Guide to US-India Tax Compliance What is FBAR - Foreign Bank Account Reporting Filing dates and penalties for FBAR reporting What is the Offshore Voluntary Disclosure Program What is the January 2016 NRI Passport Law H-R-22 2 Types of Non-Resident Indian Bank Accounts NRO and NRE What is FATCA - Foreign Tax Account Compliance Act Is there a Double Taxation Treaty between the US and India

1. U.S. – India Tax
Compliance
Guide to FBAR
Dave Banerjee, CPA
21860 Burbank Blvd, #150
Woodland Hills, CA. 91367
Ph: (818) 657-0288 | Fax: (818) 657-0299
Individual & Business Tax Returns | Small Business Accounting
www.davebanerjee.com
Disclaimer: The information contained herein is provided for informational purposes only and is
not intended to substitute for obtaining tax, accounting, or financial advice from a professional.
January 2016

2. Disclaimer: The information contained herein is provided for informational purposes only and is
not intended to substitute for obtaining tax, accounting, or financial advice from a professional.
Dave Banerjee, CPA
21860 Burbank Blvd, #150
Woodland Hills, CA. 91367
Ph: (818) 657-0288 | Fax: (818) 657-0299
Individual & Business Tax Returns | Small Business Accounting
www.davebanerjee.com
US-India
Tax Compliance
FBAR FilingWhat is FBAR ?
FBAR stands for Foreign Bank Account Reporting
There are a variety of reasons Non-Resident Indians may want to
keep a bank account in India while they are living overseas.
2 types of Bank Accounts for Non-Resident Indians
NRO Non-Resident Ordinary
 Deposits in Rupees only
 Minimum balance 75000 Rs
 For funds earned in India
(rents, salary, etc.)
 RBI reporting required
NRE Non-Resident External
 Deposits in any Currency
 Freely move funds in & out
 For funds sending to India
(savings, gifts, expenses, etc)
 Exempt from India income tax

3. Disclaimer: The information contained herein is provided for informational purposes only and is
not intended to substitute for obtaining tax, accounting, or financial advice from a professional.
Dave Banerjee, CPA
21860 Burbank Blvd, #150
Woodland Hills, CA. 91367
Ph: (818) 657-0288 | Fax: (818) 657-0299
Individual & Business Tax Returns | Small Business Accounting
www.davebanerjee.com
US-India
Tax Compliance
FBAR FilingImportant Rules and Dates to Remember
FBAR Filing Deadline - June 30th
Extensions? NO. No extensions.
Who has to file FBAR?
All US Taxpayers with OffShore Accounts
totaling $10,000 or more…. (2014 threshhold)
United States Expatriate Income Tax Returns
are due by June 15th
FBAR form is also called FinCen Form 114
FinCen is short for:
Financial Crimes Enforcement Network

4. Disclaimer: The information contained herein is provided for informational purposes only and is
not intended to substitute for obtaining tax, accounting, or financial advice from a professional.
Dave Banerjee, CPA
21860 Burbank Blvd, #150
Woodland Hills, CA. 91367
Ph: (818) 657-0288 | Fax: (818) 657-0299
Individual & Business Tax Returns | Small Business Accounting
www.davebanerjee.com
US-India
Tax Compliance
FBAR FilingPenalty for not Filing FBAR
FBAR Filing Penalty: For not filing….
- 50% or more of each account balance
- penalty: each account (not aggregate)
Extensions? NO. No extensions.
Despite stiff penalties, many people who should
be filing FBAR forms are not doing so.
Haven’t been filing FBAR? Check out the OVDP
Offshore Voluntary Disclosure Program
An opportunity for taxpayers with off-shore accounts
to get current. Possible benefits are:
Uniform penalty rates, avoid criminal prosecution, resolve the
case with out additional audits

5. Disclaimer: The information contained herein is provided for informational purposes only and is
not intended to substitute for obtaining tax, accounting, or financial advice from a professional.
Dave Banerjee, CPA
21860 Burbank Blvd, #150
Woodland Hills, CA. 91367
Ph: (818) 657-0288 | Fax: (818) 657-0299
Individual & Business Tax Returns | Small Business Accounting
www.davebanerjee.com
US-India
Tax Compliance
FBAR FilingMore Penalties for not Filing FBAR
FBAR Filing Penalty for WILLFULLY not filing?
The greater of:
- 50% account balance or $100,000 (after 2004)
- penalty: each account (not aggregate)
Extensions? NO. No extensions.
What’s a Taxpayer to do?
However, the U.S. taxes citizens,
residents, and green-card holders
where ever they are in the world.
Some NRI’s consider
leaving the country &
US citizenship behind


