UK Pensions transfer to a QROPS in India & other OFF Shore Jurisdictions

 About QROPS :

For those resident in India who have pension schemes in the UK or for those planning on becoming a resident of India, there are significant tax advantages to transferring those schemes to a Qualifying Recognised Overseas Pension Scheme(QROPS).

In April 2006 it was announced by parliament that people with UK pensions who are, or will become non resident in the UK can move their pensions to a QROPS with the approval of HMRC. A QROPS is recognized by HMRC if it meets the following Criteria :

Ø  Is regulated as a pension scheme in the country in which it was established

Ø  Must be recognized for tax purposes in the country that the QROPS is established

Ø  The current approved list from HMRC can be found at www.hmrc.gov.in

Ø  During the first ten tax years of your emigration the QROPS’s provider is required to report back to HMRC on any withdrawls or capital sums taken from the pensions

		QROPS V/S UK PENSIONS
Questions		UK Scheme		QROPS
Lumpsum available		25%		upto 30%
Is my pension taxed in the UK ?		Yes		No UK Income tax due
When can I start to take benefits ?		55		55
Are the funds available in Local Currency ?		No only available in Sterling		Available in all currencies
What can I invest in ?		Limited investment options		Wide range of Options,
				excluding resedentail property
Can I pass on my scheme when I die ?		Not Usually		Yes, you can nominate Benefi
				ciaries to receive all of your
				residual fund.
Is the fund taxed on death ?		Funds that are passed on will		No UK tax to pay
		be subject to tax upto 55%

Next Steps :

Step 1 : Request for personalized recommendation report

Step 2: With your ‘Letter of Authority’ we will request for details from UK Pension providers, including current value

Step 2: Cost/benefit report, tax & jurisdiction report sent to client for review.

Step 4: Application & other related forms sent to clients & returned either by post or client adviser in the Client resident country can assist with application.

Step 5: We will send application to QROPS provider in relevant jurisdiction (for example, India) & send discharge papers to UK pension providers.

Your pension now based outside UK (India/OFF Shore),with greater flexibility, greater investment choice and lower tax

Who am I?

Let me introduce myself. I am Ravi kumar. I have been working as a Financial Consultant for more than 5 years. I have been instrumental in transferring UK pensions & Setting Up of QROPS for over 60 doctors & other professionals who have relocated from UK to India & other OFF Shore Jurisdictions. I have had Set up QROPS both in India & other OFF Shore Jurisdictions like Gibraltar, Malta etc as per the requirement of the clients. I promise to offer quality service & my service covers existing Pensions review, Free QROPS Consultations & Guide, Transfer Recommendation Report and much more.

Please contact me for an informal chat about the transfer scheme with my following Contact details.

Mr Ravi Kumar. Financial Consultant.  Exide Life Insurance Co Ltd

28, 6^th Floor, Centenary Building,  Adjacent to Raheja Towers, M.G Road, Bangalore-560 001.       

Cell: +91 9980927393,  +91 9844519872

Email:  ravi.sampige@gmail.com

UK Consultation office :

QROPS Advice

Global Administration office)

14-18 Heddon Street, Mayfair

London-W1B 4DA UK

Email: ravi@qrops-advice.net

Pan cards can be applied online now

Indians use the Permanent Account Number (PAN) Card as an identification document for different purposes. There are many holders of the PAN card who are neither working nor file tax returns; but have this solely for the purpose of identification. As the importance of this document has increased over the years, more and more people are applying for it.

As a result of this, the Income Tax department has sought to simplify the process of applying for a PAN card. While the PAN card could earlier be obtained only through middlemen, who were usually Chartered accountants, today the PAN card can be easily applied for online. This is an easy and user friendly process, with clear instructions and guidelines given at every stage. Here are the steps involved in applying for a PAN card when you wish to do it online -

1. Visit the website of the Income Tax Pan Services Unit. This can be visited at https://tin.tin.nsdl.com/pan/
2. This is the home page of the Income Tax PAN Services unit and has different choices such as application for a new PAN, Enquiry and Tracking status, Reprint of PAN card and changes or correction in the PAN details. The applicant must choose the option which is applicable to him.
3. To apply for a new PAN, Form 49A will need to be used. Form 49A can be filled online by visiting https://tin.tin.nsdl.com/pan2/servlet/NewPanApp. Fill in the details and submit the form online. After the form is submitted online successfully, an acknowledgement is displayed. This shows a unique 15 digit acknowledgement number. This acknowledgement must be saved and printed for further process.
4. The acknowledgement form must be sent to the Income Tax department. Before sending this, you will need to attach a few documents along with the acknowledgment form. This includes a proof of address and a proof of identity. Your name which is mentioned in these documents should be in the same format as that in the PAN application form. Take care of this at the time of filling in Form 49A.
5. You must also affix two recent colour photographs on the acknowledgment form in the applicable space. Signatures have to be made where indicated. The photograph you affix should be clear and recent, as this is the same photograph which will be used on your PAN card.
6. Application for PAN necessitates payment of Rs.96 if the communication address is within India. In this case, you can make the payment by one of the following methods – cheque, Demand Draft, internet banking, credit card or debit card. If the communication address is outside the country, then the amount to be paid is Rs. 962, and this is only in the form of a demand draft. In the case of payment by internet banking, by credit card or by debit card, the payment has to be made at the time of filling in the form, after which a payment acknowledgement will be given. Take a print of this and attach with the acknowledgement form.
7. The acknowledgement form must thus be accompanied by photographs, proof of address, proof of identification and the payment/payment proof as the case may be. This must be sent to NSDL in Pune within 15 days of the online application date. The envelope must be subscribed with the words ‘APPLICATION FOR PAN – Acknowledgement Number’. The applications are processed at NSDL after receipt of payment – meaning if the payment has been made by means of a demand draft or cheque, you must wait for realization of the payment.

