Comprehensive Services to Non-Resident Indians (NRIs)
Non-Resident Indians (NRIs) often face challenges when it comes to managing their financial and regulatory affairs in India. N C Agrawal & Associates, a Chartered Accountant (CA) Firm in Delhi, serves as a trusted advisor, helping NRIs navigate the complexities of Indian tax laws, compliance requirements, and investment opportunities. Below is an overview of the various services we provide to NRIs:
1. Income Tax Filing for NRIs
Filing income tax returns in India is mandatory for NRIs who earn income in India, such as from:
– Rental income from properties
– Capital gains from the sale of assets
– Interest income from bank deposits
– Business or professional income
As a CA Firm, We can ensure accurate and timely filing of income tax returns, leveraging applicable deductions and exemptions to minimize tax liabilities while ensuring compliance with the Income Tax Act.
2. TDS Compliance on Property Transactions
When an NRI sells or purchases property in India, Tax Deducted at Source (TDS) plays a crucial role:
-TDS on Purchase of Property: Buyers are required to deduct TDS at 20% or more when purchasing property from an NRI. We can assist in calculating the correct TDS amount, remitting it to the government, and issuing Form 16A to the NRI seller. You can read more about TDS Deduction in case of purchase of property from NRI by clicking here
– TDS on Sale of Property: NRIs selling property in India often face high TDS deductions. We can help with compliance and ensure timely filing of related forms. including getting the Lower TDS Deduction certificate from the income tax department to avoid withhled the higher TDS by the income tax
3. TDS Exemption or Reduction Certificate
To avoid excessive TDS deductions on property sales or other income, NRIs can apply for a lower deduction or exemption certificate from the Income Tax Department under Section 197. A CA firm can:
– Assist in preparing and filing the application for the certificate
– Represent the NRI before tax authorities to expedite approval
– Ensure compliance with all procedural requirements
4. Company Registration and Business Setup
For NRIs looking to establish a business in India, as a CA firm, we provides end-to-end assistance, including:
– Choosing the appropriate business structure (Private Limited Company, LLP, Proprietorship, etc.)
– Registering the company with the Ministry of Corporate Affairs (MCA)
– Obtaining necessary registrations like PAN, TAN, GST, and other licenses
– Advising on FEMA compliance for foreign investments
5. Assistance with Form 15CA and 15CB
When NRIs repatriate funds or make foreign remittances, filing Form 15CA and obtaining Form 15CB from a Chartered Accountant is often required. These forms certify that taxes on the remittance have been duly paid or exempted. As a CA firm, we can:
– Prepare and file Form 15CA online
– Issue Form 15CB after thorough verification of the tax liability
– Ensure compliance with FEMA and RBI regulations
6.Tax Planning and Advisory
As a CA firm,we provides customized tax planning services to NRIs, focusing on:
– Structuring investments for optimal tax benefits
– Utilizing benefits under the Double Taxation Avoidance Agreement (DTAA)
– Minimizing tax liabilities on Indian and global income
7. Real Estate Advisory
NRIs often invest in real estate in India. A CA firm can assist with:
– Property purchase and sale transactions
– Calculating capital gains and related tax implications
– Repatriation of sale proceeds
– Compliance with RBI guidelines and FEMA regulations
8. Financial and Non-Financial Advisory
– Investment Management: Guidance on investing in mutual funds, fixed deposits, or stocks in India.
– Repatriation of Funds:** Assistance with transferring funds from India to the NRI’s country of residence.
– Loan Advisory: Helping NRIs obtain home loans, personal loans, or business loans in India.
– Inheritance and Succession Planning:** Structuring wills and assisting in the smooth transfer of assets to heirs.
9. Compliance with FEMA and RBI Regulations
NRIs often deal with cross-border transactions that fall under FEMA regulations. A CA firm can:
– Ensure compliance with FEMA for investments and remittances
– Assist in obtaining necessary approvals from the RBI
– Guide on maintaining NRO, NRE, and FCNR accounts
10. Audit and Assurance Services
For NRIs with businesses or significant investments in India, audit services include:
– Statutory audits
– Internal audits
– Tax audits
11. Representation Before Tax Authorities
In case of tax disputes or notices, we can represent NRIs before:
– Income Tax Officers
– Appellate Tribunals
– Other regulatory bodies
Conclusion
NRIs require professional guidance to manage their financial and regulatory obligations in India effectively. N C Agrawal & Associates (CA Firm in Delhi) expertise ensures that all compliance requirements are met while optimizing financial outcomes. By providing these services, we play a vital role in bridging the gap between NRIs and the Indian financial system, ensuring a seamless experience for our clients.