| Author |
Message |
    
Critic
Kurra Bewarse
Username: Critic
Post Number: 1198
Registered: 03-2004
Posted From: 107.131.41.254
| | Posted on Wednesday, March 02, 2016 - 12:27 pm: |
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Stewie:
The whole concept of FBAR - Foreign Banking Account Report is to declare how much you have in your foreign banks especially if you are are a resident in US ( Students not required) and have funds more than equivalent to 10 K USD.
TDS is automatically deducted in India, hence tax wont be a factor at all or will be very less in US. Major benefit is peace of mind and if IRS finds it for you then you will end up paying lot of penalty.
Becareful with some auditors who will scare you till death for FBARs to rip off extra fees.
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Stewie
Kurra Bewarse
Username: Stewie
Post Number: 3833
Registered: 03-2011
Posted From: 104.245.210.36
| | Posted on Wednesday, March 02, 2016 - 12:19 pm: |
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Critic:
thanks for posting this, I did not know , and my tax guy didnt say anything either.. 
A Famous Quote starts with a... and ends with this.
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Tingari_xx
Celebrity Bewarse
Username: Tingari_xx
Post Number: 49006
Registered: 08-2006
Posted From: 205.157.66.4
| | Posted on Tuesday, March 01, 2016 - 5:18 pm: |
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Nalla_baalu:Aug 11th 2011 weight -- 84 kg; Aug 11th 2012 weight -- 88 kg; Aug 11th 2013 weight -- 80 kg; July 2015 -- 90 kilos (5'10")
latest pettu
nenu same wt. vunnanu as 5 years ago. waist matram 3-4 inches perigindi  |
Tingari_xx
Celebrity Bewarse
Username: Tingari_xx
Post Number: 49005
Registered: 08-2006
Posted From: 205.157.66.4
| | Posted on Tuesday, March 01, 2016 - 5:17 pm: |
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Prasanth:.so that limit is per month
per month enti? fbar ki per month kaadu kada |
Nalla_baalu
Censor Bewarse
Username: Nalla_baalu
Post Number: 124765
Registered: 06-2011
Posted From: 204.194.77.3
| | Posted on Tuesday, March 01, 2016 - 4:45 pm: |
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already mint.com lo account create chesukoni ...aaa overview soothunte chi denemma anipisthaa undhi ....ippudu idhi kuda anteeee 
Aug 11th 2011 weight -- 84 kg; Aug 11th 2012 weight -- 88 kg; Aug 11th 2013 weight -- 80 kg; July 2015 -- 90 kilos (5'10")
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Prasanth
Censor Bewarse
Username: Prasanth
Post Number: 76863
Registered: 03-2004
Posted From: 59.144.58.33
| | Posted on Tuesday, March 01, 2016 - 4:31 pm: |
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Tingari_xx:dont think so.
US lo vuntu desam lo, thana peru meeda vunde account lo >10k vunte report seyali. not for transfers
OK...thnq...so that limit is per month (even per day in a month)
telugu biDDa (staying in bangalore and from vijayawada)
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Tingari_xx
Celebrity Bewarse
Username: Tingari_xx
Post Number: 49003
Registered: 08-2006
Posted From: 205.157.66.4
| | Posted on Tuesday, March 01, 2016 - 4:26 pm: |
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Prasanth:.if u just transferring money from US to india...should you still need to do f-bar ??
dont think so.
US lo vuntu desam lo, thana peru meeda vunde account lo >10k vunte report seyali. not for transfers |
Prasanth
Censor Bewarse
Username: Prasanth
Post Number: 76862
Registered: 03-2004
Posted From: 59.144.58.33
| | Posted on Tuesday, March 01, 2016 - 4:17 pm: |
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chass...andaru jump aa
telugu biDDa (staying in bangalore and from vijayawada)
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Prasanth
Censor Bewarse
Username: Prasanth
Post Number: 76861
Registered: 03-2004
Posted From: 59.144.58.33
| | Posted on Tuesday, March 01, 2016 - 4:11 pm: |
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Bewars:
Critic:
one doubt....if u just transferring money from US to india...should you still need to do f-bar ??
