Trump Shows Compassion: A Relief For NRIs Sending Money To India
Hyderabad, May 24 (Maxim News): It is known that US President Donald Trump is moving forward with the slogan of America First. However, it is known that its impact on immigrants in America is negative. A few days ago, it was announced that the Trump government will start collecting taxes on money sent abroad from the United States.
In fact, every middle-class family that goes to America tries to send a large portion of what they earn there to their family members back home. However, although the Trump administration had previously decided to levy a 5 percent tax on such transfers, it has now been revealed that it has been reduced to 3.5 percent.
If a person sends $10,000 (Rs. 8,50,000) to their family from America under the latest reate, they would have to pay $500 (Rs. 42,500) as tax. But according to the current reduced tax rate, they would have to pay $350 (Rs.29,750). Here, due to the new decision of the Trump government, the tax payable will be reduced to Rs. 12,750. (here, the dollar-rupee exchange rate has been taken as Rs. 85)
Also, according to the new law, if any person sends money from the United States to their countries in a day, money transfer companies will have to provide the details of the transaction to the US government. It has also been decided to tighten the KYC rules for this money. However, experts say that these measures are likely to cause some inconvenience to students. At present, this bill has not yet become a law. Although it is still in the discussion stage, experts suggest that students who have gone to study in the United States should be financially prepared for the upcoming situation. (Maxim News)
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