Taxes on Investments in India- FD, Mutual Funds, Equity/Stocks, Real Estate, etc. Irrespective of which country you travel to, there is something that one must always be cognizant of, taxes. And things can get a bit tricky since you might have to pay taxes at both the places, the current country of residence as well as [...]
Tax Liability for NRI’s residing in the US for sending money to India A better working opportunity or an opportunity to secure a better future for yourself and your family or better earnings are some of the most common reasons for people to seek jobs abroad. It is only but natural that one would want [...]
Under what circumstances is it compulsory for an NRI to file his taxes? It is a common understanding that anyone who has a source of income in India and falls into the tax brackets must pay income taxes. But not many are aware of the fact that even NRIs might have to pay taxes for [...]
Income Tax Planning for an NRI planning to return to India It might so happen that one fine day you decide to pack your bags and come back home. When you do, there are a few things that you must take special care of. For starters, your investments and tax implications. In general, the tax [...]
Checklist for an NRI filing return in USA and India for the same year It is quite a common scene. Indians travelling to the USA in the search for better opportunities and a better future. If you are one of them, there are quite a few things that you need to keep in mind. The [...]
Quick notes on Form 940 Form 940 to report your annual Federal Unemployment Tax Act (FUTA) tax. Together with state unemployment tax systems, the FUTA tax provides funds for paying unemployment compensation to workers who have lost their jobs. Most employers pay both a federal and a state unemployment tax. 940 forms must be mailed [...]
Short note on filing an amended tax return Filing an Amended Tax Return corrects information that changes Tax calculations and may result in additional refund / reduced tax liability. This includes making changes to filing status and dependents or correcting income credits or deductions.
Do you choose the right structure for your business? How your business is structured can have a significant impact on the taxes that you pay. For example LLC’s, S-corporations are Pass-through entities which means your profit will be taxed at the ordinary tax rate, while shareholders of C Corp are taxed at corporate tax rate [...]