CA ON WEB will help NRIs by:
Determining residential status: We help you to know about whether you qualify as an Indian resident for a financial year or considered as a Non-Resident Individuals.
You are considered as NRI if you do not meet any of these two conditions:
- 1. When you are in India for 182 days to be exact during the financial year
- 2. You are in India for 60 days in the previous year or have lived for 365 days to be exact in the last 4 years.
But only the first condition applicable if you are;
- Indian citizen working abroad or
- Member of a crew on an Indian ship or
- A person of Indian origin who is in visit to India
Compliance with various laws such as Income Tax Act or FEMA or RBI guidelines:
We will help you in seeking relief from DTAA between two countries.
Under DTAA, there two methods to claim tax relief- exemption method or tax credit method.
Why should an NRI file a return?
NRI is required to file an income tax return when he has any income that is accrued or has been received in India.
When income accrue or arise in India:-
An NRI has to pay tax on any income that accrues or arises in India or is received in India. So salary received in India, rental income, interest income from fixed deposits or saving bank accounts and capital gains on assets sold in India are taxable. If the income of an NRI is more than the basic exemption limit for the year, he or she is liable to file the return in India. Also, to claim tax refunds, or to carry forward losses to future years, NRIs have to file a return.
“Earned” in India means?
- Any income received in India or the law deems it to be received in India by you or on your behalf.
- Any income that accrues or arises in India or income that the law believes accrues or arises in India.
“Accrues” in India means?
As per section 9 of the income tax act, if your answer to any of these is a YES the law will consider these incomes to have accrued in India:-
1. Income from a business connection in India
2. Income from any property, asset or source of income in India
3. Capital gain on the transfer of a capital asset situated in India
4. Income from salary if the services are rendered in India
5. Income from salary which is payable to you by the Government of India for services rendered outside of India when you are an Indian citizen
6. Dividend paid by an Indian company even though this may have been paid outside India
7. Interest, royalty or technical fees received from the Central or the State Government or from specified persons in certain circumstances.
NRI Income Tax PAN Card or Digital signature:
CA on web helps you with service support for obtaining Permanent Account Number and Digital Signature.
Income Tax Return Filing and advice on reducing tax liability in India:
As per Income tax act, 1961 whether you are NRI or not, any individual whose income exceeds INR 250000 is required to file an income tax return in India.
NRI must file their returns when they:-
- Have a loss that they want to carry forward.
- Want to claim a refund.
Advice on tax saving investments and handling of inheritance, will and so on:-
CA On Web team will provide you with experienced and professional CAs who would be having expertise in taxation of foreign income and they will help you in tax savings, avoiding double taxation, handling of inheritance and helping Indian residents in a declaration of income from foreign assets/bank accounts.