Tax Advisory and Compliance services play a vital role for Non-Resident Indians (NRIs) in effectively managing the Indian tax system, reducing tax obligations, and adhering to tax laws and regulations. NRIgo, with the assistance of tax experts, can provide the following services:
Analyze the NRI’s financial situation and goals to create a customized tax strategy.
Identify tax-saving opportunities and incentives available to NRIs under Indian tax laws.
Double Taxation Avoidance Agreements (DTAA):
Explain the provisions of DTAA between India and the NRI’s resident country.
Assist in claiming tax benefits and exemptions as per DTAA.
Ensure that NRIs do not pay tax twice on the same income in both India and their resident country.
Explain the tax rules related to property ownership, rental income, and capital gains for NRIs.
Assist in calculating and filing property-related taxes accurately.
Inheritance and Estate Tax Planning:
Advise on the tax consequences of inheriting assets in India.
Help structure assets and estates to minimize tax liabilities for future generations.
Capital Gains Tax Planning:
Provide strategies to optimize capital gains tax when selling assets like stocks or real estate.
Explain the exemptions and deductions available under Indian tax laws.
Tax Compliance Advisory Services:
Prepare and file income tax returns on behalf of NRIs, ensuring that they meet all filing deadlines.
Submit the necessary documentation and disclosures accurately.
TDS (Tax Deducted at Source) Compliance:
Ensure compliance with TDS requirements, including withholding taxes on various income sources.
Help in obtaining tax residency certificates to benefit from lower TDS rates.
Assist in maintaining proper tax records and documentation for audit purposes.
Keep track of financial transactions and income sources to support tax filings.
Assist in GST registration and filing requirements.
Tax Notices and Disputes:
Handle communication with tax authorities and address any tax notices or queries.
Represent NRIs in case of tax disputes and provide support during tax audits.
Foreign Asset Reporting:
Ensure NRIs comply with foreign asset reporting requirements, including filing of FBAR (Foreign Bank Account Report) and FATCA (Foreign Account Tax Compliance Act) reports.
Keep NRIs informed about changes in Indian tax laws and regulations that may affect their tax liabilities.
Help NRIs avoid penalties for non-compliance by ensuring that they fulfill all tax obligations and requirements.
Tax Advisory and Compliance Advisory services are essential for NRIs to stay in good standing with Indian tax authorities while optimizing their tax positions. These services ensure that NRIs benefit from tax incentives and exemptions while avoiding costly tax mistakes and penalties.