US NRIs' India assets under scanner of US Tax System

NRIs are now being cautioned to be aware of their decisions to relocate in America as the complicated tax system will follow them closely, unlike earlier, when Indians in America did not really disclose all their income or assets from India. Now the US is swiftly making changes to the tax systems to obtain information on all assets of NRI's in their country, which means Indian Americans will have to pay taxes on their assets in India as well as in America. Account firms in India are advising their NRI clients to expose their assets to the American government before it is too late, as self exposure of assets lets the American government be fair to them.