Nri In News > News In Taxation



Different Types of Taxes

  • 1. Direct Taxes
  • 2. Indirect Tax
  • 3. Sales Tax
  • 4. Excise Tax
  • 5. Wealth Tax
  • 6. Payroll Tax
  • 7. Dividend Tax
  • 8. Self Employment Tax
  • 9. Federal Income Tax
  • 10. Estate Tax

  • US entices NRIs to disclose their unreported assets

    The United States' Internal Revenue Service (IRS) is enticing more NRIs to disclose their unreported assets and income just weeks before implementation of the US Foreign Account Tax Compliance Act ( FATCA). On June 18, 2014, the IRS announced new Streamlined Foreign Offshore Procedures (SFOP), which will significantly alter all future voluntary disclosures. The SFOP is a game changer for non-resident and resident (who would use the Streamlined Domestic Offshore Procedures ( SDOP)) taxpayers alike


    MORE http://articles.economictimes.indiatimes.com/2014-07-16/news/51600804_1_offshore-voluntary-disclosure-program-ovdp-irs-commissioner-john-koskinen

    Tips for NRIs for filing tax returns

    The income earned by non-resident Indians abroad is not subject to tax in India. However, if their income in the country crosses the basic exemption limit of Rs 2 lakh, they are required to file their returns. This income could be in the form of interest on deposits, rental income on property in India, etc.

    Also, 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. The due date for filing returns by NRIs is 31 July.

    MORE http://articles.economictimes.indiatimes.com/2014-05-12/news/49795474_1_tax-returns-income-tax-department-filing-returns

    Foreign Account Tax Compliance Act will result in heightened tax scrutiny of NRIs

    In recent years, the US Congress and the US Department of Treasury have come to believe that many US taxpayers (including US citizens and green card holders in India) have not been complying with the tax law that requires reporting of worldwide income, including income held in non-US financial institutions. In an effort to fight this perceived non-compliance, President Obama and the US Congress enacted the Foreign Account Tax Compliance Act (FATCA) in 2010.

    MORE http://articles.economictimes.indiatimes.com/2014-05-31/news/50229199_1_us-accountholders-ffis-account-tax-compliance-act

    US IRS starts new initiative to target unreported Indian accounts

    Late last year at a California State Bar Tax Section Meeting, a US Internal Revenue Service (IRS) official stated that the IRS will start a new Indian initiative targeted at individuals with undeclared Indian accounts.

    Nicholas Connors, a supervisory revenueagent with the IRS small business/self employed division stated that the IRS will soon "begin examining US taxpayers suspected of holding undeclared accounts in Indian banks".

    MORE http://articles.economictimes.indiatimes.com/2014-02-25/news/47670729_1_accounts-fatca-income

    Salary credit to non-resident external rupee account not taxable

    MUMBAI: Indian employees working overseas often face litigation over taxation of their overseas salary income, if such salary is received in India. This is because a non-resident can be subjected to tax in India on that portion of the income which is received in India.

    The Income Tax Appellate Tribunal (ITAT) which adjudicates tax matters, in a recent decision, has held that merely because the salary was credited by the Singapore-based employer company to the employee's NRE bank account in Mumbai, it will not trigger a tax incidence in India. The ITAT sought to distinguish between 'income' received in India and an 'amount' received in India.

    MORE http://timesofindia.indiatimes.com/business/india-business/Salary-credit-to-non-resident-external-rupee-account-not-taxable/articleshow/30747824.cms .

    Foreign portfolio investors to have uniform tax rate

    NEW DELHI : In a major boost for overseas entities, the government has said that Foreign Portfolio Investors would attract uniform tax rate across categories.

    FPIs bring together all the three investment categories -- FIIs, their sub-accounts and QFIs.

    Besides, the tax rate for FPIs would be the same as that extended to Foreign Institutional Investors. The new system would be especially beneficial for Qualified Foreign Investors who were subjected to higher tax rate earlier.

    MORE http://www.thehindu.com/business/Economy/uniform-tax-rate-for-foreign-portfolio-investors/article5630999.ece

    Raja Rajeswari is the New York City's first India-born woman judge

    NEW YORK: Raja Rajeswari has been sworn-in as a criminal court judge here by Mayor Bill de Blasio, becoming the first India-born woman to be appointed a judge in the New York City.

