US green card's now more of a tax sword for Indians
MUMBAI: Is the American dream losing its appeal? Though the US still
continues to attract the best minds from the world over, including
India, stringent tax laws are forcing many Indians to re-look at the
decision to settle in a land that has for long been their dream
destination .
This is reflected by the increasing number of Indians wanting to give up
their green cards or US citizenship after the country’s heavy budgetary
deficit and a drive to trace unreported income through tighter tax laws
and disclosure norms.
Tax laws in the US empower the Internal Revenue Service, the apex body
for US tax administration, to tax global incomes of those holding US
citizenships or the green card. As a result, Indians who hold a US
citizenship or green card, face the threat of being taxed in the US for
income generated in India, even if the Indian business has no
territorial nexus with the US.
SOURCE:
http://economictimes.indiatimes.com/news/news-by-industry/services/travel/visa-power/US-green-cards-now-more-of-a-tax-sword-for-Indians/articleshow/6686588.cms
Via Olav Athayde
Goanet News Service
