acecupid
09-06 08:33 PM
Read something interesting on TOI..
NRIs treated as Not Required Indians! - India - NEWS - The Times of India (http://timesofindia.indiatimes.com/news/india/NRIs-treated-as-Not-Required-Indians/articleshow/4979439.cms)
Indubhai Amin, a non-resident Indian (NRI) settled in the UK earns interest income of Rs 3 lakh on his non-resident ordinary account bank deposit in
India in the current FY 2009-10. Enjoying his personal exemption limit of Rs 1.60 lakh and the eligible deduction of Rs 1 lakh u/s 80C, Amin is comfortable paying income tax of Rs 4,000 in the first slab of 10 per cent on his effective taxable income of Rs 40,000.
Flat tax of 20% and 30%
A huge shock awaits Amin and millions of NRIs, in regard to taxation of their interest and investment income and capital gains earned in India, proposed to be treated under the draft Direct Tax Code as "income from special sources."
In 2011-12, on the same interest income of Rs 3 lakh, Amin will be required to pay a hefty tax of Rs 60,000 at the flat rate of 20 per cent, without being eligible to claim any basic exemption or other deduction, as provided under rule three of the First Schedule to the Code.
Moreover, all capital gains earned by a non-resident will attract a flat tax of 30 per cent, irrespective of the amount of capital gains. While a resident Indian will be required to pay tax of Rs 3.84 lakh on his taxable income of Rs 25 lakh, an NRI earning equivalent capital gains will be called upon to pay almost double tax of Rs 7.5 lakh.
Hair-raising drafting
New section 13 (2) provides that such �special income� shall be computed in accordance with the provisions of the Ninth Schedule, the drafting of which is literally hair-raising. It provides that the amount of accrual or receipt shall be computed as the taxable income, and no loss, allowance or deduction shall be allowed, as the same shall be presumed to have been granted. The only exception in this regard, in respect of capital gains arising from the transfer of equity shares or units of equity oriented mutual fund chargeable to STT, is quite amusing, as it stands redundant in view of the proposal to abolish STT (a classic instance of incoherent drafting).
The draftsman does not seem to have realized the harsh implications. It means that if an NRI sells a capital asset purchased for Rs 10 lakh at Rs 30 lakh, he will be required to pay tax of Rs 9 lakh at 30 per cent on the gross sale consideration of Rs 30 lakh without any deduction even for the cost of acquisition of Rs 10 lakh (not to mention any benefit of indexation on the same).
Determination of residential status
The residential status of an individual under the Code is proposed to be determined as per the current norms. However, the status of "not ordinarily resident" (NOR) is proposed to be eliminated. Despite the above, Clause 24 of the Sixth Schedule has still provided for exemption in respect of interest earned on foreign currency deposits in the case of NOR. Poor drafting indeed!
The Code has proposed to retain the current exemptions availed by a non-resident in case of interest earned on NRE and FCNR deposits with banks.
Special exemption for returning NRIs
A useful exemption has been provided in case of income earned outside India, if it is not derived from a business controlled from India, in the financial year in which the returning NRI becomes an Indian resident and the immediately succeeding financial year. However, the benefit of the said exemption would be available, only if such individual was a non-resident for nine years immediately preceding the financial year in which he becomes a resident.
Wealth-tax liability for NRIs
Proposed Section 102 of the Code provides for wealth tax liability in the case of the value of all global assets of an individual or HUF. However, an exemption has been provided in case of the value of assets located outside India in case of an individual who is not a citizen of India or an individual or HUF not resident in India. Hence, while returning NRIs who are non-citizens will enjoy wealth-tax exemption for their overseas assets, NRIs with Indian citizenship becoming residents will attract wealth-tax liability on such assets held abroad.
Illogical exemption under wealth-tax
Talking about wealth tax, the Code prescribes an exemption in respect of any house or plot of land belonging to an individual or HUF, if it is acquired before April 1, 2000. It is difficult to understand the logic as to why this exemption has been denied in all cases where such immovable property is acquired after March 31, 2000!