6. Disclaimer: The information contained herein is provided for informational purposes only and is
not intended to substitute for obtaining tax, accounting, or financial advice from a professional.
Dave Banerjee, CPA
21860 Burbank Blvd, #150
Woodland Hills, CA. 91367
Ph: (818) 657-0288 | Fax: (818) 657-0299
Individual & Business Tax Returns | Small Business Accounting
www.davebanerjee.com
US-India
Tax Compliance
FBAR FilingThe “Passport” Tax Law – January 2016
New Law Ties Passports to IRS Debt:
- As of January 2016 ‘seriouosly delinquent
taxpayers’ owing more that $50,000 may find
their passport suspended or revoked
Tax Law H.R. 22, passed Dec. 4, 2015
Now tax rules reach even farther to
cause travel problems for NRIs no
matter where they are.
Some NRI’s consider
leaving the country &
US citizenship behind


7. Disclaimer: The information contained herein is provided for informational purposes only and is
not intended to substitute for obtaining tax, accounting, or financial advice from a professional.
Dave Banerjee, CPA
21860 Burbank Blvd, #150
Woodland Hills, CA. 91367
Ph: (818) 657-0288 | Fax: (818) 657-0299
Individual & Business Tax Returns | Small Business Accounting
www.davebanerjee.com
US-India
Tax Compliance
FBAR FilingStreamlined – Limited Amnesty Program
Began 2014 & still available 
Designed for U.S. Taxpayers (or Expatriates)
who didn’t intend to evade U.S. Taxes by not filing
FBAR.
It’s an opportunity to not owe a penalty, as long as
you’re filing 3 years of tax returns and paying the
amount due.
At the same time in 2014, penalties for intentional
cheats were increased.

8. Disclaimer: The information contained herein is provided for informational purposes only and is
not intended to substitute for obtaining tax, accounting, or financial advice from a professional.
Dave Banerjee, CPA
21860 Burbank Blvd, #150
Woodland Hills, CA. 91367
Ph: (818) 657-0288 | Fax: (818) 657-0299
Individual & Business Tax Returns | Small Business Accounting
www.davebanerjee.com
US-India
Tax Compliance
FBAR FilingFATCA - Foreign Account Tax Compliance Act
Passed by Congress in 2010 
Requires foreign financial institutions to turn over
information about U.S. account holders so the IRS can
track taxpayer compliance.
More than 77,000 banks and 70 countries comply with
FATCA.
Almost no foreign bank account is secret anymore.

9. Disclaimer: The information contained herein is provided for informational purposes only and is
not intended to substitute for obtaining tax, accounting, or financial advice from a professional.
Dave Banerjee, CPA
21860 Burbank Blvd, #150
Woodland Hills, CA. 91367
Ph: (818) 657-0288 | Fax: (818) 657-0299
Individual & Business Tax Returns | Small Business Accounting
www.davebanerjee.com
US-India
Tax Compliance
FBAR FilingDouble Taxation Treaties
 D T A A 
Double Taxation Avoidance Agreement
DTAA applies where a taxpayer is a resident of one country, and
has a source of income in another country (rent, pension, etc.)
Treaty between US-India states that each country will follow
sourcing rules to determine which country collects the tax.
Treaty rules are complex and vary from country to country.
Taxpayers with income from different countries
should get professional tax advice.

10. Disclaimer: The information contained herein is provided for informational purposes only and is
not intended to substitute for obtaining tax, accounting, or financial advice from a professional.
Dave Banerjee, CPA
21860 Burbank Blvd, #150
Woodland Hills, CA. 91367
Ph: (818) 657-0288 | Fax: (818) 657-0299
Individual & Business Tax Returns | Small Business Accounting
www.davebanerjee.com
US-India
Tax Compliance
FBAR FilingFiling U.S. Tax Returns can be Complicated
Even returns that seem simple can be surprisingly
complicated.
Taxpayers with off-shore investments face many
complicated rules because so often foreign accounts have
been used to hide money.
Foreign retirement, savings, and pension plans may not be
tax exempt by the U.S.
U.S. Taxpayers who own business abroad should definitely
seek professional tax advice.
Work with a CPA who understands international tax rules.

11. Disclaimer: The information contained herein is provided for informational purposes only and is
not intended to substitute for obtaining tax, accounting, or financial advice from a professional.
Dave Banerjee, CPA
21860 Burbank Blvd, #150
Woodland Hills, CA. 91367
Ph: (818) 657-0288 | Fax: (818) 657-0299
Individual & Business Tax Returns | Small Business Accounting
www.davebanerjee.com
US-India
Tax Compliance
FBAR Filing
The End
Dave Banerjee, CPA
21860 Burbank Blvd, #150
Woodland Hills, CA. 91367
Ph: (818) 657-0288 | Fax: (818) 657-0299
Individual & Business Tax Returns | Small Business Accounting
www.davebanerjee.com
Dave Banerjee, CPA
Foreign Tax Returns, Business Returns, Accounting
Email: dave@davebanerjee.com
Phone: (818) 657-0288