India Ki Dabbul Pampisthe Fbar File Cheyyala?

[Sastrygaru]

[quote name='CHANAKYA' timestamp='1341011366' post='1302058044']
ade chepthunnanehes...
NRE accounts are totally exempted from the income tax... but not NROs.
Also, if you are sending money to NRO account, there are some exceptions again... like it is to whom and for what purpose.. these kind of things...!
manam usually family members ki pamputham kaabatti, it is completely exempt-able anukunta... but, its good to check...!
[/quote]

chitti itu raaaaa.. please clear the quochen your honour

[CHANAKYA]

[quote name='sujithrede' timestamp='1341011267' post='1302058038']

[url="http://www.desigifs.com/gifs/1236/brahmanandam"][img]http://www.desigifs.com/sites/default/files/brahmam_promise1_1.gif[/img][/url]
[/quote]
mana db meeda promise... ok na [img]http://25.media.tumblr.com/tumblr_m64n5z2XM21qawpudo1_250.gif[/img]

[sujithrede]

[quote name='CHANAKYA' timestamp='1341012103' post='1302058123']
mana db meeda promise... ok na [img]http://25.media.tumblr.com/tumblr_m64n5z2XM21qawpudo1_250.gif[/img]
[/quote]

ok bhayya
[url=http://www.desigifs.com/gifs/1689/prabhas][img]http://www.desigifs.com/sites/default/files/Prabhas-1.gif[/img][/url]

[Sastrygaru]

[quote name='sujithrede' timestamp='1341011267' post='1302058038']

[url="http://www.desigifs.com/gifs/1236/brahmanandam"][img]http://www.desigifs.com/sites/default/files/brahmam_promise1_1.gif[/img][/url]
[/quote]

appudu.. nikanna.. mundhu.. veela mandhi... including me.. [img]http://www.desigifs.com/sites/default/files/chiru-brahmam.gif?1290060269[/img]

[juvenile]

[b]FBAR FILING REQUIREMENT[/b]

Dear Clients,

We hope you are having a good summer time.

We take this opportunity to bring to your attention [b]the obligation/responsibility to file FBAR (foreign bank account report) with the office of Internal Revenue Service[/b]. This obligation of reporting is mandatory and equally applicable to everyone. It does not matter if you were on H1B, H4, L1, L2, EAD, Green card or US citizen; the law applies equally to all. You are required to file this report only if you have Rupees 4,90,000 (equivalent to USD 10,000) balance in any bank account in home country (India or elsewhere in the world) at any given point in time in the Calendar year 2011, it does not matter if you do not have this much balance as on 12/31/2011, you are still require to file FBAR. You are also required to file this report if you have any stocks or mutual funds or bond or certificate of deposits (fixed deposits) with any bank or financial institutions in the home country which equals Rupees 490,000.

If you own a company in India and the company has Rupees 490,000 (equivalent to USD10,000) any given point in time, the company is also obligated/liable to file this FBAR report as well.

We would like to clarify that you will not get taxed on the money/funds or stocks in foreign country but the disclosure requirements must be met by filing FBAR. Moreover, there is no negative impact on you for filing this report.

Hence, as good residents and citizens, all have to abide the law and provide appropriate disclosures. If you fail to file this report, you are liable for a fine up to $500,000 or jail terms up to 5 years. If IRS finds out later that you had to make disclosure but fails to do so, the money and other savings in your foreign bank accounts will be declared earned through illegal source and you have to pay penalty up to 60% of that amount. The deadline to file this report is June 30, 2012.

[chandrabhai6]

Evraina cheppandi vayya 65K pampa last 12 months lo

Em file seyyali seppandooo

Anni parents account ki. Naa account emi ledu

Help

[CHANAKYA]

[quote name='chandrabhai6' timestamp='1341012500' post='1302058184']
Evraina cheppandi vayya 65K pampa last 12 months lo

Em file seyyali seppandooo

Anni parents account ki. Naa account emi ledu

Help
[/quote]
ae Acc? NRE / NRO ?

