The income earned by non-resident Indians abroad is not subject to tax in India. However, if their income in the country crosses the basic exemption limit of Rs 2 lakh, they are required to file their returns. This income could be in the form of interest on deposits, rental income on property in India, etc.
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Ponder this: About 80% of above 50 years of ages will get lower than £155 weekly. It was inevitable that some will win and some will lose when the fresh flat-rate weekly state pension of £155 was applied.
The Government had vowed it would not cost the nation more than that. Hence, if several individuals will end up getting much more than the present state payout of £113.10, surely the extra money would have to come from other sources.
But the announcement has been consistently clear: Anyone who has paid the amount required by the National Insurance of 35 years of contributions will receive a weekly pension of £155. However, our evaluation of the small print on the new flat-rate has shown this to be untrue.
About 80% of over-50-year-old citizens who have faithfully paid their regular National Contributions all their life will end up receiving below £155 each week.
Why? Because at a certain time they were in a final-salary program and were contracted out of the State Second Pension - a plan that permitted employees to jack-up their state retirement payout. Since they chose out of these extra payments, workers were allowed to pay a lower rate of National Insurance contributions of 10.6% and not 12%.
The justification from the present Government is that these workers should not receive or claim the new higher basic state retirement pay for having paid lower tax then. This is in spite of the fact that, in the present administration, they would have been eligible for the full amount of basic state pension.
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