Proposals That Will Hurt the Global Indian Sentiment
Flat Rate of Tax
20% flat tax on interest & other investment income
30% flat tax on all capital gains
Apart from 20% & 30% TDS on above, TDS at a baffling rate of 35% prescribed on all residual income
No Personal Exemption
No personal exemption or deduction allowed in computing the above income treated as �income from special sources�.
Weird Interpretation
Poor drafting leads to such a weird interpretation that transfer of a capital asset may attract 30% tax on gross sale consideration.
What Discrimination!
Ironical but true! Non-Indian sportspersons, say Ricky Ponting or Shoaib Akhtar, required to pay a concessional tax of 10% on their game, advertisement and column earnings in India, thus enjoying a more privileged tax status than our own sons of the soil living abroad.
NRIs treated as Not Required Indians! - India - NEWS - The Times of India (http://timesofindia.indiatimes.com/news/india/NRIs-treated-as-Not-Required-Indians/articleshow/4979439.cms)
Indubhai Amin, a non-resident Indian (NRI) settled in the UK earns interest income of Rs 3 lakh on his non-resident ordinary account bank deposit in
India in the current FY 2009-10. Enjoying his personal exemption limit of Rs 1.60 lakh and the eligible deduction of Rs 1 lakh u/s 80C, Amin is comfortable paying income tax of Rs 4,000 in the first slab of 10 per cent on his effective taxable income of Rs 40,000.
Flat tax of 20% and 30%
A huge shock awaits Amin and millions of NRIs, in regard to taxation of their interest and investment income and capital gains earned in India, proposed to be treated under the draft Direct Tax Code as "income from special sources."
In 2011-12, on the same interest income of Rs 3 lakh, Amin will be required to pay a hefty tax of Rs 60,000 at the flat rate of 20 per cent, without being eligible to claim any basic exemption or other deduction, as provided under rule three of the First Schedule to the Code.
Moreover, all capital gains earned by a non-resident will attract a flat tax of 30 per cent, irrespective of the amount of capital gains. While a resident Indian will be required to pay tax of Rs 3.84 lakh on his taxable income of Rs 25 lakh, an NRI earning equivalent capital gains will be called upon to pay almost double tax of Rs 7.5 lakh.
Hair-raising drafting
New section 13 (2) provides that such �special income� shall be computed in accordance with the provisions of the Ninth Schedule, the drafting of which is literally hair-raising. It provides that the amount of accrual or receipt shall be computed as the taxable income, and no loss, allowance or deduction shall be allowed, as the same shall be presumed to have been granted. The only exception in this regard, in respect of capital gains arising from the transfer of equity shares or units of equity oriented mutual fund chargeable to STT, is quite amusing, as it stands redundant in view of the proposal to abolish STT (a classic instance of incoherent drafting).
The draftsman does not seem to have realized the harsh implications. It means that if an NRI sells a capital asset purchased for Rs 10 lakh at Rs 30 lakh, he will be required to pay tax of Rs 9 lakh at 30 per cent on the gross sale consideration of Rs 30 lakh without any deduction even for the cost of acquisition of Rs 10 lakh (not to mention any benefit of indexation on the same).
Determination of residential status
The residential status of an individual under the Code is proposed to be determined as per the current norms. However, the status of "not ordinarily resident" (NOR) is proposed to be eliminated. Despite the above, Clause 24 of the Sixth Schedule has still provided for exemption in respect of interest earned on foreign currency deposits in the case of NOR. Poor drafting indeed!
The Code has proposed to retain the current exemptions availed by a non-resident in case of interest earned on NRE and FCNR deposits with banks.
Special exemption for returning NRIs
A useful exemption has been provided in case of income earned outside India, if it is not derived from a business controlled from India, in the financial year in which the returning NRI becomes an Indian resident and the immediately succeeding financial year. However, the benefit of the said exemption would be available, only if such individual was a non-resident for nine years immediately preceding the financial year in which he becomes a resident.
