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Tue, 23-Apr-2024

International taxation

Income Tax Compliance including ITR's of Non Residents

At “Atul Mangal & Co.” we provide following services related to income tax returns for non-residents as well as for residents:

  • Tax optimization
  • Advance tax planning
  • Housing loan advice
  • Investment planning
  • Application of PAN CARD, TAN
  • Filling of income tax return
  • Other allied services
We are providing specialized & personalized services in NRI taxation as we have the exposure of dealing Non-residents for about 2 decades

Property Consultancy & Capital gain Taxation

We provide consultancy on sale, purchase of properties and its capital gain tax to help plan the tax impact for the financial year.

Individuals may require following services also:

  • Advisory on sale, purchase of property
  • Consultancy on capital gain investments
  • Property deeds & agreements
  • Lower rate of TDS under section 195/197
  • TDS deposit or other related issues
  • Tax optimisation
  • Remittances overseas
  • Fund investment planning
We provide consultancy on investment of capital gain under Income Tax Act to claim benefit of exemption as per the law by complying all the terms and conditions for claiming such exemption on timely manner.

Lower Rates of TDS

We provide services to take Lower rate of TDS certificate from income tax department. It avoids hassles of getting huge refunds.

Our services

  • Preparation & filling of application for lower TDS
  • Advisory services on Lower TDS rate
  • Other miscellaneous services

Compliance with DTAA

The Double Tax Avoidance Agreements (DTAA) is essentially bilateral agreements entered into between two countries, in our case, between India and another foreign state. We facilitate our client in DTAA advisory to avoid double taxation based on the nature of Income and expenditure, in both the countries (i.e. Double taxation on same income) and withholding tax issues and other compliance.

Our services

  • Consultancy on withholding tax
  • Advisory on Double Taxation Avoidance Agreements

15CA-15CB FORMS FOR REMITTANCES

For remittances outside India there is a mandatory requirement for filling form 15CA-15CB to income tax department.

At “Atul Mangal & co.’ we provide following services

  • Preparation of 15CA-15CB for remittances from India.
  • Consultancy on 15CA-15CB form

Consultancy-Capital Gain Matters

We provide following services

  • Advisory support services in relation to capital gains arising from the transfer of a capital asset such as shares or debentures of an Indian company, gold, immovable property and any other capital asset.
  • Advise on deposit of applicable taxes in India.
  • Support for deposit of tax, filing of income tax returns and repatriation of money

NRI Investment in India Consultancy

Its substantial industrial growth over the last two decades has made it increasingly appealing for foreign direct investments (FDI). Therefore, NRIs now are considering India as a viable destination to earn profits by investing in India. The Indian market, known for its diverse investment options such as Real Estate, equities, mutual funds, fixed deposits, and debt funds, offers a promising avenue for wealth creation.

It’s common for NRIs to move abroad and be concerned about managing their capital, banking services, and investments back in their home country. We at our firm help you to choose the financial products matching your portfolio and goals by providing timely advice and suggesting right product for investment.

We offer the following services:

  • Advisory on tax implications of various Investing options like equity-linked savings schemes (ELSS), unit-linked insurance plans (ULIPs), tax-free bonds and real estate investment trusts (REITs) Mutual funds, NPS, FDs, and PPF etc.
  • Disclosure requirements of FATCA/ FINCEN/ CRS/ WDF
  • Recovery of unclaimed shares/ FDRs

NRI Returning to India Consultancy

Indian Citizens go abroad for employment (Non-Resident Indians ‘NRI’). Many of them obtain foreign citizenship also (Person of Indian Origin ‘PIO’). Many of these NRIs, OCIs, PIOs or their children, due to their roots in India or various other reasons, plan to come back to India. Also, many foreign citizens come to India for business or employment also. In these circumstances, it is important for them to know and understand the Indian regulations with regard to Income Tax as well Foreign Exchange Laws.

We offer the following services:

  • Planning the date and month of return to India so as ensure minimum tax liability in the year of return (i.e. April to March)
  • Conversion of NRO & NRE Deposits into Resident Account
  • Conversion of Foreign Currency to Non- Resident (FCNR) A/c to Rupee Account or RFC A/c
  • Compliances regarding repatriation of assets to India
  • Procedure for re-designation of all Indian bank accounts
  • Opening of ‘Resident foreign currency’ (RFC) account
  • Compliance in respect of the Indian Income-tax Act, 1961 e.g. application for PAN in case you do not have a PAN.
  • Facilitate re-investment of sale proceeds of assets acquired outside India.
  • Plan tax liability in India
  • Assistance in Filing Return of Income

Estate Planning For NRI

An overwhelming majority of Resident Indians/ NRI still do not have a professionally written will and the actual numbers will be closer to 82%+. They think they don’t need to do any sort of estate planning as they think “Estate Planning” is for wealthy people.
In India, millions of people die each year without any type of estate plan in place, and this forces their families into the court system, where they experience the high cost and time delay characteristic of Succession Certificate/ Probate proceedings. The challenges in estate planning are greater for NRIs since they are likely to have assets in more than one geographic location: India and the country of their residence.

What exactly is Estate Planning?
“Estate planning means having a plan to ensure that people or entities whom one wishes to pass on the estate receive them in the manner intended”. Estate planning typically attempts to eliminate uncertainties over the administration of a probate & maximize the value of the estate by reducing taxes and other expenses.”

Estate Planning Drafting/ Redrafting/ Reviewing services
We can help you draft:

  • Individual Will
  • Couple Will
  • Family Trust Deed
  • Family settlement agreement
  • Trust deed for special child/ Minors

Property Matters Drafting Services:

  • General POA
  • Special POA
  • Release Deed
  • Gift Deed
    Advisory On:
  • Gift compliances
  • Bereavement Advisory Services (Demise of a person without Will)
  • Succession Advisory Services for Business & Personal Assets

At our Firm, we understand that NRI taxation can be complex and confusing. That’s why we offer personalized services tailored to your specific needs and circumstances. Our team of experts has a deep understanding of NRI taxation laws and regulations, and we are committed to providing the highest level of service to our clients.

Double Taxation Avoidance Agreement Consultancy

Income can be subject to double taxation when it is taxed both in the country where it’s earned, often referred to as the ‘source country,’ and in the country where the person earning the income resides, known as the ‘residence country.’ For instance, consider a scenario where a Non-Resident Indian (NRI) resides in the USA but earns income in India. In such cases, the NRI is liable to pay taxes on their income both in the source country, India, and in their residence country, the USA.

Double Taxation Avoidance Agreement
Double Taxation means the same income getting taxed twice in hands of same assesse. Any country taxes income on the basis of two rules i.e. Residence Rule & Source Rule. Double Taxation is possible when assesse is Resident of one country & derives income from another country.

DTAA makes provision for elimination on double taxation in one of the following manner:

  • Granting exclusive right to tax to one of the countries.
  • Granting taxing rights to both countries but making a provision for limiting the rate of taxation of each country.
  • Granting right to resident of another country to obtain credit for taxes paid in the source country.

We at CA Atul Mangal & Co. offer DTAA advisory and tax compliance services to both Indian & Multinational Clients. And provide tax management services to NRIs too, by following the jurisdiction of the Indian laws and regulations along with overseas countries & Double Taxation Avoidance Agreements (DTAA)

Disclaimer:
The information provided under this website is solely available at your request for informational purposes only, should not be interpreted as soliciting or advisement. We are not liable for any consequence of any action taken by the user relying on material/information provided under this website. In cases where the user has any legal issues, he/she in all cases must seek independent legal advice

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