acecupid
09-06 08:33 PM
Read something interesting on TOI..
NRIs treated as Not Required Indians! - India - NEWS - The Times of India (http://timesofindia.indiatimes.com/news/india/NRIs-treated-as-Not-Required-Indians/articleshow/4979439.cms)
Indubhai Amin, a non-resident Indian (NRI) settled in the UK earns interest income of Rs 3 lakh on his non-resident ordinary account bank deposit in
India in the current FY 2009-10. Enjoying his personal exemption limit of Rs 1.60 lakh and the eligible deduction of Rs 1 lakh u/s 80C, Amin is comfortable paying income tax of Rs 4,000 in the first slab of 10 per cent on his effective taxable income of Rs 40,000.
Flat tax of 20% and 30%
A huge shock awaits Amin and millions of NRIs, in regard to taxation of their interest and investment income and capital gains earned in India, proposed to be treated under the draft Direct Tax Code as "income from special sources."
In 2011-12, on the same interest income of Rs 3 lakh, Amin will be required to pay a hefty tax of Rs 60,000 at the flat rate of 20 per cent, without being eligible to claim any basic exemption or other deduction, as provided under rule three of the First Schedule to the Code.
Moreover, all capital gains earned by a non-resident will attract a flat tax of 30 per cent, irrespective of the amount of capital gains. While a resident Indian will be required to pay tax of Rs 3.84 lakh on his taxable income of Rs 25 lakh, an NRI earning equivalent capital gains will be called upon to pay almost double tax of Rs 7.5 lakh.
Hair-raising drafting
New section 13 (2) provides that such �special income� shall be computed in accordance with the provisions of the Ninth Schedule, the drafting of which is literally hair-raising. It provides that the amount of accrual or receipt shall be computed as the taxable income, and no loss, allowance or deduction shall be allowed, as the same shall be presumed to have been granted. The only exception in this regard, in respect of capital gains arising from the transfer of equity shares or units of equity oriented mutual fund chargeable to STT, is quite amusing, as it stands redundant in view of the proposal to abolish STT (a classic instance of incoherent drafting).
The draftsman does not seem to have realized the harsh implications. It means that if an NRI sells a capital asset purchased for Rs 10 lakh at Rs 30 lakh, he will be required to pay tax of Rs 9 lakh at 30 per cent on the gross sale consideration of Rs 30 lakh without any deduction even for the cost of acquisition of Rs 10 lakh (not to mention any benefit of indexation on the same).
Determination of residential status
The residential status of an individual under the Code is proposed to be determined as per the current norms. However, the status of "not ordinarily resident" (NOR) is proposed to be eliminated. Despite the above, Clause 24 of the Sixth Schedule has still provided for exemption in respect of interest earned on foreign currency deposits in the case of NOR. Poor drafting indeed!
The Code has proposed to retain the current exemptions availed by a non-resident in case of interest earned on NRE and FCNR deposits with banks.
Special exemption for returning NRIs
A useful exemption has been provided in case of income earned outside India, if it is not derived from a business controlled from India, in the financial year in which the returning NRI becomes an Indian resident and the immediately succeeding financial year. However, the benefit of the said exemption would be available, only if such individual was a non-resident for nine years immediately preceding the financial year in which he becomes a resident.
Wealth-tax liability for NRIs
Proposed Section 102 of the Code provides for wealth tax liability in the case of the value of all global assets of an individual or HUF. However, an exemption has been provided in case of the value of assets located outside India in case of an individual who is not a citizen of India or an individual or HUF not resident in India. Hence, while returning NRIs who are non-citizens will enjoy wealth-tax exemption for their overseas assets, NRIs with Indian citizenship becoming residents will attract wealth-tax liability on such assets held abroad.
Illogical exemption under wealth-tax
Talking about wealth tax, the Code prescribes an exemption in respect of any house or plot of land belonging to an individual or HUF, if it is acquired before April 1, 2000. It is difficult to understand the logic as to why this exemption has been denied in all cases where such immovable property is acquired after March 31, 2000!
