India U S, Fatca Sign Cheyakapote...jan2015 Nunchi 30% Extra Taxes

[Spartan]

witholding for any remits to-fro from India..

 

Supreme Court emo winter vacation lo unnar...they will be abck on 4th jan...

 

but dec 31st is deadline...india asking for extension....

 

 

keep an eye on it....

 

===================================================

 

 

UPDATE: Agreement has been signed..

 

now all who have more than 10K$ in India accounts need to report using FBAR.......

[Spartan]

oh..looks like US has agreed for the extension.. 

[Spartan]

http://economictimes.indiatimes.com/news/economy/policy/indian-firms-start-fatca-registration-pact-yet-to-be-signed/articleshow/45677421.cms

[Bairagi From Bapatla]

asalu entidi telugu lo cheppu

[nambiyar]

asalu entidi telugu lo cheppu

agreed

[dollar vora]

Dani valla manaki em bokka?

[gabbarsingh1]

30 percent taxes ante... give ur figures with example man...

 

if we transfer 3000 dollars... 300 dollars taxes lo kattala 

[sanbk]

vuuuuu

[Spartan]

asalu entidi telugu lo cheppu

 

 

agreed

 

 

Dani valla manaki em bokka?

 

 

its jus a pact which needs US and Indian Financial institutes to share details of US Person (deniki chala definitions unnai..all are covered)  holidng bank account in India and US.

 

so deeniki Supreme Court needs to give a nod...and deadline to sing it is on Dec31st....

 

in case adi sign cheyakapote..if u send say 1000$ to India...the financial institute will hold 30% (300$) and send only 700$ to ur destination account..

 

same from India to US also...

 

 

 

but seems like..US agreed for the extension....  

[Spartan]

30 percent taxes ante... give ur figures with example man...

 

if we transfer 3000 dollars... 300 dollars taxes lo kattala 

 

tax kaad..withhold cheskuntar ...remitting services lo..

 

100$ ki 30$....only 70$ will reach the destination.. 

[nambiyar]

its jus a pact which needs US and Indian Financial institutes to share details of US Person (deniki chala definitions unnai..all are covered)  holidng bank account in India and US.

 

so deeniki Supreme Court needs to give a nod...and deadline to sing it is on Dec31st....

 

in case adi sign cheyakapote..if u send say 1000$ to India...the financial institute will hold 30% (300$) and send only 700$ to ur destination account..

 

same from India to US also...

 

 

 

but seems like..US agreed for the extension....  

sign cheyyakapothe ante????   how it has gone all these years?  have they signed all these years???

 

 

so you asking us wait till supreeme court re-opens after winter session before sending any money to india???

[Spartan]

sign cheyyakapothe ante????   how it has gone all these years?  have they signed all these years???

 

 

so you asking us wait till supreeme court re-opens after winter session before sending any money to india???

 

this was introduced by US in 2010 for the first time..

 

india temporarily signed for this.for last 3 yrs or so...but not on firm grounds....now US wants it to be a complete firm pact...

 

list of the countries that signed the pact are below..

 

http://www.treasury.gov/resource-center/tax-policy/treaties/Pages/FATCA-Archive.aspx

 

 

India was supposed to sign it y April 2014 ..but thye have been postponing it till now...

[mukunda1]

fatca and fbar manam eppudu submit seyyali. i was thinking with tax return so far.

[nambiyar]

e rule only US vallake applicable or UK vallaki kdua na

this was introduced by US in 2010 for the first time..

 

india temporarily signed for this.for last 3 yrs or so...but not on firm grounds....now US wants it to be a complete firm pact...

 

list of the countries that signed the pact are below..

 

http://www.treasury.gov/resource-center/tax-policy/treaties/Pages/FATCA-Archive.aspx

 

 

India was supposed to sign it y April 2014 ..but thye have been postponing it till now...

 

[Spartan]

fatca and fbar manam eppudu submit seyyali. i was thinking with tax return so far.

 

not tax returns only..but differrent deadlines untai.. June 30th i guess.. 

 

The FBAR is not filed with a federal tax return. When the IRS grants a filing extension for a taxpayer’s income tax return, it does not extend the time to file an FBAR. There is no provision for requesting an extension of time to file an FBAR.

Those required to file an FBAR who fail to properly file a complete and correct FBAR may be subject to a civil penalty not to exceed $10,000 per violation for nonwillful violations that are not due to reasonable cause. For willful violations, the penalty may be the greater of $100,000 or 50 percent of the balance in the account at the time of the violation, for each violation. For guidance on circumstances including natural disasters that prevent timely filing of an FBAR, see FIN-2013-G002 (June 24, 2013).