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Indian-Americans' Assets Come Under The Glare Of The U.S. Tax System
BANGALORE: There was a time when Indians would relocate to America for the so-called American Dream. Well all that is about to stop now, since, NRI’s are being cautioned to be aware of their decisions as the nightmare of tax is about to plague their lives. We all pay tax. It is a mandatory payment in all countries that we live and work in but the game is about to change.
Unlike before when Indians in America did not really disclose all their income or assets from India, the American government is swiftly making changes to the tax systems to get information on all assets of NRI’s in their country. This means that Indian-Americans will have to pay taxes for their assets that are stored in India as well as in America. The burden is about to get a lot heavier.
Indians for a long time have been saving assets in India due to the low interest rates in America. This is done because in India they get a huge savings interests unlike the U.S. However, he U.S. government is about to take a sweep of their money. Account Firms in India are advising their NRI clients to come clean, expose their assets to the American government before it’s too late. These accountant firms are advising their clients that self exposure of assets will let the American government be fair to them.
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