Desham Lo Savings Account Q?

[Balanam_rodanam_Balam]

Bhayya, desham lo savings ac undi, ite andulo unde amount ki vachina interest ki tax padatadhi ani vinna, if yes ithe entha?

Also inka edanna taxes padataya? I mean account lo certain amount datithe taxes etc alantivi emanna untaya?

FD ki 9% interest and regular savings ki 4% ivii standard ee na....

[Crypto]

if it is NRE account,then there will be no taxes

If it is a regular saving account,then bank will deduct tax and give you a TDS certificate (if the interest earned is more than Rs 15k -check the exact limit)

You have to file IT returns and can get back it as refund ,if the tax deducted is in excess after standard deductions

[Balanam_rodanam_Balam]

if it is NRE account,then there will be no taxes

If it is a regular saving account,then bank will deduct tax and give you a TDS certificate (if the interest earned is more than Rs 15k -check the exact limit)

You have to file IT returns and can get back it as refund ,if the tax deducted is in excess after standard deductions

 

Thanks bhayya...got it..NRE ac ki debit card istara? Is it same as other debit cards, NRE ac ki money transfer avvatledhu, thru xoom or sbh, so regular savings open chesi pampalsi vastundhii...u hv any idea hw to send to nre?

[Crypto]

Thanks bhayya...got it..NRE ac ki debit card istara? Is it same as other debit cards, NRE ac ki money transfer avvatledhu, thru xoom or sbh, so regular savings open chesi pampalsi vastundhii...u hv any idea hw to send to nre?

 

have you tried  sending money with xoom in recent months ?

Cos XOOM has now lifted restrictions for sending money to NRE accounts..try again

Or you can use money2india.com (operated by ICICI Bank) for sending money to NRE accounts

 

Yes most NRE accouts comes with International debit cards.You can withdraw money from anywhere in the world

[flavours]

NRE account lo FD chesthe vachina interest meeda ikkada tax returns appudu notify chesi tax pay cheyala on interest earned????

[VenkatD]

Ltt

[mukunda1]

NRE account lo FD chesthe vachina interest meeda ikkada tax returns appudu notify chesi tax pay cheyala on interest earned????

 

i guess so...aa rule ee year may nunde valid loki vochindi...so ee year return lo seyyalo ledo telidu clarity gaa.

[Crypto]

NRE account lo FD chesthe vachina interest meeda ikkada tax returns appudu notify chesi tax pay cheyala on interest earned????

 

I think only US citizens need to pay  taxes on world wide income and not sure about non-citizens

[ZuniorVentiyar]

Not only US citizens anyone who are paying tax in USA  have to pay tax on u r worlwide income .... If you already pay tax in other coutry you have to show the prof to claim excemption on that amount ....

 

thats where FBAR rules comes 

I think only US citizens need to pay  taxes on world wide income and not sure about non-citizens

 

[ZuniorVentiyar]

if you have morethan $10K  ... file the FBAR and on the interest you earned you need to pay tax in USA ( if you pay tax in India you can claim excemption ... but that intrest definatly under tax limit in India so you mayn't pay the tax in india) .....

 

 

end of the year your bank will give you tax certificates (online lo nee account nundi download chesukovachu most of the banks) .....use that tax certificate with your tax returns here in USA pay tax on that ........ also don't forget to file FBAR ....

 

 

idhantha nolli anukuntee clam gaa undipoo ... I am not sure about future problems .... but chala mandi light thesukuntaru 

 

 

Bhayya, desham lo savings ac undi, ite andulo unde amount ki vachina interest ki tax padatadhi ani vinna, if yes ithe entha?

Also inka edanna taxes padataya? I mean account lo certain amount datithe taxes etc alantivi emanna untaya?

FD ki 9% interest and regular savings ki 4% ivii standard ee na....

 

[nahor1010]

Thanks guys. Ee thread chala useful for ppl who are planning to invest in India. One question, if I have a nre/nro account in India, do I have to file any taxes in USA? Or India? Or FBAR? I have no clue about any of this. Any help would be appreciated

[Crypto]

if you have morethan $10K  ... file the FBAR and on the interest you earned you need to pay tax in USA ( if you pay tax in India you can claim excemption ... but that intrest definatly under tax limit in India so you mayn't pay the tax in india) .....

 

 

end of the year your bank will give you tax certificates (online lo nee account nundi download chesukovachu most of the banks) .....use that tax certificate with your tax returns here in USA pay tax on that ........ also don't forget to file FBAR ....

 

 

idhantha nolli anukuntee clam gaa undipoo ... I am not sure about future problems .... but chala mandi light thesukuntaru 

 

1) Your need to file FBAR if you had more than $10k balance in your account at any point of time during teh year..even if you had the >$10k  balance for just only 1 day

 

2)India and US does not have (double taxation) dual treaties ,so even if you pay tax on income in India,you need to pay in USA too (don't know the new rules,but as per existing rules US Citizens should pay)