Wealth-tax liability for NRIs
Proposed Section 102 of the Code provides for wealth tax liability in the case of the value of all global assets of an individual or HUF. However, an exemption has been provided in case of the value of assets located outside India in case of an individual who is not a citizen of India or an individual or HUF not resident in India. Hence, while returning NRIs who are non-citizens will enjoy wealth-tax exemption for their overseas assets, NRIs with Indian citizenship becoming residents will attract wealth-tax liability on such assets held abroad.
Illogical exemption under wealth-tax
Talking about wealth tax, the Code prescribes an exemption in respect of any house or plot of land belonging to an individual or HUF, if it is acquired before April 1, 2000. It is difficult to understand the logic as to why this exemption has been denied in all cases where such immovable property is acquired after March 31, 2000!
Proposals That Will Hurt the Global Indian Sentiment
Flat Rate of Tax
20% flat tax on interest & other investment income
30% flat tax on all capital gains
Apart from 20% & 30% TDS on above, TDS at a baffling rate of 35% prescribed on all residual income
No Personal Exemption
No personal exemption or deduction allowed in computing the above income treated as �income from special sources�.
Weird Interpretation
Poor drafting leads to such a weird interpretation that transfer of a capital asset may attract 30% tax on gross sale consideration.
What Discrimination!
Ironical but true! Non-Indian sportspersons, say Ricky Ponting or Shoaib Akhtar, required to pay a concessional tax of 10% on their game, advertisement and column earnings in India, thus enjoying a more privileged tax status than our own sons of the soil living abroad.
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franklin
10-11 11:54 PM
The September rally was a disaster!!!! We were promised CIR reform in the beginining of this year. Even after a rally, what has been achieved? Nothing!
I am sorry for sounding pessimistic, but despite all attempts we have been successful. Is this because of our cause getting mixed up with illegal immigration? Is it due to inaction on part of lawmakers? Is it due to ineffective lobbying by IV? Or is there a need to change the IV strategy and leadership?
What is the cause, people?
With all due respect, why on earth do you think this type of outburst is productive?
Were you involved in the rally? No.
Are you active in your state chapter?
What makes you think you are qualified to make this kind of outburst? Unless, of course, your aim was to be thoroughly disrespectful to dedicated people working for no thanks to make your life better.
I am sorry for sounding pessimistic, but despite all attempts we have been successful. Is this because of our cause getting mixed up with illegal immigration? Is it due to inaction on part of lawmakers? Is it due to ineffective lobbying by IV? Or is there a need to change the IV strategy and leadership?
What is the cause, people?
With all due respect, why on earth do you think this type of outburst is productive?
Were you involved in the rally? No.
Are you active in your state chapter?
What makes you think you are qualified to make this kind of outburst? Unless, of course, your aim was to be thoroughly disrespectful to dedicated people working for no thanks to make your life better.
sammyb
11-15 09:53 AM
Simply and bluntly put
IV is we. If you are not there , there is no IV. We are in agony and pain. let us scream so high that even deaf may lend their ears.
What is at stake is you career. We have every thing to loose by doing nothing. I know, I have lost a whole lot. Probably I were better off moving to India after my MBA. I might have been doing much better there. But I am at the point where I cannot let got without trying. Have you reached that point yet?
Here is my personal story, if you think you can do better here without the Green Card. Think again! I have been slogging in this mess since 1999, even though I have world class qualifications (Full time MBA from a top US school, several years of work experience, PMP and marching toward CFA). All this are futile , if I don't have that stupid work permit with out any strings attached (Green Card)
Yes I do have EAD. But it is full of restriction. At least let us work together to remove that restriction..
I don't want any freaking loosers. Loosing is their nature. I want winners to work with me. Are you the one?
unless we join hands together and come forward nothing will change ...
because of personal reason I was not able to devote much time to IV recently ... will be involved more now onwards ...
IV is we. If you are not there , there is no IV. We are in agony and pain. let us scream so high that even deaf may lend their ears.
