Although you are abroad most of your dream & aspirations still lie India, Not only these your Tax compliance and Investment also lie here. We understand except few most of us will like to return to India one day. None of us want to get welcomed at airport by tax authorities holding a garland of notices and tax demand in their hand.
Further the most obvious reason we go to a foreign country, leaving our family, Friends and emotions here to earn a handsome income so that we can save and invest some amount so that once we return one day we have enough savings, so that we secure our life and provide a secure future to our dependents. However to achieve our goals we need to ensure that we make our choices wisely and avoid a costly mistakes.
Considering the Importance of Tax compliance & Investments we have carved out a dedicated desk specifically meant for NRI & PIO. The Team comprises of CA, Investments Advisors are dedicated to understand you requirement and guide you. With an experience of 10 Years and handling more than 200 NRI Accounts, You can rely on our expertise to take care your compliance & Investments needs. Read More
Services Provided by AKT NRI-Desk Provided following Services
- NRI Tax Compliance
- Tax compliance:- Income Tax compliance, FEMA Compliance, Repatriation consulting.
- Returning NRI Tax Planning
- NRI Investment Consulting:-
- Investments In Real Estate:- Search, Selection, Legal Verification, & registration of properties
- Business Investment:- Search of Business opportunities , legal verifications & documentations
- Financial Consulting:- Loan syndication, Co-ordination and documentation for quick loan sanction , Transfer of Loans or other financial requirement for Finance , Portfolio Management, Investment consulting, Goal oriented Financial Planning for NRIs.
- Legal Consulting
- Estate Management Services for NRI:- To protect their properties from Legal trespassing or Unauthorized use, appointment of Estate management company and periodical checking of their functions.
- Outsourcing Advisory :- These services are meant for those person who have established business/ Profession abroad and want to outsource some part of their work to India to cut the cost or Increase the efficiency. We can guide them to set up in form of KPO, BPO, Knowledge Centre, Subsidiary or Professional network.
Who Qualify for NRI Status?
As per Sec 6 (1) of Income Tax you qualify:-
for NRI Status if any of following 2 conditions are met
- 182 days of more in India in Previous Year
- He / She must be in India for a period of 356 in the Previous 4 Year just before the relevant previous year
- He must be in India for a period of 60 Days in that relevant Previous year.
Who are PIO and why they enjoy NRI Status?
PIO or Person of Indian Origin is a honorary status given by Govt of India for all those who has Indian Origin but not settled down abroad except those who are settled in Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran , Nepal & Bhutan. Following benefits are extended to PIO Card Holders
- Visa Free India visits,
- Registration with Foreigners Regional Registration Office is not required.
- Some other Economic, Educational, Financial & Cultural Benefits has been extended.
What are the various types of Bank A/c an NRI can maintain?
- Non Resident External (NRE) A/c
- Non Resident ordinary (NRO) A/c
- Resident Foreign Currency (RFC) A/c
What are the tax compliances need to done by NRI?
- Filing of Income tax Return?
This is one of the biggest myths in the mind of our NRI Friends that they need not to file Income tax return, because there Income is not taxable. However it is mandatory to file Income tax return in following situations:-
- Income from Bank FD held in India
- Sale or purchase of Property
- Rental income exceeding basic exemption limit
- Capital gain from sale of shares
- Any other income which is otherwise taxable in India.
What are other compliances for NRI?
There are other compliance which need to take care while
- Sending money from NRE/NRO accounts
- Repatriation of Wealth
- Sale or purchase of Property
- Wealth held in India under Wealth Tax Act
We have prepared an exhorted list and FAQ on compliances related to NRI, You can send your request to NRI Desk on [email protected] to receive it for reference, Which we provide free of cost.