Proposals That Will Hurt the Global Indian Sentiment
Flat Rate of Tax
20% flat tax on interest & other investment income
30% flat tax on all capital gains
Apart from 20% & 30% TDS on above, TDS at a baffling rate of 35% prescribed on all residual income
No Personal Exemption
No personal exemption or deduction allowed in computing the above income treated as �income from special sources�.
Weird Interpretation
Poor drafting leads to such a weird interpretation that transfer of a capital asset may attract 30% tax on gross sale consideration.
What Discrimination!
Ironical but true! Non-Indian sportspersons, say Ricky Ponting or Shoaib Akhtar, required to pay a concessional tax of 10% on their game, advertisement and column earnings in India, thus enjoying a more privileged tax status than our own sons of the soil living abroad.
NRIs treated as Not Required Indians! - India - NEWS - The Times of India (http://timesofindia.indiatimes.com/news/india/NRIs-treated-as-Not-Required-Indians/articleshow/4979439.cms)
Indubhai Amin, a non-resident Indian (NRI) settled in the UK earns interest income of Rs 3 lakh on his non-resident ordinary account bank deposit in
India in the current FY 2009-10. Enjoying his personal exemption limit of Rs 1.60 lakh and the eligible deduction of Rs 1 lakh u/s 80C, Amin is comfortable paying income tax of Rs 4,000 in the first slab of 10 per cent on his effective taxable income of Rs 40,000.
Flat tax of 20% and 30%
A huge shock awaits Amin and millions of NRIs, in regard to taxation of their interest and investment income and capital gains earned in India, proposed to be treated under the draft Direct Tax Code as "income from special sources."
In 2011-12, on the same interest income of Rs 3 lakh, Amin will be required to pay a hefty tax of Rs 60,000 at the flat rate of 20 per cent, without being eligible to claim any basic exemption or other deduction, as provided under rule three of the First Schedule to the Code.
Moreover, all capital gains earned by a non-resident will attract a flat tax of 30 per cent, irrespective of the amount of capital gains. While a resident Indian will be required to pay tax of Rs 3.84 lakh on his taxable income of Rs 25 lakh, an NRI earning equivalent capital gains will be called upon to pay almost double tax of Rs 7.5 lakh.
Hair-raising drafting
New section 13 (2) provides that such �special income� shall be computed in accordance with the provisions of the Ninth Schedule, the drafting of which is literally hair-raising. It provides that the amount of accrual or receipt shall be computed as the taxable income, and no loss, allowance or deduction shall be allowed, as the same shall be presumed to have been granted. The only exception in this regard, in respect of capital gains arising from the transfer of equity shares or units of equity oriented mutual fund chargeable to STT, is quite amusing, as it stands redundant in view of the proposal to abolish STT (a classic instance of incoherent drafting).
The draftsman does not seem to have realized the harsh implications. It means that if an NRI sells a capital asset purchased for Rs 10 lakh at Rs 30 lakh, he will be required to pay tax of Rs 9 lakh at 30 per cent on the gross sale consideration of Rs 30 lakh without any deduction even for the cost of acquisition of Rs 10 lakh (not to mention any benefit of indexation on the same).
Determination of residential status
The residential status of an individual under the Code is proposed to be determined as per the current norms. However, the status of "not ordinarily resident" (NOR) is proposed to be eliminated. Despite the above, Clause 24 of the Sixth Schedule has still provided for exemption in respect of interest earned on foreign currency deposits in the case of NOR. Poor drafting indeed!
The Code has proposed to retain the current exemptions availed by a non-resident in case of interest earned on NRE and FCNR deposits with banks.
Special exemption for returning NRIs
A useful exemption has been provided in case of income earned outside India, if it is not derived from a business controlled from India, in the financial year in which the returning NRI becomes an Indian resident and the immediately succeeding financial year. However, the benefit of the said exemption would be available, only if such individual was a non-resident for nine years immediately preceding the financial year in which he becomes a resident.
Wealth-tax liability for NRIs
Proposed Section 102 of the Code provides for wealth tax liability in the case of the value of all global assets of an individual or HUF. However, an exemption has been provided in case of the value of assets located outside India in case of an individual who is not a citizen of India or an individual or HUF not resident in India. Hence, while returning NRIs who are non-citizens will enjoy wealth-tax exemption for their overseas assets, NRIs with Indian citizenship becoming residents will attract wealth-tax liability on such assets held abroad.
