Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Did You Know?

2,821 views

Published on

Individuals who have a nexus with USA-India have tax liabilities which they may be unaware of.
This is a short presentation about such tax liabilities arising out of multiple tax laws & jurisdictions.

GET TAX SAVVY ON:

www.nsglobal.com
www.facebook.com/NSGlobaltax
twitter.com/#!/NSGlobaltax

ABOUT US:

NS Global is an advisory firm founded by certified professionals from USA & India to provide international tax solutions to individuals having asset and / or an income base in India and USA.

  • Be the first to comment

Did You Know?

  1. 1. DO YOU KNOW By SANKET SHAH Managing Director
  2. 2. DO YOU KNOW <ul><ul><li>If you are a US Citizen or a Green Card Holder: </li></ul></ul><ul><ul><ul><li>you are required to disclose your Indian Income and file US Income Tax Return. </li></ul></ul></ul><ul><ul><ul><li>after your death the wealth that you give to your kids or grand kids may be liable for Estate Duty in US. </li></ul></ul></ul><ul><ul><ul><li>if you give gift in excess of $13,000 during a year, you are liable for Gift Tax in US. </li></ul></ul></ul>
  3. 3. DO YOU KNOW <ul><ul><li>If you are a US Citizen or a Green Card Holder and: </li></ul></ul><ul><ul><ul><li>if you receive gift or inheritance in excess of $100,000 you are required to disclose it to US Tax Department (“IRS”). </li></ul></ul></ul><ul><ul><ul><li>if you own shares of Indian Company in excess of 10%, you are required to disclose it to IRS. </li></ul></ul></ul><ul><ul><ul><li>if you are a partner in an Indian Partnership firm with more than 10% share, you are required to disclose it to IRS. </li></ul></ul></ul>
  4. 4. DO YOU KNOW <ul><ul><li>If you are a US Citizen or a Green Card Holder and: </li></ul></ul><ul><ul><ul><li>have a bank account or a joint bank account or have a signing authority in any bank account in India and if the combined bank balance during anytime during the year is in excess of $10,000 you are required to disclose it to IRS. </li></ul></ul></ul><ul><ul><ul><li>if you are a beneficiary in an Indian Trust and receive a distribution during the year from that Trust, you are required to disclose it to IRS. </li></ul></ul></ul>
  5. 5. DO YOU KNOW If a particular income is Tax Free in India, it does not mean it is Tax Free in US. See below: Taxable Non Taxable Dividend Taxable Non Taxable (Long term) Capital Gains Securities (Listed) Taxable Non Taxable Interest NRE deposit Taxable Non Taxable Interest FCNR deposit USA India Tax Implication in Income Investment
  6. 6. DO YOU KNOW Along with the Civil Penalties, USA has Criminal Penalties, for: 10 year prison and penalties upto $500,000 Willful Non filing of FBAR form 1 year prison and fine upto $100,000 Failing to file tax return 3 years prison and fine upto $250,000 False return 5 years prison and fine upto $250,000 Tax evasion
  7. 7. DO YOU KNOW <ul><ul><li>A new tax form was introduced last month, under which if you are a US Citizen or a Green Card holder and have investment in debentures, you would be required to disclose it to IRS. </li></ul></ul><ul><ul><li>If are a US Citizen or a Green Card Holder for more than 8 years and if you try to surrender your Citizenship or Green Card, then you are liable for “Exit Tax”. </li></ul></ul><ul><ul><li>Highest Individual Tax rate in India is 30%, whereas in US it is 35%. </li></ul></ul>
  8. 8. DO YOU KNOW <ul><ul><li>On 18 th November 2011, Ashvin Desai living in San Diego and having bank account with HSBC India was charged with a maximum prison of 46 years. </li></ul></ul><ul><ul><li>On 28 th June 2011, Dr. Arvind Ahuja living in Greendale and having bank account with HSBC India was charged. </li></ul></ul><ul><ul><li>On 11 th April 2011, Vaibhav Dahake living in New Jersey and having bank account with HSBC India pleads guilty and was sent to prison for a maximum term of 5 years. </li></ul></ul>
  9. 9. DO YOU KNOW <ul><ul><li>US Government is clamping down overseas tax evasion by US citizens/green card holder. </li></ul></ul><ul><ul><li>You are required to comply with tax provisions of both US as well as India. </li></ul></ul><ul><ul><li>It is possible for you to structure your Indian investments for avoidance of Double Taxation. </li></ul></ul><ul><ul><li>It is possible for you to plan estate and inheritance from Indian Parents. </li></ul></ul>
  10. 10. Contact details <ul><ul><li>NS Tax Services Private Limited </li></ul></ul><ul><ul><li>B 41-45, Paragon Centre, Pandurang Budhkar Marg, Worli, Mumbai – 400 013 +91 22 4073 3070 / 71 </li></ul></ul><ul><ul><li>+91 22 4073 3090 </li></ul></ul><ul><ul><li>[email_address] </li></ul></ul><ul><ul><li>www.nsglobal.com </li></ul></ul><ul><ul><li>Address: </li></ul></ul><ul><ul><li>Phone Number: </li></ul></ul><ul><ul><li>Fax Number: </li></ul></ul><ul><ul><li>Email ID: </li></ul></ul><ul><ul><li>Website: </li></ul></ul>

×