Latest news with #NRI
Hans India
29 minutes ago
- Business
- Hans India
US Senate reduces remittance tax to 1 pc from 3.5 pc in relief for NRIs
Washington: The US Senate has proposed to reduce remittance transfer tax from 3.5 per cent to just 1 per cent, offering considerable relief to non-resident Indians (NRIs). The revised draft of US President Donald Trump's "One Big Beautiful Bill Act" excludes transfers from accounts held at banks and other financial institutions, and also excludes transfers made via debit and credit cards issued in the United States. It means that a large portion of day-to-day remittances may fall outside the scope of the new tax. Originally, the bill sought a 5 per cent tax but the final House version lowered it to 3.5 per cent. According to Lloyd Pinto, Partner-US Tax, Grant Thornton Bharat, Senate republicans released their updated draft of the proposed 'One Big Beautiful Bill Act' and have a self-imposed deadline of July 4 to try to pass this bill. 'The updated Senate version significantly changes the remittance transfer provisions that was passed by the House Republicans. In the latest Senate draft, the remittance transfer tax has been reduced to 1 per cent from the erstwhile proposal of 3.5 per cent,' he said. Notably, the Senate proposal excludes transfers from accounts held at banks and other financial institution and also excludes transfers made via debit and credit cards issued in the United States. The remittance transfer tax will apply only to any remittance transfer for which the sender provides cash, a money order, a cashier's check, or other similar physical instrument to the remittance transfer provider. This tax will apply to transfers made after December 31, 2025. 'This should come as a huge relief to the NRI community in the US as they will not be subject to this remittance tax if the remittances are made through accounts held with designated US bank and financial institutions or funded via debit or credit cards issued in the US,' Pinto noted.
The Hindu
43 minutes ago
- Business
- The Hindu
New draft of U.S. law cuts remittance tax to 1%, exempts bank and card transfers
U.S. legislators have significantly diluted the provision in the proposed legislation to tax remittances to other countries, including to India. The latest version of the Bill, released on Friday (June 27, 2025), reduces the tax on remittances to 1% from the earlier proposal of 3.5%, and excludes remittances made from bank accounts and other financial institutions and those made via debit or credit cards from the tax. The 1% tax will now apply only on remittances made in cash, a money order, or a cashier's check. According to international tax experts, this will come as a significant relief to the non-resident Indian (NRI) community in the U.S. The 'One Big Beautiful Bill Act' was passed by the U.S. House of Representatives in May 2025. It is now up for debate in the U.S. Senate, following which it will be voted upon. 'There is hereby imposed on any remittance transfer a tax equal to 1 percent of the amount of such transfer,' the latest version of the Act says. 'The tax imposed by this section with respect to any remittance transfer shall be paid by the sender with respect to such transfer.' However, the latest draft also inserts additional paragraphs to the section on the tax on remittances. 'The tax imposed under subsection (a) shall apply only to any remittance transfer for which the sender provides cash, a money order, a cashier's check, or any other similar physical instrument (as determined by the Secretary) to the remittance transfer provider,' the draft Bill said. In addition, the Bill now says that remittances made from 'an account held in or by a financial institution' and 'funded with a debit card or a credit card which is issued in the United States' are exempt from the tax. 'Senate Republicans released their updated draft of the proposed One Big Beautiful Bill Act on June 27 and have a self imposed deadline of July 4 to try to pass this bill,' Lloyd Pinto, Partner - U.S. Tax at Grant Thornton Bharat said. 'The updated Senate version significantly changes the remittance transfer provisions that were passed by the House Republicans. In the latest Senate draft, the remittance transfer tax has been reduced to 1% from the erstwhile proposal of 3.5%.' The 3.5% tax proposal itself was a reduction brought into the Act in May from the original proposal of 5%. 'This (the latest relaxations) should come as a huge relief to the NRI community in the US as they will not be subject to this remittance tax if the remittances are made through accounts held with designated US banks and financial institutions or funded via debit or credit cards issued in the U.S.'
