Pointers for NRI who is planning his return to India

An article from Economictimes

Here are some pointers for the NRI who is planning his return to India:

1. An NRI who is relocating to India as per ruling of the FEMA act, can bring back his assets and pay no tax on them in India. The assets accumulated in the foreign country would have been subject to local tax before being moved over to India.Wealth tax is also exempt up to 7 years. Wealth tax exemption is also available on any asset purchased in India from the money he brings back from the foreign country within one year of relocating.

2. After he becomes an Indian resident, he can continue to hold his assets in foreign currency in his RFC (Resident foreign currency account). He can freely spend or invest the amount held in the RFC account anywhere abroad without restrictions.

3. Also, the NRI can continue holding assets (broking account/mutual funds/gold ETFs) abroad and needs no permission to do so after relocating to India. He does not even have to declare that he is holding these assets abroad.

4. However, he will need RBI permission to serve a loan taken when in the foreign country.

5. As long the the NRI maintains the NOR (Not ordinarily resident) status, any income earned from his assets held abroad will not be taxed in India.

6. On NOR status the following rules apply for the NRI moving back:The government confers a special status on people who become residents under the Income Tax Act. If a person has been a non-resident for nine years, he can be an NOR for a year. If a person has been a non-resident for 10 years or more, he can be an NOR for two years. Further, under the Income Tax Act, there is a clause that if he has stayed in India for less than 730 days during the past seven years, he will be given an

Filing of income-tax return in India by NRIs--Procedure

An article from economictimes daily








If the NRI is not registered with the Indian tax authorities, the first step towards filing the income-tax return would be to make an application for allotment of Permanent Account Number (PAN) in Form 49A. The PAN should be quoted in all correspondences with Indian tax authorities, including income-tax return. The application can be made either in physical form or electronically. Based on the nature of income, appropriate income-tax return form needs to be filled. The relevant forms for NRI's for tax year 2008-09 are as under: ITR 1 Individuals having income from salary/ pension/ family pension & interestITR 2 Individuals not having income from business/ profession ITR 3 Individuals who are partners in a partnership firm and do not carry out any other business/ professionITR 4 Individuals having income from business/ profession The income-tax return can be filed either in physical form or electronically on website of the income-tax department (www.incometaxindiaefiling.gov.in) Under physical filing option, the NRI must fill the relevant ITR form and submit the same alongwith the acknowledgment (ITR V) to the concerned income-tax office duly signed and verified. If the individual is not present in India, the income-tax return and the acknowledgement should be signed by a person duly authorised by him and holding a valid power of attorney.

Under the electronic filing option, the NRI is required to fill in the necessary details and validate the ITR form. Upon validation, a XML file is generated, which is uploaded on the website with a Digital Signature (NB: Digital signature is required to be separately obtained from specified Digital Signature Issuing Authorities). However, if the XML file is uploaded without a digital signature, the individual is required to print the acknowledgement and submit the same through ordinary post at the following address within thirty days from the date of uploading the income-tax return.

Income-tax Department - Centralized Processing Center (CPC) Post Box No 1, Electronic City Post Office, Bangalore - 560100, Karnataka

It is important to note that the acknowledgement generated upon uploading of return is a password protected file. The password to open the file is PAN number (in lower case) and date of birth (ddmmyyyy) of the individual. For eg, if the PAN of the individual is ABCDE9999X and his date of birth is 1 October 1975, the password to open the acknowledgment would be abcde9999x01101975.

Upon receipt of ITR V, the CPC would send a confirmation e-mail on the email address mentioned in the income-tax return. The due date for filing income-tax return for tax year 2008-09 is 31 July. Where the NRI is working partner in a firm or is engaged in business/ profession whose accounts are liable to be audited, the due date is 30 September.

Links to answer related questions

Who is a Non resident in India?

http://economictimes.indiatimes.com/quickiearticleshow/4808428.cms

Which income of NRIs is taxable in India?
http://economictimes.indiatimes.com/quickiearticleshow/4808419.cms


Why NRIs are required to file income-tax returns in India?
http://economictimes.indiatimes.com/quickiearticleshow/4808417.cms


Consequence of not filing income-tax return by NRI:-
http://economictimes.indiatimes.com/quickiearticleshow/4808390.cms


Issues faced by NRI's in preparation & filing of income-tax return:-
http://economictimes.indiatimes.com/quickiearticleshow/4808364.cms

The U.S. visa process, an overview

This Article has been taken from "Hindu" daily

Despite the recent economic downturn, travel between India and the U.S. remains robust, with more direct air routes opening all the time. Vibrant communities of Indian expatriates now exist in every corner of the U.S., from Silicon Valley to Atlanta, Georgia, creating an ever-increasing demand for Indian-made goods, cultural programs, business meetings and family visits. Americans of Indian descent are increasingly prominent in U.S. politics, education, medicine and popula r culture, stimulating further interest in India and its traditions.