Illogical exemption under wealth-tax
Talking about wealth tax, the Code prescribes an exemption in respect of any house or plot of land belonging to an individual or HUF, if it is acquired before April 1, 2000. It is difficult to understand the logic as to why this exemption has been denied in all cases where such immovable property is acquired after March 31, 2000!
Proposals That Will Hurt the Global Indian Sentiment
Flat Rate of Tax
20% flat tax on interest & other investment income
30% flat tax on all capital gains
Apart from 20% & 30% TDS on above, TDS at a baffling rate of 35% prescribed on all residual income
No Personal Exemption
No personal exemption or deduction allowed in computing the above income treated as �income from special sources�.
Weird Interpretation
Poor drafting leads to such a weird interpretation that transfer of a capital asset may attract 30% tax on gross sale consideration.
What Discrimination!
Ironical but true! Non-Indian sportspersons, say Ricky Ponting or Shoaib Akhtar, required to pay a concessional tax of 10% on their game, advertisement and column earnings in India, thus enjoying a more privileged tax status than our own sons of the soil living abroad.
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vpgreencard
07-30 09:46 PM
The date will move to sept 2002 since this is my PD and then it will stuck for another 5 years.
kaisersose
11-15 05:34 PM
No Sir..Management is also included in 15-1031.00 - Computer Software Engineers, Applications. Here is quote from O*Net
"Supervise the work of programmers, technologists and technicians and other engineering and scientific personnel."
Link: http://online.onetcenter.org/link/summary/15-1031.00
Nope...this supervision is in the capacity of a senior engineer/technical resource. Once the word manager appears in the role it falls into the manager basket which I believe is is code 11.* It will probably never occur to the IO to consider job code 11 for a manager.
Perhaps there are some bold risk-takers out there willing to take chances and claim to be in code 15 although they have manager profiles, but I am not one of them.
"Supervise the work of programmers, technologists and technicians and other engineering and scientific personnel."
Link: http://online.onetcenter.org/link/summary/15-1031.00
Nope...this supervision is in the capacity of a senior engineer/technical resource. Once the word manager appears in the role it falls into the manager basket which I believe is is code 11.* It will probably never occur to the IO to consider job code 11 for a manager.
Perhaps there are some bold risk-takers out there willing to take chances and claim to be in code 15 although they have manager profiles, but I am not one of them.
2011 Love Quotes Graohics
Sp�rL
05-06 07:31 AM
AHHHHHH! brain malfunction!! ..... kidding!
Whats with all the gay tutorials???
all of them basically say "copy and paste this, ill tell you what it is later" and then not go indepth on all of the code.
i think ill look at that IMHO stuff :S
^Don't lie to him. Spyrl your going to need to remove your current DX9 card or DX10 card and put in a DX7 when your testing. lol i wasnt thinking at the time and only reliesed what i said later. (lol silly me)
and btw i was using that slide out menu as an example.
Whats with all the gay tutorials???
all of them basically say "copy and paste this, ill tell you what it is later" and then not go indepth on all of the code.
i think ill look at that IMHO stuff :S
^Don't lie to him. Spyrl your going to need to remove your current DX9 card or DX10 card and put in a DX7 when your testing. lol i wasnt thinking at the time and only reliesed what i said later. (lol silly me)
and btw i was using that slide out menu as an example.
more...
pappu
01-02 08:34 PM
Many people like us want to do an automatic contribution. Can the website be modified for this. Setting up direct payment from bank account is more cumbersome as suggested by one member
thanks
IV is working on this and we shall be making this live shortly.
thanks
IV is working on this and we shall be making this live shortly.
eb3_nepa
10-26 03:53 PM
But whateverr may be the case sorting top 20 records should not take much time.
Sathyaraj ur talking abt selecting a different top 20 almost on each request. Unless you have a decently powerful system, this can be pretty taxing on the DB. Now this also depends on which column ur sorting on.
Now if i go any further ppl might complain that i am not talking in English anymore.
