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Fox News
11-06-2025
- Business
- Fox News
US warfighters are losing a massive force multiplier advantage as China advances in space
U.S. dominance in space has long served as a massive force multiplier for the American warfighter. Today, that dominance is increasingly powered by commercial space companies delivering advanced technologies—from daily Earth observation images to satellite-based internet and global telecom networks. These capabilities help our troops navigate, detect, and act faster than adversaries. But as global tensions escalate, American leadership is at risk—from both foreign adversaries and shortsighted decisions at home. During a May 14th hearing, Rep. Seth Moulton warned that the National Reconnaissance Office (NRO) had reportedly slashed funding for commercial satellite imagery in the next fiscal budget. These proposed cuts aren't just a threat to the warfighter and our national security—they also jeopardize the viability of the U.S. commercial space sector. From battlefield targeting to situational awareness, today's missions increasingly rely on persistent commercial satellite coverage. Weakening that capability leads to slower decisions, reduced effectiveness, and greater risk for U.S. and allied forces. These cuts threaten to undermine our intelligence capabilities and weaken our edge in the global space race. China is wasting no time. Chang Guang Satellite Technology Co. (CGST), a Chinese government-funded commercial imaging company, operates over 100 satellites and an advanced communication architecture, and is positioning itself to disrupt markets, shape global norms, and collect intelligence at scale. This represents a significant advancement in China's satellite imaging and communication capabilities, and according to Western intelligence officials, Chinese commercial satellites have been used by Russia to image critical Ukrainian infrastructure, including nuclear power plants, in preparation for missile strikes. This is part of a troubling trend: authoritarian regimes are weaponizing commercial space faster than we are defending against it. Ironically, our allies and partners often adopt these American-made technologies faster than our own government. Allied defense agencies are incorporating U.S. commercial imagery and analytics more effectively than the very agencies that helped develop them. The RAND Corporation recently cited Ukraine's use of U.S. commercial space technology as an asymmetric advantage over Russia. Their report concluded: "U.S. policymakers should continue developing robust contract arrangements with commercial space providers." Yet less than 1% of combined Department of Defense and Intelligence Community budgets are spent on commercial space. Even senior intelligence officials recognize the problem. Director of National Intelligence Tulsi Gabbard recently noted that government agencies often reinvent tools the private sector has already developed more efficiently. Although commercial satellites generate terabytes of data daily, the government uses only a fraction. Decision-makers at NRO and the National Geospatial-Intelligence Agency (NGA) still prioritize bespoke, classified satellites that take years to build and cost exponentially more than comparable commercial alternatives available now. They also create large, vulnerable targets for adversaries, while dual-use capabilities are far more practically and perceptively resilient. After the Cold War, America took its space dominance for granted and came to rely on Russian rockets to transport American astronauts. We can't afford to make the same mistake with commercial satellite technology. While bipartisan support for commercial space innovation exists, it must now be matched with decisive and sustained investment. Instead of cutting vital initiatives, successful programs like the Electro-Optical Commercial Layer (EOCL) must be safeguarded and expanded. Procurement processes must be modernized across defense and intelligence agencies to keep up with fast-moving private-sector technologies. That means sending a clear, consistent demand signal—not the instability of continuing resolutions or last-minute reversals. Cutting support for commercial space assets also contradicts President Trump's national security priorities. The president has accurately recognized space as "the next war-fighting domain." His administration has supported private-sector innovation and issued executive orders favoring commercial-first procurement. But rhetoric isn't enough—we need structural reform. Congress often funds commercial programs only for agencies to "reinterpret" the intent and redirect resources toward building bespoke government systems. This raises a critical question: does it make sense to house commercial funding inside agencies that are institutionally incentivized to build their own satellites? Congress should consider placing these funds in neutral entities that can acquire and deliver commercial capabilities across government. Agencies can focus on the exquisite systems only they can build, while commercial providers offer scalable, persistent solutions that adapt quickly to battlefield needs. In his second term, President Trump has a historic opportunity to usher in another era of American space dominance—while giving the warfighter the tools and information they need. But this future hinges on a thriving commercial space sector supported by smart, forward-thinking policy. Leaders in Washington must decide: will they let outdated thinking keep the world's best space technology off the battlefield—and allow China to seize the upper hand? Or will this White House break free from business-as-usual, invest in American commercial space capabilities, and secure our leadership in the most critical domain of the 21st century? The answer should be obvious—and it is imperative.
