conchshell
09-21 09:31 AM
With US Govt. bailing out all banks from their debt, the house price will not fall so fast anymore. The reason is - banks are in not hurry anymore to sell the short sell or foreclosure properties because the losses are taken over by government. Normal house price will not compete with short sale/foreclousers anymore. This is what happened in 1989 too. This will stabilize the prices in coming months once congress makes the RTC a law.
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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.
TEKNMEK
03-02 11:06 AM
How important is it to have a letter from the client for h4 to h1. Though the person has the paystubs till date.
TIA
It is advisable to have the letter just incase if the officer asks for it. Although in my case, the officer did not ask for the letter.
TIA
It is advisable to have the letter just incase if the officer asks for it. Although in my case, the officer did not ask for the letter.
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EdGMan
09-21 03:50 PM
If I were you, I'll follow it closely. Don't rely on your employer and lawyer. I have a friend in Atlanta whose case was closed accidentally. He waited for a year to follow-up with his employer and lawyer only to find out that BEC closed the case because they claim that they never received any response for the 45-day letter. His H1 was also getting close to teh 6 yr. limit.
Good luck.
Good luck.
more...
21stIcon
12-20 08:17 PM
Although I was not affected, my colleague who joined most recently this company for $100k salary on consulting project was scammed. He was astonished when he received his pay check, the reason being this company deducted 33% tax then deposited reaming amount on bank which was further liable to tax deduction from IRS.
For example
100k/12 = 8333/pm -company deducted highest tax bracket 2525(33% of 8333) as tax then deposited 5808/pm on bank account, after IRS withholding he got around 4000/pm.
We need to stop such scams by let labor department know about this and arrest him to set an example to other consulting companies saying we are not uneducated.
For example
100k/12 = 8333/pm -company deducted highest tax bracket 2525(33% of 8333) as tax then deposited 5808/pm on bank account, after IRS withholding he got around 4000/pm.
We need to stop such scams by let labor department know about this and arrest him to set an example to other consulting companies saying we are not uneducated.
senk1s
10-12 11:25 PM
call uscis - as per the listen in conference call (cis ombudsman) if the date displayed is after your mail carrier date
FYI:
I know 2 of my friends Jul2 didnt get anything ... one more july 16 - just got the checks cashed today
FYI:
I know 2 of my friends Jul2 didnt get anything ... one more july 16 - just got the checks cashed today
more...
acecupid
08-21 05:45 PM
My checks were cashed on Aug 20th for RD of Jul 16th :)
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pnara2
01-24 10:04 AM
Guys, sorry I do not understand the numbers very well. Assuming the same amount of spillover numbers for 2011, what will be the status of EB2 by December-2011??
Thanks,
Prasad.
Thanks,
Prasad.
more...
sri1309
05-11 07:58 PM
Good job, Dude..
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ndialani
11-23 08:38 PM
Do you mean we can send checks for $ accounts to be deposited into local rupees accounts in india? Does this work. Do you know how long it takes for them to get the money after each cheque deposit?
Hebbar77,
Yes its ok to do it. I have been doing it for last 11 years. It usually takes 7-10 days to get it cleared in the bank.MY parents have account in Axis bank , ICICI and dena bank. Depends from bank to bank.
Advantage: no extra cost involved
Limitation: 1-2 weeks time
Wire transfer:
Advantage: money is there in 2 days , good for emergencies
Limitation: unnecessary extra cost involved.
Hebbar77,
Yes its ok to do it. I have been doing it for last 11 years. It usually takes 7-10 days to get it cleared in the bank.MY parents have account in Axis bank , ICICI and dena bank. Depends from bank to bank.
Advantage: no extra cost involved
Limitation: 1-2 weeks time
Wire transfer:
Advantage: money is there in 2 days , good for emergencies
Limitation: unnecessary extra cost involved.
more...
chakdepatte
12-10 11:43 AM
Just throw away your legal papers. change your name, show your photograph with the statue of liberty and declare yourself illegal in the country for last 5 years. go to school, enjoy a better in-state tuition and get a better job. Green Card Voila!!!!
Dream act just proves that nothing will be done for hard working non shitizens. Legals should work and wait or leave as they dont have any DREAM. And yes we got a spineless president on that.
Keep dreaming. DREAM act ain't going anywhere.
Oye chuck they fatte.
Dream act just proves that nothing will be done for hard working non shitizens. Legals should work and wait or leave as they dont have any DREAM. And yes we got a spineless president on that.
Keep dreaming. DREAM act ain't going anywhere.
Oye chuck they fatte.
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misha
07-21 01:10 PM
Are you sure about Advance Parole stamp in a passport. I know about Green Card approval stamp in a passport but not AP. Have you ever had that AP stamp experience?
more...
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willIWill
04-08 02:46 PM
Couple of related questions.
1. Which method to use (paper or e-file) if you are filing for your EAD & AP for the first time ?
2. Where to file, the Service center or Lock Box facility ?
1. Which method to use (paper or e-file) if you are filing for your EAD & AP for the first time ?
2. Where to file, the Service center or Lock Box facility ?
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qualified_trash
05-17 01:53 PM
You may try www.shahandkishore.com
My employer uses them and I have had an excellent relationship with them.
My employer uses them and I have had an excellent relationship with them.
more...
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morchu
04-22 09:48 AM
Yes to both questions.
Priority date can be retained only after 140 approval.
I have seen PERM applications get approved with multiple locations mentioned.
But it is on a case by case basis. You may need to prove the requirement for multiple location.