telugu biDDa (staying in bangalore and from vijayawada)
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Prasanth
Censor Bewarse
Username: Prasanth
Post Number: 76860
Registered: 03-2004
Posted From: 59.144.58.33
| | Posted on Tuesday, March 01, 2016 - 4:03 pm: |
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Bewars:
naaku ledhule...anyway, got it it is vice-versa ani
telugu biDDa (staying in bangalore and from vijayawada)
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Bewars
Kurra Bewarse
Username: Bewars
Post Number: 3108
Registered: 01-2008
Posted From: 23.123.25.129
| | Posted on Tuesday, March 01, 2016 - 4:01 pm: |
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Prasanth: who live in india and have a foreign account
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Prasanth
Censor Bewarse
Username: Prasanth
Post Number: 76859
Registered: 03-2004
Posted From: 59.144.58.33
| | Posted on Tuesday, March 01, 2016 - 4:00 pm: |
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Bewars:
is this for those who live in india and have a foreign account ? or vice-versa???
telugu biDDa (staying in bangalore and from vijayawada)
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Bewars
Kurra Bewarse
Username: Bewars
Post Number: 3107
Registered: 01-2008
Posted From: 23.123.25.129
| | Posted on Tuesday, March 01, 2016 - 3:59 pm: |
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Mana India lo vunna almost anni national banks ki new york lo branches vunnayi kada. They are obligated to report any transactions more than 10K to US government ani vinnaanu.
But if your balance is more than 10K ayithene manam report cheyyali anukuntaa..kaani 90% desi accounts lo anthakante ekkuve vuntaayi.. |
Critic
Kurra Bewarse
Username: Critic
Post Number: 1197
Registered: 03-2004
Posted From: 107.131.41.254
| | Posted on Tuesday, March 01, 2016 - 3:55 pm: |
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Musicfan:
Yeah you are good. |
Musicfan
Bewarse Legend
Username: Musicfan
Post Number: 57708
Registered: 05-2004
Posted From: 66.117.193.162
| | Posted on Tuesday, March 01, 2016 - 3:51 pm: |
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overall gaa per annum total balance aithe undochu, but per month eppudu 2.5lakhs dataledu
Nannaku Premato Audio Review
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Musicfan
Bewarse Legend
Username: Musicfan
Post Number: 57707
Registered: 05-2004
Posted From: 66.117.193.162
| | Posted on Tuesday, March 01, 2016 - 3:50 pm: |
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naaku 2.5 lakhs dati India lo cash ledu eppudu so nenu fine anukunta
Nannaku Premato Audio Review
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Critic
Kurra Bewarse
Username: Critic
Post Number: 1196
Registered: 03-2004
Posted From: 107.131.41.254
| | Posted on Tuesday, March 01, 2016 - 3:43 pm: |
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I have some FD's in India when I told the auditor in a meeting yesterday then
he was talking about the amendments of tax returns for last three years and letter from attorney and some other paper work.
Over he estimated 20 hrs of work for everything he said it would cost me 3250 USD for this.
I am negotiating on reducing that fee. But I will end up paying close to it. |
Bewars
Kurra Bewarse
Username: Bewars
Post Number: 3106
Registered: 01-2008
Posted From: 23.123.25.129
| | Posted on Tuesday, March 01, 2016 - 3:43 pm: |
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I think that is true. Even if you have the 10K balance for a single day in overseas account, you will have to declare. |
Critic
Kurra Bewarse
Username: Critic
Post Number: 1195
Registered: 03-2004
Posted From: 107.131.41.254
| | Posted on Tuesday, March 01, 2016 - 3:39 pm: |
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Hope you guys have heard about the F Bar along filing with your Tax returns.
If you have over 5 Lakh rupees or 10000 usd equivalent in savings overseas you have to declare.
If IRS finds it by themselves then there would be a penalty upto 50% . |
Archives - 2016