OCi Dual taxation in India & Proposal Direct Tax Code Bill 2010

[manjiraa]

Hi Everyone,
This email came across in July2011.
Any update/opinion or your take on this issue ?
About OCi Dual taxation in India & Proposal Direct Tax Code Bill 2010
Appreciate any feedback/update/development
Thanks.
Manji
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Quote:You can take an Indian out of India but You can't take India out of an Indian !!

You may be surprise as Indians, what corrupt governments
of India wants from NRI and OCI.
Do you know all " OCI " are subject to Indian Legal System
in India ?

They want all your income, either abroad and at India to be
included for the income tax purposes. Thick skin corrupt
Income Tax officers knows how to qualify and subject you
for these taxes. You will have fun dealing with them !!
What Letters of loyal Readers of " India Abroad " says :
Quote : Direct Tax Code Bill 2010 was placed on the anvil.

New bill threatens to make NRIs residents subject
to local income tax codes, if they stay in India for
just 60 days or more in a fiscal year against the
current limit of 182 days. Once NRIs are deemed
residents their foreign Income will be subject to
Income Tax in India. Moreover they would have to pay
wealth taxes for financial assets like Bank deposits,
houses etc outside India.

Unquote : Established statistics confirm that each NRI spent
an average US $ 8000.00 during their stay in India.
Lot more for wedding and Major purchases.
Daily 12000 NRI visit India from around the globe.

Calculate spending power of NRI in India :

It amounts to $$ 96000,000.00 X 365 days. annually.

( 12000 pax daily X $ 8000.00 each = $ 96000,000.00 )

Here are your choices :

1) Require burning desire to teach lessons to these corrupt governments.
2) Boycott India Visit for one year from January 2012. Not even for weddings.
3) Do not send your hard earned $$ to India for any reason.
4) Only visit India for compulsions such as death in the family.
5) Tell all your friends and family members around the globe to join this
Campaign starting Jan 2012.
6) If you agree, forwards this to every one on your list.
7) Keep adding your valid reason for the cause.
8) IF YOU DON'T DO IT. NO ONE WILL !!!
IF YOU DID NOT CHANGE THE WORLD THAT YOU DON'T LIKE.
IT'S YOUR FAULT !!

" GOD BLESSED AMERICA "

NB : Chances are Airfare can go down in 2013.
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[dbs]

I guess that is one less visitor to India and a loss of 8k, while the OP saves 8k+ the airfare.
Good for him.

India did not loose much by my R2I. I never spent 8K in India during my trips while I was R2I.

Must ask my sons what they did with their money when they visited India earlier this year. I did not see any of this 8k.

Good. I wonder if it will reduce the inflation in India. That is a lot of money being spent by NRIs.

Does this mean that we see a lower airfare to and from India with no NRIs travelling to India in 2012 itself.
Good, it will cost me less to see the west one more time.
_________________________________________
I like you. People say I've no taste, but I like you.

[gwldaddu]

New bill threatens to make NRIs residents subject
to local income tax codes, if they stay in India for
just 60 days or more in a fiscal year against the
current limit of 182 days. Once NRIs are deemed
residents their foreign Income will be subject to
Income Tax in India. Moreover they would have to pay
wealth taxes for financial assets like Bank deposits,
houses etc outside India.

(1) NRI as in an Indian Citizen settled abroad? or,
(2) NRI as a "Person of Indian Origin" irrespective of his/her citizenship, travelling India?

if it is (1), then whats wrong with the bill? Why are you hailing USA at the end of post? I mean, are you hailing it in the manner that USA's tax code is lenient? If yes, then please help me understand how it is lenient....

A USA citizen, living anywhere in the world, gets taxed on global income.. irrespective of number of days of stay in USA, India, Africa, Europe, Australia.... He or she might be living for "ZERO" days in USA, but his/her global income comes under tax radar.

An Indian citizen living outside of India, gets taxed only on Indian income. He/she gets taxed on global income if he/she stays in India for "n" number of days. This "n" is being reduced. But then, it is still greater than "ZERO" (as in case of USA citizenship).

Yes, as a USA citizen living in India, you can get credits for taxes paid to Indian government (as part of bi-lateral treaty). But that is not the point of discussion. Plus that is bi-lateral.

Before you copy/paste big emails here and start criticizing your birth-country.. pause.. think... If your thought process decides that the email makes sense, then please go ahead and forward it to your buddys. Just remember, not to cc me on that.. I am really not a big fan of spam mails..

And yes, my third cousin's wife's mausi's sister-in-law is getting married in Feb 2012.. Do you think, if I visit, I will face any protests from your supporters?

[indigoyogi]

" GOD BLESSED AMERICA "

Once upon a time, eh? Not anymore?

[manjiraa]

Simplified Q's is: Can US citizen's Income,Not earned but just Spent in India.... get taxed again in India for UScitizen with OCi ?

[dbs]

Once upon a time, eh? Not anymore?

He had used the past tense if you had noticed.

[gwldaddu]

Simplified Q's is: Can US citizen's Income,Not earned but just Spent in India.... get taxed again in India for UScitizen with OCi ?

Oh.. thanks for that simplified question..

So, the case in point is... I am a USA citizen. I visit India. I spend $100 there. I pay sales tax ..say 10%... So, I actually pay $110.. Whats wrong?

Or is there some other tax that is charged on money spend in India?

Your simplified question is not descriptive enough..

[FB2020]

" GOD BLESSED AMERICA "

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Can you enlighten us what year was it when GOD stopped blessing America? Did you get a notification?