Thanks Morchu for clarifying this. I do not want to be unlawful at anytime. That's why I am trying to understand this process as best as possible and then plan accordingly. so when you say this "You are NOT loosing "anything" by filing a second LC at the new location. You keep your priority date, and PERM is fast and I-140 processing time is 4 months or so" the only way to retain priority date is with approved I-140 .
Secondly, I read online either at this forum or at Murthy that one can include as part of "ETA form 9089" (Application for Permanent Employment Certification) a clause which states that the person "may be assigned to various, unanticipated sites throughout the United States". Is it true? And is it used widely by employers to retain flexibility?
Thanks a lot!!!!!!!!
Priority date can be retained only after 140 approval.
I have seen PERM applications get approved with multiple locations mentioned.
But it is on a case by case basis. You may need to prove the requirement for multiple location.
Thanks Morchu for clarifying this. I do not want to be unlawful at anytime. That's why I am trying to understand this process as best as possible and then plan accordingly. so when you say this "You are NOT loosing "anything" by filing a second LC at the new location. You keep your priority date, and PERM is fast and I-140 processing time is 4 months or so" the only way to retain priority date is with approved I-140 .
Secondly, I read online either at this forum or at Murthy that one can include as part of "ETA form 9089" (Application for Permanent Employment Certification) a clause which states that the person "may be assigned to various, unanticipated sites throughout the United States". Is it true? And is it used widely by employers to retain flexibility?
Thanks a lot!!!!!!!!
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Oasis52
05-16 08:37 AM
Hi
Thanks for the replies
Actually I posted this same question on Lawbench.com (paid service) and one of thier lawyers provided me with this asnwer:
You cannot leave the United States while a change of employer petition is pending. Unless, that petition requests for Consular Processing. You would need to show your valid passport, H-1B visa, and current approval notice for Co B. Yes, you can enter with Company A's visa stamp.
If you cannot wait in the US for Company B's petition to be approved, you would need consular process the petition and travel with the approval notice.
My concern comes is WHAT SHE MEANS BY CONSULAR PROCESSING? Does it applies to Consular Processing?
Also what about H1 Protability 2001 ACT which says if transfer is in process, one can enter the country just on receipt?
Thanks for the replies
Actually I posted this same question on Lawbench.com (paid service) and one of thier lawyers provided me with this asnwer:
You cannot leave the United States while a change of employer petition is pending. Unless, that petition requests for Consular Processing. You would need to show your valid passport, H-1B visa, and current approval notice for Co B. Yes, you can enter with Company A's visa stamp.
If you cannot wait in the US for Company B's petition to be approved, you would need consular process the petition and travel with the approval notice.
My concern comes is WHAT SHE MEANS BY CONSULAR PROCESSING? Does it applies to Consular Processing?
Also what about H1 Protability 2001 ACT which says if transfer is in process, one can enter the country just on receipt?
more...
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eb3retro
09-09 05:23 PM
can you show me a single post in IV that states that they have travelled after applying for AP, and come back with an AP. May be I missed it.
the rule states that you have to be present in the country when you apply for AP. It does not say anything on where you need to be when it is approved. There are many cases where the applicant left the US to have the document mailed or taken along with someone to the person out of the US. The applicants on return were not asked anything. It was business as usual.
the rule states that you have to be present in the country when you apply for AP. It does not say anything on where you need to be when it is approved. There are many cases where the applicant left the US to have the document mailed or taken along with someone to the person out of the US. The applicants on return were not asked anything. It was business as usual.
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sampatvijay
01-14 01:15 PM
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chnaveen
07-08 11:15 AM
Thanks for the valuable information. But we all know the I-485 process take long period of time. Mean time if I marry again, do I have to wait for the priority date to be current in order to Apply I-485 for my new wife?
thanks
balan.
yes,
You have to wait until your priority date becomes current to apply your dependent's 485. And for that she needs to be in US and for this you need to have valid H1 so that she can get H4 if she is already not in US and doesn't have any VISA.
If you don't have H1 and she can't come unless she can come on H1 (herself) or Business VISA.
For some reason, if she couldn't land in USA before your GC approval, but if got married before the GC Approval, then you should submit one form(I am not sure which one some on 800 series).
thanks
balan.
yes,
You have to wait until your priority date becomes current to apply your dependent's 485. And for that she needs to be in US and for this you need to have valid H1 so that she can get H4 if she is already not in US and doesn't have any VISA.
If you don't have H1 and she can't come unless she can come on H1 (herself) or Business VISA.
For some reason, if she couldn't land in USA before your GC approval, but if got married before the GC Approval, then you should submit one form(I am not sure which one some on 800 series).
EB3_SEP04
08-22 11:24 AM
I applied on June 12 (paper file) at TSC , Notice date June 18th , RD June 13th and received EAD cards on Aug 18th (CPO mail on Aug 15th).
Hope this info helps.
My RD is 7/2/08, still waiting for approval, not even an LUD after notice date. I see EB2 folks getting renewals within 30 days or so. Isn't this descrimination?
Hope this info helps.
My RD is 7/2/08, still waiting for approval, not even an LUD after notice date. I see EB2 folks getting renewals within 30 days or so. Isn't this descrimination?
chanduv23
05-08 10:24 AM
There are situations when a h1b transfer or extension is granted but the approval notice does not have a i 94 atttachment that adjusts your extension to stay till the end of your petition date. In such a situation, the benificiary has to go to his home country for stamping and then come back.
The best thing you can do in your case is to approach murthy's firm and get a paid consultation.
The best thing you can do in your case is to approach murthy's firm and get a paid consultation.
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