Fremont, California (EastBayDaily) — In a recent radio talk show, Sanjiv Gupta CPA informed the NRI community living in San Francisco Bay Area that Indians or people of Indian origins are required to file tax return in India if their annual income exceeds Rs. 180,000. "India has introduced the mandatory reporting requirement for details of assets held outside India without specifying any minimum threshold for value of assets to be reported", informed San Francisco leading Certified Public Accountant Sanjiv Gupta.
Tax implications of an Individual in India are determined by their residential status in a particular financial year. Individual are classified as Non-Resident (NR), Resident and Ordinarily Resident (ROR) and Resident but not Ordinarily Resident (NOR). You can learn more about Indian Tax Laws by contacting the office of Sanjiv Gupta CPA.
"With so many Indian living in San Francisco Bay Area, It is obvious that many of us may have investment or business income in India. These kinds of incomes are usually taxable in India and in United States", reminds Fremont CPA, Sanjiv Gupta. Indian banks usually offer higher interest rate to Non Resident Indians and therefore it is easy to earn an interest income of Rs.180,000 or more. Such interest income is taxable in India and United States.
Deadline for filing the Indian tax return in India is July 31st for the tax year 2011.
Residents of San Francisco Bay Area can find some help in learning more information about Indian taxation by searching for certified public accountants who have also served as charted accountant in India. Getting a timely advice from someone with knowledge of Indian tax and US tax can help you save taxes in India and United States. In most cases, you can also take advantage of tax credit in your US tax return for the tax payment made to India Government.
Indian government is also moving to tax on worldwide income. This change may also require many individuals and businesses to make quick business structure change to avoid such double taxation. Currently, United States charge tax on worldwide income. “Indian and US taxes are quite different. It is important that tax payers pick their tax professional based on their education and experience both in Indian and US tax laws,” reminds Indian CPA Sanjiv Gupta.
About Sanjiv Gupta CPA Firm:
Sanjiv Gupta’s firm is a full service Certified Public Accounting firm located in the heart of San Francisco Bay Area. Founded by Sanjiv Gupta, the practice has grown into a trusted and respected accounting firm with office located in Fremont CA. Sanjiv Gupta practiced tax as charter accountant (CA) in India and has served the San Francisco Bay Area community as CPA for last several years. His tax radio talk show on 1170 am and 1550 am are very popular among Indian Community. His office provides strategic accounting, tax, financial, wealth preservation, business valuation, planning and consulting services to individuals, and small businesses. His office assists clients from Cupertino, San Jose, Palo Alto, Hayward and other major Bay Area cities. Sanjiv also offers consultation via phone and video conferences. You can visit Sanjiv Gupta CPA practice at 39111 Paseo Padre Pkwy # 117, Fremont, CA 94536 or give him a call at 510-825-7563.
Sanjiv Gupta CPA Firm