FATCA / CRS Declaration: Requirement, Importance and Detailed Analysis

 

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About Jigar Patel, CFA (USA), MBA-Finance (USA), CPA (USA), CA (India) Mr. Jigar specializes on NRI Investments and Taxation. He is proud to be one of only 21 CFA Charterholders in .

Why should I declare something which is not correct, if I am a resident in Mumbai since ? Do they have the right to ask me to fill a form that does not relate to me? Thank you very much and regards. You would just tell them that. I am sure they will understand as there are many foreign nationals living in India.

I hold an overseas bank account with me which hardly has any assets now. If I am moving to UK again do I need to close all my resident accounts in India immediately or after 6 months?

So, you will be required to complete the form. However, as you are an Indian resident and can not be termed as resident of UK, you would declare as such. NO need to worry. If you are moving to UK, you would inform the bank and mutual funds of the change of status either from resident to NRI or on becoming UK resident.

Number of month would depend on the purpose of leaving India and residential status rules of India as well as UK. However, I would think after months would be okay. The data will be shared as agreed i.

USA — from July and other countries form January However, the actual sharing will happen form end Two years given to setup system and gather data. I surrendered both policies after 5 years of premium payments. Like many ignorant NRIs, I have not reported these in my US taxes though I was up to speed on my bank account reporting requirements so all my bank accounts are being reported every year from In dollar terms, the gain is not much if I factor in the premium payment each year at then exchange rates.

However, I suggest you to contact your CPA. I have been living in Australia for last 6 months and almost 2 years before I had invested in equity which I am still holding. Though I have sold some shares, but I have not done any new purchases of any shares.

You can do all formalities in Australia and no physical presence is required. You may have to go to the Indian Embassy but not required to visit India. Please complete the form as soon as possible as it is now a requirement. Please also note that your assets and accounts will be shared with the Australian tax department. Patel — I was looking for some guidance and after going through your blog, I feel certain that you are very qualified and would provide an apt suggestion to my query listed below.

Are they specifically looking for accounts from July — to August ? I hold an Indian passport. I was residing in Macau there working for a large Hotel Organization. Our taxes were deducted directly before we received a salary.

The US govt doesnot pay my taxes and provide no benefit other than the money wired every month. So — my question to you is — — As an Indian passport holder located in Macau am I eligible to pay tax for this additional income?

Is this a punishable offence? Also note that I had provided my, PAN, passport copy, a copy of the visa, a copy of the contract with the hotel in Macau when I opened the account. Thank you for your prompt guidance. As you are an NRI, any income outside India is not taxable so no need to pay tax in India assuming income is received outside India. If the American company is paying directly to your NRE account, it is a grey area. I would recommend opening a bank account outside India and then remit the funds to India to save any complications.

However, as you were a Macau resident, if such income is taxable in Macau, you would pay tax as per laws of China. If no tax is paid, it may be tax evasion or black money or anything else. If the US company deducts tax before making payment to you, it may be okay. Else, it may be considered as tax evasion. Hello Sir, From Oct to till date i am working in Indonesia. Last year i tried lot of times to open NRI account in sbi but as my working visa was not valid due to date was finished i cannot open.

I got new working visa processing form, i showed that then also i was unable to open nri account. Now for my parents and wife salary gets credit in normal joint saving account every month. My company is paying tax amount in indonesia. I have tax receipt and tax card also. I have 2 account in india: Salary do credit here every month. It may be considered as a black money or the income that has escaped assessment. I had few questions but I read through everyones questions above and your detailed answers for each questions.

I got my answers from them. I just wanted to thank you first for this useful blog article. Also Is there a threshold of a certain amount post which I have to declare or do I have to declare it anywhich ways? Also I hold a LIC and a few mutual funds back in india? How do I handle those? The requirement, compliance and threshold is different for different countries. Unfortunately, we may not be as well informed about Canadian requirement.

I was looking for some guidance and after going through your blog, I feel certain that you have very qualified and would provide an apt suggestion to my query listed below. I was residing in Macau then working for a large Hotel Organization. Now I am relocating to Philippines with another company and will continue to hold the 'virtual assistant' job. The address would be in the form. I found your website looking for information regarding CRS. Reading your site — I feel that you can help me.

I have a tax number and I am a taxpayer in Thailand. The interest I earn here is Tax free in India since 7 years. I have to inform them that Thailand is my resident country and not The Netherlands.

