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PDF Editor FAQ

Do US Citizens have to pay taxes on interest earned from Fixed deposit accounts in India?

Whether or not you owe taxes to the U.S. depends on your particular circumstances. What is clear is that you do have to report the income on your U.S. federal income tax return. As a basic rule, U.S. citizens are subject to U.S. tax and reporting on worldwide income. You must annually report all of your income to the IRS, whether the income is from U.S. sources or foreign sources, and whether or not the income is taxed or reported in the country where the bank account is located.Additional reporting requirements may also be applicable depending on the value of the account. Two particular forms that you should be aware of are the FBAR and Form 8938, both of which require foreign bank account reporting in certain circumstances. The IRS has a helpful webpage comparing the two forms. Failure to file these forms, if applicable, can result in severe penalties.That being said, the good news is that both U.S. domestic tax law and U.S. tax treaties contain that are designed to prevent “double taxation,” or taxation on the same income in both countries. Domestic law provisions include the foreign tax credit, which may be applicable if you are paying foreign taxes on the income earned from account. These provisions, in many cases, can reduce or even eliminate the U.S. federal income tax that would otherwise be due by you. Keep in mind, however, that even if no U.S. tax is owed, a U.S. tax return still generally must be filed in order to benefit from these provisions, and the failure to do so can result in severe penalties.

I am an American citizen. I have a bank account in another country. Should I pay taxes to the USA from the earnings?

Whether or not you owe taxes depends on your particular circumstances. What is clear is that you do have to report the income on your U.S. federal income tax return. As a basic rule, U.S. citizens are subject to U.S. tax and reporting on worldwide income. You must annually report all of your income to the IRS, whether the income is from U.S. sources or foreign sources, and whether or not the income is taxed or reported in the country where the bank account is located.Additional reporting requirements may also be applicable depending on the value of the account. Two particular forms that you should be aware of are the FBAR and Form 8938, both of which require foreign bank account reporting in certain circumstances. The IRS has a helpful webpage comparing the two forms. Failure to file these forms, if applicable, can result in severe penalties.That being said, the good news is that both U.S. domestic tax law and U.S. tax treaties contain that are designed to prevent “double taxation,” or taxation on the same income in both countries. Domestic law provisions include the foreign tax credit, which may be applicable if you are paying foreign taxes on the income earned from account. These provisions, in many cases, can reduce or even eliminate the U.S. federal income tax that would otherwise be due by you. Keep in mind, however, that even if no U.S. tax is owed, a U.S. tax return still generally must be filed in order to benefit from these provisions, and the failure to do so can result in severe penalties.

How can NRIs benefit from investing in Indian stock markets, keeping in mind the taxation and currency fluctuations?

India has a favourable regime in terms of taxation of equity shares and mutual funds whereby any shares/mutual funds held for more than 1 year are tax free in India. However, you also need to be mindful of tax laws in your country of residence for example, if you are a US resident, any Indian income, even if tax free, is taxable in your US tax return + there are compliances like Form 8938, FBAR etc. So, to a good extent, the advantage depends on your country of residence.From an investing point of view, India presently offers one of the highest yields especially if you compare to the developed markets. But at the same time there is an exchange risk also. So, investing in India makes a lot of sense for some one who’s eventually planning to return to India and settle down here. However, for someone who does not, India should just be a small part of the overall investment portfolio.Thanks!

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