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TOPIC: India- a tax haven for Indian-Americans?

India- a tax haven for Indian-Americans? 6 years 8 months ago #97

  • gangadharS
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The IRS is trying to zero in on affluent Indian-Americans alleging that in a bid to evade taxes, they use their native land to stash away undeclared money.
What an irony! Whilst India reckons that wealthy Indians horde away money abroad, U.S. now claims its Indian-American citizens are using India as a tax haven.
In fact, the U.S. Justice Department's civil tax division went as far as asking Federal Court's permission on to compel the London-based HSBC Bank to divulge names of thousands of wealthy Indian-American clients which it believes maintain accounts with more than $ 100,000 in the bank's India branches in an attempt to hide it from the IRS.

India- a tax haven for Indian-Americans? 6 years 8 months ago #324

  • gangadharS
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The IRS is trying to zero in on affluent Indian-Americans alleging that in a bid to evade taxes, they use their native land to stash away undeclared money.
What an irony! Whilst India reckons that wealthy Indians horde away money abroad, U.S. now claims its Indian-American citizens are using India as a tax haven.
In fact, the U.S. Justice Department's civil tax division went as far as asking Federal Court's permission on to compel the London-based HSBC Bank to divulge names of thousands of wealthy Indian-American clients which it believes maintain accounts with more than $ 100,000 in the bank's India branches in an attempt to hide it from the IRS.

India- a tax haven for Indian-Americans? 6 years 8 months ago #327

  • Mike
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In the latest incident of offshore tax evasion, Vaibhav Dahake of Indian origin from Somerset has pleaded guilty and admitted using HSBC India accounts in order to evade federal taxes. Dahake, a naturalized U.S. citizen and an HSBC client admitted in U.S. district court of New Jersey of conspiring to conceal accounts in India. The episode surfaced days after U.S. prosecutors alleged that an HSBC unit in India is helping Indian-Americans in dodging taxes.

India- a tax haven for Indian-Americans? 6 years 7 months ago #334

  • Ankit
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Not everyone cheats on their taxes.....Indian-Americans like don't stash away more in India or anywhere else. The govt takes it all!

India- a tax haven for Indian-Americans? 6 years 6 months ago #363

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There is an active petition here in this regard.
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