New Tax on NRIs in USA | Business | Sarthak Ahuja
An alarming piece of news has just come out for NRIs living in the US… and their families in India…
A new law has been proposed in the US by which any non citizen of the US sending any money outside of the US…
Would be charged a 5% tax on top of that remittance.
So all Indians living in the US who are not US citizens yet, and even those on a Green Card, would need to pay this extra 5% while sending money to India.
This tax will be collected by banks and money transfer agencies at the time of transfer.
For context on the scale of this issue, in FY 24, NRIs sent USD 32 Bn to India from the US…
Which means a USD 1.6 Bn annual tax on this if the Bill comes into effect.
The Bill is called the One Big Beautiful Bill, and once passed in around July, this tax may take effect.
India has a TCS mechanism on foreign payments too, where you get the tax credit later… but we don’t know how much of the tax credit would be allowed in this case.
If you’re an NRI in the US and need to send money to India, it may be best to do it before this law is enforced.
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Follow me on my other social media handles for all updates, events and live sessions-
Instagram:casarthakahuja
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Website: http://www.casarthakahuja.com/
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A Chartered Accountant with about 10 years of experience in areas of Tax Advisory, Startup Consulting, Fundraising, Audits, Deal Advisory, Business Modelling and contract CFO services.
Winner of the ISB Young Leader Award 2017 and the Best All Rounder, PGP Class of '17, Sarthak has also been published about in the leading financial newspapers such as The Financial Express as possibly the youngest Indian to have completed the courses of CA, CS and CMA along with a graduate degree in Financial & Investment Analysis from University of Delhi, all by the age of 23 years
Видео New Tax on NRIs in USA | Business | Sarthak Ahuja канала Sarthak Ahuja
A new law has been proposed in the US by which any non citizen of the US sending any money outside of the US…
Would be charged a 5% tax on top of that remittance.
So all Indians living in the US who are not US citizens yet, and even those on a Green Card, would need to pay this extra 5% while sending money to India.
This tax will be collected by banks and money transfer agencies at the time of transfer.
For context on the scale of this issue, in FY 24, NRIs sent USD 32 Bn to India from the US…
Which means a USD 1.6 Bn annual tax on this if the Bill comes into effect.
The Bill is called the One Big Beautiful Bill, and once passed in around July, this tax may take effect.
India has a TCS mechanism on foreign payments too, where you get the tax credit later… but we don’t know how much of the tax credit would be allowed in this case.
If you’re an NRI in the US and need to send money to India, it may be best to do it before this law is enforced.
----------------------------------------------------------------------------------
Like, Share, Subscribe for more!
Follow me on my other social media handles for all updates, events and live sessions-
Instagram:casarthakahuja
LinkedIn: sarthak-ahuja
Website: http://www.casarthakahuja.com/
----------------------------------------------------------------------------------
A Chartered Accountant with about 10 years of experience in areas of Tax Advisory, Startup Consulting, Fundraising, Audits, Deal Advisory, Business Modelling and contract CFO services.
Winner of the ISB Young Leader Award 2017 and the Best All Rounder, PGP Class of '17, Sarthak has also been published about in the leading financial newspapers such as The Financial Express as possibly the youngest Indian to have completed the courses of CA, CS and CMA along with a graduate degree in Financial & Investment Analysis from University of Delhi, all by the age of 23 years
Видео New Tax on NRIs in USA | Business | Sarthak Ahuja канала Sarthak Ahuja
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17 мая 2025 г. 9:45:46
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