International Taxation

Non-Resident Indian (NRI) is an Indian citizen, migrated to a foreign country. In India, the tax is liable to be paid based on residential status and not on the nationality or domicile of the taxpayer.

Due to globalisation, more and more people are relocating to different countries of the world. With the rapid and active growth of the Indian economy over several years, there has been a steady influx of expatriates into India. For dealing with the taxation laws efficiently, one must hire a sound NRI tax consultant in Delhi if you belong to Delhi who can guide you to plan your transactions accordingly.

Some of the typical challenges faced by the Expatriates are getting accustomed to our diverse culture, different languages, finding accommodation, compliance with tax and regulatory regulations. Manish Anil Gupta & Co. is one one of the few best NRI consultants in Delhi having vast expertise in NRI return filing in India. Income Tax deductions available for NRIs under section 80C NRIs can also avail of the tax deductions under Section 80C up to a maximum of Rs. 1.5 lakhs, just like in the case of residents. Some of the common investment options to claim deduction under section 80C are:

• Life insurance premium payment
  An NRI can claim a tax deduction for the premium paid on the life insurance policy taken for himself or his spouse or his children (minor or major), provided the premium paid does not exceed 10% of the capital sum assured.
• Repayment of principal on housing loan
  An NRI can avail deduction under section 80C for the instalment portion that goes towards the repayment of the principal amount on loan taken to purchase or construct a house property. It must be noted that the interest portion of the instalment cannot be claimed under Section 80C.
• Children’s tuition fee payment
  Tuition fees paid by an NRI to any university, college, school or other educational institutions within India for full-time education of his children is eligible for 80C deduction. This benefit is applicable for a maximum of two children. The NRIs must note that this benefit is not available for payment made to any educational institution situated outside India.

Investment in ELSS

An NRI can claim a deduction under section 80C of the Act for investments made in the Equity Linked Savings Scheme (ELSS) of Mutual Funds. Our Services

• Determination of residential status under domestic law and tax treaty.

• Analysing the secondment agreement vis a vis service agreement.

• Tax advisory relating to salary income, capital gain transaction.

• Preparation and filing of India tax return and mechanics of elimination of double taxation.

• Counselling on compliance and procedures to be followed by NRI and expatriates seconded on an international assignment to India.

• Assistance in income tax scrutiny and assessments/audits.

• Advisory relating to the repatriation of money from India and issue of necessary forms to AD banker.

• Certification services under FEMA and Income Tax.

• Investment advisory services in India.

Where can SMA Help?

• Determination of the residential status in India.

• Interpretation of DTAA to reduce the tax liability in India.

• Handling of the issues relating to inheritance, legacy and will.

• Compliances concerning the Income-tax Act, 1961, Wealth-tax Act, etc.

• Application for Permanent Account Number (PAN).

• Filing of India tax return.

• Advising suitable tax-saving investments.