[sujithrede]

[quote name='chandrabhai6' timestamp='1341012500' post='1302058184']
Evraina cheppandi vayya 65K pampa last 12 months lo

Em file seyyali seppandooo

Anni parents account ki. Naa account emi ledu

Help
[/quote]

[url=http://www.desigifs.com/gifs/1690/prabhas][img]http://www.desigifs.com/sites/default/files/Prabhas.gif[/img][/url]

65k naa

[Sastrygaru]

[quote name='chandrabhai6' timestamp='1341012500' post='1302058184']
Evraina cheppandi vayya 65K pampa last 12 months lo

Em file seyyali seppandooo

Anni parents account ki. Naa account emi ledu

Help
[/quote]

[chicha77]

[color=#3C3C3C][font=Verdana, Arial, sans-serif][size=3][left][background=transparent]
[b] FBAR Penalties: When Will IRS Let You Off With A Warning?[/b]
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[url="http://www.forbes.com/sites/robertwood/2012/06/04/fbar-penalties-when-will-irs-let-you-off-with-a-warning/#comment_reply"]+ Comment now[/url][/background][/background][/background][/left][/size][/font][/color]
[color=#3C3C3C][font=Verdana, Arial, sans-serif][size=3][left][background=transparent][background=transparent]
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[url="http://blogs-images.forbes.com/robertwood/files/2012/06/d3.jpg"][img]http://blogs-images.forbes.com/robertwood/files/2012/06/d3.jpg[/img][/url][color=#333333][size=2][background=transparent]
Image via gbmaccounts.co.uk[/background][/size][/color][/background][color=#000000][font=Georgia,][size=5][background=transparent]
This is a huge question for many but isn’t easy to answer. U.S. taxpayers are once again approaching the increasingly momentous June 30th [color=#3366FF][background=transparent][url="http://www.forbes.com/2010/07/26/offshore-bank-accounts-irs-ubs-fbars-personal-finance-robert-wood.html"][color=#3366FF][background=transparent]FBAR[/background][/color][/url] [color=#000000][background=transparent]filing deadline. See [color=#3366FF][background=transparent][url="http://www.forbes.com/sites/robertwood/2012/06/01/foreign-accounts-dont-forget-june-30-fbar-deadline/"][color=#3366FF][background=transparent]Foreign Accounts? Don’t Forget June 30 FBAR Deadline[/background][/color][/url][/background][/color]. Since this deadline requires [b][i]receipt[/i][/b] by the due date and June 30 is a Saturday, you’ve [b][i]really[/i][/b]only have until June 29th. While tax returns were due April 17th, an automatic extension gives you until October 15th. Unlike tax returns, there’s no extension for FBARs.[/background][/color][/background][/color][/background][/size][/font][/color][color=#000000][font=Georgia,][size=5][background=transparent]
In recent years, the IRS has cracked down big time on:[/background][/size][/font][/color][color=#000000][font=Georgia,][size=5][background=transparent]
[b][u][background=transparent]Worldwide Income Reporting[/background][/u].[/b] [size=5][b][size=6]U.S. citizens and permanent residents [/size][/b][/size]must report worldwide income on their U.S. income tax returns. See [color=#3366FF][background=transparent][url="http://www.forbes.com/sites/robertwood/2012/04/18/10-irs-rules-for-stress-free-foreign-accounts/"][color=#3366FF][background=transparent]10 IRS Rules for Stress-Free Foreign Accounts[/background][/color][/url][/background][/color]. Worldwide income means everything even if taxed somewhere else. If you have an interest in a foreign bank or financial account, you must also check “yes” (on [color=#3366FF][background=transparent][url="http://www.irs.gov/pub/irs-pdf/f1040sb.pdf"][color=#3366FF][background=transparent]Schedule B[/background][/color][/url][/background][/color]).[/background][/size][/font][/color][color=#000000][font=Georgia,][size=5][background=transparent]
[b][u][background=transparent]FBARs Too[/background][/u].[/b] All U.S. persons with foreign bank accounts must [i][b]also[/b][/i] file a Treasury Department Form, TD F 90-22.1—an [color=#3366FF][background=transparent][url="http://www.irs.gov/businesses/small/article/0,,id=148849,00.html"][color=#3366FF][background=transparent]FBAR[/background][/color][/url][/background][/color] by each June 30th for the preceding year. You must file an FBAR if the aggregate value of your foreign financial accounts exceeds $10,000 at any time during the year. See[color=#3366FF][background=transparent][url="http://www.forbes.com/sites/robertwood/2011/11/22/get-ready-for-more-fbar-rules/"][color=#3366FF][background=transparent]Get Ready For More FBAR Rules[/background][/color][/url][/background][/color] and [color=#3366FF][background=transparent][url="http://blogs.forbes.com/robertwood/2011/03/25/irs-on-what-is-a-foreign-account/"][color=#3366FF][background=transparent]IRS On What Is A Foreign Account[/background][/color][/url][/background][/color].[/background][/size][/font][/color][color=#000000][font=Georgia,][size=5][background=transparent]