    Rajeswari, 43, who had immigrated to the US from India as a teenager, previously worked with the Richmond County District Attorney's Office for her entire career in several bureaus including Criminal Court, Narcotics, Supreme Court, and the Sex Crimes Special Victims Bureau, where she last served as Depu ..

    MORE http://economictimes.indiatimes.com/nri/nris-in-news/raja-rajeswari-is-the-new-york-citys-first-india-born-woman-judge/articleshow/47078720.cms

    Government proposes to give voting rights to NRIs

    NEW DELHI: The government today agreed to convene an all-party meeting to discuss its proposal to give NRIs the right to exercise their franchise by e-postal ballots or through proxy voting.

    Law Minister DV Sadananda Gowda accepted the demand of opposition parties in the Rajya Sabha that their views should be taken into consideration while enacting a legislation to grant voting rights to NRIs and domestic migrant labour.

    MORE http://economictimes.indiatimes.com/nri/nris-in-news/government-proposes-to-give-voting-rights-to-nris/articleshow/47084445.cms

    Satnam Singh Bhamra becomes first India-born player to enter NBA draft

    NEW YORK: Satnam Singh Bhamra might become the first India born and only second Indian origin basketball player after Sim Bhullar to feature in the NBA following his inclusion in the NBA Draft for the year 2015.

    The 7 feet 1 inches tall hoopster from the IMG Academy is one of the 91 players -- 48 players from colleges and post-graduate institutions and 43 international players -- who were nominated as early entry candidates for the 2015 NBA Draft presented by State Farm

    MORE http://economictimes.indiatimes.com/nri/nris-in-news/satnam-singh-bhamra-becomes-first-india-born-player-to-enter-nba-draft/articleshow/47097990.cms

    Charity run by Indian-origin serves million cups of tea in South Africa

    DURBAN: A South African Indian religious leader has hosted a three-day celebration to mark the 10th anniversary of his charity which serves daily free breakfast to patients in the Indian township of Chatsworth. The commemorate the anniversary a dozen huge pots of biryani were served to poor patients awaiting treatment at the state-run R K Khan hospital which was followed by games and lucky-draw competition.

    MORE http://economictimes.indiatimes.com/nri/nris-in-news/charity-run-by-indian-origin-serves-million-cups-of-tea-in-south-africa/articleshow/47094867.cms

    UK's ruling party woos Indian-origin voters with Hindi song

    LONDON: Britain's Conservative Party has launched a new campaign song in Hindi aimed at wooing Indian-origin voters in the run up to the May 7 general elections. Prime Minister David Cameron led party, which heads the current coalition government in the country, launched 'Neela Hai Aasma (Blue Sky)' today in reference to the symbolic blue colour of the party.

    MORE http://economictimes.indiatimes.com/nri/nris-in-news/uks-ruling-party-woos-indian-origin-voters-with-hindi-song/articleshow/47043787.cms

    Indian-origin schoolgirl stumps British PM with her question

    LONDON: It was not any of the hard-nosed journalists or politicians but a 10-year-old Indian-origin schoolgirl that has stumped the British Prime Minister on the campaign trail. Reema, a student from the northern England city of Salford in Greater Manchester, asked a question regarding his favorite politician apart from himself in BBC's children's programme 'Newsround' as part of a series on the upcoming General Election on May 7.

    MORE http://economictimes.indiatimes.com/nri/nris-in-news/indian-origin-schoolgirl-stumps-british-pm-with-her-question/articleshow/46921609.cms

    At 17, Indian-origin Pooja Chandrashekar gets admission to all 8 Ivy League schools

    WASHINGTON: At just 17, an Indian-origin girl has earned admission to 14 top US universities, including all eight Ivy League schools considered the most prestigious varsities worldwide. Virginia-born Pooja Chandrashekar decided to apply to all eight ivies hoping to get into just one of them. But now she has the choice to get into Harvard, Yale, Princeton, Cornell, Dartmouth, Columbia, Brown, and the University of Pennsylvania besides six other elite universities in the US, inclu ..

    MORE http://economictimes.indiatimes.com/nri/nris-in-news/at-17-indian-origin-pooja-chandrashekar-gets-admission-to-all-8-ivy-league-schools/articleshow/46899766.cms

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