Hindustan Times
10-06-2025
- Business
- Hindustan Times
How an NRI Account Makes It Easier to Support Family from Abroad
Most Non-Resident Indians working abroad feel the need to have a convenient way to manage their finances and send money to their family in the home country. This is when NRI accounts prove to be useful. In this article, we'll cover in depth about NRI account types, features to look out for and how you can apply for one. Broadly, there are three NRI accounts you can choose from basis your needs. Here is a brief overview of different types of NRI accounts. As an NRI, you can opt for all three types of account while residing abroad, this will not only help in managing your personal finances but also any investments you plan to do. Here are a few use cases where an NRI account becomes essential for both NRI and their families back home: 1. Daily Expenses Sending money to home country is one of the most common uses of NRI accounts. This helps in covering groceries, utilities, any bills that are due and other household needs. Family members living in the home country can also withdraw cash for any purchases. NRIs can also send their best wishes through gifting money for birthdays, weddings or festivals. The money gifted is exempt from tax if it is sent to defined relatives through international bank transfers or from their NRI accounts. For any unforeseen circumstances, NRIs often require sending money quickly, where an NRI account that offers same-day transfers can be really helpful. This is also essential for them to cover urgent or uncertain medical expenses for family members. 4. Investments: NRIs looking to invest in financial assets such as property, mutual funds or other assets in their home country can invest through NRI accounts, making it easy to manage wealth while staying abroad. When living abroad, checking digital features of an NRI savings account adds convenience and reduces everyday challenges. Here are some significant features you should look for: Before opening an NRI account, make sure you have the documents needed to complete the bank's Know Your Customer (KYC) process smoothly. Here's a quick checklist: Some banks might also require documents such as FATCA/CRS declaration for tax compliance, income proof or tax return and cancelled cheque of your bank account. When it comes to taxes on NRI accounts, it is important to know that it is only applied for income earned in India. While the NRO interest is taxable, the NRE/FCNR interest is not. The income tax exemption for non-resident Indians (NRIs) under the new income tax regime in 2025 is INR 3 lakhs. The following are subject to NRI income tax: When you're living abroad, an NRI savings account such as an NRO or NRE account helps you support your family in India. Choosing the right one makes remittances simple and efficient. It also ensures your earnings are managed in a compliant and convenient way. Most accounts offer digital banking features that make personal finance management seamless for NRIs. Note to readers: This article is part of HT's paid consumer connect initiative and is independently created by the brand. HT assumes no editorial responsibility for the content, including its accuracy, completeness, or any errors or omissions. Readers are advised to verify all information independently. Want to get your story featured as above? click here!
Mint
06-06-2025
- Business
- Mint
NRI taxation: How to claim special tax concessions
MUMBAI : Non-resident Indians (NRIs) and Persons of Indian Origin (PIOs) often maintain a financial footprint in India through shares, deposits, or other financial instruments. However, many are unaware of the benefits of the Income Tax Act's sections 115C and 115I, which provide concessional tax treatment on certain incomes. Mint explains who can claim these benefits on which assets and when. The types of income that qualify for concessions The concessions apply to two specific types of income. 'The special tax provisions apply to income from foreign exchange assets such as interest, dividends, etc., or anything derived from specified foreign exchange assets. Long-term capital gains (LTCG) from the sale of foreign exchange assets are also covered," said Hardik Mehta, managing committee member, Bombay Chartered Accountants Society. Also Read: Golden tax window for NRIs: What RNOR means and how to use it However, Laxmi Ahirwar, director at chartered accountant firm P.R. Bhuta & Co, clarified that NRIs can not claim any deduction under Chapter VI-A (sections 80C to 80U), adding that even the indexation benefit on LTCG is not available. Foreign exchange assets The definition of a foreign exchange asset is strictly linked to the source of funds. 