[color=#3366FF][background=transparent][url="http://www.forbes.com/sites/robertwood/2011/08/09/is-foreign-account-ignorance-bliss/"][color=#3366FF][background=transparent]Is foreign account ignorance bliss?[/background][/color][/url] [/background][/color]Hardly. The IRS says a conscious effort to[i][b]avoid[/b][/i]learning about [color=#3366FF][background=transparent][url="http://blogs.forbes.com/robertwood/2011/07/21/e-filing-and-other-fbar-quirks/"][color=#3366FF][background=transparent]FBAR reporting[/background][/color][/url][color=#000000][background=transparent] might be [/background][/color][color=#000000][background=transparent]“[/background][/color][url="http://blogs.forbes.com/robertwood/2011/07/06/irs-may-find-innocent-fbar-violation-willful/"][color=#3366FF][background=transparent]willful[/background][/color][/url][color=#000000][background=transparent].” The IRS says failing to learn of foreign account reporting requirements can be evidence of “willful blindness.” See [color=#3366FF][background=transparent][url="http://www.woodllp.com/Publications/Articles/pdf/Part_4_Examining_Process.pdf"][color=#3366FF][background=transparent]Internal Revenue Manual, 4.26.16.4.5.3, Paragraph 6[/background][/color][/url].[/background][/color][/background][/color][/background][/color][/background][/size][/font][/color][color=#000000][font=Georgia,][size=5][background=transparent]
While the biggest worry may be those for whom tax filings are inaccurate and who have failed to file (or properly file) FBARs, just focusing on FBARs can be frightening enough. See [color=#3366FF][background=transparent][url="http://www.forbes.com/sites/robertwood/2012/01/09/new-irs-offshore-amnesty-announced-third-times-a-charm/"][color=#3366FF][background=transparent]New IRS Offshore Amnesty Announced: Third Time’s A Charm.[/background][/color][/url][/background][/color][/background][/size][/font][/color][color=#000000][font=Georgia,][size=5][background=transparent]
[b][u][background=transparent]FBAR Penalties.[/background][/u][/b] The penalties for failure to file an FBAR are worse than tax penalties. Failing to file an FBAR can carry a civil penalty of $10,000 for each non-willful violation. But if your violation is found to be [b][i]willful[/i][/b], the penalty is the greater of $100,000 or 50 percent of the amount in the account for [b][i]each[/i] [/b]violation—and each year you didn’t file is a[b][i] separate [/i][i]violation[/i][/b][i].[/i][/background][/size][/font][/color][background=transparent]
[url="http://blogs-images.forbes.com/robertwood/files/2012/06/j13.jpg"][img]http://blogs-images.forbes.com/robertwood/files/2012/06/j13.jpg[/img][/url][color=#333333][size=2][background=transparent]
Image via advisor.ca[/background][/size][/color][/background][color=#000000][font=Georgia,][size=5][background=transparent]
[b][u][background=transparent]Go to Jail?[/background][/u][/b] Criminal penalties for FBAR violations are even more frightening, including a fine of $250,000 and 5 years of imprisonment. If the FBAR violation occurs while violating another law (such as tax law, which it often will) the penalties are increased to $500,000 in fines and/or 10 years of imprisonment. Many violent felonies are punished less harshly.[/background][/size][/font][/color][color=#000000][font=Georgia,][size=5][background=transparent]
Moreover, the assessment of a civil penalty does not preclude criminal penalties or prosecution. Fortunately, one IRS official has said that the IRS may decide to [color=#3366FF][background=transparent][url="http://www.woodllp.com/Publications/Articles/pdf/IRS_May_Issue.pdf"][color=#3366FF][background=transparent]simply issue a warning letter[/background][/color][/url][/background][/color] rather than penalties. The goal is compliance with the rules, the IRS suggests, [b][i]not[/i][/b] penalties.[/background][/size][/font][/color][color=#000000][font=Georgia,][size=5][background=transparent]
In assessing whether penalties are to be applied, especially willfulness, the IRS looks at such issues as inheritance, how other accounts are treated, etc. Although filing prospectively is easy, determining how to address past transgressions isn’t. See [color=#3366FF][background=transparent][url="http://www.forbes.com/sites/robertwood/2012/04/07/is-closing-foreign-bank-accounts-an-alternative-to-disclosure/"][color=#3366FF][background=transparent]Is Closing Foreign Bank Accounts An Alternative To Disclosure?[/background][/color][/url][/background][/color] Get some advice about your specific facts.[/background][/size][/font][/color][/background][/background][/left][/size][/font][/color]