Sathyaraj ur talking abt selecting a different top 20 almost on each request. Unless you have a decently powerful system, this can be pretty taxing on the DB. Now this also depends on which column ur sorting on.
Now if i go any further ppl might complain that i am not talking in English anymore.
more...
YesGC_NoGC
03-19 10:06 PM
There are no TAX on selling price as long as you stayed in the house for 2 year , you can exclude up to $250,000 ($500,000 for a married couple)
If you meet the two-year ownership and use tests for a principal residence, and don't sell more than one principal residence in any two-year period, you can exclude any capital gain tax on the sale - up to the $250,000 or $500,000
When you close your sale, your real state lawer will pay to your bank, your real estate agent, your reality transfer fee and other misc fee like Attorney fee etc.
I have sold 2 houses in last 7 years and no real estate lawyer ever asked for 10% tax!!!
More over are you making any money on the property sale now a days?!
FED allows
What are (if any) the tax implications > if a H1b or EAD holder sells his/her house?
From what i knew there were no special "taxes" or implications... but someone (a lawyer) recently told me in addition to everything else there is a 10% tax (federal) on selling price?
Can anyone who has sold a property on h1 or EAD confirm this?
Please share first hand experience and not something that someones heard through the grapevine
If you meet the two-year ownership and use tests for a principal residence, and don't sell more than one principal residence in any two-year period, you can exclude any capital gain tax on the sale - up to the $250,000 or $500,000
When you close your sale, your real state lawer will pay to your bank, your real estate agent, your reality transfer fee and other misc fee like Attorney fee etc.
I have sold 2 houses in last 7 years and no real estate lawyer ever asked for 10% tax!!!
More over are you making any money on the property sale now a days?!
FED allows
What are (if any) the tax implications > if a H1b or EAD holder sells his/her house?
From what i knew there were no special "taxes" or implications... but someone (a lawyer) recently told me in addition to everything else there is a 10% tax (federal) on selling price?
Can anyone who has sold a property on h1 or EAD confirm this?
Please share first hand experience and not something that someones heard through the grapevine
2010 Dexter, Weeds quotes or
jest_1
03-15 08:15 AM
Even if your visa is expired, if you have valid approval notice, you do not need airport visa. You can refer to the following website: http://www.germany.info/relaunch/info/consular_services/visa/countrylist.html#except4
Exception 4 applies to India.
Exception 4 applies to India.
more...
shirish
02-23 02:21 PM
This issue was discussed in 2 other threds in the last 2 months. I don't remember the name of the threads. Please search.
The status of I-140 application may be important. Out of state tution may depend on the state.
What if I-140 is approved , and the primary applicant (H1) is waiting for the PD to be current, and the dependent wants to go to school. Will this have any impact on the GC process?
The status of I-140 application may be important. Out of state tution may depend on the state.
What if I-140 is approved , and the primary applicant (H1) is waiting for the PD to be current, and the dependent wants to go to school. Will this have any impact on the GC process?
hair Movie Quotes:
suriajay12
05-07 07:31 AM
ganguteli,
there was a donor conference call a couple of weeks back, in which aman, pappu etc participated.
your thoughts of rally was discussed, but unfortunately the numbers are not quiet adding up as it did during the July 2007 fiasco.
As per what I learned from that discussion was when IV sees the "thousands" as per your quote they are willing to support the rally idea. Otherwise, it may not make the noise as we expect it to do.
Yes, I agree with IV core's line of thought in the "rally" idea. I too wish we can do a "rally" but...:-(
It works more easily the other way. If IV core endorses and supports a rally, then the numbers build up. If you dont start a campaign type of thread, where will the numbers come from. They will scatter here and there. Isnt that the case now.
there was a donor conference call a couple of weeks back, in which aman, pappu etc participated.
your thoughts of rally was discussed, but unfortunately the numbers are not quiet adding up as it did during the July 2007 fiasco.
As per what I learned from that discussion was when IV sees the "thousands" as per your quote they are willing to support the rally idea. Otherwise, it may not make the noise as we expect it to do.
