NRI's benefit from Budget 2016
Finance Minister Arun Jaitley made the Budget and as always it is filled with Pros and cons. However it has been a boon to NRI's as Jaitley said in his speech that Non-resident Indians (NRIs) without PAN will not be subjected to higher rate of TDS.
Finance Minister Arun Jaitley said, "Non Resident Indians without PAN are subjected to higher rate of TDS. 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 not having PAN, subject to prescribed condition.
This is proposed to amend the relevant information and it is all based on providing the right set of documents. So right now NRI's can have a huge sigh of relief as they don't need to pay anything in extra and the burden has been reduced.
Also they will get more benefits if they are paying their taxes regularly and are submitting clear cut documents.