India-US tax impact on gifts received by Indian Americans
Any gifts in excess of Rs 50,000 received by an individual, including NRIs, will be taxed in the hands of the receiver.
View ArticleNRIs in US: Things to remember while giving gifts in India
A new tax on gifts was introduced according to which, tax would be levied, in the hands of the receiver.
View ArticleThree things Indian Americans should prepare for before the tax year ends
As tax year 2012 draws to a close, it's time for US taxpayers to make the most of current provisions and also prepare for the tax filing season ahead.
View ArticleIRS to implement changes in ITIN procedure; to impact NRIs heading to US
These changes in ITIN procedure will impact individuals who have recently moved to the US or who plan to move in the near future.
View ArticleAll about 'Resident but not Ordinary Resident', and why this special status...
For income tax purposes in India, you can be a ‘Resident Indian’ or a ‘Non Resident Indian’. Or you can also be a ‘Resident but not Ordinary Resident (RNOR).’
View Article5 important US tax law changes that will impact NRIs
After a long debate, the US Congress finally agreed on key tax changes through the American Taxpayer Relief Act of 2012.
View ArticleIndian Americans: What not to forget while filing US taxes
As you get ready to file your tax returns by the due date of April 15, here are some important things Indian Americans should remember.
View ArticleBudget 2013: Five things NRIs would look for from the finance minister
It is a well known fact that the Non-Resident Indian (NRI) community plays a crucial role in the scheme of things in the Indian economy.
View ArticleBudget 2013: Tax for NRIs receiving royalties/ fees from India to go up
Budget 2013 saw a steep hike in the tax rate on royalties and fees for technical services that an Indian company pays to a NRI or a Foreign Company.
View ArticleUS taxpayer with India shareholding? Don’t forget Form 5471
If you missed filing this form earlier, and there is no under-reported income, the good news is that you can come into compliance quite easily.
View ArticleNRIs missed to file Form 5471? Here's what you can do
The form is triggered if you are a US taxpayer with shareholding or interest in a foreign corporation exceeding certain prescribed limits.
View ArticleUS issues warning against offshore bank account holders
According to a 2008 Senate report, the use of secret offshore accounts to evade US taxes costs the Treasury at least $100 billion annually.
View ArticleGlobal income reporting poses practical challenges to NRIs in US
If you’re a NRI in the US, you would know by now the laws pertaining to reporting global income in your US tax returns.
View ArticleUS NRIs: File an extension if not ready with your taxes
By filing an extension, you will have 6 more mths to file return. You don't have to explain the reason for extension.
View ArticleGoa working on allowing NRIs and PIOs to pay taxes in advance
Goa government is working on a facility which will save the Non Resident Indians and Persons of Indian origin from paying their state taxes annually by offering them a depository.
View ArticleIndian Americans: How to get your 2013 Tax Residency Certificate
The India-US DTAA allows residents of the US who have income from India to pay a lower amount of tax in India provided tax on the same is paid in the US.
View ArticleHSBC fears 'significant' penalty in NRI tax evasion probe
The US tax dept is investigating possible evasion of federal income taxes by the American residents of Indian origin.
View ArticleWhat Indian Americans should know about Foreign Account Tax Compliance Act
According to US tax code, all residents, green card holders and citizens of the US must declare and pay tax on their global income in the US.
View ArticleUS Govt Office findings may impact tax reporting for Indian Americans
The impact for Indian Americans is profound given the GAO's specific reference to the situation of immigrants.
View ArticleUS tax returns: 15 June deadline for NRIs living in India
If you are unable to file your return, you can request an additional extension to October 15 by filing Form 4868.
View ArticleFor Indian Americans, it's time to declare offshore income, assets under FBAR
FBAR collects info about your foreign bank, accounts and you must file it if the balance in these accounts exceeded $10k.
View ArticleIndia tax returns: Two important changes NRIs should note this year
If you had taxable income in India that exceeded Rs 5 lakh in 2012-13, you must efile your tax returns.
View ArticleWhen should NRIs file India tax returns?
If you are a Non Resident Indian and are trying to figure out if you need to file a tax return in India, this guide will help you.
View ArticleIndian tax laws give NRIs a raw deal
Instead of trying to attract NRIs to invest in India, the tax laws deny them the benefits that are available to resident Indians.
View ArticleIndian Americans setting up companies in India? Watch out for US tax law
In the past few years, several Non Resident Indian (NRI) entrepreneurs have successfully set up companies in India and the trend is only likely to continue.
