Wednesday, June 15, 2011

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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.





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  • CantLeaveAmerica
    03-28 09:48 AM
    guys, Murthy says EB2 will move forward in May 2008 bulletine. Reason is getting leftover visa from EB1 India's category.

    http://murthy.com/bulletin.html

    hoping big forward move.:D

    Great for us...aren't are Indian PHD's in the US are as scholarly and motivated as before? lol To think that there are left over visas in this category beats me ! :D





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  • 123456mg
    08-03 05:19 PM
    I bet you your attorney had either not replied that RFE and plainly let go the matter or the RFE response must have not gotten to USCIS in time. It had happened to one of my company collegue as well. Please ask your attorney to give you copies of details about the RFE and also provide (with FEdEx tracking number) the response that he wrote to USCIS. It is very easy to track if it is your company attorney screw-up or a genuine issue.





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  • ssnd03
    03-04 04:59 PM
    What about the thousands who lost 2-4 years because they were stuck in namecheck, now the name check is cleared but the dates will not move..frigging idiots..too little too late

    Before giving the blue/green/red dots, think about this. they created a traffic jam and now they are suddenly releasing it. There were about 150-300k stuck in name check, now all of them are waiting for their PD to be current. (i am one of them too). Think how this will affect the overall queue.

    Priority dates were current before early 2005 due to FBI namecheck delays and other processing delays. Hence, EB visa numbers were always underused (and lost). If these processing delays were not so much back then, retrogression would have happened earlier, because there is always more demand than supply for EB visa numbers.

    Retrogression can only be resolved by increasing visa numbers and/or recapture of lost visa numbers. Retrogression has nothing to do with FBI namecheck delays. In fact FBI namecheck delays masked the retrogression for one or two years.

    We should be happy that namecheck delays are over for now and will restore some degree of FIFO.



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  • 53885
    08-06 04:07 PM
    In last 2 months we collectively raised our voice on 3 occasions
    1. CIR 07 debate in senate (Can you believe that for last 3 months of the fiscal year DOS moved EB3 India from Jun 03 to current?)
    2. Flower campaign
    3. San Jose rally
    and we were rewarded.

    If you want to do something for yourself
    1. Show up in DC for Sept 13 Rally - http://immigrationvoice.org/forum/showthread.php?t=11428
    2. Come out of shadow and tell Congress your story - http://immigrationvoice.org/forum/showthread.php?t=10747

    The choices you make shall define your future.


    p.s. Please please please stop obsession with receipt notice and visa bulletin prediction.





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  • panini
    07-06 02:14 PM
    I guess not, if it is legal!
    Just don't shoot anybody now. That might have a negative impact!!! :D

    Guys lets not piss off bharol. He's got a gun!!!!

    Hi,

    I have Green card. I was wondering if owning a Gun legally can have any implications in getting citizenship later.

    I found that in California, where I live, it is legal for non-citizens to own a gun.



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  • gcisadawg
    11-14 04:14 PM
    Do you guys see what happens after January 2nd (or after 6 months of receipt date)....Most of the contractors (who applied their 485 in july) will look for permanent job OR demand more money from their employers...OR more benefits from employer. Employers try to be calm and don't conflict with us. What do u guys think??

    Is it going to be tough for desi consultants to earn more money by placing their employees as consultants? Because there are already so many people ready to do permanent job.

    As far as I know, IT department of most companies are cutting down on IT resources and trying to either outsource or have captive centers in low cost destinations. Given that trend, I doubt if more permanent openings are available.
    However, I see a spike in "Programm manager" type job where an on-shore person manages a team of off-shore developers sitting in countries like India.

    What say?





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  • jnraajan
    04-07 02:45 PM
    Folks,

    My mother-in-law applied for a B2 Visa and she was granted a 10 year/Multiple entry visa. At the POE, IO gave a 6months stay on her I-94 form. So far so good!

    We wanted to extend her B2 for another two months so that we can go around a bit during Summer months. We applied for an extension ( I-539 Application to extend Non-immigration status) and we received an acknowledgement from VSC.

    The question is, VSC is processing I-539 for August 07 and I dont think we would be getting her approval before her I-94 expires at the end of this month.

    Some folks might have gone thru this situation before. Based on your experiences, can you pls. let me know what are the possible options here?

    Rgds,
    gcisadawg

    Keep the receipt in hand. She can leave when she is ready to leave. If VSC responds or has an RFE after her departure, you can respond to that RFE and also provide proof that she has left the country already.

    But, the fact is, USCIS does not take it kindly when people on B2 Visa extends beyond the 6 months. She may have trouble coming back a second time. Please be advised of this.



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  • mhtanim
    11-24 12:13 PM
    I will need to extend my H-1B next year. So far I have found 3 immigration lawyers who are not that expensive and seem to be responsive to queries (email or phone). Comments from anyone who has experience with any of these 3 attorneys will be appreciated:

    1. Prashanthi Reddy - http://www.reddyesq.com/
    2. George M. Sabga Jr. - http://www.us-immigration-attorney.com/
    3. Andrew Dutton - http://www.immigration-counselor.builderspot.com/





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  • green_card_curious
    03-07 09:59 PM
    gcformeornot: I dont know how to update my profile. I looked around options in my user id but didn't find anything like "update profile".