I do not have any income of any sort or assets in The Netherlands. I still hold a Dutch passport. I am still obliged to fill out the tax return in The Netherlands. Which is showing no income since It is okay to have a residence in more than 1 country. You first need to decide whether you are also considered as a resident of Netherlands for tax purposes. If yes, include both Thailand and Netherlands as your countries of residence.

If no, include only Thailand. Based on your declaration, your information will be updated in the system and reported to the respective or both countries.

The bank would rely on your declaration. There is no need to worry. If Yes, what will be Country of tax residence as per section 6 of the Income-tax Act, out of these 3 below a Any other country b India and any other country c Only India Please help me to clarify on above queries.

So, you are only a resident of USA a Any other country. Some years ago I lived in the US as an Indian citizen on a work visa and had made investments in the US from my salary income there. When I returned to India, I did not liquidate these investments and I continue to hold them.

My investments are now in i money held in a savings account in a US bank, and ii a retirement account which was funded directly through my company similar to the provident fund system in India. I am liable to pay some amount of tax in the US on the income earned from these investments, which I do so every year.

Additionally, are these investments being automatically reported to the Indian tax authorities through CRS? As you are an Ordinary Resident, you need to declare your foreign assets in your tax return including your bank accounts, k or any other account. You also need to declare all your US income in your Indian tax return. Please note that while certain income is not taxable in USA k dividend , it may be taxable in India.

FYI, I am reporting my k balance and income in my Indian tax return as foreign assets and income respectively. I do not pay any tax in UAE since this is a tax exempt country. The letter is addressed to my spouse and no account number is mentioned on the letter. I have join NRE ac and also ordinary account with sbi.

The transactions are very basic in both accounts and less than 1 lakh rupees in ordinary ac and less than 10k in nre ac. My question is - what should I write as I have no PAN nr for my spouse as she is not working and never filed tax in india.

Should I provide details of this account in CRS? CRS does not ask for any foreign bank account but only the information of its account holders to verify that the money in one account is declared income and after-tax money. You would need to contact your bank and follow its procedures for converting your bank account.

In your case, as you hold the account as NRO or NRE, it is obvious that your resident country is different from India, you are getting the letter sooner. Hello sir, I am RD Patel. I am really appreciated by seeing your good advice and your support. Needs your advice before 20th FEB. If you are only an India resident, you would mention the same in the form. Just provide the information about your self as required in the form — occupation, income, political affiliation, etc.

I have been living here since my childhood and now work here since the last 25 years. Kuwait does no impose taxes on anything. Do I write Kuwait or India? Bank statements in India, most of them dont give account opening date, and during closure there is nothing explicitly saying that account is closed, and bank officials are not very helpful in giving any such letter.

It is a real pain. Some banks clearly state that they cannot give statements more than 4 years old. And you have to follow up again and again to the extent that it feels like begging. What do we do here? In case IRS raises any questions or seeks explanations, the above will become a huge pain factor. Please contact the bank. Raise the issue to higher authorities and tell them that it is a compliance issue. I am Prathap, residing in Germany. I have come here on a work visa and its been 7 months.

I would like to have your suggestion on this, 1. Is it required for me to submmit this. Is it bec I am traansferring money to my Indian acc to be used by my parents. I am paying my taxes here, so do I also need to pay the Tax in India. What are all the documents I need to attach along with this, if at all I need to submit this Annexure. As you are an NRI, your foreign income is not taxed in India. This is mainly for tax laws of your resident country i. If you are required to report your Indian Income in your Germany return, currently there is no mechanism for German Tax Dept to know how much you earned in India.

With exchange of information, your account and income information will be shared between both countries. Sir, I live in Kuwait for about 3 years. I have NRE accounts in India.

I never did any trading through DMAT in last 4 years. I have few shares and 10 years Infra bonds which i bought while residing in India Also the resident account is idle.

I am aware that I should not have both NRE and resident accounts together. There is no Tax in Kuwait. Currently, RBI is not penalizing but is after increasing compliance with laws.

I think you would be a resident of only Kuwait. She has CD deposits in oriental bank of commerce in India total amount 70 lacks 70, She is a house wife in US and filling joint tax return with my father. I guess they need her Social security number and also her basic information. So what kind of action is appropriate from our end.