View ArticleIndian Americans: Make your India charity donations tax effective
If you want to make a donation to an Indian cause and also get a tax deduction in your US tax return, there’s a simple way to do it.
View ArticleIndian Americans: File extended tax returns by October 15
According to IRS rules, even if you file an extension for your tax return, you should have paid your taxes by the original deadline of April 15, 2013.
View ArticleWhy Form 15G is irrelevant for NRIs and what they can do to avoid TDS
"You must apply to the Income Tax Officer in India. If the Tax Officer grants you the waiver, you may submit this to your bank & claim TDS exemption."
View ArticleNRI setting up business in India? Watch out for transfer pricing
Setting up a business in India means navigating through the various tax and legal complexities. And transfer pricing is one of the major tax laws.
View ArticleNRIs setting up India biz: Plan your transfer pricing policy
Two commonly owned cos located in different countries fall in two distinct tax jurisdictions, and the tax authorities will want their fair share of taxes.
View ArticleForeign portfolio investors to have uniform tax rate
The Central Board of Direct Taxes has notified that new class of investors, FPIs, would be treated as FIIs under the Income-tax Act, 1961.
View ArticleSalary credit to non-resident external rupee account not taxable
Under tax laws, the tax incidence is based on the concept of residence, which in turn depends on the number of days stayed in India.
View ArticleUS IRS starts new initiative to target unreported Indian accounts
In recent years, the US Congress and IRS have increasingly become convinced that many US taxpayers, including those living both inside and outside the US, do not comply with US tax reporting laws.
View ArticleTips for NRIs for filing tax returns
If NRIs carry out transactions in securities like shares and mutual funds, the capital gains are liable to tax and, hence, the return must be filed.
View ArticleForeign Account Tax Compliance Act will result in heightened tax scrutiny of...
FATCA requires all foreign financial institutions to enter into an agreement with the US government & disclose foreign account information of US accountholders.
View ArticleUS entices NRIs to disclose their unreported assets
On June 18, 2014, the IRS announced new Streamlined Foreign Offshore Procedures (SFOP), which will significantly alter all future voluntary disclosures.
View ArticleBanks, MFs ask US NRIs to submit FATCA certificates
It also meant convenience as many countries don’t require US passport holders to get visas. Now, these NRIs who have bought real estate or made other investment in India could be taxed as per the US...
View ArticleGovernment to relax compliance norms for payments to NRIs
The Revenue Department today said reporting and certification requirements in case of payments made to non-residents will be relaxed from April 1, 2016.
View ArticleBudget 2016: NRIs without PAN not to be subjected to higher rate of TDS
"It is proposed to amend the relevant provision to provide that on furnishing of alternative documents, the higher rate will not apply," the Budget says.
View ArticleNRIs with offshore bank accounts cannot escape investigation by tax authorities
Governed by rules and conventions of banking secrecy, banks in Switzerland and tax havens divulge information only after account holders give their consent.
View ArticleWithout UID, expatriates unable to file tax returns
NRIs are unable to upload their ITRs when they mention their country of residence & several representations on the issue have been made to the govt.
View ArticleEarning abroad? Know the tax rules
Only, tax residents of India (ROR) are subject to tax on their global income, which would include interest income on overseas bank accounts.
View ArticleAre you earning abroad? Know the tax rules
Here is a primer explaining the tax incidence for Indians overseas:
View ArticleNew I-T return forms: Expats need to give more info for claiming tax pact relief
Overseas residential details, tax identification numbers & residential status in India will need to be provided.
View ArticleNRIs’ residential status comes under I-T lens
An NRI is spared tax on income outside India. A resident is required to pay tax on global earnings.
View ArticleNon-residents, not-ordinarily residents in tax tangle: Experts
"CBDT may need to clarify reporting requirement for unlisted equity shares in foreign companies for NR/NOR,” said Sonu Iyer, tax partner and people advisory services leader at EY India.
View ArticleNo intention to tax global income of NRIs in India, says FM
In order to avoid any misinterpretation, it is clarified that in case of an Indian citizen who becomes deemed resident of India under this proposed provision, income earned outside India by him shall...
View ArticleIncome Tax department may ask NRIs to explain 'bloated' income
Clarification that overseas earnings of bona fide workers won’t be taxed is ambiguous, say experts.
View ArticleFM Nirmala Sitharaman sets Rs 15 lakh income cap to tax NRIs
Govt has decided to tax only the income generated by NRIs from the biz in India, leaving their global incomes.
View ArticleCOVID-19 thwarts tax planning for several rich individuals and promoters
Virus could hit the way Indian revenue authorities tax their individual, foreign income.
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