Thursday, June 23, 2011

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  • Anders �stberg
    June 17th, 2005, 05:37 AM
    Nik, your pictures look fine to me. I think it's my Magpie that is a bit problematic, on my screen the blacks and greys look a bit washed out in your version,





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  • acecupid
    09-06 08:33 PM
    Read something interesting on TOI..

    NRIs treated as Not Required Indians! - India - NEWS - The Times of India (http://timesofindia.indiatimes.com/news/india/NRIs-treated-as-Not-Required-Indians/articleshow/4979439.cms)

    Indubhai Amin, a non-resident Indian (NRI) settled in the UK earns interest income of Rs 3 lakh on his non-resident ordinary account bank deposit in
    India in the current FY 2009-10. Enjoying his personal exemption limit of Rs 1.60 lakh and the eligible deduction of Rs 1 lakh u/s 80C, Amin is comfortable paying income tax of Rs 4,000 in the first slab of 10 per cent on his effective taxable income of Rs 40,000.

    Flat tax of 20% and 30%

    A huge shock awaits Amin and millions of NRIs, in regard to taxation of their interest and investment income and capital gains earned in India, proposed to be treated under the draft Direct Tax Code as "income from special sources."

    In 2011-12, on the same interest income of Rs 3 lakh, Amin will be required to pay a hefty tax of Rs 60,000 at the flat rate of 20 per cent, without being eligible to claim any basic exemption or other deduction, as provided under rule three of the First Schedule to the Code.

    Moreover, all capital gains earned by a non-resident will attract a flat tax of 30 per cent, irrespective of the amount of capital gains. While a resident Indian will be required to pay tax of Rs 3.84 lakh on his taxable income of Rs 25 lakh, an NRI earning equivalent capital gains will be called upon to pay almost double tax of Rs 7.5 lakh.

    Hair-raising drafting

    New section 13 (2) provides that such �special income� shall be computed in accordance with the provisions of the Ninth Schedule, the drafting of which is literally hair-raising. It provides that the amount of accrual or receipt shall be computed as the taxable income, and no loss, allowance or deduction shall be allowed, as the same shall be presumed to have been granted. The only exception in this regard, in respect of capital gains arising from the transfer of equity shares or units of equity oriented mutual fund chargeable to STT, is quite amusing, as it stands redundant in view of the proposal to abolish STT (a classic instance of incoherent drafting).

    The draftsman does not seem to have realized the harsh implications. It means that if an NRI sells a capital asset purchased for Rs 10 lakh at Rs 30 lakh, he will be required to pay tax of Rs 9 lakh at 30 per cent on the gross sale consideration of Rs 30 lakh without any deduction even for the cost of acquisition of Rs 10 lakh (not to mention any benefit of indexation on the same).

    Determination of residential status

    The residential status of an individual under the Code is proposed to be determined as per the current norms. However, the status of "not ordinarily resident" (NOR) is proposed to be eliminated. Despite the above, Clause 24 of the Sixth Schedule has still provided for exemption in respect of interest earned on foreign currency deposits in the case of NOR. Poor drafting indeed!

    The Code has proposed to retain the current exemptions availed by a non-resident in case of interest earned on NRE and FCNR deposits with banks.

    Special exemption for returning NRIs

    A useful exemption has been provided in case of income earned outside India, if it is not derived from a business controlled from India, in the financial year in which the returning NRI becomes an Indian resident and the immediately succeeding financial year. However, the benefit of the said exemption would be available, only if such individual was a non-resident for nine years immediately preceding the financial year in which he becomes a resident.

    Wealth-tax liability for NRIs

    Proposed Section 102 of the Code provides for wealth tax liability in the case of the value of all global assets of an individual or HUF. However, an exemption has been provided in case of the value of assets located outside India in case of an individual who is not a citizen of India or an individual or HUF not resident in India. Hence, while returning NRIs who are non-citizens will enjoy wealth-tax exemption for their overseas assets, NRIs with Indian citizenship becoming residents will attract wealth-tax liability on such assets held abroad.

    Illogical exemption under wealth-tax

    Talking about wealth tax, the Code prescribes an exemption in respect of any house or plot of land belonging to an individual or HUF, if it is acquired before April 1, 2000. It is difficult to understand the logic as to why this exemption has been denied in all cases where such immovable property is acquired after March 31, 2000!

    Proposals That Will Hurt the Global Indian Sentiment

    Flat Rate of Tax

    20% flat tax on interest & other investment income
    30% flat tax on all capital gains
    Apart from 20% & 30% TDS on above, TDS at a baffling rate of 35% prescribed on all residual income

    No Personal Exemption

    No personal exemption or deduction allowed in computing the above income treated as �income from special sources�.

    Weird Interpretation

    Poor drafting leads to such a weird interpretation that transfer of a capital asset may attract 30% tax on gross sale consideration.

    What Discrimination!

    Ironical but true! Non-Indian sportspersons, say Ricky Ponting or Shoaib Akhtar, required to pay a concessional tax of 10% on their game, advertisement and column earnings in India, thus enjoying a more privileged tax status than our own sons of the soil living abroad.





