SBI Mutual Fund has announced the launch of SBI Debt Fund Series - 180 Days - 15, a close-ended debt scheme. The New Fund Offer (NFO) will be open for subscription from February 4, 2011 to February 8, 2011. The minimum investment in the scheme would be Rs 5,000 and in multiples of Rs 10 thereafter. It would offer Growth and Dividend option
DTC Proposes To Do Away With Special Provision That Allows NRIs Liberalised Duration Of Stay In Country THE new direct taxes code could bring a large number of global Indians under the tax net, as it does away with a provision that allowed individuals to escape tax in any country citing double tax avoidance. The new legislation, introduced in Parliament on Monday, says an individual shall be a resident of India in any financial year if he is in the country for more than 59 days in that year, and has been has been India for more 365 days in four preceding financial years. A number of Indian industrialists including Vedanta's Anil Agarwal and Essar's Ravi Ruia have acquired non-resident status over the years. The DTC has only attempted to clean up the provision in line with the laws globally. A phrase "being outside India" in the existing income tax law exempted individuals who stay outside the country for six months from paying taxes. This was prone ...
