Posted on: 07-06-12 13:42:59
Compulsory disclosure of overseas assets irks taxpayers
http://timesofindia.indiatimes.com/nri/other-news/Compulsory-disclosure-of-overseas-assets-irks-taxpayers/articleshow/13897750.cms
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...
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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
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
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...
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
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.
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.