I really appreciate for your precious time and help thx!!!! If not, the IRS will know as India will share the information. So, I would recommend that She voluntary disclose the non-compliance, pay tax, interest and penalty and get her investment sorted out. My company pays tax on my Nigeria income and I do not possess any record for it. I remit money from my UK account to India based on my needs there, pls advise what is the way forward for me as my bank has asked to complete the Fatca CRS form and submit in 7 days as the deadline has expired on 31st Dec You need to first confirm if the income in India and UK is taxed in Nigeria.

All assets are held as shares in demat or Rs. In USA, brokerage accounts combine trading with demat. However, this is not true in India.

In India, there is no balance is trading account. It is being used to raise invoice for purchase or balance on sale and is immediately paid or received. That account was idel for me since last 2 years so, this year I closed those demat and trading account in August So, I told them that I had closed my account and there is no more relationship between me and your firm and I had never did any single transaction.

So all accounts needs to be updated, even the closed ones. So, what they are doing as per the requirement and is right.

Hello sir, I m jitu chauhan. I really nice to see good advice. I all really appreciate your support. You may say that you are an Indian resident and not a resident of a country other than India and you are the Ultimate Beneficial Owner UBO of the account. I think the form would have a UBO declaration as well. If question, please contact your relationship manager. We all really appreciate your support. I think you would also need to give your SSN. Your father may give his passport and Indian address.

Our employer deducts it from Salary itself. Tax ID not applicable for Salaried Individuals here. Thanks for this article!! I have been residing in the USA for the last 8 years and am a permanent resident. Till date I have not declared my Indian assets. I have mutual funds, property, gold sold 2 years ago. The total income made in the last 8 years from these would be less than Rs 3 lakhs.

Most of this income is when I sold the gold and a small portion of this income is from dividends. The total value of shares is around Rs 30 lakhs. As per stamp papers the property is worth around RS 8 lakhs.

And the gold was around 30 talks this is now sold. I have about 4 lakhs in my joint account which is the money I sent from US. I plan to declare all this while filing my tax returns in US in a couple of months. Do I need to get in touch with IRS asap before they reach out to me? Yes, you may be. Both — Tax and interest on Income and penalty on assets immovable properties and gold not included.

However, you used cheque to buy gold so the balance in bank would be covered. However, you are encouraged to comply as soon as possible. Please contact your CPA. If i have income in US which is below threshold limit of US taxation or i have no income from US, what i need to select in tax resident in any other country other than india? I am also assessed to indian income tax and filing my indian income tax return with status of Ordinarily resident in india.

Whether you have taxable income or not does not matter. Nationality is the citizenship. Just look at the passport and you would know your nationality. My bank has sent me a mail asking me to submit CRS. It would depend whether you have returned permanently or temporarily. Whether you have started a job or business in India or whether you plan to go out of India. If you have moved permanently, you may say you are now not a resident of any country other than India.

However, you would need to check whether you are considered a resident of Netherlands based on its laws. I would request you to consult someone to understand the laws and requirements. I am a Private employee with Amazon and receive Salary as per company norms including Tax deductions.

I have a SBI account and there are no Foreign transactions made. May I have the detailed info on this as I need to submit it before 18th Dec and I do not know which form to look at. Helping me with the Form link or is it necessary for me as I do not have any Foreign account. I would assume that you are an employee of Amazon India. If you are not a resident of any other country, you would declare as such and sign.

You do not have anything to worry. I would recommend to complete the same. You would only include the relevant details regarding place of birth, nationality, occupation, income, political person etc. You may also have to provide a copy of your passport or any other document as required to the bank. Dear Sir, I have a quick question for you. Will it be yes or no.

Do we have to give her Social security number in the form. Can you suggest please. As your mother lives in India, she is an Indian resident and is not allowed to maintain an NRE account and the interest on NRE account would be taxable for her.

Thanks for this great post and your prompt replies to all of these queries. I have one question myself. I am resident of Canada since I have been maintaining saving bank account and few FDs in India. So they are normal accounts still. I have been paying taxes to interest earned to India and have also been declaring that income in Canada and getting tax credit from Canada for tax paid in India.

I would recommend you have a documentary evidence email from bank of your communication, just in case. As you have reported the Indian account in your Canada and reporting the income in Indian in your tax return in Canada, I think you are okay. My account told me since I am tax resident of canada and my income is from Canada I just need to declare that to Canada only and pay taxes to Canada on that.

And also told me to declare only interest income in india as it was occurred in India. This is fine as Only Ordinary Residents of India are required to report global income.

