NRI who returns to India for good, should know various aspects of Foreign Exchange Regulations (FEMA), Indian Taxation and Banking Regulations in order to rearrange his financial affairs in India and outside India.
When relocating to India, the following aspects should be taken care of
- What is your residential status under:
- Foreign Exchange Management Act, 1999
- The Income Tax Act, 1961
- Compliance of Baggage Rules in India regarding repatriation of overseas assets.
- Redesignation of all Indian bank accounts as Resident accounts and Holding and operating the non-resident Banking accounts on your return to India and Taxability thereof.
- What is your residential status under:
- Foreign Exchange Management Act, 1999
- The Income Tax Act, 1961
- Compliance of Baggage Rules in India regarding repatriation of overseas assets.
- Redesignation of all Indian bank accounts as Resident accounts and Holding and operating the non-resident Banking accounts on your return to India and Taxability thereof.
- Planning the date and month of return to India so as ensure minimum tax liability in the year of return (i.e. April to March)
- Opening of and compliances in respect of ‘Resident foreign currency’ (RFC) account.
- Taxability of Income earned in and outside India
- In the year of return to India.
- In the subsequent period.
- Compliance in respect of the Indian income-tax Act, 1961 e.g. application for PAN in case you do not have a PAN
- Compliances in respect of Wealth-tax Act, in case required e.g. filing of wealth-tax return
- Application of Double Taxation Avoidance Treaty, if any applicable
- Advice / information on various aspects of Tax Laws / FEMA, 1999 in respect of holding of assets in and outside India / earning income in and outside India and its taxability?
- Assistance in Filing Return of Income.
- Reorganize your asset portfolio in India/outside India with professional assistance to ensure minimum tax. Thus we also advise on setting up Business/Investment Outside India.
- Miscellaneous other issues.
Emigrating Indian/ New NRI An emigrating Indian/ new NRI wants to retain/ dis-invest assets (property, investments, business) acquired in India and repatriate the income/ sale proceeds thereof. We enable him to do so as follows:
- Obtain clearance required under FEMA from RBI to continue to hold certain assets in India.
- Facilitate repatriation of sale proceeds and income of assets held in India.
- Plan his tax liability in India.
- Monitor, record and report on his investments in India.
Where can we help ?
- Compliances regarding repatriation of assets to India
- Procedure for redesignation of all Indian bank accounts
- Opening of ‘Resident foreign currency’ (RFC) account
- Information to all companies, funds, etc., of whom shares and securities are held by the non-resident, regarding the change of residential status/relocation to India
- Compliance in respect of the Indian income-tax Act, 1961 e.g. application for PAN in case you do not have a PAN
- Compliances in respect of Wealth-tax Act, in case required e.g. filing of wealth-tax return
- Repatriation of legacies/inherited assets and taxability in India thereon
- Facilitate clearance required under FEMA from RBI to continue to hold assets outside India.
- Facilitate re-investment of sale proceeds of assets acquired outside India.
- Plan residential status under FEMA and Income Tax Services.
- Plan tax liability in India.
- Make fresh investments in business outside India.
- Investment and business consultancy in India.