We have creditable experience of providing multitude of services to diverse customer information. Non homeowner Indians comprises a substantial portion of our customers.
We provide a range of services to our NRI clients. Our customer information includes
Non homeowner Indians who have/ plan to have investments in India
Non homeowner Indians who inherit assets in India
Non homeowner Indians/ Non-residents who have / plan to set up a company in India
Returning NRI
Emigrating Indian/ New NRI
Bur foremost, it is very important to understand that who is considered NON-RESIDENT in India?
WHO IS NRI
A India abroad is popularly known as Non-Resident India (NRI). The NRI position is legally described under the Foreign Exchange Management Act, 1999 and the Earnings Tax Act, 1961 for applicability of respective laws.
Non homeowner under FEMA 1999:
Person homeowner outside India indicates a personal who is not homeowner in India.
Top
Person homeowner in India means:
(i) A personal residing in India for more than one hundred and eighty-two days during the course of the preceding financial season but does not include—
(A) a personal who has gone out of India or who continues to be outside India, in either case—
(a)For or on taking up career outside India, or
(b)For holding on outside India a company or career outside India, or
(c) For any other objective, in such conditions as would indicate his objective to remain outside India for a not sure period;
(B) A personal who has come to or continues to be in India, in either case, otherwise than—
(a)For or on taking up career in India, or
(b)For holding on in India a company or career in India, or
(c) For any other objective, in such conditions as would indicate his objective to remain in India for a not sure period;
(ii) Any personal or body corporate registered or incorporated in India,
(iii) A workplace, division or organization in India possessed or managed by a personal homeowner outside India,
(iv) A workplace, division or organization outside India possessed or managed by a personal homeowner in India;
Non homeowner under income-tax act, 1961 / wealth tax
The term non-resident is negatively described under area 6 of the Income-tax Act. A personal who is not a homeowner under the Income-tax Act is a non-resident (generally, termed NRI). Thus, one should know the description of a homeowner and if he is not a homeowner then he is a non-resident.
The position of a personal as a homeowner or non-resident depends on his interval of remains in India. The interval of remain is counted in length of time for each financial season beginning from 1st April to 31st March (known as previous season under the Income-tax Act). The description is explained simply as under.
If a personal who satisfies understated both the conditions of area 6 of the Income-tax Act, then he becomes a non-resident.
Condition Status
1 He is not in Indian for 182 times or more during the appropriate past season. » If yes, then he is a non-resident. (So check the next condition.)
2 He is not in Indian for 60 times or more during the season before and he is not in Indian for 365 times or more during the 4 years before season before. » If yes, then he is a non-resident.
If you are not fulfilling any of the above circumstances to become non-resident, check whether following helps you to become a non-resident. In the case of an individual on visit to India or a participant of the team of an India send or a person making India for career outside India, needing stay in India of 60 times in situation 2 above is prolonged to 182 days
RESIDENT BUT NOT ORDINARILY RESIDENT (RNOR)
A NRI who has come back to India for good is protected under the conditions of area 6(6) of the Income-tax Act. He is given a special position of RESIDENT BUT NOT ORDINARILY RESIDENT (RNOR) if he meets one of the following conditions
(The description of RNOR was revised in the India Financial Act, 2003. These are the improved circumstances appropriate from financial year Apr, 2003 to Apr 2004)
Condition Status
1 He is non-resident, as per the above circumstances, for at least 9 out of 10 previous decades before season before into issue. » If yes, he is RNOR
2 His stay in Indian during the 7 past season prior to the season before into consideration should be 729 days or less » If yes, he is RNOR
Note An individual who is non-resident for 9 consecutive decades, shall stay RNOR for 2 subsequent decades and as such his international earnings is not taxed in India while his position is that of RNOR. The position of RNOR renders certain earnings of such individual non-taxable as explained in Tax responsibility of NRIs
A individual who is coming back to India after 9 decades of stay outside India (and who was non-resident for each of the 9 decades under the Income Tax Act, 1961), shall stay RNOR for a period of two decades only
Where can we help?
• Determination of your personal position in India
• Interpretation of DTAA with a view to reduce tax responsibility in India
• Handling of issues with regards to monetary gift, will, etc.
• Compliances with regards to the income-tax Act, 1961, Wealth-tax Act, etc.
• Application for Permanent Consideration Number (PAN)
• Filing of India tax return
• Advising suitable tax saving investments
• Representation before tax government bodies, in situation required
• Opening if various records and compliances thereon
• Various compliances in respect to repatriation of funds/investments/property, etc.
PERSON OF INDIAN ORIGIN (PIO)
A Person of India Source (PIO) is literally, simply a individual of India origin who is not a resident of India.
PIO for the objective of purchase and exchange of immovable real estate asset in India: PIO means a resident of any nation other than Bangladesh or Pakistan or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan if –
• He whenever they want organized India ticket or
• He or either of his mother and father or any of his grandma and grandpa was a resident of India by advantage of the Structure of India of the Citizenship Act, 1955
PIO for the objective of financial commitment of stocks in India / starting non-resident account in India/ remittanceeofassets
PIO means a resident of any nation other than Bangladesh or Pakistan, if-
• He whenever they want organized India ticket or
• He or either of his mother and father or any of his grandma and grandpa was a resident of India by advantage of the Structure of India of the Citizenship Act, 1955 or
• The individual is a partner of an India resident or a individual referred to in above sub-clauses.
vPIO CARD
Eligibility
Any individual other than a resident of Bangladesh or Pakistan -
• who whenever they want organized an India passport;
• He/she or either of his/her mother and father or huge mother and father or great huge mother and father was born in and permanently homeowner in India as defined in the Govt of India Act, 1935 and other territories that become part of India thereafter provided neither was whenever they want a resident of any of the nation as may be specified by Central Govt from a chance to time; or
• 1.Who is a partner of a resident of India or an individual of India origin as mentioned above.