Please contact your bank and CA. NRO already deducts 30 or 40 percent tax. If you have invested as a sole proprietor i. However, I would think you would have invested in a personal capacity so I would think SSN would be required to be provided. Bank would report all the accounts. They will report both the balance and the income. Who are the regulatory and monitoring agencies in India to whom I can approach in this regard? Three of you needs to sit together and find a solution.

Every institute has their own internal requirements and procedures. Dear sir, I am working saudi arabia since In saudi arabia there is no income tax system.

This both accounts are using local expenses for my parents and wife. Also very less transaction. This domestic savings account need to be changed to NRO? In your case, you may provide the Iqama number in the CRS declaration. What you have did on it? As i am not a resident of any country other than india as i work on ships worldwide what details i have to fill in the form about my country of residance other than india?

I also got that letter after 2months as the ship was at sea and no mails can be received at sea. You would inform the bank of the same and that you are not a resident of any other country and explain in the form. No need to worry about the delay.

I would suggest you to contact your CA and seek his advice. I would think you would have file your Indian tax returns from as you are only allowed 2 years to file your tax return i. S citizen but living in Singapore. As a resident of Singapore, CRS will apply to you. At the outset, thanks so much for contributing this piece.

In light of this, I have a scenario for your analysis:. I run a private limited company in India where we own licenses to several video games.

These video games are used by a telecom player in India on an gaming app to engage their users, for which they pay us. Here is the complex part. They do not pay us directly. All payments flow to us through their platform partner, which a company in the US. Is that the correct position to assume or is there a way to avoid such a high witholding? The withholding rate would depend on the nature of payment. If there is a withholding, you would be able to take the credit when you file the US tax return and get refund.

Else, when you file the Indian tax return, you would be able to claim the same as foreign tax credit in your return. It works in the same way as TDS in India. Thanks a ton for the information. I am an Indian working in Saudi Arabia since Arpil Does it apply to me as well or only people working in US? Also kindly guide me through the procedure as the Bank did not give proper details. You would need to update bank about change in residential status and provide the tax ID of your country of residence.

I think Saudi Arabia does not have any taxes so you would provide the resident permit number a. As per Qatar Law, resident include permanent home in Qatar, i donot fulfill these requirement. Also i am not covered by any tax law in qatar and Qatar govt will enter into agreement by next year. So what should i fill in the column tax residence country. The definition is to be construed as tax resident and not immigration resident.

As you have been living in Qatar, you are a tax resident of Qatar and would need to declare as such. Mutual Fund Investments in India: Since this a pooled investment vehicle. Is tax payable to IRS even when the mutual fund units are not redeemed on annual NAV appreciation end of the respective calendar year?

If this is true, is there a way to legally avoid paying tax on the annual notional gain on Indian mutual funds in US?. I do want to pay actual tax on capital gains when the units are actually sold not on notional annual NAV appreciation.

Investment into individual stocks in India: Is this better than mutual funds. Does tax liability arise only on sale of the stocks instead of notional gain as in the case of mutual funds? You have few options how you want to treat your MF investment in India. Paying tax on unrealized gain is the most beneficial.

Capital gain is on sale for Shares investment. I would think 7 years including current year. I would keep 10 years just in case. I am a Canadian Citizen of Indian origin. I am not sure why they would require my Canadian Social Security Number. I have no income in India and the only income is some dividends from shares of a public sector company in India. The taxes from these dividends are deducted at source. I am not sure if I should provide the SSN as it is very sensitive information that could easily lead to identity theft.

You Tax ID would be required. If not, you would need to give the same to the bank. I regularly send money to my parent in India by transferring funds from NRE account.

The funds transferred from Australia are from my savings here. I did earn small amount of interest on NRE account below 1 lakh. Do i need to declare the interest in my tax return in Australia?

I filed as resident for US taxation for with minimum 31 days in in USA and counting following years days with days at least. My doubt is — for India taxes — I am resident for as well as resident for US in I am resident in both countries but finally which country I will be called resident as for this common period? If you move on Nov 1, for the first time, I am not sure how you calculcate days in preceding years as you have not stayed in USA in or or unless you moved as a greencard holder.

You are an Ordinary Resident for Indian tax purpose so you would need to include your US salary in your Indian tax return. Ofcourse, if you have paid tax in USA, you would be able claim the same as a Tax relief in your Indian tax return 3. If no greencard, I think you would not be a resident of USA.

