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More hassles for NRIs




Compulsory disclosure of overseas assets irks taxpayers

http://timesofindia.indiatimes.com/nri/other-news/Compulsory-disclosure-of-overseas-assets-irks-taxpayers/articleshow/13897750.cms


 
web2000

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Post ID: 197653 07-06-12 13:42:59
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JRF
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Member since: Jul 04




Posts: 1852
Location: GTA, Ontario



Its not a hassle, this is what every other country does so that they could tax the sale when the proceeds are sent to India.

They don't bother if you're not a resident.

I think it is more of conforming to the uniform regulation around the world than anything else, our Neta log back home knows every trick to bring money home what they stashed abroad.

Some one was discussing about invention in India, take this.. the babu log are the best of the best in that and no one could ever beat them...

-----------------------------------------------------------------
The cowards never started,
The weak died on the way,
Only the strong arrived.
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Post ID: 197678 07-06-12 16:25:57
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hchheda
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Member since: Aug 05




Posts: 2243
Location: Woodbridge


Does this effect Canadian Citizens? I suppose it has bearing on PR holders.
Won't it adversely effect those gifted politicians with billions stacked overseas? How can they pass such a bill themselves???

Hiren


 
Post ID: 197681 07-06-12 17:02:21
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san-hugo
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what about foreign liabilities ? At times NRI's have more liabilities than assets !!

I hope in 2013, tax returns of politicians and babus are made public...


 
Last edited by: san-hugo on 07-06-12 22:52:57
Post ID: 197690 07-06-12 22:31:37
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sant
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Quote:
Originally posted by san-hugo

what about foreign liabilities ? At times NRI's have more liabilities than assets !!

I hope in 2013, tax returns of politicians and babus are made public...



Tax returns may not be public but civil servants have to declare their assets every year . it is another thing how many of them actually do declare their assets .

and politicians have to declare while fighting elections .

the funny thing is politicians assets multiply manifold every FIVE years :(


 
Post ID: 197691 07-06-12 23:13:32
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web2000
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It is more of a privacy issue. You have to disclose all your foreign assets (Bank account balances, investments, properties etc) even though there is no tax you are paying in that year. It would be a no problem if they ask for a taxable foreign income.


 
Post ID: 197701 08-06-12 09:40:28
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ashedfc
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Member since: Jun 10




Posts: 2153
Location: GTA


A system like Canadian SIN No, is coming into existence in India (that will tighten the noose for all for us);
so the solution; move your assets to a country, which doesn't reports to Govt. of India or is not obligated to (example: open a Swiss account in Switzerland)


 
Post ID: 197704 08-06-12 10:08:08
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web2000
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Quote:
Originally posted by hchheda

Does this effect Canadian Citizens? I suppose it has bearing on PR holders.

Hiren



It will affect everybody irrespective of your citizenship as long as you become tax resident in India. In the future if a person stays 60 days in India in a year, he will become tax resident in India and will have to file tax return even if he had no income in India.


 
Post ID: 197706 08-06-12 10:21:32
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aqua
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Quote:
Originally posted by web2000
60 days in India in a year, he will become tax resident in India and will have to file tax return even if he had no income in India.




Isnt the tax filing exempted for those with income < exemption limit?


 
Post ID: 197712 08-06-12 15:58:08
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KumarM
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Member since: Jan 09




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UID is supposed to link everything. Like SSN or SIN. But it has a long way to go. By that time things would have changed. Netas and lalas will find ways to hoodwink the system to avoid paying tax.

 
Post ID: 197717 09-06-12 01:28:22
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aqua(1)  ashedfc(1)  hchheda(1)  JRF(1)  KumarM(1)  san-hugo(1)  sant(1)  
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