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Is The Govt Tracking Your Financial Transactions? - An Eye-opener For NRIs
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- Опубликовано: 26 дек 2022
- #nri #nrimoneyclinic #financialplanning
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Big corporates pays 22% instead of 30% tax since last year. this generates 20% shortfall of total revenue in budget which is recovered from poor people via GST on foodstuff & petroleum products. NRIs are taxpayers in their respective country. Sending tax notices to NRI creates an uncomfortable situation. No wonder whopping 800,000 wealthy NRIs has given up Indian citizenship in last 5 years(in 3 years as 2 years was COVID period). who is looser ???
if govt tax dept has all information. it makes sense for govt to send us Tax statement so we can verify and file instead of running around with cpas or banks for records 😊
Hopefully NRI money clinic can make that happen 👍
As a NRI in US, see IRS tax department has all our info BUT the huge Tax software lobbies has prevented the govt from sending our Tax statement
Being an NRI and tax payer, I found our Tax department is very helpful and AIS is very helpful to submit my tax returns. I get my eligible refund every year regularly.
We have to pay tax with out forgetting to find out how the Govt is using it .
what refunds is that ?
Refund of excess tax deducted through TDS.
A very few people get into this filter you have explained , while most are made to suffer particularly NRI
Very informative and clear message. It's really good to note that our IT department is using IT (Information Technology) to administer a very complex task of ascertaining the taxable income of it's citizens. 👏👏👍.
At the same time I wonder how our political class and cash dealing contractors are able to manage in this new era.
Please make a video on how the politicians and the business contractors are handling the AIR and TDS/TCS.
Common man are like catching a small fish. But it's really the compliance of big fishes that would make a difference to the development of our country
😂
Let the government track transactions. But i saw that system and officers are lacking common sense. Banks in india are also sharing partial information with Income tax. All together NRI suffer. There is a need to bring qualified people in the system and government for smooth flow.
USA government has made FBAR mandatory where we have to report all our indian accounts information and pay tax on NRE interest also. Penalty for not declaring FBAR is huge. So we should not be complaining if indian government monitors its own citizens accounts in my opinion.
Another one more spectacular episode.Thanks to both of you.
Kindly make a Tax related videos for NRI'S.
Being an NRI and taxpayer, I found our Tax department is beneficial and AIS is beneficial to submit my tax returns. I get my eligible refund every year regularly. I like the centralized system which automatically reflects all my data.
Can you please answer this questions
We earned money and paid taxes and save that money in bank account and banks will lend that money to others and earn huge intest ( say 8% percent home loan 12% car loan and no interst loan to politicians and judges) , they pay peanuts to us
1. why should have to pay taxes on it
2. who gave persmission to borrow that money from our account and lend to others
3. why should have to taxes on interst when govt is doing nothing to us ,but giving free benefit to use less govt officalis
Sir your channel is super Amazing. I love the way you provide information. Thanks a lot for all this information
You are talking about general people but not NRI as mentioned in intro
Being NRI is a curse. NRI are treated badly by tax people, that is why they don't want to return back. Eg u send money to India and earn interest which is non taxable. BUT ONCE U COME BACK TO INDIA, that money u earned from outside India, becomes local money and any interest on that money becomes taxable, to feed many of the silly yojnas of govt. That is why thousands Indian leaves Indian citizenship and stay abroad. A big loss of talent but who cares. Authorities sleep,
Yes. AIS is a great idea. Sometimes parents keep money in our name without telling us with all the right intentions. But we were surprised to see new set of FDs show up in AIS last year and parents had to spill the beans eventually.
Govt has a mid understanding about NRIs , all are not hawala business people of BINAMI buisiness team , we work hard to earn in out of country
Yeah, when we work hard in abroad no one is paying us in cash. Regardless of Govt’s understanding about NRI’s I wish this applies to everyone in India.
First get the money stolen by contractor n politicians , nri s earn honest money . Should remove nri from taxing
Resident indian is suffering more than you and me. NRI is enjoying a easy life thanks to high exchange rates and zero tax on NRE deposits. Indian government should tax NRIs a lot and spare the poor resident indian. Of course this tax should be used for nation building and not to fill pockets of politicians
@@anilprasanna what is the benefit of tax free NRI deposits? Is that earning not taxable in the country of residence?
Yes but if india starts taxing NRE FD you can use double tax avoidance treaty and not pay tax to country of residence
@@anilprasanna you said NRE Deposits must be taxed?
