Posted on: 13-07-10 10:17:26
Did you know about this?? Very good steps by the govt I think.
Indians, staying in the US, could in next three months avail tax concession on the money they will spend on social welfare projects at their native places in India. Under the ‘India Development Foundation for Overseas Indians’, an initiative of Ministry of Overseas Indians, they will get tax exemption if they want to build schools, primary health centres and other infrastructure in their villages and places of origin in India.
The Ministry has already started the process of registering the foundation in the US and it will be in place in next three months, Overseas Indian Affairs Minister Vayalar Ravi told PTI in an interview.
After the US, the ministry will register the foundation in other countries, including the UK and the Gulf.
Read more: LINK
Quote:
Originally posted by Canusabc
Did you know about this?? Very good steps by the govt I think.
Indians, staying in the US, could in next three months avail tax concession on the money they will spend on social welfare projects at their native places in India. Under the ‘India Development Foundation for Overseas Indians’, an initiative of Ministry of Overseas Indians, they will get tax exemption if they want to build schools, primary health centres and other infrastructure in their villages and places of origin in India.
The Ministry has already started the process of registering the foundation in the US and it will be in place in next three months, Overseas Indian Affairs Minister Vayalar Ravi told PTI in an interview.
After the US, the ministry will register the foundation in other countries, including the UK and the Gulf.
Read more: LINK
Yes, it is very good initiative - if the money does not go to the BABUs and their chelas. They are finding it short to raise money in India, now want to tap the Expats market.
BTW, most small towns with good number of expats already have their own social groups who go about building these things - if only the govt. would recognize them and pass on the tax incentives. But then, it will be breeding ground for illegal activities for tax saving schemes...
Sometimes the things work better without govt interference.
Hiren
YES, I agree....but hopefully in this case they will give us a way to track our money. Hopefully we are able to affect the country at a grassroots level with the villagers availing the money directly.
But you are right....CORRUPTION cannot be ruled out. Lets hope for the best...atleast expats will take officials to task and escalate the issue if there is widespread corruption.
What kind of tax exemptions I can get on the money? I already paid tax on the money in foreign which I use to build schools etc.
Can someone provide good example.
Hi,
I think at the moment, they are trying from USA and then going to expand. I believe it will be like contributing to charities in USA or Canada , you can get a receipt and can claim when you file your taxes.
It is my observation so far. Hopefully some more knowledgeable person will look at this thread and provide more information. I only wanted to highlight this since I know many people will already be sending money for worthy causes back home.
Wish you all the best.
Quote:
Originally posted by Canusabc
Hi,
I think at the moment, they are trying from USA and then going to expand. I believe it will be like contributing to charities in USA or Canada , you can get a receipt and can claim when you file your taxes.
It is my observation so far. Hopefully some more knowledgeable person will look at this thread and provide more information. I only wanted to highlight this since I know many people will already be sending money for worthy causes back home.
Wish you all the best.
If it can be claimed back while filing taxes here then it is worth.
I remember that last year while filing taxes I inquired if I can claim any taxes on the amount I sent to India for good purposes. They told me that the only donation which I pay to Canadian based charitable agencies can be claimed. I doubt that CRA will ever recognize such money as valid donation.
exactly...so from the article it seems like they are trying to set up a USA/Canadian foundation that will be recognized by the North American governments to enable a refund. Similar to other charity organizations like ASHA etc.
