TAX FOR NRI IN INDIA
5% TAX ON FOREIGN INCOME FOR NRI STARTING 2009 -10
Government of India today announced imposition of a flat 5% tax on all NRIs over their world-wide income. Income that is already taxed in India has been kept out of the purview to avoid double taxation. No double taxation benefits would be available for this 5% tax, meaning even if you are paying tax on your income in a country with which India has double taxation agreement, the benefit would not be allowed against this 5% tax. All those Indians who are holding Indian Passports and have been out of the country for more than 180 days during the year are under this requirement. Income proof would have to be submitted in form of employer certificates, foreign tax filings etc. Indian government is also coordinating with Australia , Europe, America , UAE and other countries on collecting Income data for its citizens as part of data sharing initiative on terror prevention measures.
This has been hailed as bringing in compulsory participation in development of India from Non resident Indians.. This means NRIs can no more just continue to retain their Indian citizenship without paying taxes in India . Though it may not be favorable in view of the NRIs who already bring substantial forex in form of remittances and Investments. This is bound to cause a lot of heart burn for the Indian community residing outside..
This is expected to generate ~10 Billion INR tax collection for the government in the year 2009-10.. For more information on this rule, tax filings and forms visit http://www.incometaxindia.gov.in/
blame the creator, none else
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Listen to Many..Speak to a few.
u did but guess what, no one danced :((((
who posted this hoax.......big time hoax
Aana free, jaana free,
Pakde gaye tho khana free.
i plan to buy one safe box and keep all my money here.
Aana free, jaana free,
Pakde gaye tho khana free.
Arien: thanks for thei got 2 diff mails with 2 diff links www.rbi.org.in & www.incometaxindia.com
checked the later one and confirmed that this post is a hoax
Skd - there is , small though .. its been 1 and 1.5% which is 3 and 4 now.
mom me - There was this proposal of taxes on interest which was never implemented. Btw, subject posted here is a Hoax , big time.
people gets email forwards and post it straightaway without even going through it properly. The link given also has nothing about it.
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Listen to Many..Speak to a few.
and since when did any NRE account get any interest in India - mom me????????
If the Indian government intends to do that it should first tax the interest on NRE account. Secondly why should the capital be taxed - only the interest should be taxed. This does'nt make sense.
is this some kind of foolish info.
We are way ahead from all fools day.
Its Hoax. Why dont you guys do lil research to make sure what you cut and paste is true!!!
Did you even check the link you have provided?? can you guide us how to find the crap you pasted here in that site???
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Listen to Many..Speak to a few.
have been posted on April 1st ....would have made sense
didn't find this info the incometax website mentioned below.....probably a rumor because why would the present govt impose taxes just before the election?
but on the other side it will be huge income for govt without providing any facilities.
Great Joke!
rumour plain and simple
That means our salary here can be taxed in India.
Serious?
...Avada Kedavra..