You would need to do pay tax as well as report all foreign accounts in your Indian tax return. I am an NRI. However, I find the paperwork and procedures so cumbersome and time consuming that I just gave up.

Wish government has simplified the process. My question is — what is the expected penalty for non conversion of Resident Demat account to PIS account. I am thinking I should just pay the penalty rather than going thru all the hassles so long as paying the penalty amount itself is not a hassle in itself. Please advise as to what are the consequences and quantum of monetary penalty Thanks Mysore.

There have been some bank account which have not been reported over the last few years , but with very small amounts. For example rupees of yearly interest tax 11 to 12 dollars at 25 percent. And in another account case an yearly income of 50 rupees with tax liability less than a dollar. But what if the tax liability would still be zero, even if the above said unreported income is included?

Will the IRS allow to amend the tax returns in a case like above even if for years more than 3 years back? Infact for returns belonging to years 5 to 7 years back?

Instead, you may also want to close those account. Thank you for sharing the article. With no connection to any Foreign country or income. If you have no foreign connection — not a resident of any country, it would be very quick and easy. Now he stays more in India due to mother and files return in India. He is retired at the age of 54 and now he is He goes to US twice a year to maintain his green card since he finally wants to settle there.

He has a salary account in US when he was working which has some funds when he left the job and maintained it for his expense when he visits US. He has no income other than interest on his savings. What is your advise on his account in US. He is a resident of India for income tax purposes and need to report his worldwide income in India.

He is allowed to maintain his accounts and investments in USA; however, he would report his foreign assets in his Indian tax return. Also, he is not allowed to maintain NRE account in India. He will get the credit for taxes paid in one country in the other country.

Inadvertently he forgot to include a new bank account in FBAR as well as , and also did include the interest income from the account in the tax returns. But even if the said rupees is added to the respective years tax returns, the tax payable will still be zero. Also note the additional fact that for the same year, the interest income for one of the declared savings account was overstated by 20, rupees i.

How will the IRS look at this scenario while some income has not bee reported, there is no underpayment of taxes even if you add the under reported income? Will the IRS allow to amend the tax returns of a past year, in this kind of scenario? Unless tax return is amended with correct amount, IRS would not know there is over reporting of income in one account.

As mentioned, contact your CPA 1. I would think amendment of tax return is allowed. It is very informative. Is it correct to calculate the net worth by: You may just give your annual income. No need to give correct networth. However, please see 1 above. I have already filed income tax returns for in US. I have not submitted FBAR for and form Should i file a amended return and file FBAR and form I have axis bank account in india, wherein total credit was around 13,00, INR from Jan to December How should i deal with this?

I made LIC retirement plan premium payments till Sept Only one payment through US source of income , but after that could not do the same, because of the financial issues. Dumped all the indian shares total worth of INR 85, Lost arount 20, INR.

Please let me know what should i submit under Country of tax residency: Yes, I would think you need to file your tax return and any other forms that you have not filed. I would recommend you to consult your CPA for the same. For Indian tax return, you would need to file tax return only if your income in India is more than , Currently, you are a tax resident of USA.

You are not a resident of India. I would not recommend lying as it can be evident from your passport that you are a US resident for tax purpose. You may close the account as you only have Rs. I forgot about this as I was working with a family business about 10 years ago when I created the account as I was a foreigner and was able to transfer money overseas easier. I am ready to transfer the funds back to my family members who the money belongs in the first place.

As Ive never filed an FBAR and have no other accounts overseas , would closing the bank account now in cause more problems than leaving it? I dont think Ive received a W-9 yet either. Thanks in advance for the advice. If you have not reported the account and do not intend to amend your return or file FBAR, you may not want to be the owner of the account. I am not paying any tax in Kuwait.

I have a demat account with Sharekhan which is started in when I was working in India. I am still trading the shares through this account. I have only the income from my salary in Kuwait. I have been in US on L1 visa for less than 3 months in I will be filing returns as resident. I am an Indian, was in India till 5th August , recently moved to Kuwait for work purpose.

So in my case please suggest what would be my country of tax residence. Technically, your country of tax residence would still be India. Only after 6 months of stay in Kuwait, your country of tax residence would be Kuwait.

Found this while looking for information to assist her with her current situation. I had a couple of questions: She filed her F-Bar yesterday — 23rd August which is well past the last date of filing — 30th June Would she have to pay any penalties due to this delay? Would that cause her to do any reporting? Not know for sure. Only India and other countries will start reporting from June 30, No if he is not a US resident.

