NRI Tax Matters and News

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US 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.US entices NRIs to disclose their unreported assets
Foreign Account Tax Compliance Act will result in heightened tax scrutiny of NRIs
FATCA requires all foreign financial institutions to enter into an agreement with the US government & disclose foreign account information of US accountholders.Foreign Account Tax Compliance Act will result in heightened tax scrutiny of NRIs
Tips 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.Tips for NRIs for filing tax returns
US 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.US IRS starts new initiative to target unreported Indian accounts
Salary 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.Salary credit to non-resident external rupee account not taxable
Foreign 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.Foreign portfolio investors to have uniform tax rate
NRIs 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.NRIs setting up India biz: Plan your transfer pricing policy
NRI 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.NRI setting up business in India? Watch out for transfer pricing
Why 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.”Why Form 15G is irrelevant for NRIs and what they can do to avoid TDS
Indian 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.Indian Americans: File extended tax returns by October 15

All information provided herein is for general reference only and may not be applicable to all individuals and circumstances. This information may also change time to time and readers are advised to visit IRS website http://www.irs.gov for most current information. We are not liable for any inaccuracies from the source of the information. We advise you to please contact us for updated and accurate information.

NRI Tax Matters and News

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