Posted on: 12-10-12 09:01:51
HDFC Bank India is asking to send them a TRC Tax Residency Certificate with regards to documentation for Tax refund of a Fixed Deposit as one of the required documents. Can someone pls tell me what is this and where can I apply for one?
This post has gone under Astrology- no idea how- how do I change it to General?
Quote:
Originally posted by DMGM12
HDFC Bank India is asking to send them a TRC Tax Residency Certificate with regards to documentation for Tax refund of a Fixed Deposit as one of the required documents. Can someone pls tell me what is this and where can I apply for one?
This post has gone under Astrology- no idea how- how do I change it to General?
-------------------------------------------------------------------------------------------
I know, I know that this is an Income tax question. But what can I say.!!
It is all in our stars. The Indian Government is putting a squeeze on all of the PHOREN residents and those who have invested into the Indian Financial markets.
Even they don't know what it is that they want. So, hang in there.
All of this is supposed to come in on the April Fools day 2013. Upto now they have exempted all the N.R.I's from the gains made in the investment markets, such as G.I.C.s and Long term capital markets. Now they want to know if we are declaring this income with the other Government and paying taxes if it calls for.
Here is the : http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=14628
There are ways out of it. They will take a few more years before they pounce on all of us. Till then, just enjoy their write ups and laugh....
After that.. Mmmmm S**T, I suppose....
FH.
HERE IS.... an excerpt (from)... by ( Poorva.... & Sana....)
Currently, the authorities are yet to prescribe a format and the particulars required for the tax residency certificate. In this context, international practice would be instructive. Countries such as the US and the UK have laws in place on this issue. There a taxpayer needs to fill the specified form according to prescribed instructions (Form 8802 for the US, online form for the UK). Similar provisions exist in Dubai, Singapore, Mauritius among other countries. The information required includes name, address, period of stay in the overseas country, need for such certificate, tax year(s) for the certificate needed, name of country that requires the certificate and so on. Specific particulars may, however, differ from one country to another. At the same time, there are countries where such requirements do not exist in the statutes. Under the circumstances, there could be a procedural challenge in terms of the document that would be acceptable to Indian authorities.
In the absence of a specific format for the certificate in India, we have to wait and see what stand the authorities take in regard to transactions in the current financial year. Clearly, taxpayers may face uncertainty during this intervening period and/or due to time lags in obtaining the certificate from other countries. A question arises in the event that the DTAA benefit has been applied and the tax residency certificate TRC was obtained post-transaction — will the certificate validate the benefit of treaty?
To avoid such issues and practical challenges for the taxpayer, there is need for clear guidelines and flexibility in the format and details of the tax residency certificate. Taxpayers are advised to obtain the certificate on time to ensure that beneficial treaty claims are neither disputed nor disallowed due to want of evidence.
Poorva Prakash is Director and Sana Zehra is Assistant Manager, Deloitte Haskins & Sells
Its pretty easy, Go to the CRA website and search for tax residency certificate. You will get a postal address in Canada and you send your Canadian It return copy to them for the year that HDFC bank is asking for the tax residency certificate.
CRA will mail it to you and you send it to HDFC bank and you will not be taxed in two countries and even if you are the slab will be halved on interest earnings in NRO accounts in India. That is you will be covered by the DTAA between India and Canada.
Here is the link.
http://www.cra-arc.gc.ca/tx/nnrsdnts/cmmn/crtrs-eng.html
I say this with confidence as I got mine and I had to just write a letter with the details required by the CRA.
Quote:
Originally posted by mastmaula
Its pretty easy...
Welcome to the forum mastmaula
Under every post is a date when it was posted. The post that you chose to respond to (as your 1st posting on CD) is dated 2012. I'm sure the op got what they were looking for.
-----------------------------------------------------------------
SS
Reiki Grand Master
IT IS A STRANGE......
All these years up un-till 2013, the Government of India waived the interest and other gains made by NRI's and the owners of such an account enjoyed the gains. When they started asking for the so called "Residency Certificate", people gave all their holdings away just to avoid these hassles. There ends the story.
Does it? May be not for a few have not heard about these changes in the rules and of course their rights and the 16 point bulletin. So, the Indian Government started to deduct the taxes at the rate of 30% from the interest and the Capital gains. That should end the topic. RIGHT?
NO!. Even if you pay tax in one country and feel that your obligations are over they will not let you off the hook and live peacefully. You better believe this...They toss a coin. Heads you lose and the winner takes the money paid as taxes. These Govenments say that you can save Half the taxes, and if you have not paid enough, then they will say now pay us the balance that you OWE.
On one hand they say that you can have a Bank Account in any part of the world. But when there is an interest gets paid on such a sum that you deposit, because you are an enterprising person and seeks out a country that pays better returns on your investment, they want a cut. But here, SAY in Canada, they will only pay you 0.25%/annum., but they want a cut out of your winnings. Now we have to get a Residency Certificate, get it Notarized, and send it to the other Bank or a Broker(ing) and help Canadian Government take a part of your winnings. Does it make sense? Sure does to the Canadian Government! For you, YOU MUST COMPLY!! Otherwise you are a Cheater.
Let me give you an example and let the chips fall where ever they may.. Say, you have a Baqnk Account in Timbukthree and they have a rule that you must have a minimum of !0,000 Quatloos to open an account and they pay you 5% interest on the deposit and they charge 4 Quatloos a month as Service Charge, you get 50 Quatloos as interest but have to pay them back 48, then, you will be left with TWO of them for yourself. Timbukthree Government wants 30% tax on the gains that your account made, then you will be left with 1.33 of theirs. If Canadian Dollar is worth 55 Quatloos, then, you only have made 0.0241 CD. when you round it it becomes zero. So, you don't pay nothing. But that will not satisfy the Canadian Government. They want you to report this!
Ever heard of Mooning? No, you don't know what it is. You are a Gentleman/woman. So,forget it.
AND, you want to know, If they owe you anything less than TWO Canadian Buckaroos, they don't have to pay you NOTHING. Where does it say? It is not in the bill of rights or the 16 Point Bulletin. Be reasonable. You want to catch the crooks, go ahead and do it. Get all of the People in the Panama Papers, the Swiss swindlers but leave the small fries alone. You might turn around and say 18 million Canadian are Foreigners and they all immigrated into Canada and if each one of them owe one dollar, then it will become a nice round sum of 16 Million dollar income into the Canadian Coffers. Then include this Residency Certificate in your mailing to all the Canadians once every year. Then see how many will be using them and with that posting see how many dollars that your coffers will swell by at the end of one year.
So, Either PUT OUT or SHUT UP. ALSO, I don't want to see my ass being tossed up in the air to see who gets it.
When they open up the flights to MARS (Not the one in Pennsylvania) I want to buy a ONEEE WAY Ticket to it. I am waiting ahead in the queue and want to be there on the very first flight. I don't care if I ever make it to Mars, but I surely don't want to come back.
FH.
https://www.youtube.com/watch?v=yAeoOhdKZUo
Mods..can this post be locked. A new member digs up a four year old post and responds and then we have others responding 
-----------------------------------------------------------------
SS
Reiki Grand Master
