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Representation to Finance Ministry & Financial Institutions  » HURRAY !!! HURRAY !!! Tax differed to 01.04.2005

HURRAY  !!!         HURRAY  !!!       Tax differed to 1.4.2005

Dear Friends,

Cheers !!!

Hon’ble Finance Minister being concerned about NRI’s wooes and to woo NRI’s has differed taxation of interest income of NRE and FCNR deposits till 1st April 2005.

Hence, NRIs will not be taxed on said income w.e.f 1st September 2004 & of course a glitter of hope is seen on horizon with expectation of rethinking in the ensuing finance bill 2005-06 to be presented in Feb. 2005.
Best wishes
·       (CNBC News)
Aug-26-2004 12:06:      
Lok Sabha passes Finance Bill 2004-05
The Finance Bill has been passed. The tax on NRI, NRE deposits has been deferred till April 1, and the tax-free income limit raised to Rs 1.09 lakh.
The Finance Bill 2004-05 was passed in Parliament, unopposed after the NDA  decided to boycott proceedings in the Lok Sabha. 
Finance Minister P Chidambaram has deferred the tax on non-resident Indians, NRI and NRE deposits till April 1 2005. He has also deferred the tax on aircraft leasing till April 1. The tax-free income limit has also been raised from Rs 1 lakh to Rs 1.09 lakh.
With its passage, the Lok sabha has given effect to the taxation proposals of the Budget. This was without debate as the entire BJP-led opposition boycotted the proceedings. This is for the first time in the annals of history of Parliament that a Finance Bill has been passed in the absence of the Opposition and without discussion. As many as 55 amendments to the Bill moved by the Finance Minister were adopted by the House. ......
·       economic times
Lok Sabha to vote on Budget on Thursday
REUTERS [ WEDNESDAY, AUGUST 25, 2004 01:06:38 PM ]
NEW DELHI: The union budget for this financial year will be put to vote in the Lok Sabha on Thursday.

The lower house approved the Appropriation Bill, which outlines spending on various projects by government ministries in 2004/05 (April-March), without any discussion on Wednesday because of differences between the opposition and the government.
"The finance bill will be taken up for voting and passage on Thursday," Parliamentary Affairs Minister Ghulam Nabi Azad told lawmakers in the lower house.
Congress Party spokesman Anand Sharma said the budget would also be passed without discussion as had been agreed in a meeting with opposition members.

Proceedings in parliament have been disrupted since last week over the inclusion of members charged with crimes such as corruption and attempted murder in Prime Minister Manmohan Singh's council of ministers.