Tax for Indian Citizens – Below news is spread on social media:
The Government of India will introduce a new policy, effective from 31 March 2017, that will force ALL persons holding an Indian citizenship to pay TAX on their WORLDWIDE Income. This means that if you are holding an Indian passport, regardless of where you reside in the world, and even if you have not travelled to India for a long period of time, you will be forced to declare your worldwide income to the Indian Tax Authorities, which worldwide income will be subject to Indian Income Tax.
Last year, 15,000 Indian nationals took up residence in Dubai for tax saving purposes. Others relocated to Hong Kong, Singapore, Mauritius and other low tax jurisdictions in order to mitigate their tax liability in India. However, when the new policy comes into place, regardless of their tax residence, the Indian national will still have to declare their non-Indian wealth to the Indian Government. This model to be adopted by the Indian Government is taken from the USA model. In the USA, the Government levies tax on the worldwide income and estate/gift returns on ALL USA citizens, regardless of where you live. See link https://www.irs.gov/individuals/international-taxpayers/u-s-citizens-and-resident-aliens-abroad
Forwarded msg. Pls look into this aspect
The above news is absolutely fake and of no significance. Our analysis of this issue:
- Income tax is decided by the law of the country. If one earns money in some country then he/she is liable to pay taxes to that country. For instance, if I stay for more 1 month in USA and get my salary paid there, then I am supposed to pay tax in USA and not in India. Legally, Indian government cannot claim tax for this money.
- Budget is also passed by central government and there is no announcement of any such news.
- Such new article will always come in the major news channels and newspapers of India. It is nowhere published, hence it is 100% fake news.
- It could be that this news was created by some faking news site and people would have mistaken it for real news.
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