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  • WeShallOvercome
    10-05 01:26 PM
    Speddi

    which serivce center are your applications pending with?



    Hi,
    I am a July 2nd filer and I got my receipt notices, EADs and completed the FP too. I didnt get the AP yet but my wife's AP shows as approved. When I talked to an IO couple of days ago, she said my AP is approved but they didnt update the website. I called USCIS Customer Service today 3 to 4 (it seems they keep track of it) times and each gave me a different information. Sometimes they said they have Aug 17th as the receipt date but my receipt date is July 2nd(on the RN) and Aug 20th is the ND. So, I dont know what this Aug 17th date is and they say that is what they have in their systems as received date and I am still in the processing time. I am confused. According to my attorney, my wife's AP shudnt have been approved without my AP getting approved since I am the primary applicant.

    Do I need to worry or just wait some more days? I am mainly worried that they have the wrong date as receipt date in their system and it might affect on future processing.

    Thank you for any kind of input.





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  • seahawks
    09-23 04:22 PM
    I applied in early August too but haven't received mine yet. I had delayed applying for my AP and current one expired last week, in the meantime it is possible that I may have to visit India since my dad has suddenly been hospitalized. Is there a way to get an Emergency AP?

    Many thanks

    yes, go to the local USCIS office to request an emergency Travel Parole. I haven't done it myself, but when they lost my approved AP in the mail, I tried the route of going to the local USCIS office to get a duplicate one. They said there is nothing they could do and only could issue an emergency one. I expect you will have to provide some supporting documents to show your emergency.

    In my case, we had to apply for fresh AP again and we are still waiting. That was a loss of over 600 dollars and counting. This system is painful!



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  • sk.aggarwal
    09-21 10:14 AM
    I had been a sort of similar situation. My friend and I worked for different companies through the same consulting company. After my project finished, my friend recommended me to his employer and I got a full time position and joined them. My previous employer got to know about this and sued me for stupid and fake charges. I had to hire a lawyer and defend myself and it was finally settled. During the course, I spent over 8K in attorney fees and 10K was settlement amount. Cost could have crossed 20K more in attorney fees if I would not have settled and it would have gone to litigation.

    Moral of the story: Law Suits are expressive and scumbag companies don't care. Do what you can to avoid confrontation. I am not trying to scare you but things can turn nasty. You may just want to talk to your old company and try to reason with them. Good Luck with what you do.





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  • Lisap
    08-03 12:11 PM
    Why is it that people who have filed after me have already received their notice and had checks cashed? I thought it is based on when the application is received is how they process- I am freaking out thinking that my application fell behind a desk somewhere....



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  • bheemi
    08-30 12:52 PM
    As per my understanding, you should not try to travel outside USA when extension application is pending. Because you will be issued with old I-94 no when you apply for extenstion. Your h1b extention approval petetion contains same I-94 no. Now if you travel before it is approved, you wil have a different I-94 issues t port of entry and it does nto amtch your I-94 which is in extension approval.

    Then when you apply for green card or further extensions you will face problems because of mismathcn in I-94 nos..This is my understanding..





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  • ss1026
    07-06 11:43 AM
    YOu are correct. If you have an approved I-140, you get
    - 1 year extension if PD is current
    - 3 years if your PD is not current



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  • Soltan
    05-06 08:03 PM
    Soltan
    But you cannot directly use the old 140 for filing a new 485

    Krishmunn, thanks for your reply. I understand that I have to apply labor and I140 again. But my question was how do I port the priority date when I do not have the approved copy of my I140 with me. What if the old employer cancels my i140?

    All I have is the old i140 receipt and the receipt number online shows approved status.

    Thanks





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  • learning01
    05-24 02:28 PM
    I think Quinn Gillespie will also opine on that and IV can take it from there.

    Can IV do a press release and circulate thru news wire? IV can write an article about legal immigration and what IV is doing for it. You can submit your release thru sites like http://www.prweb.com/

    They are free and if you pay some fee (I think $80), news will go to many popular news portals.

    This is a good time since all the news engines are seeking articles with keyword "immigration". I am sure this will open some more doors for IV.





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  • qasleuth
    07-17 11:35 AM
    If you are serious about discussing issues like this, I would suggest you take opinions/bias out of your arguments.

    All of your below listed biases are classic anti-immigrant groups' slogans.
    "unskilled/low skill immigrants cause higher unemployment", "unskilled/low skilled immigration == jobs not created, remain uneployed", "DV / Family based immigration brings in unskilled/low skilled immigrants"

    If you want a healthy discussion, do some research and provide data to support your assertions or ask for data before you make assertions. This thread will quickly turn into a bash fest against so called "unskilled" workers.

    And, how do you define "unskilled/low skilled" ? as compared to what ? A Java programmer ?

    I agree as well as dis-agree.

    numberUSA give this argument for all the immigration communities which I am sure is from a different perspective (xenophobic or race). They just don't want any immigrants no matter what.

    I am talking only about this crisis and merely from economic point of view. About choosing based upon what is good for the economy and what is not.

    Thanks,
    M.





    GcInLimbo
    11-17 03:53 PM
    Bump.. Updated the profile.





    CHHAYA
    04-20 01:19 PM
    I filed on March 10 2011 at texas service center, check was cashed on 3/15. Hope that helps.

    Thanks.



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