| Author | Message | ||
Nippu Side Hero Username: Nippu Post Number: 7360 Registered: 12-2008 Posted From: 67.86.250.216 Rating: N/A |
also points to note, in US you can exclude first 100k from the foreign income through salaries. so if you reside in India and are US citizen you can exclude the salary earnings from India.// only salary income nee exclude chestara? what about the rental income in india if you are us citizen. | ||
Wellsfargo Side Hero Username: Wellsfargo Post Number: 2928 Registered: 06-2012 Posted From: 49.205.116.106 Rating: N/A |
That is for Indians living in India. Naaku kaadu. | ||
Wellsfargo Side Hero Username: Wellsfargo Post Number: 2927 Registered: 06-2012 Posted From: 49.205.116.106 Rating: N/A |
Kaadu. 1. First tax will be at the country of income origin. 2. you get credit in the other country. 3. India lo $40k (around 24 lakhs) ki around 7.3 lakhs ($12k tax paduthundi) 4. US lo $24k varaku zero tax due to standard deduction and exemptions (most of us make less than or little more than that from stocks, rents, dividents etc. also points to note, in US you can exclude first 100k from the foreign income through salaries. so if you reside in India and are US citizen you can exclude the salary earnings from India. | ||
Wellsfargo Side Hero Username: Wellsfargo Post Number: 2925 Registered: 06-2012 Posted From: 49.205.116.106 Rating: N/A |
You can prefer to go Non resident if you are on H1. Most people don't take this route as you don't make too much money in India and hence don't need to pay a lot in taxes that what you will loose on exemptions if you file as non resident. India lo aa mucchata ledu. residents, non residents ki same tax brackets. | ||
Chillarodu Side Hero Username: Chillarodu Post Number: 6945 Registered: 03-2008 Posted From: 128.103.224.124 Rating: N/A |
If we get $30,000 in India and $10,000 in US then while filing tax returns in US, don't we have to show our total income as 30k+10k= 40k. So tax would be $12000(30%)in US. If we stay more than 6 months in India, we would be paying tax on $40000 i.e $16000 in India. So, we do not have to pay any taxes in US as 16K is more than 12K. The above is current scenario. Let's say India govt changed the policy as you requested. Then, taxes in US will remain same i.e $12000 In India it would be $12000(40% on 30k). So you don't have to pay any taxes in US as you paid that in India. You save 4K. Is my interpretation right? | ||
Andhrawala Legend Username: Andhrawala Post Number: 37308 Registered: 03-2008 Posted From: 173.95.190.5 Rating: N/A |
since payment is for money due to work in India No Signature | ||
Mandharam Side Hero Username: Mandharam Post Number: 2114 Registered: 02-2008 Posted From: 122.166.88.220 Rating: N/A |
Okay agreed. Have you heard about stock plans offered to MNCs to Indian employees. I think there is some kind of double taxations happening ? W8-BEN ..i think was the tax treaty.. | ||
Saarang Side Hero Username: Saarang Post Number: 8481 Registered: 06-2012 Posted From: 206.29.176.51 Rating: N/A |
Tax treaties lo reciprocity untundhi. US lo kooda you are subject to tax on world wide income if you are on H1. | ||
Wellsfargo Side Hero Username: Wellsfargo Post Number: 2924 Registered: 06-2012 Posted From: 49.205.116.106 Rating: N/A |
idi kooda nenu object cheyyatledu nenu. I am just objecting to passive income like rents, dividends, stocks etc | ||
Mandharam Side Hero Username: Mandharam Post Number: 2112 Registered: 02-2008 Posted From: 122.166.88.220 Rating: N/A |
this is fair kada.. you are earning in India. payment may be made anywhere/any currency if you are trying to show the dollars deposited in your usa account, then it must be illegal | ||
Wellsfargo Side Hero Username: Wellsfargo Post Number: 2923 Registered: 06-2012 Posted From: 49.205.116.106 Rating: N/A |
legal gaa choopinchali. Mana istam kaadu  vaadiki ela telusthadi ani adagoddu. when you are growing in life, ee chinna chinna vaatiki kakkurthi pada koodadu. Law change aithe okay kaani, illegal cheste bokka. | ||
Saint Legend Username: Saint Post Number: 44781 Registered: 01-2011 Posted From: 12.22.163.132 Rating: N/A |
US lo vache income india lo enduku choopisthunnaru? adhi US lekkalone veyandi! | ||
Ruj Hero Username: Ruj Post Number: 16178 Registered: 03-2007 Posted From: 170.202.122.1 Rating: N/A |
oh got it annai..ayithe ur letter is perfect.. | ||
Wellsfargo Side Hero Username: Wellsfargo Post Number: 2922 Registered: 06-2012 Posted From: 49.205.116.106 Rating: N/A |
indefinite time for an OCI. US lo kooda green card teesukoni 100 years kooda undocchu kada. | ||
Mandharam Side Hero Username: Mandharam Post Number: 2110 Registered: 02-2008 Posted From: 122.166.88.220 Rating: N/A |
details please staying in India and earnings from fixed assests back in a foreign country? | ||
Mandharam Side Hero Username: Mandharam Post Number: 2109 Registered: 02-2008 Posted From: 122.166.88.220 Rating: N/A |
How long can they stay in India? Do they have to take citizenship after residing for some X years? | ||
Wellsfargo Side Hero Username: Wellsfargo Post Number: 2921 Registered: 06-2012 Posted From: 49.205.116.106 Rating: N/A |
enti intha mandi ide question aduguthunnaru. I am saying that the US lo vacche income ki India lo tax katta kunda US lo ne kattali ani. | ||
Wellsfargo Side Hero Username: Wellsfargo Post Number: 2920 Registered: 06-2012 Posted From: 49.205.116.106 Rating: N/A |
Bhayya nenu cheppedi koncham ardham chesukondi. I am asking to be treated as a non resident of India where we will be taxed only on the income originating in India and not on global income if you are not the citizen of India. India lo originate ayye income ki tax kattamu anatledu. Even if the US company pays in dollars to a US account, a non resident is subject to tax if the money arises due to work in India. anthe kaani India lo untu, US lo unna homes ki vacche rents ki, US lo vacche profits ki taxes kattali ante kastam kada, that too according to Indian laws. | ||