8.      The steps above are simple and self explanatory. There are adequate instructions, guidelines and a list of Do’s and Don’ts in the website which will guide you in every step of the PAN application process. The application status can be tracked online after the acknowledgement has been sent. Online payments made can also be tracked online. NSDL also offers the facility of tracking by writing to them at their address or by sending an SMS to 57575 by typing SMS NSDLPAN Acknowledgement No.

9.      The process of changing or correcting the details of your existing PAN card is similar to the process of applying for a new PAN card. At the home page of the Income Tax PAN Services Unit, you will need to select “Changes or Correction in PAN details”. Fill in the PAN Change Request Form online and follow the steps above. This PAN change request section also has separate guidelines, instructions and Do’s and Don’ts to help you.

10.  Therefore you no longer have to depend on someone else to get a PAN card for yourself or anyone you know. Simply follow the above steps and get it.

Factors to consider while buying Property in Bangalore- Difference Between 'A' Katha & 'B' Katha Plots

1. Never ever buy BBMP B Katha Site

BBMP has two registers in BBMP Office, all the plots/Layout which has official approval from BBPM will be treated as BBMP A Katha and natinalised bank will provide loan for these plots.

All illegal / unauthorised private layouts which has not got BBMP approval are listed in "B" register in BBMP Office, there is no KAtha called "B" Katha, this is the official wordings from BBMP Corporate office,

if you want to self check, take the so called "B" katha document to get loan from natinalised bank, they will reject your loan strait away... Buying "B" katha site is your own Risk


2. Never Promote Black Money transactions in Real Estate (Ask Agents to show owners who want atleast 70% or more white money, to be on safer side)

Assume if you are buying a BDA Site in Banashankri 6th Stage BDA LAyout, the owners will quote 3500 to 4000 Rupees/Sq ft, but the agreement value will be for only 15 LAkhs for 30 x 40 Site..

Rest of the money you will have to pay by cash as black money, and doesn’t not carry any agreement for black money, and the land grabbers will make use of this black money

transactions to mislead the Software professionals  and other  hard earned salaried proffesionals , simple myth is how can to trust a unknown owner by paying hefty 70% black money with out any transactions proof..

3. Never ever make any transactions for Plot with Agent who has put up agreement with Owner(Find out real owner from the noted property portal like  99acres, magicbricks etc who advertise their proerty as direct owner)

For example a person has seen one site in Kanakapura road Judicial layout and shortlised it, but later he found that he need to make all transaction with agent who has put up agreement with owner... and he will show the

owner only during property registration...

The Agent has made agreement saying he paid one lakh as token advance for 30 40 plot at 3000 Rs/Sft and will clear remaining amount in 3 months... during this 3 months he will be searching salaried

 professionals  who desperately want to buy some property in bangalore.  With the help of that agreement now he has become proxy owner and quoting the plot rate at 4000 Rs/Sft.
These Agents will  artificially inflate property prices and make the hard earned salaried professionals into trap for overpriced property prices and struggle repay loan for 20+ long long years.



Suggestions

1. Do direct transaction with Owner (find direct owners in noted property portals like  99acres, magicbricks etc, you can take help of locaL agents but clearly mention you need direct owners who prefer at least 70% white money).

2. Buy plot only if it is BDA or BBMP A Katha and which gets loan from Nationalised bank.

3. Verify the original identinty of the person deeming as plot owner by verying the Photo Identity Card in original before making any transactions, as there are lot of mid-man and proxy owners

3. Take legal opinion from reputed Property lawyer by paying some 5 to 10K fees.

4. Never ever buy BBMP "B" katha as it is Bogus Katha and there is not physical existence of "B" Katha

5. After you buy your plot make fencing and mention board as "Not for SAle" and try to construct home in couple of years to avoid malformed property transactions from junk land grabbers.


Source : http://mybdasites.com/viewtopic.php?t=3973