Member since: Feb 15
Originally posted by Full House
In the next NINE months, all of the investments made by you in your name, there in India, will be made available to CRA/IRS as the case may be, but linking an account to an individual will be once again will become a lot difficult for anyone, unless they voluntarily submit it to the tax people.
And here is the sticky part.The tax year there in India ends on 31st March of each year. Ours here in Canada ends on 31 December of each year. If it is based upon actual income, then you must provide the exact amount on that date. If it is on a Prorated basis, you will not have all of the details till you file the tax return there in India on the 31st march or June of the NEXT Year.
All of this is Academic and without knowing the exact amount, it becomes difficult to say, if you will be ever a Tax payee there in India, being an NRI, and if the income is below the taxable threshold. (Hence the requirements of a PAN Card)
Once again leave it with an accountant and talk with them there when you do get the first opportunity to get to know it first hand, with actual figures with the Auditor/Accountant.
These Banks and Brokerage houses are determined to link each and everyone there with a Picture and a PAN Card or even better IRIS Scans. The main idea being, that the tax money that goes to CRA or the IRS should stay there in India, rather than in your Pockets.
So, as far as possible, try not to let them link you with any Pictorial ID of yours. Refuse to provide the same at all costs, as it is not Mandatory. Yet they have a Copy of your Passport or a DL with them there. But it is NOT A TAX ID. PAN Card is!!
These are my thoughts, but follow the local KYC details if you want to trade there in India. All of this got started in depth after the Money Laundering Scandals and people who did hold legitimate accounts abroad. (A few did not!)
[red] Thanks for this.I'll bother my accountant on this.
If it comes, let it
If it goes, let it