The Finance Minister Arun Jaitley has in his Budget 2016 speech has stated that the Non Resident Indians (NRI’s) without PAN will not be subjected to higher rates of TDS. As per the Budget 2016, proposes to amend section 206AA of the Income Tax Act so as to provide that TDS shall not be deducted at a higher rate in case of non residents who are not having PAN.
Meanwhile it is proposed to amend the suitable provision to give that on furnishing of alternative documents, the increased rate will not apply. The Finance Minister has outlined the nine pillars on the basis of which he hopes to enhance India’s economic growth. Following are the nine pillars that Jaitley spoke to transform India.
The first pillar is for the Agriculture and farmer welfare with an aim to double the farmer’s income in the next five years. The second pillar is for the rural sector. Next is for the social sector which includes healthcare. The Educational skills and job creation to make India knowledge based and productive economy is the fourth pillar. The infrastructure investment to enhance quality of life is the fifth pillar.
The sixth is for financial sector reforms, the seventh is for the Governance reforms and ease of doing business. The eighth pillar is about prudent management of government finances, the ninth is for tax reforms to reduce compliance burden which is the last pillar. The Finance Minister also said that he has bridged the trust deficit which was created by the previous government.
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