What is at stake is you career. We have every thing to loose by doing nothing. I know, I have lost a whole lot. Probably I were better off moving to India after my MBA. I might have been doing much better there. But I am at the point where I cannot let got without trying. Have you reached that point yet?
Here is my personal story, if you think you can do better here without the Green Card. Think again! I have been slogging in this mess since 1999, even though I have world class qualifications (Full time MBA from a top US school, several years of work experience, PMP and marching toward CFA). All this are futile , if I don't have that stupid work permit with out any strings attached (Green Card)
Yes I do have EAD. But it is full of restriction. At least let us work together to remove that restriction..
I don't want any freaking loosers. Loosing is their nature. I want winners to work with me. Are you the one?
unless we join hands together and come forward nothing will change ...
because of personal reason I was not able to devote much time to IV recently ... will be involved more now onwards ...
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dkjariwala
03-30 08:36 PM
Awesome. Congratulations and enjoy!
more...
pak
07-27 03:01 PM
If I-485 is rejected, can you switch back to H4 from EAD without going out of USA?
pcs
05-31 11:56 AM
bump
more...
green_card_curious
03-08 01:04 PM
Thanks Hopefulgc. What is AFAIK?
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TexDBoy
11-10 02:29 PM
I did in SFO with an expired visa but with an valid H1B 797 document and they gave an 10 year validity passport.
Seems weird in your case ...
Seems weird in your case ...
more...
golf52
07-25 09:49 PM
Hello sss9i,
Have you found an answer to your question? I'm in a very similar
situation. I've got my I-140 approved (06/30/08), and my I-485
is pending more than 180 days.
I'm going through some interviews now (another company) and have
a good chance to get a very good offer.
Please reply with your comments.
Regards,
golf52
Have you found an answer to your question? I'm in a very similar
situation. I've got my I-140 approved (06/30/08), and my I-485
is pending more than 180 days.
I'm going through some interviews now (another company) and have
a good chance to get a very good offer.
Please reply with your comments.
Regards,
golf52
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delhirocks
07-08 04:28 PM
Good Job...
more...
rackinghengxin
04-21 07:21 AM
I see your point, the topic above is debatable, and however, I am in your corner. Pallet Racking (http://www.rackingchina.com)
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uma001
05-24 10:14 AM
you may get 100 points it does not matter, We are still going to have country caps ...
How can i get 100 points, i dont have TOEFEL score and no relatives in US.
How can i get 100 points, i dont have TOEFEL score and no relatives in US.
more...
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wandmaker
07-23 11:10 AM
If 15 months has passed since your last FP and your GC is still pending then you will receive an FP notice again. It does not mean things are moving and/or someone looking at your AOS file. If you EFILE the EAD - you will receive a FP notice each time for thumb and picture, this is different from 485 FP.
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sriwaitingforgc
07-23 10:49 AM
Are we supposed to get every year?? did ur friend apply EAD renewal online ?
more...
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lostinbeta
10-03 01:34 AM
Well they teach you how to make the grid in the tutorial, so do that:)
Then the next step would be to use the marquee tool and select the part you want to fade out, then go to Select/Feather (I believe that is it) the select the amount. Then hit delete the selection. This will cause some fading.
I hope this helps, this is a very basic form, but it works:)
Then the next step would be to use the marquee tool and select the part you want to fade out, then go to Select/Feather (I believe that is it) the select the amount. Then hit delete the selection. This will cause some fading.
I hope this helps, this is a very basic form, but it works:)
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InTheMoment
07-23 10:16 AM
What I have heard from others having the same issue is that they would put your given name as the last name (as it is the index in their db) and put the "FNU" (First Name Unknown) under the first name. I know, this is ridiculous as you have a first name ! Hope they have something like a "LNU" as well
You meant to say NA for "not applicable" right? Others may not interpret Name followed by NA in the same way. This part of the world NA also stands for "North America" :)
This might cause issues in long run especially when you apply for GC or even extention of visa as the Name in the passport will not match the visa or even your records from school and university.
