onamAnd for a Friday ……in Trivandrum some thoughts……

Onam is really the King of all festivities in Kerala. Lord Mahabali’s annual visit brings loads of fun, shopping and a continuous string of “Sadyas” the only 20 course meals served on a Banana leaf.

Onam is also very characteristic of the Malayalee, be it in Milwaukee, London, Berlin, Perth, Chembur, Dubai, Dallas or Tokyo …….every Verghese, Menon, Kader, Nair, Basheer, Nambiar and their families join in the festivities, truly secular, truly Indian.

This Onam is also special as the Income Tax Declaration Scheme ends soon after Onam.

Some people, the cash hoarders, businessmen, some of the lawyers, doctors and a few NRIs who have undeclared assets and wealth beware!! The Taxman cometh and ….with a bang …..

These guys are ignorant how big and huge the implications of the Foreign Account Tax Compliance Act (FATCA) signed by President Obama in 2010 and ratified by India for reciprocal sharing in July 2015!

When the US system works…….well it works…… any round routing thru tax havens and others will all get exposed, one by one.

All of us, the honest tax payers, for years and years of hard work, let’s all hope a level playing field will open……. someday….., when???? your guess as good as mine……. Happy Onam……