary income, tax payments, TDS, etc. already appears pre-filled on the income tax returns form. To further ease filing of returns, details of capital gains from listed securities, dividend income, and interest from banks, post office, etc. will also be pre-filled now. This will definitely ease the process of filing Income Tax return.Assessment and dispute resolutionThe time limit for the reopening of income tax assessment is being reduced to 3 years from the current 6 years from the end of the relevant assessment year. It proposed the reopening of such cases be allowed for up to 10 years, only if there is evidence of undisclosed income of Rs. 50 lakh or more for a year.The budget also proposed to completely remove discretion in the reopening of assessments. Henceforth, reopening shall be made only in cases flagged by the system on the basis of data analytics, the objection of C&AG, and in search cases. Furthermore, in order to bring certainty in income tax proceedings at the earliest, it proposed to reduce the time limits for general assessment or processing of income tax return by three months as well as for filing of returns.A Dispute Resolution Committee will be constituted for small tax-payers, which will be faceless to ensure efficiency, transparency, and accountability. Tax-payers having taxable income of up to Rs. 50 lakh and disputed income up to Rs. 10 lakh will be eligible to approach this Committee.To provide a transparent tax appellate mechanism, the budget proposed to make the Income Tax Appellate Tribunal faceless and jurisdiction-less, where all communication between the Tribunal and the appellant shall be electronic. If personal hearing is needed, it will be done through video-conferencing.Housing for allIn order to incentivise the purchase of affordable house, it is proposed to extend the eligibility period for a claiming additional deduction for the interest of Rs. 1.5 lakh paid for a loan taken for the purchase of an affordable house to 31st March 2022. This would provide a boost to the affordable housing segment.Various Rationalisation measuresThe FM has proposed allowing tax exemption for maturity proceeds of the ULIP having an annual premium up to Rs. 2.5 lakh, in order to rationalise taxation of ULIP. However, the amount received on death shall continue to remain exempt without any limit on the annual premium. The cap of Rs. 2.5 lakh on the annual premium of ULIP shall be applicable only for the policies taken on or after 1st February, 2021. Additionally, in order to provide parity, the non-exempt ULIP shall be provided with the same concessional capital gains taxation regime as available to the mutual fund investors.In order to rationalise tax exemption for the income earned by high-income employees, it proposed to restrict tax exemption for the interest income earned on the employees' contribution to various provident funds to the annual contribution of Rs. 2.5 lakh. This restriction shall be applicable only for the contribution made on or after 1st April, 2021.Investor CharterTaking steps towards investor protection, the FM has proposed to introduce an investor charter as a right of all financial investors across all financial products. The charter is expected to lay down the rights of investors and strengthen the grievance redressal and resolution mechanisms.Similarly, to help depositors of banks that are currently under stress, the Government will streamline the Deposit Insurance Act so that depositors of such a bank can get easy and time-bound access to their deposits to the extent of the deposit insurance cover. Notably, the Government had approved an increase in the Deposit Insurance cover from Rs 1 lakh to Rs 5 lakh for bank customers.Dividend ReliefIn the previous budget, the Government had made dividends taxable in the hands of shareholders. Since, the amount of dividend income cannot be estimated correctly by the shareholders for paying advance tax, the FM has proposed to provide that advance tax liability on dividend income shall arise only after the declaration/payment of dividend.Social security to gig workersThe Government will extend social security benefits to gig workers. Minimum wages will apply to all categories of workers and they will all be covered by the Employees State Insurance Corporation. Women will be allowed to work in all categories and also in the night-shifts with adequate protection.Finally……Overall, the proposed Union Budget focused on providing growth stimulus at the cost of fiscal deficit target being raised to 9.5% of the GDP, but some experts feel that the above measures won’t be sufficient to help the common man during this trying time.

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