When you are married to a nonresident alien, how you file your income taxes is your decision. The Internal Revenue Service grants you the ability to treat your spouse as a resident alien and file jointly or you can waive that provision and file separately. You are still married, however, and are not allowed to
Treating a non resident spouse as a resident for tax purposes is allowed provided the other spouse is a US citizen or a resident alien. But make sure you understand the rules once you make this election. In case you do not want to choose this option, read here. Election to file a joint return
Report of Foreign Bank and Financial Accounts (FBAR) A lot of US citizens and residents have financial interest outside the country. Since your global income is liable to be taxed in the US, the US government requires certain financial information of its citizens and residents outside the country. With this intention, the form FBAR was
Let us discuss in this article if you can transfer funds from India to US on sale of property. Transfer of money from India to US is subject to the RBI (Reserve Bank of India) regulations. Following is the step wise procedue which you would need to follow: Step by step procedure : 2. Obtain
You can claim Foreign Tax Credit on interest income in India on US tax return using Form 1116. To read more about claiming FTC, read here Foreign Tax Credit (FTC) Form 1116 helps you to take a credit for the taxes paid in a foreign country on your US tax in order to ensure that
NRIs can have the following bank accounts : Given below is comparison between NRO, NRE and FCNR accounts: Accounts and features NRO NRE FCNR(B) Purpose of Account To park Indian earnings like rent, Indian salary, dividend etc To park overseas savings remitted to India after converting to INR To park overseas savings without converting into
Every person entering a financial transaction in India is mandatorily required to have a Permanent Account Number. It is the sole identification number for the purpose of tax payments and investments. Here are some of the NRI PAN Requirements An NRI PAN Card is required for almost all transactions of which some are: Paying taxes on
Does a NRI need to have a Permanent Account Number (PAN) in India? Every person entering a financial transaction in India is mandatorily required to have a Permanent Account Number. It is the sole identification number for the purpose of tax payments and investments. An NRI PAN Card is required for almost all transactions of
A NRI is required to file India tax returns if he complies with any of the above situations 1. Taxable income in India during that particular financial year was above the basic exemption limit eg: for FY 2015-16, the limit is Rs lakh 2. You have earned short-term or long-term capital gains from sale of