'Specific assets acquired or purchased with, or subscribed, using convertible foreign exchange are classified as foreign exchange assets. These are: shares in a private or public limited Indian company, debentures issued by a public limited Indian company, deposits with a public limited Indian company, any security issued by the central government, or any other security that the central government may specify by issuing a notification," explained Ahirwar. Mehta added: 'When you transfer US dollars from your foreign bank account to your non-resident external (NRE) account, these funds are initially converted into INR before being deposited into the NRE account. Consequently, if equity shares are bought utilising funds from the NRE account, they are considered as foreign exchange assets. However, if the same shares are acquired using domestic funds from the non-resident ordinary (NRO) account, they will not qualify for the preferential tax rate under the special tax provisions." Funds transferred from NRO to NRE According to Ahirwar, funds routed through NRE accounts are generally eligible for concessional tax treatment under sections 115C to 115I of the Income Tax Act, provided the investment is made using foreign exchange remitted into India. In contrast, investments made using funds from NRO accounts are not eligible, as these typically consist of income earned or accumulated within India. A frequent point of confusion arises when funds are transferred from an NRO to an NRE account using Forms 15CA and 15CB, a process permitted under the Foreign Exchange Management Act (FEMA). However, Ahirwar clarified that simply moving funds in this manner does not automatically qualify them for tax concessions. The key factor remains the original source of the money—it must have been inwardly remitted in convertible foreign exchange, not generated or retained domestically. 'This area is often subject to litigation," Ahirwar noted, 'as tax authorities may ask for proof that the investment was made from genuine foreign exchange inflows and not converted from Indian income." Even if the funds sit in an NRE account, the origin trail must be clearly established. Also Read: Do NRIs have to pay tax on mutual fund gains in India? Ahirwar added that case laws have consistently emphasized that the source of funds takes precedence over the type of bank account used. Therefore, taxpayers must maintain proper documentation, such as bank remittance advice or foreign inward remittance certificates, to demonstrate compliance and claim concessional tax treatment with confidence. Under Section 115E, the tax rates are fixed and applied on a gross basis. Mehta shared that 'as per Section 115E, the special tax rate on investment income is 20% and on LTCG 12.5%. The above taxation is on a gross basis, and no deductions or indexation benefits are available to the assessee. For those reinvesting their LTCG, Mehta added, 'LTCG is exempted from tax if net consideration is invested within six months from the date of sale in another foreign exchange asset or a savings certificate." If the price of a new foreign exchange asset is less than the net sale consideration, the exemption would be computed proportionately. A three-year lock-in would be applicable to the new foreign exchange asset purchased. 'If the new asset is transferred or sold within three years of purchase, then the exemption claimed earlier will be taxable in the year in which the new asset was transferred or sold," he explained further. For example, Mr A sells shares that qualify as foreign exchange assets for ₹10 lakh and earns LTCG of ₹2 lakh on the sale. Per Section 115E, this LTCG would typically be taxed at 12.5% on a gross basis. However, if the NRI reinvests the entire net sale proceeds within six months in any specified asset or any other assets as the central government may specify, the LTCG can be exempted from tax. But Mr A reinvests only ₹8 lakh out of the ₹10 lakh net sale consideration into a specified asset. Because the reinvestment is less than the net sale consideration, the exemption on the LTCG will be computed proportionately. This means the exempted LTCG will be calculated as (LTCG/net sale consideration) multiplied by the amount reinvested. In this case, ( ₹2 lakh/ ₹10 lakh × ₹8 lakh) ₹1.6 lakh would be exempt from tax. The remaining ₹40,000 would be taxable. Furthermore, the new foreign exchange asset bought with the reinvested amount will have a mandatory lock-in period of three years. If the NRI sells or transfers this new asset before the completion of three years, the earlier exemption claimed on the LTCG will be reversed and taxed in the year of such transfer or sale. This rule ensures that the reinvestment is maintained for a minimum period to qualify for the exemption. Continuous tax exemption Even after the initial three-year lock-in period, NRIs can continue to enjoy exemptions on LTCG, provided the proceeds from the sale are reinvested into eligible foreign exchange assets within the stipulated time. 'The tax exemption on LTCG doesn't have to be a one-time benefit," said Gautam Nayak, a chartered accountant. 'If the sale proceeds are reinvested into qualifying assets within six months, and those assets are held for the required period, the exemption can be carried forward indefinitely with each reinvestment cycle." This reinvestment must occur within six months of the sale of specified assets. Nayak explained that maintaining a proper documentary trail is critical in such cases. 