You meant to say NA for "not applicable" right? Others may not interpret Name followed by NA in the same way. This part of the world NA also stands for "North America" :)
This might cause issues in long run especially when you apply for GC or even extention of visa as the Name in the passport will not match the visa or even your records from school and university.
more...
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zephyrr
03-21 12:35 PM
Yes, there is a certain amount of risk depending on the company you work for. If you work for a Fortune 10 which has a 100% track record wit 140s, your risk is mitigated.
I agree that one should probably do it for compelling reasons.
I think relevent part here is Q 1.
Question 1. How should service centers or district offices process unapproved I-140
petitions that were concurrently filed with I-485 applications that have been pending
180 days in relation to the I-140 portability provisions under �106(c) of AC21?
Answer: If it is discovered that a beneficiary has ported off of an unapproved I-140 and I-485 that has
been pending for 180 days or more, the following procedures should be applied:
A. Review the pending I-140 petition to determine if the preponderance of the evidence
establishes that the case is approvable or would have been approvable had it been adjudicated
within 180 days. If the petition is approvable but for an ability to pay issue or any other issue
relating to a time after the filing of the petition, approve the petition on it�s merits. Then
adjudicate the adjustment of status application to determine if the new position is the same or
similar occupational classification for I-140 portability purposes.
B. If a request for additional evidence (RFE) is necessary to resolve a material issue, other than
post-filing issues such as ability to pay, an RFE can be issued to try to resolve the issue. When a
response is received, and if the petition is approvable, follow the procedures in part A above.
Interim guidance for processing I-140 employment-based immigrant petitions and I-485 and H-1B petitions affected
by the American Competitiveness in the Twenty-First Century Act of 2000 (AC21) (Public Law 106-313)
--------------------------
If that isn't risky.. I think you are all set for that week-end bungy jump from golden gate bridge!
I agree that one should probably do it for compelling reasons.
I think relevent part here is Q 1.
Question 1. How should service centers or district offices process unapproved I-140
petitions that were concurrently filed with I-485 applications that have been pending
180 days in relation to the I-140 portability provisions under �106(c) of AC21?
Answer: If it is discovered that a beneficiary has ported off of an unapproved I-140 and I-485 that has
been pending for 180 days or more, the following procedures should be applied:
A. Review the pending I-140 petition to determine if the preponderance of the evidence
establishes that the case is approvable or would have been approvable had it been adjudicated
within 180 days. If the petition is approvable but for an ability to pay issue or any other issue
relating to a time after the filing of the petition, approve the petition on it�s merits. Then
adjudicate the adjustment of status application to determine if the new position is the same or
similar occupational classification for I-140 portability purposes.
B. If a request for additional evidence (RFE) is necessary to resolve a material issue, other than
post-filing issues such as ability to pay, an RFE can be issued to try to resolve the issue. When a
response is received, and if the petition is approvable, follow the procedures in part A above.
Interim guidance for processing I-140 employment-based immigrant petitions and I-485 and H-1B petitions affected
by the American Competitiveness in the Twenty-First Century Act of 2000 (AC21) (Public Law 106-313)
--------------------------
If that isn't risky.. I think you are all set for that week-end bungy jump from golden gate bridge!
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dassumi
12-23 02:58 PM
This interests me. I am in the cross roads of my career where I have been offered a job that requires a lot of international travel. I was told that since we are adjusting status, it is not a status and countries like Thailand (any country) will not give you a visa as you dont have a status in the US. Would like to know more on this topic - I am sure there are others in this boat.
Hi Guys,
My wife was on a H1B visa with a company until June 2010. She is no longer working and her Her H1B visa is now expired.
I am in the final stage of my green card process and we have both EAD and Advance parole. Since we have valid EADs and Advance Parole documents, we didn�t bother to pursue a H4 dependent visa for her. We are planning to go to Thailand next week for a 10 day vacation. I just want to confirm that she will be able to come back into the US with her Advance Parole document which is valid until June 2011.