Technically, she need to report to IRS the gift amount. It is not her money anymore as she has already gifted. Thank you so much for your time on answering these questions. My cousin is very grateful. We both wanted a clarification on the last question —.

Gift tax is on giver as per US tax laws and not on receiver. Any foreign gift is not taxable in USA so she would not have to pay any gift tax for gift from non-US resident Indian father. However, IRS needs to be informed. There is no gift tax limit for receiving gift. However I have invested some amount in stock market with the money that my husband gives me. USA address or India address? In the criteria of whether Tax resident of any country other than India, Should my answer be yes or no?

I am not paying any tax in USA as I am not working here. You can give both addresses. Thn I opened trading account for shares in India under nro. If you do not plan to leave India and you have moved back with an intention to stay permanently, you are an Indian resident under FEMA. The question is not whether you are an NRI in India, the question is whether you can be claimed as a resident of any country other than India as per their tax residency requirements.

If you are considered also as a resident of China, you would be both resident of India and resident of China. I am in US on H1B visa for last 3. I have few deposit in INdia and it is not declrared in US tax filing.

Currently am investing small amount of mutual fund SIP through that. Yes only if the income is taxable — No TDS if exempt income i. LTCG on sale of equity mutual fund 3. Here i dont have TIN as iam below the slab line, i used to transfer funds through western union to my SBI domestic account.

It is now part of updated KYC requirement. You are an NRI. I am here in US for less than a year. I have filed the tax return under non-resident category.

You can continue investing in SIP. It would depend on the MF house. Thank you for your eye-openers! Pl advise on my predicament. However, you are also a US resident. That is why they declined. I am in US on H1B via for last 3 years.

Does that make me a US person? Does that make me a violator? Will my account be closed by my bank after warnings? The year since when you have been filing and not NR, you are a US resident. Yes, you need to include both interest in your income.

While you may not have to pay additional tax as TDS However if you have filed tax return and claim refund, you would have to pay tax in USA.

FBAR requirement would also apply. As you are a resident of USA for tax purpose, you need to report your Indian income in your As you have been filing , you are a US resident and are obligated to report Indian income.

Immigration status is not relevant for Income Tax. You need to plan your investments. Please consult your CPA or us. In I was involved in an accident. The fund was deposited in NRE account and any interest accrued was used to pay debts as I was unemployed for two years as a result of the accident. Later it was invested in MF and Shares. During the investment saw a huge loss and now made a moderate gain after many sell and purchase of shares. Where do I stand? How capital gain is calculated?

Now, it is INR How will I be taxed. Need detailed information with dates and amount by year. I am maintaining NRE account since Does this get reported or only the accounts opened after It does not matter when you opened the account.

We were given Greencards In year Since than we are living in UK, as we are British Citizen. We were given the cards, as my wife has a sister in USA. Please inform us, 1 How long a card can be valid. You are doing a wonderful job. Thank you for the very useful write-up. I have been living in US for over 13 years and am currently holding a green card. If so, how and when that happens and would I receive a copy of the information being published to IRS? The banks would report the financial information to the Income Tax department and then it will be shared with the IRS.

Thank you very much for your reply. It would be ideal to receive copy of that information for cross checking purposes. I hope Indian banks would do something similar going forward, especially given that they are beginning to report the earnings to IT department and IRS. I sincerely hope so. In the meantime, you may ask the banks to provide the interest certificate for the calendar year.

I would think Global as it does not say only income in India. It helps them to determine if you can invest x amount or not. I make money online and the income is all sourced outside India.

All my money is paid into a Singapore bank account. I do have my Indian address as my mailing address on the Singapore bank account. It asks if I am tax resident in any other country apart form India. I do not meet the requirements for tax residence in any country that I spend time in. It also asks me for my gross annual income in INR. Am I required to disclose this to the Indian government for any reason? It seems like an invasive question and unrelated to what the form should be asking.

What is the law about this? In fact, most questions on most of these forms do not address my situation. They always assume that if you are not tax resident in India you are tax resident somewhere else therefore you should have a tax number, visa, etc.

They continue to be held with no activity no buying or selling. I make all my investments through overseas brokers. What should I fill under gross annual income? I would think you would have a resident visa for one country. You may be considered as a resident of that country. You would need to provide gross annual income or your net wealth. It is a requirement. If you do not live in India, you are a NRI. I think you may be a resident of one country. If you have a resident visa, you may be considered as a resident of that country.