Indian students continue to play an important role in U.S. higher education, with some 94,000 currently enrolled in U.S. colleges and universities. Indian students in the U.S. have earned a widespread reputation as hardworking, energetic representatives of their homeland, and many are heavily recruited for employment opportunities upon completion of their studies.
Skilled IT professionals from India play an important role in many U.S. industries, from developing new products for high-tech companies to providing back-office support for financial advisors.

In 2008, the U.S. Consulate General in Chennai issued more than 2,25,000 non-immigrant visas of all types. While it’s certainly true that work visas are an important part of our portfolio -- indeed, the Consulates in Chennai and Hyderabad continue to issue almost a third of all U.S. work visas worldwide -- frequently overlooked are the myriad non-work visas that we issue every day:

* The couple from Coimbatore going to visit their grandchildren in America for the first time;
* Groups of stone-carving shilpis who will help create Hindu temples;
* Troupes of traditional Carnatic musicians going to perform at a cultural festival;
* A pastry chef taking up a position on a cruise ship;
* College students participating in a youth leadership exchange with an American university.

Each of these cases represents an important opportunity for cross-cultural interactions, and has the potential for establishing further connections between our countries.De-mystified
Applying for a visa to the U.S. should not be a mysterious or intimidating process, and we continually seek ways to make the process as transparent as possible. To that end, we will present over the next few days a series of informative articles intended to “demystify” our approach to visas for work, study and tourism.
Recognising that there are many sources of potentially disastrous advice out there, we will also briefly discuss what not to do when making your application.

Visa Process

To schedule a visa appointment, your first stop should be the Consulate’s website: http://chennai.usconsulate.gov. You will find there a comprehensive guide to selecting an appointment time, paying the visa fees, completing your online visa application form and preparing your supporting documents. Thanks to an India-wide U.S. visa initiative over the past two years, appointments are generally available within a few days.

On the date of your scheduled visa interview, you should arrive at the Consulate no more than one hour before your appointment time. You will be escorted through a security screening, and then directed to an intake window. Once we’ve taken an electronic scan of your fingerprints and verified your personal information, you will be interviewed by an American Consular Officer.
During your interview, be prepared to explain to the Consular Officer why you wish to visit the U.S. It is helpful to have details of your itinerary, with dates, travel destinations and planned accommodations. Bear in mind that the Consular Officer has several responsibilities to consider during the visa interview: to allow legitimate travel to the U.S., to prevent unlawful immigration, and to protect U.S. borders from travellers with bad intentions. ‘Establish connections to India’
It is your responsibility to establish your connections to India by demonstrating your employment, family and social obligations. Such connections help us to see that your intention is to stay temporarily in the U.S. and then return to India, as is required for most types of non-immigrant visas.
While you are welcome to bring documents with you to demonstrate your ties to India, understand that the officer may not request to see the documents. Please don’t take it personally; the most important information will be conveyed via your interview, during which you should endeavour to answer the officer’s questions honestly and completely, in your own words. Memorised or rehearsed answers are typically not helpful in determining your connection to India, and will not help you obtain a visa. In short: relax, be yourself, and remember the officer is only human.

Of course, not everyone will qualify for a visa. If your application is refused, you will receive an information sheet explaining the immigration law that applies to your case. In most cases, you are welcome to reapply in the future if your situation changes.

In order to make your interview appointment as convenient as possible, the Consulate has implemented several physical improvements in the past year. We now have more intake and interview windows, more adjudicating officers, and an on-site photographer. In addition, VFS, our appointment contractor, has a waiting lounge at their nearby office, where for a small fee you can relax as you await. your appointment time.

We look forward to seeing you at the Consulate to discuss your travel needs, and hope that your trip to the Consulate will be an enjoyable precursor to your visit to the U.S.
U.S. Consulate General: http://chennai.usconsulate.gov

GM Diet to lose your Weight

The following diet and health program was apparently developed for the employees and the dependants of General Motors Inc.The program was developed in conjunction with the grant from the US Department of Agriculture and the Food and Drug Administration. It was first tried at the Johns Hopkins Research Centre and was approved for distribution by the Board of Directors of General Motors Corporation at a general meeting on August 15, 1995.

Day One
All fruits except bananas. Your first day will consists of all fruits you want. It is suggested you consume lots of watermelon and cantaloupe.
Day Two
All vegetables. You are encouraged to eat until you are stuffed with all the new and cooked vegetables of your choice. There is no limit on the account or type. Avoid oil and coconut while cooking vegetables. Have large boiled potato for breakfast.
Day Three
Any mixture of fruits and vegetables of your choice. Any amount, any quantity. No bananas yet and no potatoes today.
Day Four
Bananas and milk. Today you will eat as many as eight bananas and drink three glasses of milk. You can also have one bowl of vegetables soup.
Day Five
Today is a feast day. You will eat 1 (one) cup of rice. You also have to eat 6 (six) whole tomatoes and drink 12 (twelve) glasses of water today to cleanse your system of the excess uric acid you will be producing.
Day Six
Today is another all vegetables day. You must eat 1 cup of rice today and eat all the vegetables you want cooked and uncooked to your heart's content.
Day Seven
Today your food intake will consist of 1 cup rice, fruit juice and all the vegetables you care to consume. Tomorrow morning you will be five to eight kilograms lighter than 1 week ago. If you desire further weight loss, repeat the program again. Repeat the program as often as you like, however, it is suggested that you rest for three days before every repetition.