Time of India
4 hours ago
- Entertainment
- Time of India
Ali Fazal on playing Guddu Bhaiya; Found it easier to give gaalis in 'Mirzapur'
Ali Fazal's role as Guddu Bhaiya in 'Mirzapur' challenged him to adopt a new persona, influenced by his nervousness on set. His authentic portrayal, aided by studying local nuances, earned global recognition, especially among the Indian diaspora. Despite the show's harsh language, Ali used few abusive words himself. Ali Fazal who started his career with a small role in the film 'The Other End of the Line' has gone on to make his mark on television and international cinema. In a recent interview, Ali opened up about how his character Guddu Bhaiya from 'Mirzapur' became famous worldwide and how his own nervousness influenced the way he acted. The Challenge of Portraying Guddu Bhaiya Speaking to Bollywood Bubbles, Ali Fazal revealed that playing Guddu Bhaiya in 'Mirzapur' was a significant challenge for him. He explained that the role required a transformation unlike anything he had done before, as it was very different from his own personality and the characters people usually see him portray. To prepare for the part, Ali immersed himself in understanding the local people and their surroundings. He credited the show's writer and director, Puneet Krishna , for creating an authentic world that greatly helped him. He shared, 'I used to take notes—like the pronunciation marks, intonations, and those little linguistic nuances, which are very important, because every region has its way of speaking.' Global Recognition and Audience Impact Ali reflected on the widespread global popularity of his character Guddu Bhaiya, saying, 'It feels nice, I mean that you've reached people.' by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2025 Top Trending Local Enterprise Accounting Software [Click Here] Accounting ERP Click Here Undo He mentioned that in India, it seemed like almost everyone with a mobile phone had watched the show, even if not on TV. Sharing his experience from a recent trip to New York, Ali revealed that he was recognized 90% of the time he went out, either for his role in 'Victoria and Abdul' or 'Mirzapur'. He added, 'People only had two things to talk about, and you also realise how massive our NRI audience is, how strongly it functions globally.' On Using 'Gaalis' in Mirzapur When questioned about how easy it was for him to use abusive language or "gaalis," Ali clarified, 'Listen, to be honest, more than me, the other character actors were the ones who were using gaalis. In fact, in season 2, I didn't use a single gaali. But I just didn't need to—season 1 had enough of that. People didn't even realise.' On whether delivering such lines comes naturally to him, he laughed and said, 'Nahi aajati hai (laughs) abh mahaul hi aisa hai. Itna kehna kaafi hai.' A Defining Moment on Set The actor recalled a memorable moment from the 'Mirzapur' set that he will always cherish. On his very first day of shooting a classroom scene at Gajomal College, he felt intense nervousness despite all his preparation. He wasn't sure if he was ready for the role or if he looked the part. To overcome his insecurity and appear more intimidating, he unconsciously changed his walk and posture. Ali explained, 'That posture, that vibe, it all came from that one moment. '
Hindustan Times
6 hours ago
- Entertainment
- Hindustan Times
Shah Rukh Khan's 5 most iconic looks that live in our heads rent-free: Take inspo from the Bollywood superstar
He's not just the King of Bollywood, he's the king of iconic fashion moments. Whether he's serenading in mustard fields or brooding in a black suit with killer intensity, Shah Rukh Khan doesn't just act, he dresses the part. And somehow, every look ends up in pop culture history. Shah Rukh Khan's 5 most iconic looks that live in our heads rent-free(Pinterest) From cardigan-wearing charmers to full-blown gangsters in designer shades, here are 5 unforgettable SRK looks that shaped our style sense, our romantic fantasies, and our outfit inspo for years to come. 1. The sweater-over-shoulders vibe – Mohabbatein 1. The sweater-over-shoulders vibe – Mohabbatein(Pinterest) Ah, Raj Aryan Malhotra; music teacher, hopeless romantic, and king of the cardigan. SRK made layering sweaters over shirts look like the uniform of emotionally mature, poetry-loving dreamboys. Bonus points if the sweater was beige and the shirt crisp white. The look screamed "strict school with soft boy energy." 2. Leather jacket and cowbell – Dilwale Dulhania Le Jayenge 2. Leather jacket and cowbell – Dilwale Dulhania Le Jayenge (Pinterest) Raj's brown leather jacket + charm + cowbell combo is practically the national uniform of Indian romance. Whether he was sipping wine in Europe or waiting at the train station, this look became a whole identity. SRK didn't just wear that jacket — he built a cinematic legacy in it. 3. Sharp black suits and killer sunglasses – Don 3. Sharp black suits and killer sunglasses – Don(Pinterest) You can't talk SRK fashion without bowing to Don. The man turned every tailored black-on-black suit into a power move. Add some designer shades and a smirk, and you had a style that meant serious business (and possibly international crime). Nobody looked this good being bad. 4. Rahul's rich-boy casual – Kabhi Khushi Kabhie Gham 4. Rahul's rich-boy casual – Kabhi Khushi Kabhie Gham(Pinterest) White-on-white, sweater tied around shoulders, designer sunglasses inside the house—SRK as Yashvardhan's heir gave us the most stylish NRI wardrobe ever. No one's pulled off a shawl over a kurta quite like this K3G legend. He made luxury look so effortless, you forgot he was mourning his brother's absence (kinda). 5. New York street smart – Kal Ho Naa Ho 5. New York street smart – Kal Ho Naa Ho(Pinterest) Red turtlenecks. Long overcoats. That iconic '6 din, ladki in' hoodie. Aman Mathur in Kal Ho Naa Ho was the perfect blend of warm, witty, and wearable. If he was running along the Hudson or cracking jokes in a bookstore, his wardrobe was every urban desi's winter dream. Shah Rukh Khan didn't just give us characters, he gave us closet goals. From Swiss Alps to Soho, his looks are stitched into the fabric of Indian pop culture. And while trends may come and go, these SRK fits? Eternal. Similar stories for you: Kareena Kapoor's 5 most iconic movie looks that still rule fashion mood boards 7 Iconic 90s fashion pieces that are strutting back in your closet 7 Workwear trends that are anything but boring: Time to slay your 9-5 with style Disclaimer: At Hindustan Times, we help you stay up-to-date with the latest trends and products. Hindustan Times has an affiliate partnership, so we may get a part of the revenue when you make a purchase. We shall not be liable for any claim under applicable laws, including but not limited to the Consumer Protection Act, 2019, concerning the products. The products listed in this article are in no particular order of priority.
