the new black money rules

If someone/NRI has moved back to India from overseas and still has official NRI account (tax paid money), how will the Govt make sure they are differentiated from the black money accounts who transferred cash in India into a swiss account? more

Helpful Overseas Indians Mar 02

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Mahendra Jain

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Mar 30

Kannan Narasimhan

Dear Sir, Thanks for your advice. When I mean we people, I mean we doctors . Every country allows tax saving pension plans and these pension plans mature after 65 years. These are not income but pension relief . Of course when converted and brought to India they will become Income as per defined limits. doctors marry late and have to arrange for funds for kids education. We are children of freedom fighters ( my father was in quit India movement and was regular to the prayer at tees january marg). So India is in our blood. I am capable of handling the corrupt officials. Honest officers are no problem. Peace of mind is always welcome. more

Mar 05

Brij Gupta (Technical convener - ETRWA)

My dear friend, how you can say most of us, it is not correct. If you buy property or pension plans abroad while as NRI, no one ask you any question on that, but once you return to India, you have to declare it and provide all income details on the same with tax deposit details etc in that country. Double taxation treaty is for Indians abroad and not for resident Indians. You need to know the rules correctly and please declare all such incomes abroad to save yourself for any FEMA violation and then do not blame Govt or tax authorities who will unnecessarily demand bribes to save you from any legal implications. Why fall into such situation, live happily after paying your taxes due to the Govt. Of course, it is ones personal decision. As retired person myself, it is better to lead a peaceful life rather than stressful life after saving some tax money which you may or may not be able to enjoy within your life time. It is my advise only more

Mar 04

Kannan Narasimhan

Thanks a lot . Most of us take pension plans abroad and this is done as along term investment. We also buy flats abroad and let it on rent . The income there is taxed in that country. How does the double taxation treaty ? more

Mar 04

Brij Gupta (Technical convener - ETRWA)

Kanan ji, Govt can ask you to bring it back after you lose your status of "Resident but Not ordinarily resident" or else, you will have to declare and seek permission to keep it abroad and pay tax on the income on it. This is as per rules and should not be taken as harassment at all. more

Mar 04

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