You would be the right person to know if you are a resident of any country or not. Please consult your advisor if needed. You just give a range for Gross annual income, e. It appears that you can do better investment planning and asset allocation for your investments with some help. Holding an NRE Status. In local Mexico bank account. Which comes from companies headquarter in U. SO my question is that: DO I need to pay taxes on that.

My advise would be to take the salary in any country outside India and then remit to avoid any complications.

Any income received or deemed to be received in India is taxable. If you receive outside India and remit, it is okay. If not, it would not be easy to convince the IT department and you will have to be ready for litigation Appeal and Tribunal and the result may not be in your favor. You can receive your salary in any exempt county and then remit. If you do as I suggest, there is no tax to be paid for salary or freelance consulting in India. You will need to check Mexican laws whether they tax foreign income and you may have to pay tax based on the tax laws in Mexico.

My friend is in canada from last 10 years and come to india every year for few months. Ask him to fill the tax return as NRI in future.

There is no tax benefit except lower TDS rates for filing as resident. She has a policy which she wants to surrender coz it was sold as an investment which it clearly isnt. The premiums were paid earlier through her resident account, however she will get the proceeds of approx 35 lacs in her NRO account. Please clarify if this is correct.

Now she wants to invest these monies into open ended MFs. However the AMCs want a declaration that everytime a switch or fresh purchase happens she needs to be here. Basically she isnt being allowed to even do a normal SIP. How will her advisor take care of her asset allocation in this scenario.

His practice has grown in a number of directions, not the least of which is acting for a significant number of lawyers and other professionals as their personal accountant and advisor. Laurie has become one of the leading practitioners in the field of professional corporations. Based on both the nature and extent of his personal tax involvement, Laurie has become one of the most knowledgeable individuals in the personal tax field, anywhere in the country.

Notwithstanding, or maybe because of this expertise, Laurie has also developed a large client following of owner-managed enterprises. Such clients are acutely aware of the interaction of personal and corporate tax to their overall financial well-being. Combining his knowledge and experience with his innate ability to communicate with people has made Laurie a highly sought after professional. Laurie has also been involved in various speaking and writing engagements, especially with our In Touch With Tax publication.

Laurie gets most of the credit or blame for the unique sense of humour that has become a hallmark feature of our publication. Laurie is the Chairman of The Randy Starkman Charitable Foundation, created to honour the memory of his late brother, the award winning Olympic journalist.

Laurie has a B. While specializing in tax matters, he also works directly with clients on the many financial aspects of their business. Many of our Chartered Professional Accountants and support staff have been with us since the beginning, so our clients can always rely on continuity of service. With 10 years of public accounting experience, Adam has a wealth of knowledge in the real estate, construction, transportation, professional, charities and condominium corporation sectors.

His areas of expertise include accounting, auditing, tax compliance and advisory services for privately owned businesses and not-for-profit organizations. He completed his undergraduate degree at York University.

In his free time, he enjoys playing golf, soccer, snowboarding, and other competitive and recreational activities. Clifford is a Chartered Professional Accountant with over 17 years of service in the accounting industry. He is also fluent in French. Thanks to her 20 years of public accounting experience, Sandra serves her clients with expert knowledge on all accounting and financial matters, from planning and advisory to financial reporting. Sandra holds a Bachelor of Arts degree from University of Waterloo, with a specialization in accounting.

Outside of work, she enjoys spending time with her family and traveling in search of unique life experiences. She completed two co-op work terms with GCSE before becoming a full time staff member in and received her CPA designation in In her spare time, she enjoys being outdoors and staying active. His focus has always been to provide timely service to his clients, and assist them in making sound business decisions.

Having served as a tax manager for a national accounting firm, and later as a partner in a small public accounting firm, Michael brings more than 11 years of public accounting experience to GCSE. Joining the firm in , he provides accounting, assurance, taxation compliance and advisory services for a large number of owner-managed businesses in various industries, in particular for construction contractors and real estate developers, as well as legal and medical professionals, retail, automotive, manufacturing and not-for-profit organizations.

When not at work, he enjoys playing sports, staying up to date on the latest IT trends and spending time with his family. William has over 15 years of public accounting experience dealing with owner-managed businesses.

His focus has been on accounting and tax for a wide variety of industries and companies. He tackles each problem in an approachable and assessable way, so clients know they are taken care of at all times.

