With rapid development and globalisation of economies, the Indians are moving for work abroad. They are often called as Non Resident Indians. The meaning of NRI for Income tax and FEMA (Foreign Exchange Management Act) is different. For tax purpose, India follows a ‘source rule’ basis of taxation, i.e. to tax all incomes which accrue/arise in India. The NRI can take benefit under the Indian domestic tax laws and under the double tax avoidance agreements (DTAAs). Further exemptions available under the domestic tax laws such as Section 80C with respect to certain investments, payment of principal on housing loan etc., may be availed by them.
They struggle with two tax jurisdictions and may have a host of reporting and other obligations in addition to adherence to the tax laws in two countries. Our team of experts provide range of services to our Non Resident Indians and Foreign National clients as follows:
We help our clients in effectively managing their investment in India. Services covered under the activity are as follows:
- Management investments in Mutual Funds, Shares, Immovable properties, etc.
- Facilitate banking.
- Planning financial transaction to minimise tax liabilities.
- Facilitate leasing/ liquidation of properties.
We help our clients in effective management and compliance to all tax (Income tax and Goods and service tax) burden. We help in filing regular tax returns and responding to any queries from tax authorities.
Inheritance or succession planning including formation of trust to secure their assets in India.
Trust and estate planning becomes an important challenge facing Non resident. A Non Resident Indian (NRI), Person of Indian origin (PIO) or even a foreign national of non-Indian origin can inherit and hold property in India.
We help our clients in estate planning to ensure that the wealth they have accumulated through their lifetime gets transferred smoothly to the legal heir.
We help our clients in repatriation of sale proceeds and income on assets in India.
We provide assistance to our clients in matters relating to:
- Holding, disposing or re-investment of assets acquired abroad.
- Planning residential status and tax liabilities in India.
- Starting a business in India or make investments in business outside India.
Set up business in India
Non resident Indians who wish to start business in India, we help them in following ways:
- Set-up/ incorporate Company in India
- Seeking regulatory approvals
- Income Tax and GST compliance
- Managing office infrastructure including manpower in India.
- Develop entry strategies and financial model
- Due diligence
- Merger & Acquisition