Yes, I agree with IV core's line of thought in the "rally" idea. I too wish we can do a "rally" but...:-(
It works more easily the other way. If IV core endorses and supports a rally, then the numbers build up. If you dont start a campaign type of thread, where will the numbers come from. They will scatter here and there. Isnt that the case now.
more...
morchu
05-21 09:39 PM
1. No
2. ??? don't do any amendment. Just file a new eb2-140.
3. No as long as you leave your EB3-140 as it is.
Attorneys or Gurus please:
I have a bit different situation than Raj (rajivkane), so please suggest/answer following queries:
1. Is it advisable to file amendment I-824 or other (requesting an amended approval notice with retention of earlier priority date) instead of filing a new EB2 I-140 once EB2 Labor will get clear? My 485 is pending with EB3 I-140, where as EB-3 I-140 got approved before filing I-485 in July'2007.
2. Or it�s compulsory to file new I-140 with EB2 and once I-140 after that amendment.
3. Will it impact my pending 485 in regards to any of the above cases, which ever is correct?
Regards,
Raman
2. ??? don't do any amendment. Just file a new eb2-140.
3. No as long as you leave your EB3-140 as it is.
Attorneys or Gurus please:
I have a bit different situation than Raj (rajivkane), so please suggest/answer following queries:
1. Is it advisable to file amendment I-824 or other (requesting an amended approval notice with retention of earlier priority date) instead of filing a new EB2 I-140 once EB2 Labor will get clear? My 485 is pending with EB3 I-140, where as EB-3 I-140 got approved before filing I-485 in July'2007.
2. Or it�s compulsory to file new I-140 with EB2 and once I-140 after that amendment.
3. Will it impact my pending 485 in regards to any of the above cases, which ever is correct?
Regards,
Raman
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champu
03-12 09:25 PM
Received a mail for myself and my wife. welcome to USA. But no email from CRIS.
:):):):):):)
:):):):):):)
more...
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gc2
09-23 01:34 PM
pd is june 06. labor is perm. if i become a consultant would i join a new employer on EAD or H transfer or would it not make a difference ?
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alkg
10-25 06:38 PM
Dear IV Members,
I am 2nd July filer for I485,I-131,I-765.I got my receipts nos.a week ago by calling IO.
Now my question is that today when i called them to ask about the FP notices then they told me that our application was received on 13th August,2007 but our application was received on 2nd July and we have the proof.
Plz help me out as to how can i fix the exchanged dates ???????????
I will be really thankful to you
Thanking
alkg
I am 2nd July filer for I485,I-131,I-765.I got my receipts nos.a week ago by calling IO.
Now my question is that today when i called them to ask about the FP notices then they told me that our application was received on 13th August,2007 but our application was received on 2nd July and we have the proof.
Plz help me out as to how can i fix the exchanged dates ???????????
I will be really thankful to you
Thanking
alkg
more...
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eb3_nepa
01-14 03:07 PM
Only H1 reform is likely by feb 15th.
Ok so any news on that front as to when the H1B increase bill will be introduced? Is that bill still on target?
Ok so any news on that front as to when the H1B increase bill will be introduced? Is that bill still on target?
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eb3_nepa
11-06 04:30 PM
Here is the link with the clarification released on Jun 6th By Michael Aytes, Astt Director of USCIS regarding Non Cap h1B's
http://149.101.23.2/graphics/lawsregs/handbook/AC21C060606.pdf
These roles qualify for non cap H1B's
* Renewals of existing H1b's
* If are working for a not for profit institution
* If you are working for a institute of higher education ( as defined by the US education act of 1964, institutes like 2 yr and 4 year colleges and some high schools which have teacher education programs with schools of education in these colleges) or a government research institution or a company associated with the above institutions where the primary objective of the company is to supplement the mission of the institutions, example would be a company providing research assistants to a reseach medical hospital. In this case the company is not cap exempt but the job involves the institution that is cap exempt.
What kind of institution will your wife be a financial analyst in?
I am not an attorney, pls consult an attorney regarding your specific case. Hope this information helps.
My Wife, if everything works out, will be working in a Finance related field for a Health Care related service providing financial services to many many hospitals.
