James Thomas 2013-10-24 13:36:17 News
All those good days are gone. Investing in India by a US Indian is a torture. He has to go through tons of paper works, double taxation and many reporting. It is not worth it. It does not get any easier for US citizens who live abroad. The IRS appears to be moving to stricter enforcement methods to track down those who may owe taxes. From the year 2013, foreign banks would also be required to provide certain information, such as the names of all their U.S. account holders, directly to the IRS. The tax agreement between India and the United States may reduce or eliminate any double taxation of your income. The IRS allows credits for foreign income taxes you pay, while living outside the United States. These credits may offset any U.S. tax you might owe on your Indian income. However, to claim the credit you must file your U.S. tax return, every year. Not filling your US taxes can only increase your tax liability. Suppose you live in India for 5 years and then return to the United States. The IRS may question your failure to file returns for the past five years, in such cases; they normally make assessments based on their best estimate of your income. The interest and penalties on any old tax amounts accumulates rapidly. In a few years you may end up owing a lot more than the original taxes owed. Voluntarily filing as opposed to the IRS coming to you, can make a big difference in how you will get treated when penalties are assessed, for failing to file U.S. tax returns. New foreign account reporting requirements are being phased over the next few years, making it ever tougher to hide income in foreign countries. The IRS is now focusing on banks and bankers worldwide in an effort to find U.S. taxpayers who may be hiding assets overseas. The rules for filing U.S. tax returns remain the same for U.S. citizens and resident aliens, regardless of whether they are residing abroad or in the United States. Those who hold 'Green Cards' are resident aliens, and the same tax rules that apply to U.S. citizens, generally also apply to green card holders. Rules for filing income, estate, gift tax returns and for paying estimated tax, are generally the same whether you are in the United States, India, or any other part of the world. Generally, your income, filing status, and age determine whether you must file an income tax return. The requirement for filing a return for the year 2012 is that your gross income from worldwide sources is at least the amount shown for your filing status in table. Check the IRS website for the latest information on filling requirements. Their website address is http://www.irs.gov. Citizens of the United States, as well as those who are deemed to be U.S. residents, are required to report foreign bank accounts to the IRS if they meet the defined guidelines. Reporting foreign bank accounts is called FBAR and such reports are submitted on Form TD F 90- 22.1. FBAR is a report of foreign bank and financial accounts held by U.S. Citizens/residents abroad. If you are a U.S. citizen or green card holder who has bank accounts abroad, you must file a FBAR report on Form 90-22.1 if the aggregate value of the accounts exceeds $10,000, during a calendar year. U.S. citizens and residents who have financial accounts in India, such as NRO, NRE accounts, where the value of the account exceeds the equivalent amount of US$ 10,000 at any time during a calendar year, must file a 'Report of Foreign Bank and Financial Accounts' (FBAR) on form number TD F 90-22. The Foreign Account Tax Compliance Act (FATCA) was enacted in 2010. FATCA affects US tax payers who hold foreign assets that exceed US$50,000. The IRS requires Information about such assets on a new form (Form 8938). This form must be attached to the taxpayer's annual return. FACTA reporting applies for assets held in taxable years beginning after March 18, 2010.
A.C.George 2013-10-24 12:08:02 News

Exemplary action from the Pope.  We need to hear real actions like these.

Thomas T Oommen, Chairman, FOMAA Political Forum 2013-10-24 10:12:35 News
Dear Vincent...
I agree with you. We have been trying to convince our leaders. They fail to understand. The two months restriction is removed.. but the problems with getting a visa to India is too much. They think we are seeking visa for working in India? Meanwhile they want our money to shore up the value of Rupee. Now, the new outsourcing contractor, BLS is not doing their job. They are giving our people a real hard time. Worse than Travisa. meanwhile India Visa "shops " are mushrooming in NY, NJ areas taking advantage of the helpless Pravasi Indians.  These private agencies can do a job which our consulate and govt.'s outsourcing agencies cannot do. They charge a lot of fee skimming our community. Another round of protest is necessary NOW. 