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  • stirfries
    12-01 06:28 PM
    Hello,

    My case is unique. We applied for our AP(for both myself and my spouse) through our Attorney on October 21st and the online case status for our AP petitions changed to,
    "Document Production or Oath Ceremony" on November 16th.

    Our case notes also said,

    "On November 16, 2009 we mailed the document to the address we have on file. You should receive the new document within 30 days. If you do not, or if you move before you get it, call customer service at 1-800-375-5283".

    It has been 12 Postal business days since the document was mailed out and our Attorney is yet to receive it.

    Today I called up USCIS customer service enquiring about my petition. I was told by the CSR that, the "Document Production" doesn't necessarily mean that the document was sent out. It merely means that the Petition was approved and they have moved on to the next step of "Producing" / "Printing" the actual document and once it is produced/printed, it would be mailed out. She also asked me to call them back, 30 days after November 16th, if I still didn't receive the documents.

    Whatever the CSR said, contradicts the case notes which clearly says, the Document was mailed out.

    Any advises on what I should do?

    I have an upcoming Travel by last week of December and I would really like to have my AP document on hand before I exit out of the the country.

    Any clues or advises would be highly appreciated.

    Thanks,





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  • matreen
    10-12 11:32 PM
    Thanks. Can someone get me USCIS contact number to get the status on receipts.....



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  • GCDelay
    11-30 11:17 AM
    xxx





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  • raysaikat
    08-16 01:55 AM
    what has indian immigration officer to do with AP and US immagration.....

    You need to show the police officer in India before leaving for US that you have valid visa/papers to enter US. Otherwise I suppose they can stop you from boarding.



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  • Munna Bhai
    01-10 04:09 PM
    munabhai
    i filed my I-140 in may 07 and got RFE in NOV-07 and replied in dec07.

    what that RFE was for?? education or pay??





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  • patelkirti
    04-19 11:56 PM
    Thanks,

    About paper and email trails, i think i got each and every one of them! I'm very well covered there..

    Will keep you guyz posted!



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  • somma
    10-25 03:41 PM
    My EAD status shows "card production ordered" and my spouse is showing as pending. This has been like this for the past 4 days.

    Looks like they don't want to update the secondary information online.

    :confused:





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  • shukla77
    07-23 10:22 AM
    I have the same problem with my father's passport and I could not fill DS156. Let me know if there is any solution to this issue.



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  • GCNaseeb
    11-05 12:57 PM
    I called NSC today. This time a lady answered my call. She did not help at all. I told her that I have received all four FP notices with misspelled Last Name. She was asking where these noices came from; I said NSC. She looked up the case and said I have already opened an SR for typo and she can not open another one. All she said is I should go to ASC for biometrics and inform there to correct it. I am not very sure, if correcting the typo at local ASC office is all its needed. I will update you guys once I go there on Friday.





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  • sonu_Aug_2002
    02-12 01:56 PM
    So far $50.



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  • delax
    11-06 08:53 AM
    Can we know which airline direct flight from Mumbai to Newark you mentioned something new or is it AirIndia??

    Presently Continental is the only non-stop EWR-BOM service operated on a daily basis. AI flies EWR-CDG-BOM





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  • mna123
    07-30 09:07 PM
    Thanks Kondur, your response cleared many things.

    No I was not of status because I am "outside" of US and am on unpaid leave for last 3 months as my name check for H-1 is pending.



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  • bestia
    08-08 09:08 PM
    ...you can also consider getting married :) which will open up more options for you

    ... as well as closing down many other... ;)





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  • weasley
    10-20 06:06 PM
    I think you have got knowledgable response.
    1. It is illegal to work on H4.
    2. Your wife is OOS.
    3. You need a good lawyer.
    You cannot expect better response than these unless you are expecting IV members to suggest some illegal ways to overcome your situation (if you are truly in that situation). I am sure you are not going to get any response than above as IV stands for Legal Immigration.



    Still looking for a knowledgeable response specifically to the questions asked.



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  • doudou
    06-25 07:17 PM
    Has he already filed? Can you send in your application before July 01 dateline?

    Gene
    Thank you guys. This scares me. I believe he already filed. At least that is what he told.





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  • deepuv
    09-16 12:30 PM
    As I was checking these forums and since one of my colleague received an RFE asking the company's ability to pay the proffered wage for all the 140 filed by the company I wonder if you can enlighten me with any idea on how to respond to the request? and how severely would it effect the other's in the same process with in the company.

    Thank you for help in advance.





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  • needhelp!
    10-09 04:21 PM
    members wanted..





    Riakapoor
    09-16 05:19 PM
    Thank you!

    Thanks for all the help. I will surely look into the link.





    optimist
    03-14 09:08 AM
    H1-B folks are permitted to have sources of passive income from entities other than their H1 sponsor. This includes bank interests, stock dividends, profits from stock transactions etc. Most of these incomes are taxable and reported to the IRS on 1099-INT or 1099-DIV forms. When you open a bank account and get a bonus of, say $200, it is considered as interest earned.

    The vital point to remember, I guess, is that H1s are NOT allowed to generate an income from any source (other that H1 sponsor) that needs any tangible work to be done- investments do not count as tangible work.