Due to ignorance of the beneficial tax provisions for NRIs under the Income Tax Act & the Double Tax Avoidance Agreements (DTAA) with various countries, I’ve noted that people lose opportunities to plan their financial affairs to get the maximum tax advantage. If a person wants, he can smartly plan his residential status to escape tax on his foreign income. In a similar way, if one has paid tax in foreign country, he can claim foreign tax credit while filing tax return in India.
Similarly, due to ignorance of law, I’ve seen cases where a lot of unnecessary TDS has been deducted which one could have claimed back by just filing a return in India. In another case, I’ve seen that out of ignorance, India returned families did not disclose foreign assets in tax return which can pose a lot of trouble at the time of assessment.
Some examples where my expert NRI/PIO tax services can help you take the right decisions and save good amount of tax are as follows:
- Filing of Income Tax Returns
- Filing of TDS returns
- Calculation & payment of advance tax
- CA Certification for overseas remittance in Form 15B
- Net Worth Statement certification by CA for person going abroad
- Advisory on notice received from Income Tax Department
- Representation before Income Tax Department
- Appeal to CIT (Appeals) and ITAT
- Helping NRI/PIO can understand their liability to file income tax in India & filing returns for them after a careful review of Form 16, other incomes both in India and outside, Tax Credit in Form 26AS, applicable beneficial provisions in IT Act etc.
- Advisory on how NRI/PIOs can plan the stay in India so as to take maximum benefit of Non Resident Status as per Indian tax laws
- Helping NRI comply with taxation requirements at the time of purchase/sale of property in India & remit proceeds out of India
- Advisory on claiming benefit under Double Taxation Avoidance Agreements (DTAA)
- Advisory on Black Money Law and Benami Prohibition Act
- Advisory on sending money to family members in India, investing in relative name, provisions of clubbing of income and gift between family members & procedural formalities one should take care
- Guidance on maintaining proper tax records in India to comply with scrutiny assessment/investigation
- Tax Planning for seconded employees: how to claim foreign tax credit in India, file tax returns etc.
- Advisory on salary structuring for returning NRI clients
- Exploring tax planning avenues like setting up a private trust, creating an HUF, extending gifts within the family etc.
- Advisory on taxation of Employee Stock Options (ESOP/ESPP) & Restricted Stock Units (RSU)
- Taxation and investment advisory for expatriate clients