Priding himself on his close knit relationships with his clients, Franco has extensive experience with the owner-managed business. This experience has given him a knowledge base in the following areas:. When he has time off, Franco and his wife like to travel. In addition, Franco enjoys woodworking and has made some exceptional furniture for his home. With over 11 years of experience specializing in private company tax services, Michael provides a creative and insightful approach to personal and corporate tax planning for entrepreneurs and their businesses.

He has extensive background in delivering highly customized advice to private companies, their shareholders, and family members. He advises clients on matters such as business acquisitions and divestitures, corporate restructuring, succession planning, compensation strategies, and integrated tax advice for privately owned corporations.

His clients operate in various industry sectors, including real estate and construction, automotive, professional services, manufacturing, and information technology. She obtained her CA designation in Vivian has over 10 years of experience in the accounting industry.

She has served clients in various sectors including manufacturing, real estate, professionals, automotive, wholesale, retail, insurance, financial and not-for-profit organizations.

In her spare time, Vivian enjoys outdoor activities such as running, hiking and water sports. She also loves to spend time with her family and furry friends. Robyn Libin is a Chartered Professional Accountant with over 10 years of experience in public accounting and taxation. She regularly and successfully works with the Canada Revenue Agency to resolve client objections, manage appeals, and present voluntary disclosures.

Tess specializes in taxation, both income tax and sales tax. Ernest has extensive experience working on assignments in accounting, corporate and personal taxation and financial management. His clients consists primarily of manufacturing companies, retail and whole sales businesses, investment holdings, real estate rental and development corporations and joint ventures. Ernest has built successful relationships with his clients because he loves what he does — he spends time to provide technically correct advice in a timely manner.

In his spare time, Ernest volunteers as an assistant treasurer and Sunday school teacher in a local Baptist church. Jon has been providing accounting, assurance and tax services for owner-managed businesses for over 20 years. His client base over the years has ranged from owner managed consulting businesses to closely held public companies.

There is great satisfaction in working with entrepreneurs and playing a part in the success of their business. These solutions provide strategies for tax minimization and wealth preservation for corporate groups, families and individuals. Jon also enjoys mentoring new staff and derives great satisfaction in watching the staff develop into the next generation of accountants. Specializing in accounting, tax compliance and advisory services for privately owned businesses, Rebecca consistently demonstrates an in-depth understanding of their needs.

She works with clients in various industries including manufacturing, real estate, professionals, retail, information technology and the not-for-profit sector. Debra manages, organizes and coordinates office operations, procedures and policies to ensure that the firm runs effectively and efficiently. She supervises administrative staff and liaises with GCSE personnel. In her spare time, Debra likes to watch movies, go for long walks and loves spending time with her family.

His knowledge, skills, and ongoing involvement in follow ups with the CRA contributes strongly to our work on financial statement and tax return preparation. He works extensively with businesses in the manufacturing, distribution, real estate, professional and service industries and is also involved with clients that have extensive investment portfolios.

Prior to joining GCSE, she was a principal at a Big-Four accounting firm and gained experience in various industries, including manufacturing, real estate, professionals, not-for-profits and insurance.

She has extensive experience dealing with international issues, corporate reorganizations, estate planning and negotiations with the CRA. Her work primarily focuses on accounting, taxation compliance and advisory services for privately owned businesses. She is experienced with a variety of industries including manufacturing, real estate, professionals, retail and the non-profit sector.

In her spare time, she enjoys doing puzzles, reading, traveling, gardening, watching DVDs and spending time with friends and family. He was formerly an associate partner in a National accounting firm, specializing in the automotive, retail, manufacturing, software, and not-for-profit sectors. Robert obtained his legacy CA designation in After many years serving clients in the privately-owned business sector at national and mid-sized accounting firms, IIana joined GCSE in In her spare time she enjoys music, playing tennis, travelling and spending time with her family.

She joined GCSE in as a co-op student and became a full time staff in Miranda loves traveling, drawing and taking care of her orchid flowers. She has more than 20 orchids at home. We understand how difficult it is to run a business, especially when it comes to keeping track of financial information.

This is especially true for small business owners, who frequently have to do it all. This should give you a better sense of exactly how we can help you run your business.

Our auditing and assurance services are designed to deliver value beyond balancing books. We always ask ourselves — what else can we bring to this client or this assignment? First, we identify your unique needs, then work with you to provide a tailored approach. From our partners and senior management to our front-line staff, we take care of your most pressing tax needs.