Ruj Hero Username: Ruj Post Number: 16177 Registered: 03-2007 Posted From: 170.202.122.1 Rating: N/A |
indialo work chesthe indialo kattali tax simple.. | ||
Saint Legend Username: Saint Post Number: 44779 Registered: 01-2011 Posted From: 12.22.163.132 Rating: N/A |
yes logically correct gane vundi..india lo earn chese income ki india lo tax kattali kaani US ki enduku kattali..that to US residence lekunda? indian inantha mathrana US lo vundi US lo earn chesina daniki india lo tax kadathama? kattamu kada? | ||
Wellsfargo Side Hero Username: Wellsfargo Post Number: 2919 Registered: 06-2012 Posted From: 49.205.116.106 Rating: N/A |
claim cheyyaru. Things are little clumsy. If you make $30000 in India and $10000 in US(dividends, stocks, rents etc) you are supposed to calculate taxes as if you made the entire money in India which would be around $12000. If you had paid $1000 as taxes in US, you will be allowed to deduct that $1000 from Indian taxes and pay the remaining $11000 to the Indian government. As per my request, India will tax $30000 which will be around $8500. In the US, you will be taxed on $10000. as per the standard deduction, this will be 0. so effectively you will pay only $8500. | ||
Filmbuff Side Hero Username: Filmbuff Post Number: 6213 Registered: 11-2011 Posted From: 117.198.120.137 Rating: N/A |
Adhe kadha nenu seppedhi...if you are H1B, because you are less than 180 days in India, you will not be taxed...but ikkada WF logic edho reverse laga undhi... | ||
Andhrawala Legend Username: Andhrawala Post Number: 37307 Registered: 03-2008 Posted From: 173.95.190.5 Rating: N/A |
Logical gaa seppalanate Indians who are on H1B status pay taxes in USA. Sameway to be fair, foreign citizens residing in India and working in India have to pay taxes in India. If wanted they can claim exemption in their home country No Signature | ||
Filmbuff Side Hero Username: Filmbuff Post Number: 6211 Registered: 11-2011 Posted From: 117.198.120.137 Rating: N/A |
Wouldn't it be better to write a letter to your Obama or your Senator on removing the worldwide taxation of US citizens. If your income is originating in India, how fair is it to not pay tax in India. It is unfair on US' part to tax you on your non-US income. I have 2-3 colleagues who gave up their US citizenship as they did not want to be taxed. Mee pani edho bavundhi, you want to retain US citizenship, pay taxes there, get their social service benefits, but work in India and not pay anything here which needs and also deserves your taxes more than the US probably...idekkadi nyayam | ||
Chillarodu Side Hero Username: Chillarodu Post Number: 6943 Registered: 03-2008 Posted From: 128.103.224.124 Rating: N/A |
brother..koncham basic examples tho explain chesthara on how this taxation works for OCI holders living in India? | ||
Gotcha Hero Username: Gotcha Post Number: 19571 Registered: 02-2008 Posted From: 8.19.193.14 Rating: N/A |
looks very good. india lo tax katti ikkada ela claim chestaru bayya. will we be paying double taxes? This Andhra real estate is for sale. | ||
Ustad Megastar Username: Ustad Post Number: 22892 Registered: 07-2008 Posted From: 76.169.161.29 Rating: N/A |
Looks good bro. Send it. Strength is the product of struggle, you must do what others don't to achieve what others won't - Henry Rollins | ||
Wellsfargo Side Hero Username: Wellsfargo Post Number: 2918 Registered: 06-2012 Posted From: 49.205.116.106 Rating: N/A |
This is a petition that I am sending to the finance minister regarding the taxation of Non Indian citizens in India for this budget. Please provide me with your feedback. This may affect many of you who are planning on returning to India. ============================================================ =================== Dear Mr.Finance Minister, This letter is with respect to the taxation of individuals who are foreign citizens residing in India. I request you to treat all the foreign citizens residing in India as non residents for tax purposes. The focus of your government as outlined by the honorable prime minister is to improve the economy by emphasizing on the make in India program. Many foreign citizens of Indian origin and foreign origin have made India their home to contribute towards the growth of Indian economy. Current taxation laws in India treats every one who stays in India for more than 6 months as a resident of India for tax purposes. Under this law, the individual is subject to tax on his/her world wide income. This income is also taxable in the country in which the income originates. India does have the tax treaties with majority of the countries to avoid double taxation. However with the tax laws being significantly different in India and other countries, foreign citizens end up paying extra taxes and also end up dealing with lot of paper work for tax filings. There are many individuals who leave India before the six month period just to avoid this tax residency status. This causes a lot of pain to the individual, family and to the economy. There might be a little financial burden from this change but this will definitely provide a big boost to the economy and the make in India program. This will also be in line with Mr.Prime Minister's call from Madison square asking PIOs, foreigners and OCIs to come to India and contribute to the economy. I sincerely request you to incorporate this change into the current union government budget. Thanking you sincerely ============================================================ ================== |