We specialise in FEMA / RBI Compliances and Income Tax Transfer Pricing for Indian Companies and Foreign Subsidiaries in India. Our government follows the maximum welfare of ‘society’ theory. The main source of revenue income to the government is through taxation. The income tax rates vary between Indian residents and Indians living overseas. Recent statistics say that more than 32 million Indians are NRIs-(Non-resident Indians) & PIOs (Persons of Indian Origin) India has become one of the largest origin countries for immigrants & expatriates. There are more than 55 million people spread across the globe.
iMaster NRI tax consultants offer end-2-end guidance about NRI income tax filing. We assist our clients with NRI advisory services too. It is recommendable for all NRI clients to seek professional help. NRI chartered accountants in India or NRI ca services is a smart choice. They are the right persons to guide you about nonresident taxation in India. iMaster NRI tax services are professional NRI income tax consultancy in India. Our tax consultants have decades of experience in handling all tax matters for NRIs.
Who is NRI?
A non-resident of India in short is NRI. An Indian resident who is not living in India gets identified as a non resident Indian-NRI. A person is NRI-Non resident Indian when he meets any of the following constraints. 1. During a financial year a person who was residing in India for less than 120 days. 2. Taxable income from Indian sources is not above Rs. 15 lakhs. 3. During the last 4 financial years the person was residing in India for less than 365 days. Further ‘Stateless income concept’ has come into effect. An Indian citizen with no tax liability in any other country being resident or domicile. And who whose taxable income of Indian sources is not above Rs.15 lakhs. That person gets taxed as resident-NOR. But Overseas Citizens of India-OCIs cannot claim the ‘Stateless Income Concept’.
How iMaster Consultants NRI services are helpful ?
Non-resident Indians who are living outside India. They do not come under Income-tax Act applicable here. But they are free to do business in India. They can establish their own business here subject to government rules and regulations. In general, they face challenges with investment and financial aspects. This is the crucial time when you need an NRI tax consultant to guide you. iMaster NRI tax consultants deliver the best-rated NRI tax filing services.NRI tax advisory services and other related services in India. Our tax consultants have decades of experience in NRI taxation in India. They have been catering to NRI clients’ needs over the years.
iMaster NRI experts are top practicing professionals like CAs and financial tax experts. Seek advice from our consultants and plan for your advance tax. Reap most benefits out of tax regulations applicable to NRIs. Our tax team gives excellent NRI tax advice based on the independent needs of their clients. Make use of the opportunity and our expertise. Make more profits and better results.
Common scenarios when Income tax return filing is necessary:
The following are the common cases where NRI IT filing is a must. But subject to income tax slab applicable to NRI for the relevant financial year. Salary income earned in India. Any income received in India. Rental income from property in India. Capital gains or revenue from the sale of property in India. Income earned abroad but received in India. Income from other sources like shares, mutual funds, fixed deposits, and lottery winnings of NRI are also taxable.
What is the tax slab for NRIs?
NRI chartered accountant is the right professional to handle NRI tax services. Want to know about NRI income tax percentage? The tax slab for NRIs ranges between Rs. 2.5 lakhs up to Rs. 10 lakhs and above in the old tax regime. The old tax regime NRI income tax percentage range between 10% to 30%. The tax slab for NRIs ranges between Rs. 2.5 lakhs up to Rs. 15 lakhs and above in the new tax regime. The new tax regime NRI income tax percentage range between 5% to 30%.
A separate tax bracket applies to below 60 years of age, between 60 to 80 years of age, and above 80 years too.
How can NRIs avoid double taxation?
Double taxation is a scenario where an income gets taxed twice. Both in the country where earned and in the country where they bring in the money. In general, NRIs who live abroad earn income in India. This leads to double taxation for many NRIs. India has signed a Double Taxation Avoidance Agreement (DTAA) with many countries to avoid paying double tax. Some of the popular countries are the USA, UK, Canada, Australia, Germany and so on. NRIs can seek DTAA tax relief by filing Form 10F. Along with the same you need to give a tax residency certificate and self-declaration too. You need to submit the same to the entity responsible for deducting TDS tax.
Advantages of NRI tax consultants. -Why NRIs need to hire NRI ca services?
Earning money is not easy. It is more important to protect your hard-earned money from overseas. You can do so by careful tax planning and investments. When you are not careful, it may lead to heavy taxes. Investments and tax computation need to get worked out with professionals. iMaster NRI tax consultants in India offer NRI tax planning. NRI tax advisory and NRI tax filing services in India.
You get to enjoy host benefits from NRI tax consultants. They consider all tax impacts before advising about an investment. They enlighten you about ways to reduce your taxes. Offer advice about investments with long-term gains. They analyze your financial data and help you make an informed decision. Want to save time, money and gain tax efficiency? An NRI tax consultant is the right person to take up the task. They help you mitigate risks with NRI taxation and filing procedures.
iMaster NRI team offers customized services for Indians living abroad. Our services include filing income tax returns. , capital gains consultation, transfer pricing compliance for companies, repatriation of funds outside India. We make every effort to tailor our services to add value to your business.
The top reasons to choose iMaster NRI tax consultant services are many. Client data confidentiality is our top priority. All info and data shared with us by our clients are of top confidentiality. They never get disclosed to anyone. We have hands-on experience. Our consultants have decades of experience across many clients across the globe. Our skilled and experienced tax team keeps us ahead. We are great at customer support. We want to create a great impression with our clients with good customer rapport. We are available to support through any mode like phone, email, or live chat during your hour of need. You count on us as your service partner.
We are a top-rated service provider for NRI taxation in India. We specialize in NRI tax return procedures in India. We represent our clients before various authorities. Tax planning and consultation and e-filing of NRI Income tax returns. Seek advice about capital gains from iMaster NRI tax experts. They offer excellent advice on capital gains on the transfer of capital assets. It can be like Indian company shares, gold or immovable property, or any other asset.
Looking for NRI Tax Consultants Near Me Online in Chennai? iMaster India private limited is the right choice. NRI chartered accountant helps you keep your money safe with the right regulations. Still, have questions? We are happy to hear from you. Call or mail us your queries today.