Tips and Pitfalls at the Table

Beginning
Developing the habit of taking a moment to observe which starting method will be operative at an event can be very useful in preventing awkward mistakes. It will ensure, for example, that an agnostic guest never finds himself with laden fork pushed halfway into his mouth just as the host begins to say grace.
There are two common approaches to determining how to begin, and, whichever method is used, it should be followed at the start of each course of the meal. At smaller events, it is common to wait to take a bite until everyone at the table has received a serving and the hostess has begun eating. Sometimes a hostess may urge her guests to eat immediately upon receiving the food. This is especially true at larger events, where waiting for everyone would allow it to get cold. In this case, wait until one or two of the other guests are ready to begin as well, so that you are not the only person at the table who is eating.

Posture:

("Elbows, elbows, if you're able -- keep your elbows off the table!")Proper posture at the table is very important. Sit up straight, with your arms held near your body. You should neither lean on the back of the chair nor bend forward to place the elbows on the table. It is permissible to lean forward slightly every now and then and press the elbows very lightly against the edge of the table, if it is obvious that you are not using them for support.

Eating Soup

Dip the spoon into the soup, moving it away from the body, until it is about two-thirds full, then sip the liquid (without slurping) from the side of the spoon (without inserting the whole bowl of the spoon into the mouth). The theory behind this is that a diner who scoops the spoon toward himself is more likely to slosh soup onto his lap, although it is difficult to imagine what sort of eater would stroke the spoon so forcefully through the liquid that he creates waves. It is perfectly fine to tilt the bowl slightly -- again away from the body -- to get the last spoonful or two of soup.

Eating Bouillon
It is not very well known, undoubtedly because it is no longer in fashion to serve it, that if you are given bouillon in a soup cup with a handle, you may pick up the cup and sip the broth directly from it, even if a soupspoon has been provided. If there are any bits of vegetables or meat in the bouillon, they should be eaten with the spoon before you begin sipping.

Finger Bowl:

The finger bowl has hovered on the brink of obsolescence for over a century without entirely disappearing. This is probably why it provides the critical obstacle in the story of the man, either a foreigner or a bumpkin (depending on the teller), who is a guest at a formal dinner party. When a servant offers him a bowl of water at the end of the meal, he drinks it. The hostess presiding at the event is so poised and utterly well-mannered that, without skipping a beat, she drinks her bowl down, too, thus saving him the embarrassment of realizing the extent of his faux pas. This tale has reached almost the status of urban legend, and it is told in many variations. The hostess may be a family matriarch or someone very well-known, say Eleanor Roosevelt or Queen Victoria, but the finger bowl seems to be a constant.
Fortunately, the main difficulty lies in recognizing the finger bowl when you see it, which, at formal events, will be either before or after the dessert course. Often there is a slice of lemon floating in the water. Once you are presented with one, all you need to know is that you should delicately dip your fingertips in the water (no scrubbing), dry them off with your napkin (equally delicately), and set the bowl to the side of your plate.

Offering Food
Take note, when you are the host of a party, of the way you offer additional servings to your guests. Urging someone to "have another (or a second or third) helping" can be seen as an unpleasant insinuation that the guest has eaten too much. It is best to phrase each offer of food as if the dish has just been brought out for the first time.

"Please Pass the Salt"

"Please Pass the Salt"
The proper response to this very simple sounding request is to pick up both the salt and the pepper and to place them on the table within reach of the person next to you, who will do the same, and so on, until they reach the person who asked for them. They are not passed hand-to-hand, nor should anyone other than the original requester sprinkle her food when she has the shakers in her possession. The reason for this, as Judith Martin points out more than once, is that American etiquette is not about efficiency. Often, the most refined action is that which requires the greatest number of steps to carry it out (as in, for example, the zig-zag method of handling a fork and knife).

Removing Inedible Items from the Mouth
The general rule for removing food from your mouth is that it should go out the same way it went in. Therefore, olive pits can be delicately dropped onto an open palm before putting them onto your plate, and a piece of bone discovered in a bite of chicken should be returned to the plate by way of the fork. Fish is an exception to the rule. It is fine to remove the tiny bones with your fingers, since they would be difficult to drop from your mouth onto the fork. And, of course, if what you have to spit out will be terrifically ugly -- an extremely fatty piece of meat that you simply can't bring yourself to swallow, for example -- it will be necessary to surreptitiously spit it into your napkin, so that you can keep it out of sight.