July 10, 2015
https://www.facebook.com/mehtarahulc/posts/10152902604981922
Achchhe din for NRIs / PIOs ---- NaMo may soon order Indian Banks to give details of interests NRIs / PIOs have earned in Indian banks and other income / wealth details to USA !!! The NRIs etc will get royally shafted !!!
.
Many NRIs / PIOs have deposits / property in India on which they are supposed to pay income tax and wealth tax in USA. So do, some dont. Some dont even disclose it. In USA, there are serious fines for even not disclosing it, even if tax payable is zero !!
.
In USA, non disclosure or not paying taxes on foreign income is punishable by maximum of 10 years in prison !!! So threat of prison enables US Gov to extract huge sums for defaulters.
.
Now NaMo may soon order India's banks to disclose all details of deposits of NRIs / PIOs to GoUSA. NaMo may also soon order other govt depots to disclose all wealths NRIs / PIOs have in India.
.
So NRIs / PIOs may end up paying huge fines not paying the taxes !!!. And worse , many NRIs / PIOs may end up paying huge fines for mere non disclosure , even if taxes due are zero !!!
.
=======
.
Least NaMo could have done is to extract two key negotiations that
,
1, If NRI / PIO has not disclosed information and there is no tax payable, then penalty will be zero till 1-jan-2017
.
2. If NRI / PIO has not paid taxes on income in India, and he discloses before 1-jan-2017 , then interest will be only 5% pa and penalty will be zero.
.
But NaMo aka Kalki2 refused dto ask for any such concessions. So now all information from 1-jan-2010 will pass to GoUSA and GoUSA will apply fines , penalities and even threat of prison sentences to extract maximum amounts from him.
https://www.facebook.com/mehtarahulc/posts/10152902604981922
Achchhe din for NRIs / PIOs ---- NaMo may soon order Indian Banks to give details of interests NRIs / PIOs have earned in Indian banks and other income / wealth details to USA !!! The NRIs etc will get royally shafted !!!
.
Many NRIs / PIOs have deposits / property in India on which they are supposed to pay income tax and wealth tax in USA. So do, some dont. Some dont even disclose it. In USA, there are serious fines for even not disclosing it, even if tax payable is zero !!
.
In USA, non disclosure or not paying taxes on foreign income is punishable by maximum of 10 years in prison !!! So threat of prison enables US Gov to extract huge sums for defaulters.
.
Now NaMo may soon order India's banks to disclose all details of deposits of NRIs / PIOs to GoUSA. NaMo may also soon order other govt depots to disclose all wealths NRIs / PIOs have in India.
.
So NRIs / PIOs may end up paying huge fines not paying the taxes !!!. And worse , many NRIs / PIOs may end up paying huge fines for mere non disclosure , even if taxes due are zero !!!
.
=======
.
Least NaMo could have done is to extract two key negotiations that
,
1, If NRI / PIO has not disclosed information and there is no tax payable, then penalty will be zero till 1-jan-2017
.
2. If NRI / PIO has not paid taxes on income in India, and he discloses before 1-jan-2017 , then interest will be only 5% pa and penalty will be zero.
.
But NaMo aka Kalki2 refused dto ask for any such concessions. So now all information from 1-jan-2010 will pass to GoUSA and GoUSA will apply fines , penalities and even threat of prison sentences to extract maximum amounts from him.
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