'NRIs must be able to demonstrate that the original investment was made using convertible foreign exchange and that each subsequent reinvestment complied with the conditions specified under the Income Tax Act." Without clear proof of the source of funds and asset eligibility, claims for exemption may not hold up during assessment or scrutiny. For example, an NRI invests ₹20 lakh in shares using funds from their NRE account. After one year, the investment grows to ₹40 lakh. To claim the capital gains exemption, the entire ₹40 lakh must be reinvested within six months into another qualifying foreign exchange asset. After holding the new asset for the required three years, if its value increases to ₹60 lakh and is sold again, the exemption can still be preserved, provided the ₹60 lakh is reinvested once more into an eligible asset within six months. This cycle of reinvestment and exemption can continue as long as the NRI complies with the reinvestment timeline, asset eligibility, and documentation requirements. Even after an NRI returns to India and becomes a resident, they may continue to enjoy these concessions under certain conditions. 'NRIs returning to India can continue being governed under these special provisions for their investment income (except interest, dividend income on shares in an Indian company) by furnishing a declaration to the assessing officer, along with their income tax return (ITR)," Mehta explained. Also Read: EPF nightmare for NRIs: Service gaps, missing UANs, and frozen funds 'If an NRI becomes a resident in India in any subsequent year, he may submit a return of income along with a written declaration to the assessing officer stating that the special tax provisions should continue to apply to their investment income from foreign exchange assets," Ahirwar added.
Yahoo
04-06-2025
- Science
- Yahoo
Repurposed ICBM Launched Secret US Spy Satellites From California
A Northrop Grumman Minotaur IV rocket launched the NROL-174 mission from Vandenberg Space Force Base in California. It was the first launch of a Minotaur IV from the site since 2011, the NRO said via X. Credit: Staff Sgt. Joshua LeRoi / Space Launch Delta 30 | edited by
Time of India
25-05-2025
- Business
- Time of India
ITR for UAE NRIs: Submit returns by July 31 to avoid penalties
Indian expatriates in the UAE must file their Income Tax Returns (ITR) for the financial year 2024-25 by July 31, 2025. Recent changes include increased capital gains tax rates, affecting investors in listed shares and securities. Filing is crucial for claiming refunds, avoiding penalties, and carrying forward losses. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Indian expatriates residing in the UAE are reminded to file their Income Tax Returns ITR ) for the financial year 2024-25 before the deadline of July 31, 2025. Timely filing ensures compliance with Indian tax laws and helps in claiming eligible refunds, as per a report by Gulf News.A significant change this year is the increase in capital gains tax rates, effective from July 23, 2024. Long-term capital gains (on holdings over 12 months) are now taxed at 12.5%, up from 10%, while short-term capital gains (on holdings under 12 months) are taxed at 20%, up from 15%. This adjustment affects investors, particularly those trading in listed shares and to Gulf News, to facilitate accurate filing, expatriates should gather necessary documents, including bank statements, rental agreements, interest certificates, property documents, capital gains reports, investment proofs, and identification documents such as Aadhaar, PAN, and passport with UAE visa or Emirates ID. Additionally, details of unlisted shares and home loan interest certificates are is a common misconception among non-resident Indians (NRIs) that tax deducted at source (TDS) eliminates the need for filing an ITR. However, filing is essential to claim refunds and avoid penalties. A survey indicated that 90% of NRIs who had TDS deducted but did not file returns missed out on potential subject to tax in India includes salary earned for work done in India or paid by the Indian government, rental income from property in India, interest income from NRO accounts, fixed deposits, and bonds, capital gains from shares, mutual funds, property, or gold, and business income from ventures controlled or operated in India. Interest on NRE and FCNR deposits is exempt from Indian ITR before the deadline offers several advantages, such as claiming TDS refunds , carrying forward losses to offset future gains, establishing income proof for loan, visa, and insurance applications, and supporting claims in compensation cases, especially for the with income exceeding INR 250,000 (approximately AED 12,488) are required to file a return, even if TDS has been deducted. Those with income exceeding INR 5 million (approximately AED 249,772) must also disclose their Indian assets and liabilities.
