Venture capitalist Hemant Mohapatra backed Sridhar Vembu’s call for Indian-Americans to return, but stressed it was never a promise of an effortless life. Mohapatra said the invitation is aimed at those ready for hardship and sacrifice, to help India grow in emerging technology sectors. The focus, he argued, is nation-building rather than personal convenience.
The Budget proposes a six-month mini amnesty window for individuals who hold undisclosed foreign assets. Eligible taxpayers can declare previously non-disclosed assets acquired with earnings already disclosed, by paying a fee. The move is designed to help small taxpayers, including students and relocated NRIs, regularize past omissions while reducing the risk of penalties and prosecution for minor violations.
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