NRI Investments and Taxation Quotes

“US person is to disclose all the foreign financial accounts and related incomes, revise all previous years’ tax returns, pay tax, interest, penalty as well as pay the FBAR penalty based on the highest balance in the foreign financial accounts. While”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“The UBS banker received US$ 104 million reward, the highest in US History, under the whistleblower program.”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Both the banks paid huge fines, promised not to solicit US residents’ investments abroad AND declared information about the account holders to the IRS. The”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“During the period between 2008-2010, many money laundering schemes/ scandals were exposed; two mostly publicized scandals being UBS (overall) and HSBC (for NRIs).  Both UBS and HSBC banks accepted that they were involved in practices of money laundering,”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“FBAR requires filing of form TD 90-22.1 by June 30 of the next year with the Department of Treasury reporting all your foreign financial accounts and no extension is allowed. The penalty for non-submission of FBAR is severe - 50% of balance or $100,000, whichever is higher and criminal prosecution. However, it failed to increase awareness and/or compliance.”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“is illegal to have more than one PAN. A penalty of Rs. 10,000/- is liable to be imposed u/s 272B of the Income Tax Act, 1961 for having more than one PAN. Any additional PAN card(s) should be surrendered to the Assessing Officer.”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“The dividend received is exempt from income tax in India provided the Dividend Distribution Tax (DDT) has been paid by the company distributing dividend. If the DDT has not been paid, the dividend income would be taxable.”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“which is now increased to 250,000 for the financial year 2014-15. The”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Citizenship and Residential Status are two different concepts and should not be mixed. While”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“India does not allow dual citizenship. If”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“India does not have gold mines and all the gold is imported. Gold outside India is cheaper and of better”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Gold outside India is cheaper and of better quality and with better options.”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Keep investment simple and invest in products that you understand.”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Each and Every cost counts and is very important, whether direct,”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Tax is a very important consideration.”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Time is more important than timing for any investment. No one can accurately say the best time to invest, EVER. Start early, have patience, no fear. Please understand the power of Time i.e. compounding.”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Time is more important than timing”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Higher the risk, higher the expected return. In”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“such as the fact that the Indian equity market will generate about 12-15% annual return in INR, the INR will depreciate in future, etc.”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Have reasonable realistic expectations,”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Almost always, FREE will turn out to be the MOST EXPENSIVE for you.”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Please accept the fact that “There is NO Free Lunch” i.e. everything has a price and nothing is available for free. If it is free, it cannot be sustained or it may have a hidden mechanism that you do not know anything about.”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Know “Who you are”. Every investment product is unique and is good for someone. The”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“You also need to have enough medical and life insurance as well as a will explaining how you want your assets to be distributed.”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“diversify your investments, etc.”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Have clear objectives, understand your risk profile and return requirements, allocate your investments in asset classes (equity,”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Financial and Investment Planning is THE MOST IMPORTANT. If”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Easy is right. Begin right and you are easy. Continue easy and you are right. The right way to go easy is to forget the right way and forget that the going is easy” - Chuang Tzu Truly speaking, there are very few and basic investment concepts that can make you rich. They”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Better liaison with the bank, financial intermediaries, governments that save you time and money”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains

“Bring a holistic approach as well as discipline to investments”
― Jigar Patel, NRI Investments and Taxation: A Small Guide for Big Gains