Happy New Year

Now

At 00

Hours

I would

like to put

up a tree in my

heart, and instead

of hanging presents,

I would like to put the

names of all my friends.

Close friends and not so close

friends. The old friends the new

friends. Those that I see every day

and the ones that I rarely see. The ones

that I always remember and the ones that

I sometimes forget. The ones that are always

there and the ones that seldom are. The friends of

difficult times and the ones of happy times. Friends

who, without meaning to, I have hurt, or, without meaning

to have hurt me. Those that I know well and those I only know

by name. Those that owe me little and those that I owe so much.

My humble friends and my important friends. The names of all those

that have passed through my life no matter how fleetingly. A tree with

very deep roots and very long

and strong branches so that

their names may never be

plucked from my heart. So

that new names from all

over may join the existing ones. A tree with a very

pleasant shade so that our friendship may take a

moment of rest from the battles of life. “May the

happy moments of TODAY brighten every day of

“YOUR LIFE”. This is my sincere wishes !

Tax rates for NRIs are no different from those for residents

Tax rates for NRIs are no different from those for residents

Sandeep Shanbhag
I have been informed that recently, there has been a change regarding the procedure and documents required to be submitted by an NRI for effecting a remittance out of India. What is the exact nature of this change? — Saurabh Gupta
Yes, the remittance procedure has been modified from July 1, 2009. Earlier, for effecting the remittance, the NRI needed to submit a certificate from a chartered accountant (CA) and an undertaking detailing the transaction and the bank account to which the remittance is to be credited. Now too, the same details are required albeit in a modified format.
The CA certificate is to be provided in prescribed Form 15CB. Also, now the undertaking needs to be submitted in Form 15CA. The information to be furnished in Form 15CA is to be filled using the information contained in Form 15CB (certificate). Form 15CA has to be then uploaded on www.tin-nsdl.com. The remitter will then take a print out of this filled up Form 15CA (which will bear an acknowledgement number generated by the system) and sign it.
The duly signed Form 15CA (undertaking) and Form 15CB (certificate), has to be submitted to the bank who will in turn forward a copy the certificate and undertaking to the assessing officer concerned. Once this is done, the funds may be remitted abroad.
Please note that though the procedure seems complicated at first glance, it basically amounts to filling out of two forms, one of which will be done by the chartered accountant concerned. The other one has to be filled online and then printed out with the system generated acknowledgement number. Submission of both these documents is all that is needed to effect the remittance.
I have a small apartment on the outskirts of Mumbai which I have let out for a rent of `11,000 per month. I have no other income in India. Would I have to pay any tax on this income in India? Would the tax be payable if I were to gift the rental income to my retired parents who live in India? Would they have to pay tax on this gifted amount? — Nalanda
The tax rates for NRIs are not different from those applicable to resident Indians.
Income up to `1.6 lakh is not taxable. Since your income from rent would amount to `1.32 lakh only, there would be no tax payable on rent in India. Any monetary or non-monetary gifts made to parents are not taxable. There is no limit on the amount that can be gifted as well as the number of times it can be gifted.
The writer is director, Wonderland Consultants a tax and financial planning firm. He may be contacted at sandeep.shanbhag@gmail.com

Source:http://epaper.dnaindia.com/dnaahmedabad/epapermain.aspx?queryed=5&username=&useremailid=&parenteditioncode=5&eddate=12%2f10%2f2010