18.07.2015 ►JCSC ►Seminar for NRI's who have Declared and Undeclared Assets In India on July 18, 2015

What:  Seminar for NRI’s who have Declared & Undeclared assets in India
When: 12:30 pm - 2:30 pm, Saturday July 18th
Where: Jain Center of Southern California (Upstairs Classroom)

On July 9th, 2015 the Government of India signed an Inter-Governmental Agreement with USA which makes it compulsory for all Indian Banks, Mutual Funds, Insurance Cos., Brokerages etc to report accounts of USA citizens and USA residents to IRS.

As per the US laws, US Citizen and Green Cardholders are required to report their worldwide income, including Indian income on their Federal Tax Returns and pay tax thereon; and also file Foreign Bank Account Reports (FBAR) if the financial balances exceed US$ 10,000 on any day of the year. This information will create issues for NRIs who have failed to disclose Indian income or file FBAR returns.

While recognizing many possibilities of ignorance or negligence on part of the tax payers, US Tax Authorities have offered Streamlined Filing Compliance Procedures (SFCP). It is a very liberal declaration option of disclosing all the Undisclosed Indian income and assets for only 5% penalty of the highest year-end financial balances over previous 6 years, revision of previous 3 years of Fed tax returns and filing of FBAR returns for the last 6 years together with Personal Declaration of Non Willful Conduct.

RAJESH H DHRUVA, C.A., from India is once again amongst us to explain those rules, possible remedies and Forex & Tax laws of India.He is also a NRI counselor, advising NRIs for 26 years on Foreign Exchange & Tax laws in India. He is a Mutual Fund Advisor & a Consultant for compliance of USA tax laws related to Indian Income & assets.

  Valuable information on the websites www.nribanks.com & www.femaonline.com, are geared specifically towards NRI’s. He is an author of “Facilities for NRI's”, a handy booklet that has been published by State Bank of India for the last nine consecutive years. Mr. Rajesh Dhruv has made successful representations to the Finance Ministry & Reserve Bank of India in regards to many anomalies in the laws for Foreign Exchange Management Act (FEMA) and addressed numerous NRI seminars in East Africa, Middle East, UK and USA.