[chicha77]

[b][u][background=transparent]Worldwide Income Reporting[/background][/u].[/b][color=#000000][font=Verdana, Arial, sans-serif][size=5][/size][/font][/color][color=#000000][font=Verdana, Arial, sans-serif][size=5][left][b][size=6]U.S. citizens and permanent residents [/size][/b][/left][/size][/font][/color][color=#000000][font=Verdana, Arial, sans-serif][size=5][left]must report worldwide income on their U.S. income tax returns. See [/left][/size][/font][/color][color=#3366FF][font=Verdana, Arial, sans-serif][size=5][left][background=transparent][url="http://www.forbes.com/sites/robertwood/2012/04/18/10-irs-rules-for-stress-free-foreign-accounts/"][color=#3366FF][background=transparent]10 IRS Rules for Stress-Free Foreign Accounts[/background][/color][/url][/background][/left][/size][/font][/color][color=#000000][font=Verdana, Arial, sans-serif][size=5][left]. Worldwide income means everything even if taxed somewhere else. If you have an interest in a foreign bank or financial account, you must also check “yes” (on [/left][/size][/font][/color][color=#3366FF][font=Verdana, Arial, sans-serif][size=5][left][background=transparent][url="http://www.irs.gov/pub/irs-pdf/f1040sb.pdf"][color=#3366FF][background=transparent]Schedule B[/background][/color][/url][/background][/left][/size][/font][/color][color=#000000][font=Verdana, Arial, sans-serif][size=5][left]).[/left][/size][/font][/color]

[chandrabhai6]

[quote name='CHANAKYA' timestamp='1341012600' post='1302058197']

ae Acc? NRE / NRO ?
[/quote]
Renti madya diff Endi
Local India Account mama. parents name paina undi Acct

[chandrabhai6]

[quote name='sujithrede' timestamp='1341012627' post='1302058201']


[url=http://www.desigifs.com/gifs/1690/prabhas][img]http://www.desigifs.com/sites/default/files/Prabhas.gif[/img][/url]

65k naa
[/quote]

Edo raka raka Manchi billing vachindi vayya last 1.5 years ga same proj Daggarlo casinos kooda Levu inka savingseey

[img]http://lh3.ggpht.com/_KVkPY2XIbRQ/TWAgXprYLuI/AAAAAAAABCo/VzL0ae41lc4/brahmi%20laugh.gif[/img]

[Osama Bin Gandhi]

Akkada undhi ga clear ga...India ki entha pampav ani kaadu...India lo nee peru meeda account unte...andulo last 1yr nundi at any point of time(1 day) 10k USD maintain aithe i.e 4.9 lakhs Rupees appudu file cheyyali...

[sujithrede]

[quote name='chandrabhai6' timestamp='1341012814' post='1302058231']
Edo raka raka Manchi billing vachindi vayya last 1.5 years ga same proj Daggarlo casinos kooda Levu inka savingseey

[img]http://lh3.ggpht.com/_KVkPY2XIbRQ/TWAgXprYLuI/AAAAAAAABCo/VzL0ae41lc4/brahmi%20laugh.gif[/img]
[/quote]


njoy
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