1. Are green card holders required to report their income in India from various sources such as interest deposited in bank accounts and others? even if they are already paying taxes in India and filing a separate tax return in India. My tax CPA in the USA said it is not required but some poeple I know opined that it is required to report these on 1040 schedule B. Also how does one match the tax return in India with tax return in USa because they work on different fiscal periods and the incomes shown in India could be different from what has to be shown in USA (Jan-Dec).
2. I just read that US nationals and GC holders are required to submit TDF 90-22.1 known as FBAR by June for the previous year, if the combined total in accounts held abroad either singly or jointly exceeds $10K at any time in a year. Any idea about this? I spoke to a number of people and they did not know about this. But on the net it seems to say there is an automatic penalty of $10K for every year of default if one fails to submit this form. In extreme cases fine can be $500K with 5 year prison. Does anyone know about this? are people filing it? Is there provision for late filing? How do they track whether a person had $10K combined total at any point in a year?
3. Is there any limit of sending money from USA to India in a calendar year? Does it have to be accounted for in any tax form?
2. I just read that US nationals and GC holders are required to submit TDF 90-22.1 known as FBAR by June for the previous year, if the combined total in accounts held abroad either singly or jointly exceeds $10K at any time in a year. Any idea about this? I spoke to a number of people and they did not know about this. But on the net it seems to say there is an automatic penalty of $10K for every year of default if one fails to submit this form. In extreme cases fine can be $500K with 5 year prison. Does anyone know about this? are people filing it? Is there provision for late filing? How do they track whether a person had $10K combined total at any point in a year?
3. Is there any limit of sending money from USA to India in a calendar year? Does it have to be accounted for in any tax form?
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