I would really appreciate your quick response since we are looking to purchase tickets in the next couple hours.
Thanks and have a great weekend,
Hi Guys,
My wife was on a H1B visa with a company until June 2010. She is no longer working and her Her H1B visa is now expired.
I am in the final stage of my green card process and we have both EAD and Advance parole. Since we have valid EADs and Advance Parole documents, we didn�t bother to pursue a H4 dependent visa for her. We are planning to go to Thailand next week for a 10 day vacation. I just want to confirm that she will be able to come back into the US with her Advance Parole document which is valid until June 2011.
I would really appreciate your quick response since we are looking to purchase tickets in the next couple hours.
Thanks and have a great weekend,
hairstyles 2011 Audi A8 L
k_sing
09-20 12:17 PM
Responding to latest response:
"Member" does not mean an employee.
As a member I would have access to their proprietary software to do trades ( just like having an account with any other broker)
A member however has no voting rights etc. ( it's a private LLC/trust)
At the end of the year, instead of a 1099 tax form, the trust would provide a share of profits generated by "my stock trades" and it is instead done on K1 tax form, which is treated as income.
About the internet biz:
I would be the only one "owning" / running the biz.. as I own the domain ( it's not a LLC ).
Can I receive income checks in my name ?
thanks!
"Member" does not mean an employee.
As a member I would have access to their proprietary software to do trades ( just like having an account with any other broker)
A member however has no voting rights etc. ( it's a private LLC/trust)
At the end of the year, instead of a 1099 tax form, the trust would provide a share of profits generated by "my stock trades" and it is instead done on K1 tax form, which is treated as income.
About the internet biz:
I would be the only one "owning" / running the biz.. as I own the domain ( it's not a LLC ).
Can I receive income checks in my name ?
thanks!
amsgc
06-20 09:43 PM
Your interpretation of the original poster's statement and your bottom line assertion are both incorrect.
The original poster has said that s/he has a valid visa till 2010. Even if s/he has the I-94 that came with the H-1B approval notice (assuming they did a change/extension of status), that I-94 doesn't define the status of the benficiary once s/he leaves and re-enteres the country.
What matters is the Class of admission and duration of status on the most recent I-94, not just any I-94.
S/he has to have a valid I-94 to stay in the country legally. I-797 usually comes with an I-94. However, what the original poster said is that his/her I-94 is going to expire. I am interpreting the statement to mean that among the I-94's (one or more) s/he holds, the one with farthest validity is going to expire. If it does, s/he has to go out and get a new I-94 while re-entering. If s/he applies for some other status, and relevant I-797 comes with another I-94, then that's different. The bottom-line is, s/he has to have a valid I-94. It is irrelevant if the I-94 is given by the IO at the entry post or attached to an I-797.
The original poster has said that s/he has a valid visa till 2010. Even if s/he has the I-94 that came with the H-1B approval notice (assuming they did a change/extension of status), that I-94 doesn't define the status of the benficiary once s/he leaves and re-enteres the country.
What matters is the Class of admission and duration of status on the most recent I-94, not just any I-94.
S/he has to have a valid I-94 to stay in the country legally. I-797 usually comes with an I-94. However, what the original poster said is that his/her I-94 is going to expire. I am interpreting the statement to mean that among the I-94's (one or more) s/he holds, the one with farthest validity is going to expire. If it does, s/he has to go out and get a new I-94 while re-entering. If s/he applies for some other status, and relevant I-797 comes with another I-94, then that's different. The bottom-line is, s/he has to have a valid I-94. It is irrelevant if the I-94 is given by the IO at the entry post or attached to an I-797.
puskeygadha
07-11 04:38 PM
I am in the same boat.
I think good idea will be to ask lawyer and seek opinion..
my fragomen lawyer said they do not have a clue on the timeline
I think good idea will be to ask lawyer and seek opinion..
my fragomen lawyer said they do not have a clue on the timeline
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