Sunday, April 19, 2009
NRI Tax 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/
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/
We should be proud being a Malayali
Jai Jai Malabari....
Check out the following facts:-
You know that coming from a small province our people did not climb the above positions thru back door, it is thru sheer competition!!
Check out the following facts:-
- Chief Justice of India is from Kerala.
- Indian Foreign Secretary is from Kerala.
- Indian Defense Minister is from Kerala.
- Chief of "Chandryaan' , the Indian Space programme is from Kerala & so are some of its key people.
- National Security Advisor to the Prime Minister is from Kerala.
- Chief of the new Federal Investigation Agency is from Kerala.
- Principal Secretary to the Prime Minister is from Kerala.
- The only Indian to contest for the UN Secretary General's Position is from Kerala.
- The chief of Staff for Security to UN Secretary General is from Kerala.
- Kerala is the only 100% literate State in India.
- Kerala was rated as the most baby friendly state with the lowest infant mortality rates and the best Health Care Model by UN.
- The last Indian representative to the Miss World contest was also a Keralite.
You know that coming from a small province our people did not climb the above positions thru back door, it is thru sheer competition!!
Love and Sorrow
Can anyone say animals / birds does not have feelings ?
Here is a swallow cock with his injured mate, her condition is fatal
Scene 1.
She was hit by a car as she swooped low across the road.
Scene 2.
Here he brought her food and attended to her with love and compassion.
Scene 3.
He brought her food again but was shocked to find her dead.
He tried to move her....a rarely-seen effort for swallows!
Scene 4.
Aware that his sweetheart is dead and will never come back to him again, He cries with adoring love.
Scene 5.
He stood beside her, saddened of her death.
Scene 6.
Finally aware that she would never return to him, he
Stood beside her body with sadness and sorrow.
Millions of people cried after watching this picture in
America and Europe and even in India . It is said that the
Photographer sold these pictures for a nominal fee to the
Most famous newspaper in France . All copies of that
Newspaper were sold out on the day these pictures were published.
And many people think animals don't have a brain or feelings?????
Think again....
Here is a swallow cock with his injured mate, her condition is fatal
Scene 1.
She was hit by a car as she swooped low across the road.
Scene 2.
Here he brought her food and attended to her with love and compassion.
Scene 3.
He brought her food again but was shocked to find her dead.
He tried to move her....a rarely-seen effort for swallows!
Scene 4.
Aware that his sweetheart is dead and will never come back to him again, He cries with adoring love.
Scene 5.
He stood beside her, saddened of her death.
Scene 6.
Finally aware that she would never return to him, he
Stood beside her body with sadness and sorrow.
Millions of people cried after watching this picture in
America and Europe and even in India . It is said that the
Photographer sold these pictures for a nominal fee to the
Most famous newspaper in France . All copies of that
Newspaper were sold out on the day these pictures were published.
And many people think animals don't have a brain or feelings?????
Think again....
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