What benefits does the NRIs get from Indian govt.?
NRIs pay taxes on all goods and services they avail in India.
Did you know NRIs contribute more than 75 Billion USD per annum to India's foreign exchange?
By the way, which political party did you vote for?
@@anilprasanna That will never happen , if it does double taxation will help. So continue feeling jealous. NRI is living a life they created for with hard work , it's not an easy life, you have no idea of the mental stress residency clauses bring in,yet that is what they've chosen.
Thanks for the guidance.
Excellent informations. Thank you very much.
EXCELLENT AND VERY MUCH USEFUL
Thanking you both for such valuable video
Why the government does not track the politicians and it's own corruptions!?
Very well done program
If government is not genuine by appointing right officers then how come they expect citizens to be genuine???
Sir, how the IT dept tacks rent amout recd in cash from 4 or 5 tenants by the landlord, not reporting at all to any agency and not showing in his IT Returns?
I mean tracks and not ... tacks.
Whether they track or not , what’s the reason not paying when you earn income ???
Good to know that future income tax will be a nightmare for every citizen of India. Many old people will die from sleepless nights,
What about tax deducted at source for NRO accounts? Is it necessary to file income return? Will any tax amount deducted be returned if return is filed?
Yes, TDS deducted will be returned back if your total income falls within limits. It will be returned ONLY if you file the IT returns.
Paying tax has not made anyone any poorer .. tax is only demanded on income and is affordable .. one only has to change their mind set and accept the tax payment
Informative
It is done by all governments !
Thanks for such an easy explanation . Whether banks also liable to send interest accrued on fixed deposit in Non Resident External Account to i t deptt under AIS or only interest figure on NRO fixed deposit account is liable to be sent for AIS.
Same query from me
I was under the impression NRE ACCOUNTS ARE NOT TAXABLE??? I would appreciate your reply
I have the same question too!
@@gps3424 There is no free lunch buddy! For NRE accounts ( money kept in dollars of an NRI chap, in indian banks in a NRE account), no need to pay tax in India for the interest received, but you need to report it as interest income and pay Uncle Sam (IRS in USA, read about FBAR, and or form 8938 in Turbotax software) per your tax rate. So you figure out which is better to keep your money in USA or India. The penalties begin at $10,000 per account not reported per year and if the IRS finds you intentionally did not disclose these accounts the penalties can go as high as 50% of the value of each account not reported per year. It should be noted that the IRS and U.S. authorities are taking a very hard line for non-disclosure ( my guess, they are sharing information/data) and in some cases imposing criminal penalties or criminally prosecuting individuals for non-disclosure. This is one of their areas of focus.
I am an NRI but not eligible for Aadhar card. I have a PAN card and NRO bank account. Reserve Bank of India is sending me threatening text messages in Hindi that I have not linked my Aadhar card when I don't have any Indian bills or any residence in India. I spend maybe 30 to 40 days in India. What shall I do?
People are simply taking Aadhar card without doing enough research.
Thank you for sharing this info. I am planning to take aadhar card
After seeing your msg I won’t take it
To get aadhar card. You need to stay in India for 181 days if you are an OCI holder
Informative and useful presentation
can an NRI invest in stocks using NRO trading account (fund used here is from NRE to NRO transfers)?
yup, few brokers like "Interactivebrokers" do allow, (may be some simple banking caveats...)
मोदी जी, चुनावी भाषणों में से कितना ब्लैकमनी वापिस लाए वोह कभी संसद को बताएंगे..? इलेक्शन कमीशन ने सभी राजकीय नेताओं को उनके मैनिफेस्टो का हिसाब हर साल पूछना चाहिए क्योंकि जनता को वोटिंग करने की अपील भी वोही करते हैं और इलेक्शन कमीशन की जिम्मेवारी है कि जनता का विश्वास बनाए रखें
How do we get AIS and 26AS or any other reports?
There are detailed videos on this subject on the channel. Please watch and be guided
You evade tax - expect a notice. All is well.
Not right , first of all my tax need to come back in the form of benefits in my day to day life , if not it’s the government which is evading my tax … don’t talk half baked in social media
@@mohankumarc2605 You evade tax...Government cannot evade your taxes (and if you do not know evade means "Escape". Do your homework first.
🙏
Dealing with cash is same as holding piece of shitty depreciating paper 😂😂. Unless you are politician, you can use & grow value of cash 😂😂
Could you provide Mr Sequeira's contact details please. Thanks