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Surya padhi. ca, cpa nri taxation and tax planning

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Surya Padhi
Surya Padhi

This document contains answers to 21 questions about taxation and tax planning for Non-Resident Indians (NRIs). Some of the questions addressed include whether mortgage interest on a foreign home loan is deductible in India, how to report interest income earned in NRI bank accounts in India and the US, what deductions are allowed and not allowed for NRIs, how to avoid double taxation on the same income, the process for NRIs to enroll for Aadhaar cards, and when form I8938 needs to be filed.

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8/8/2020 Surya Padhi. CA, CPA - NRI Taxation and Tax Planning suryapadhi.com/cpa-home/enrich/19-cpa/cpa-enrich/nri-taxation-and-tax-planning/12-nri-taxation-and-tax-planning?tmpl=component&print=1 1/1 NRI Taxation and Tax Planning Print Details Category: NRI Taxation and Tax Planning NRI Taxation and Tax Planning NRI Taxation and Tax Planning FY2020-2021 : Non-Resident Indian Status Determination NRI Questions and Answers Question - 1: Is mortgage interest on a foreign home loan India deductible? How do I add deduction in US taxes with interest paid in Indian Rupees? Question - 2: I have taken a 401K loan for buying my Primary Home and have been repaying the loan with interest, Can I show the interest that I have been paying back in my Tax filing? Question - 3: How to report interest on Indian NRE account-The account pays interest only once in 3 years. So for each year in between do I have to report interest accrued? Question - 4: I have interest income earned at NRI account at Indian bank. would I have to show in income tax filing in USA? if so how? How do I report foreign bank account details (india)? Question - 5: Do I report interests on my Indian NRI bank deposits (FD) in my 1040? Tax on this income is already withheld at Source (TDS). How do I claim tax credit for this in (my US returns)? Question – 6: How do I report my mutual fund income in India. Do I ask for quarterly statements for investment? Do they issue specific form in India similar to 1099-Div in USA? Dividend reinvestment is considered as Dividend income in USA? Question - 7: Does NRI have to pay tax in India if they are USA resident? Question - 8: Do I have to pay taxes in India if I am an NRI? Question - 9: Is it a must for NRIs to pay advance tax? Question - 10:What are the deductions allowed for NRI? Question - 11:What are the deductions not allowed for NRI Question - 12: How do I ensure I am not taxed twice for the same income? Question – 16: Earlier I used ITN number to file my return, now I have SSN number, Should I take any action? Question – 17: I’m an NRI and don’t have an Aadhaar. Is it true that my PAN will be blocked if I’m not able to provide Aadhaar by 30th April? Question - 18: What is the process for NRI enrollment for Aadhaar card? Question - 19: What is the process for Aadhaar enrollment for children of NRIs? Question - 20: I have real estate properties in my name in India. What do I need to report? Question - 21: When you need to file form I8938?

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Surya padhi. ca, cpa nri taxation and tax planning

  • 1. 8/8/2020 Surya Padhi. CA, CPA - NRI Taxation and Tax Planning suryapadhi.com/cpa-home/enrich/19-cpa/cpa-enrich/nri-taxation-and-tax-planning/12-nri-taxation-and-tax-planning?tmpl=component&print=1 1/1 NRI Taxation and Tax Planning Print Details Category: NRI Taxation and Tax Planning NRI Taxation and Tax Planning NRI Taxation and Tax Planning FY2020-2021 : Non-Resident Indian Status Determination NRI Questions and Answers Question - 1: Is mortgage interest on a foreign home loan India deductible? How do I add deduction in US taxes with interest paid in Indian Rupees? Question - 2: I have taken a 401K loan for buying my Primary Home and have been repaying the loan with interest, Can I show the interest that I have been paying back in my Tax filing? Question - 3: How to report interest on Indian NRE account-The account pays interest only once in 3 years. So for each year in between do I have to report interest accrued? Question - 4: I have interest income earned at NRI account at Indian bank. would I have to show in income tax filing in USA? if so how? How do I report foreign bank account details (india)? Question - 5: Do I report interests on my Indian NRI bank deposits (FD) in my 1040? Tax on this income is already withheld at Source (TDS). How do I claim tax credit for this in (my US returns)? Question – 6: How do I report my mutual fund income in India. Do I ask for quarterly statements for investment? Do they issue specific form in India similar to 1099-Div in USA? Dividend reinvestment is considered as Dividend income in USA? Question - 7: Does NRI have to pay tax in India if they are USA resident? Question - 8: Do I have to pay taxes in India if I am an NRI? Question - 9: Is it a must for NRIs to pay advance tax? Question - 10:What are the deductions allowed for NRI? Question - 11:What are the deductions not allowed for NRI Question - 12: How do I ensure I am not taxed twice for the same income? Question – 16: Earlier I used ITN number to file my return, now I have SSN number, Should I take any action? Question – 17: I’m an NRI and don’t have an Aadhaar. Is it true that my PAN will be blocked if I’m not able to provide Aadhaar by 30th April? Question - 18: What is the process for NRI enrollment for Aadhaar card? Question - 19: What is the process for Aadhaar enrollment for children of NRIs? Question - 20: I have real estate properties in my name in India. What do I need to report? Question - 21: When you need to file form I8938?