IT is 2020 and disappointment aplenty as the Union Budget was presented yesterday. Some talking points are the zero tax resident angle and what I term as the Dubai collapse! India was taxing citizens of India only on the basis of residency by applying the test of number of days stayed outside India, but with the new budget proposals, any citizen of India living and working in any other zero tax country, say for example in the United Arab Emirates ( UAE) and not liable to pay tax there, would be taxed in India like a resident.

The honeymoon seems well and truly over.