Resident individuals can remit up to $50,000
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Posted on: 31-10-06 12:57:56
http://ia.rediff.com/money/2006/oct/31cred2.htm
"Announcing the half-yearly review of Monetary Policy, RBI said resident individuals are free to remit up to $50,000 per year for any current or capital account transaction or a combination of both, as against the earlier limit of $25,000"
Finance and accounting experts, can you please shed some light how this effects us? is it better or doesnt matter?
All views welcome.
rgds,
Hiren
Hiren,
Any chances of changing your Avatar picture based on the performance of our boys under the leadership of this gentleman ?.
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Speech by Thomas Friedman of The New York Times....
"When we were young kids growing up in America, we were told to eat our
vegetables at dinner and not leave them. Mothers said, 'think of the
starving children in India and finish the dinner.' And now I tell my
children: 'Finish your maths homework. Think of the children in India
who would make you starve, if you don't.'"
Quote:
Originally posted by shankaracharya
Hiren,
Any chances of changing your Avatar picture based on the performance of our boys under the leadership of this gentleman ?.
Dear S'acharya,
We are off topic - however to reply to your query - sure our team has never been so inconsistent as now
, but I still admire 
this gentleman for his dedication and intelligence. I hv no plans for dumping him..
On the other hand doesnt this inconsistency make the game more interesting? How boring it is to watch the aussies winning each of thier matches...just my opinion..helps me to enjoy every match irrespective of the result. No expectations = no dissappointments.
Can you contribute something to the topic in question?
Ciao,
Hiren
We still pay the chunk of tax (40%?) when moving it here so I don't see how it really helps too much.
If this is incorrect, someone please clarify. I'd be glad if this were not true....
Quote:
Originally posted by alexm
We still pay the chunk of tax (40%?) when moving it here so I don't see how it really helps too much.
If this is incorrect, someone please clarify. I'd be glad if this were not true....
Pay tax for transfer of money from overseas to Canada?????
Chandresh
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Chandresh
Advice is free – lessons I charge for!!
Quote:
Originally posted by chandresh
Quote:
Originally posted by alexm
We still pay the chunk of tax (40%?) when moving it here so I don't see how it really helps too much.
If this is incorrect, someone please clarify. I'd be glad if this were not true....
Pay tax for transfer of money from overseas to Canada?????
Chandresh
Since it is in capital account, we should have already declared it in our IT returns and paid tax for it before remmitting overseas. Though the tax wouldnt be 40%- I believe. I trust thats the way it is - I am not an accountant. Chandreshji - you should be able to shed more information on this one.
Ciao,
Hiren
Yeah, that's what I meant. First you have to declare it as worldwide income and allow the Canadian govt to take its cut.
Then you transfer it to Canada. As opposed to spending it outside Canada...perhaps you could get away with not declaring it.
