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What are the tax implications for Indian nationals working in the US on an H1B visa under the India-US tax treaty?
Indian nationals working in the US on an H1B visa are subject to US taxes on their income earned in the US. However, under the India-US tax treaty, they may be able to claim certain benefits such as avoiding double taxation and claiming tax credits. It is important for them to understand the specific provisions of the treaty and consult with a tax professional to ensure compliance with both US and Indian tax laws.
What is the process for a nonresident alien to obtain an ITIN in order to claim a tax treaty benefit?
A nonresident alien can obtain an Individual Taxpayer Identification Number (ITIN) by submitting Form W-7 to the IRS along with required documents, such as a tax return or treaty statement. This number can then be used to claim a tax treaty benefit on their tax return.
What is the process for obtaining a foreign tax identifying number in India?
To obtain a foreign tax identifying number in India, a non-resident individual or entity must submit an application to the Indian tax authorities along with required documents such as proof of identity, address, and tax residency. The application is typically processed by the Income Tax Department in India, and upon approval, the foreign tax identifying number is issued to the applicant for tax purposes.
What is the process for obtaining a foreign tax ID number in India?
To obtain a foreign tax ID number in India, you need to submit an application along with required documents to the Indian tax authorities. The process involves filling out a form, providing proof of identity and address, and possibly undergoing an interview. Once approved, you will be issued a foreign tax ID number for tax purposes in India.
What is the taxability of gifts in India?
Gifts in India are generally tax-free up to a certain limit, but if the value of the gift exceeds this limit, it may be subject to gift tax.
What are the tax implications for Indian nationals working in the US on an H1B visa under the India-US tax treaty?
Indian nationals working in the US on an H1B visa are subject to US taxes on their income earned in the US. However, under the India-US tax treaty, they may be able to claim certain benefits such as avoiding double taxation and claiming tax credits. It is important for them to understand the specific provisions of the treaty and consult with a tax professional to ensure compliance with both US and Indian tax laws.
What is the article number on the tax treaty with Canada pertaining to gambling needed to file on the W7 form. Wwwirs tax treaties with Canada-gambling?
Treaty Article XXII (Protocol 3)
Double Tax Avoidance Agreement treaty DAAT?
The reason for Mauritius being the source of highest investments in India is Double Tax Avoidance Agreement treaty (DAAT) signed by both the countries in 1983. Before moving ahead I would like to first explain what double taxation is with an example. When a corporate pays dividends to its shareholders, the shareholders need to pay income tax on the earnings made from these dividends. But what happens is the tax is already paid on corporate earnings, on which dividends are paid. Hence double taxation: one on shareholder level and other on corporate level. Now what is DAAT? This treaty was signed between the two countries so as to promote trade between them. Accordance to this treaty, any Mauritian investor who gains from investments in India (capital gains) will not have to pay tax to India. So he needs to pay tax only in Mauritius and not in India, thus avoiding double tax. Now, in the meantime Mauritius removed tax on capital gains, hence there is no tax on Mauritius-based foreign institutional investors effectively. Now how it had been exploited!! No doubt it had increased foreign investments from Mauritius. But according to critics the loss due to exemption of Mauritian investment tax is far more than its investment gains. Different companies are investing in India through Mauritian route as it has become tax haven for them. Companies are opening their Mauritian subsidiaries to exploit this treaty. On top of that many Indian firms have moved their assets to Mauritius and have re routed their investments in India via Mauritius. This is known as round tripping. This round tripping has been a drawback of this treaty, with the Indian companies bypassing Indian tax system. There have been some initiatives to amend this treaty though. So it's a loss!! Or Gain!! Is still to be decided and remains a controversy among the economists.
Tax treaty benefits?
You will not be subject to double taxation. This means that when you pay tax on profits made in one country, you will not be expected to pay the full rate of tax in the country to which you are repartriating these funds.
What is the inheritance tax in Canada?
currently in Canada there is no inheritance tax but they are pruposing such a tax for amounts over $ 1 Million
What is the process for a nonresident alien to obtain an ITIN in order to claim a tax treaty benefit?
A nonresident alien can obtain an Individual Taxpayer Identification Number (ITIN) by submitting Form W-7 to the IRS along with required documents, such as a tax return or treaty statement. This number can then be used to claim a tax treaty benefit on their tax return.
What is the name of the Canadian tax software?
Some of the tax software is the same for Canada as the United States such as Turbo Tax. They have one that is called Dr. Tax that is exclusive to Canada.
What is service tax in India?
The Service Tax in India is an indirect tax on all services, although there are some exclusions. In 2015, it was increased to 14%.
How can US citizens get tAX BACK THAT WAS PAID IN CANADA?
U.S. citizens who have paid taxes in Canada may be eligible to claim a foreign tax credit on their U.S. tax return to avoid double taxation. To do this, they need to file IRS Form 1116, which allows them to report foreign taxes paid. Additionally, they can also apply for a refund of Canadian taxes withheld by filing a tax return with the Canada Revenue Agency (CRA), typically using Form T1. It's advisable to consult a tax professional to navigate both U.S. and Canadian tax laws effectively.
Who is responsible for Income tax in India?
All persons residing in India are responsible for paying Income tax on monies earned. Dollars earned from agriculture are tax exempt. This is imposed by the Government of India.
Pay tax on inheritance in Canada?
do you have to pay tax on inheritance
Are there free tax returns software in Canada?
There are a couple tax software companies that offer free downloads such as Tax Act and Turbo Tax. They work for Canada but you have to pay their fees at the end.