Sudhir Panikkaveetil 2013-10-24 09:57:59 News
Congratulations and best wishes ! Sudhir
Joji 2013-10-24 09:35:44 News
This is a complete nonsense. who will bring Dollars to USA at this current rate?
Joji 2013-10-24 09:34:17 News
Is this strictly for business owners? how many of them have real business?
Joji 2013-10-24 09:32:00 News
കല്കി മുകേഷേ , നല്ല തീരുമാനം
T V John 2013-10-24 09:24:47 News
Hearty Congratulations Gladson. Combination of intelluctual, managerial and political leadership and saviness
Varughese Mathew 2013-10-24 05:46:26 News
Congratulation Gladson for this high honor. Good luck in your new job.
Varughese Mathew,  Philadelphia.
Varughese Mathew 2013-10-24 05:38:46 News
This is an unfortunate situation, but this 13 year boy has the guts to take the gun, eventhough it was a toy gun, to school and threaten others. Children should never do this stupid act.
Varughese Mathew, Philadelphia.
sunu 2013-10-24 05:07:07 News
congrats ...
vincent emmanuel 2013-10-24 05:06:18 News
the people visiting kerala are malayalee americans.. they will go to kerala no matter what..our govt. or leaders cannot realise that.. that is all. Govt is telling people,you cannot go back in two months... visa rules are getting worse day by day...can any one of the leaders do something about it.....
Gigi Thomas 2013-10-24 04:45:30 News
Congrats Gladson. Well deserved appointment, nice to see Malayalees coming up in various good positions. 
Mathew George 2013-10-24 01:51:47 News
ഇരുദയ രാജന്റെ കണക്കുകൾ എത്രമാത്രം ശരിയാണെന്ന് സംശയിക്കേണ്ടിയിരിക്കുന്നു. അമേരിക്കൻ മലയാളികളുടെ വിദേശ റെമിറ്റൻസ് നാമമാത്രമായെയുള്ളു എന്നതാണു സത്യം. ലേഖകൻ പറയുന്നതുപോലെ ബഹുപൂരിപക്ഷവും ഗൾഫ് മലയാളികളുടെ റെമിറ്റൻസ് ആണ് കേരളത്തിൽ എത്തുന്നത്. അവരാരും ഡോളർ ആയി തിരികെ കൊണ്ടുപോകുന്നുമില്ല. ലേഖകന്റെ സ്വതന്ത്ര സർവെയാണു കൂടുതൽ സ്വീകാര്യം. രമ്യഹർമങ്ങളും റബർ തോട്ടങ്ങളും വിൽക്കുന്നതും അത് ഡോളർ ആയി കടത്തുന്നതും അപൂർവ സംഭവങ്ങൾ മാത്രമാണ്. അടുത്ത ബന്ധുക്കൾ നാട്ടിലില്ലാതെ വരുമ്പോൾ ഒരു പക്ഷെ അങ്ങനെ ചെയ്തെന്നു വരാം. സി ഡി എസിനും നിക്ഷിപ്ത താല്പര്യങ്ങൾ ഉണ്ടോ എന്ന് സംശയിക്കണം. ഇവരുടെ കണ്ടെത്തലുകളാണ് പലപ്പോഴും നയപരമായ തീരുമാനങ്ങളെടുക്കാൻ കേന്ദ്ര സംസ്ഥാന സർക്കാരുകൾ അടിസ്ഥാനമാക്കുന്നത്. വികലമായ നിഗമനങ്ങൾ വിദേശ മലയാളികൾക്ക് ദോഷം ചെയ്യും. വളരെ പ്രധാനമായ ഒരു വിഷയത്തിലേക്ക് വിരൽ ചൂണ്ടിയതിനു ലേഖകന് നന്ദി. .
CHANDRAN C 2013-10-23 23:34:53 News
വണ്ടൂർ കാരാട് മെയിൻ റോഡ്‌ സൈഡിൽ വീട് വയ്ക്കാൻ പറ്റിയ  12.5 സെൻറ് സ്ഥലം  വില്പനയ്ക്ക് വറ്റാത്ത കിണറും ഉണ്ട് ആവശ്യക്കാർ
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