I was wondering if I could use the Heallth care angle for the H1b Non Cap
http://149.101.23.2/graphics/lawsregs/handbook/AC21C060606.pdf
These roles qualify for non cap H1B's
* Renewals of existing H1b's
* If are working for a not for profit institution
* If you are working for a institute of higher education ( as defined by the US education act of 1964, institutes like 2 yr and 4 year colleges and some high schools which have teacher education programs with schools of education in these colleges) or a government research institution or a company associated with the above institutions where the primary objective of the company is to supplement the mission of the institutions, example would be a company providing research assistants to a reseach medical hospital. In this case the company is not cap exempt but the job involves the institution that is cap exempt.
What kind of institution will your wife be a financial analyst in?
I am not an attorney, pls consult an attorney regarding your specific case. Hope this information helps.
My Wife, if everything works out, will be working in a Finance related field for a Health Care related service providing financial services to many many hospitals.
I was wondering if I could use the Heallth care angle for the H1b Non Cap
more...
makeup Love And Basketball Quotes
telekinesis
09-06 03:59 PM
I did it a little different: first, I took the one pixel wide column marque tool and picked a vertical spot that I wanted to stretch; second, I used edit >> define pattern and used the marque tool and made it the length I wanted and filled it with my pattern edit >> fill and pick our pattern that ou just defined; third, duplicate layers and mess with color dodge, screen, multipy, color burn, and so on!
girlfriend Love And Basketball Tattoo.
stueym
07-09 03:48 PM
Thank you for all your support. Quick update. Our video now has 1439 viewings, 132 ratings and 38 comments (as at 4:15pm EDT 7/9). This has resulted in us having the #32 top rated video of the week in News and Politics. Your support has been wonderful and thank you for your positive comments.
We have looked at a large number of the other videos in the competition and we certainly have a much higher rating and viewings than any of the videos other than the ones posted in the first week of the competition. Sadly we dont want to monitor them as every time we check their score it rates as another viewing for them :p
We remain hopeful that our moderate position on a difficult topic may give us an edge but who knows. My son is dying to pose a supplementary to the video question about the byzantine process we all have to endure.
Will keep you updated.
We have looked at a large number of the other videos in the competition and we certainly have a much higher rating and viewings than any of the videos other than the ones posted in the first week of the competition. Sadly we dont want to monitor them as every time we check their score it rates as another viewing for them :p
We remain hopeful that our moderate position on a difficult topic may give us an edge but who knows. My son is dying to pose a supplementary to the video question about the byzantine process we all have to endure.
Will keep you updated.
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dan19
03-09 02:50 PM
Based on Murthy.com, It's likely that EB3 World will move but India and China will remain stagnant:confused:
As most EB3 numbers go to IT software and as there are so many issues, until DOS and USCIS fix these issues they wont move these forward
As most EB3 numbers go to IT software and as there are so many issues, until DOS and USCIS fix these issues they wont move these forward
tnite
08-10 09:02 AM
Please join us for a tri state lunch meet. We would like to start working on volunteers/ mobilizing members for the DC rally. Even if you cannot take the day off and come to DC please come by for the lunch. We could really use help with banners/posters/ and ideas to make this a success.
WHEN: Saturday AUGUST 11th
LOCATION- 148 E 48TH St, New York, NY 10017 (between Lexington and Third Avenues.)
TIME: 1:30 pm
IF YOU'RE FROM NY/NJ/CT TRISTATE AREA, PLEASE DO JOIN http://groups.yahoo.com/group/immigrationvoiceny/ (http://groups.yahoo.com/group/immigrationvoiceny/)
bump
WHEN: Saturday AUGUST 11th
LOCATION- 148 E 48TH St, New York, NY 10017 (between Lexington and Third Avenues.)
TIME: 1:30 pm
IF YOU'RE FROM NY/NJ/CT TRISTATE AREA, PLEASE DO JOIN http://groups.yahoo.com/group/immigrationvoiceny/ (http://groups.yahoo.com/group/immigrationvoiceny/)
bump
jay75
05-06 11:23 PM
Both my wife and myself got soft LUD today on 485. Aug'07 filed, EB3 India, PD 2004.
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