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  

View all 12 comments Below 12 comments
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  
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  
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  
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  
Post a Comment

Related Posts

    • Seeking help with the Indian Visa

      Dear External Affairs Minister Mrs. Swaraj We appeal to your good nature. I am an Indian-born US Citizen and almost all of my extended family is in India. I am married to a Ka...

      By Anurag Kabra
    • Dear Members, I am a NRI, until now did not opened any NRI bank account, all of my earning send to India to my father account for saving. Kindly advise how it will consider legally, the savings are...

      By Mohamed Jafar Ali Ismail Mian
    • Cousin with Cash

      My cousin in chicago is visiting india this week and he has 24500 in old cash, landing in chennai. Where should she be going to exchange the money?

      By Mukta Somani
    • Ambassadors in India and abroad

      I have a suggestion. Can local circles or ministry of external affairs please invite all ambasaddors of foreign countries or their offices and india's ambassadors in foreign countries to this circl...

      By Laxmi Jindal
    • OCI & old currency notes

      Just found out today that I am unable to change my old Rupee currency as a OCI card holder. Only NRI are allowed to do this and i thought I was same as a NRI. In future will have to think seri...

      By Mohinder Singh

      wrote the below appeal to RBI : From: <> Date: Sat, Jan 28, 2017 at 7:20 PM Subject: NRI CLARIFICATION Pleas...

      By Mayur Vora

      We are coming to Mumbai on 1st Feb to go to RBI to deposit Old Notes. SEEK CLARIFICATIONS My parents were from India. I was born in India but brought to Singapore when I was 3 month...

      By Mayur Vora

      I am a Singapore citizen. I am holding an OCI (converted from PIO by law). According to my bank I am a NRI. So I need confirmation that I can deposit my old notes to RBI, as under NRI rules. C...

      By Mayur Vora
    • Rs25,000 only

      Rs25,000 allowed by NRI to bring into India is just too little. It should be at least 1lakh. This is the amount usually in hand. Why, becuase 1lakh in India for NrIs fly off our wallet like a bulle...

      By Mayur Vora
    • NRIs and demonetisation - bikram vohra

      I think this is articulated much better by Bikram Vohra ji then I could have. Of all the absurd rules and regulations that have come out of this demonetisation exercise, the one on Mond...

      By Asha Rathi
    • NRIS in fix

      There are some new rules now where NRIs before they can deposit their money need clearance from custome officials at airport. This is ridculous. If someone has 60000 of gifts money in a ...

      By Asha Rathi
Enter your email and mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

All My Circles
Invite to
(Maximum 500 email ids allowed.)