Hindustan Times
9 hours ago
- Business
- Hindustan Times
Apartments in Bengaluru, Chennai, and Hyderabad are expensive? Try a houseboat or move to a village, suggest Redditors
With property prices in India's major metro cities continuing to rise, the dream of homeownership is slipping further out of reach for many middle-class buyers. This growing affordability crisis has prompted Redditors to suggest unconventional housing solutions, such as houseboats or relocating to villages or Tier 2 cities. As metro home prices soar, Redditors suggest houseboats or village living as alternatives for middle-class buyers priced out of the market. (Representational Image)(Unsplash ) In a recent post on Reddit, a user unable to afford a flat in Bengaluru, Chennai, or Hyderabad, and constrained by age and income limitations for a home loan, asked whether he should buy or rent a small boat and convert it into a livable space with basic amenities like a kitchen, bathroom, and two rooms. "I am unable to afford flats in any of the Indian cities - Bengaluru, Chennai, and Hyderabad. I am already aged out, so I won't be in a workable age for EMIs. Is it legal for me to hire or buy a small boat? Can I park these boats on the lakes or seashore and live there?" the Redditor wrote. "This is a serious question. Houseboat costs from ₹ 15-30 lakhs. Moreover, if floods come, I will still be floating," he said. Buy a small boat? Can I park these boats on the lakes or seashore and live there?" the Redditor wrote. While the idea of living on a boat sparked curiosity, most Redditors offered more practical alternatives. Some suggested exploring property in villages or peri-urban areas, where land and homes are still relatively affordable. This shift in sentiment reflects broader market trends. In Bengaluru, for example, mid-segment housing launches (homes priced between ₹ 40 lakh and ₹ 80 lakh) saw a significant drop last year, according to data from NoBroker. In contrast, the luxury segment, homes priced above ₹ 1.5 crore, has witnessed notable growth, further widening the affordability gap. Also Read: Bengaluru homebuyers struggle with affordability crisis as mid-end housing launches fall by 29%, says NoBroker report Netizens offer practical alternatives like 'stay in rural villages,' and 'move to the outskirts' Rather than houseboats, Redditors proposed alternatives that still address the affordability crunch. One user suggested considering buying property in India's villages or peri-urban areas. 'In villages near Patan, Gujarat, you can get a plot with an 800–900 sq ft house for ₹ 10–12 lakh,' the Redditor wrote. 'Sure, you'll give up online deliveries and premium healthcare, but at least you'll own a house.' Others suggested moving to the outskirts of Tier-1 or Tier-2 cities. 'With ₹ 20–30 lakh, you could get a decent 1BHK or even a small 2BHK in the outskirts of Pune or Hyderabad,' wrote another. 'You won't have a lake view like a boat, but it's far more practical.' Also Read: Bengaluru real estate: Will slowing NRI interest and rising property costs lead to a market correction? Bengaluru saw a major dip in mid-end housing launches in 2024 Last year in Bengaluru, the number of new residential launches in the mid-segment, homes priced between ₹ 40 lakh and ₹ 80 lakh, witnessed a major decline, according to data shared by NoBroker. In 2023, the city recorded 15,179 new units in this price bracket, making up 29% of all launches. However, in 2024, that figure dipped to 14,876 units, accounting for just 22% of total project launches. NoBroker said this trend highlights a growing concern over affordability in Bengaluru's housing market, as budget-conscious buyers struggle with limited supply in the mid-income category. At the same time, the luxury housing segment, defined as properties priced above ₹ 1.5 crore, has seen a significant boost. The number of units launched in this category surged to 23,073 in 2024, up from 15,071 the previous year. As a result, luxury homes now make up 34% of total new launches in the city, up from 29% in 2023.