The program is broad-based, covers up to four generations and also the international partner of a resident of India or a PIO.
Benefits:
The benefits accruing to a PIO card holder:
• No need of charge to visit India;
• No separate "student Visa" or "Employment Visa" necessary for entrance in colleges/ institution or for taking up career respectively;
• A PIO card owner will be exempt from needing signing up if his stay on any single visit in India does not exceed 180 times.
• In the event o continuous maintain India of the PIO card owner exceeding 180 times, he/she shall have to get himself/herself registered within 1 month of the expiry of 180 times with the concerned People from other countries Regional Registration Officer/Foreigners Registration Official.
• Parity with Non-Resident Indians in respect of features available to the latter in economic, economical and academic field.
• all PIOs such as PIO card holders shall enjoy equality with NRIs in respect of all features in the matter of purchase, holding, exchange and disposal of immovable qualities in India except in matters about the getting agricultural/plantation qualities. No equality shall be allowed in the sphere of political rights.
• Facilities available to children of NRIs for getting admittance to organizations in India such as medical organizations, engineering organizations, Institution of technology, Institution of management, etc. under general categories.
• Facilities available under the various housing program of LIC, State Govt and other Govt Agencies.
• Unique surfaces at the immigration law check content for speedy discounted.
Where can we help?
• Application for problem of PIO card
• Follow up with the government bodies for early problem of PIO card and making all compliances
• Application for problem of duplicate PIO card (in situation of loss, etc. of original PIO card)
Non homeowner Indians who have/ plan to have financial commitment strategies in India
For Non homeowner Indians who have certain financial commitment strategies, real estate asset and records in India, we handle their economical matters in India in its entirety as follows:
• Monitor, record and periodically review on his financial commitment strategies.
• Facilitate liquidation/lease of real estate asset through a top-notch real estate asset advisor.
• Facilitate repatriation of purchase profits of financial commitment and real estate asset.
• Facilitate repatriation of earnings from financial commitment strategies and rent from the home or home let out.
• Complete financial and other regulating formalities.
• Plan his economical transactions to minimize his tax responsibility in India.
• File Income Tax Solutions come back.
For Non homeowner Indians who plan to invest in stock market, real estate asset etc., we provide the following services:
• Devise a personal operating strategy.
• Facilitate acquisition/ rental of real estate asset through a top-notch real estate asset advisor.
Non homeowner Indians who inherit resources in India
A NRI inherits resources in the form of financial commitment strategies, real estate asset etc in India and plans to either liquidate them and repatriate the purchase profits of the same or handle the same in most tax joyful manner. We allow him to achieve these objectives by facilitating the discounted from Income Tax Solutions, RBI and other regulating government bodies.
Non homeowner Indians/ other Non-residents who have/ plan to set up a company in India
A NRI/ other non-resident businessman plan to set up company in India. We allow him to do so by offering the following services:
• Develop an entry strategy and a company.
• Undertake location studies and recommend the ideal location.
• Identify and evaluate potential associates such as due diligence reviews
• Arrange for complete set of regulating approvals.
• Arrange finance for the venture by preparing a detailed venture review and liaison with banks/ economical institutions/ partnership associates.
• Facilitate incorporation of a company in India.
• Organize workplace infrastructure and manpower during the “in-transit period” of the start up or work as a associate workplace.
• A NRI/ other non-resident already have a company in India. Besides offering the entire gamut of economical and company services, we work as an associate office/ handle specific company processes.
RETURNING NRI
NRI, who come back to India for good, should know various factors of Foreign Exchange Rules (FEMA), India Taxation and Banking Rules in order to rearrange his economical matters in India and outside India.
When relocating to India, the following factors should be taken care of:
• Compliance of Baggage Rules in India regarding repatriation of overseas assets
• Redesignation of all India records as Citizen accounts
• Opening of and compliances in respect of ‘Resident international currency’ (RFC) account
• Information to all companies, resources, etc., of whom stocks and investments are organized by the non-resident, regarding the change of personal status/relocation to India
• Compliance in respect of the India income-tax Act, 1961 e.g. program for PAN in situation you do not have a PAN
• Compliances in respect of Wealth-tax Act, in situation necessary e.g. processing of wealth-tax return
• Miscellaneous other issues
Where can we help?
• Compliances regarding repatriation of resources to India
• Procedure for redesignation of all India financial institution accounts
• Opening of ‘Resident international currency’ (RFC) account
• Information to all companies, resources, etc., of whom stocks and investments are organized by the non-resident, regarding the change of personal status/relocation to India
• Compliance in respect of the India income-tax Act, 1961 e.g. program for PAN in situation you do not have a PAN
• Compliances in respect of Wealth-tax Act, in situation necessary e.g. processing of wealth-tax return
• Repatriation of legacies/inherited resources and taxability in India thereon
• Facilitate discounted necessary under FEMA from RBI to continue to hold resources outside India.
• Facilitate re-investment of purchase profits of resources obtained outside India.
• Plan personal position under FEMA and Income Tax Solutions.
• Plan tax responsibility in India.
• Make fresh financial commitment strategies in company outside India.
• Investment and company in India.
Emigrating Indian/ New NRI An emigrating Indian/ new NRI wants to retain/ disinvest resources (property, financial commitment strategies, business) obtained in India and repatriate the income/ purchase profits thereof. We allow him to do so as follows:
• Obtain discounted necessary under FEMA from RBI to continue to hold certain resources in India.
• Facilitate repatriation of purchase profits and earnings of resources organized in India.
• Plan his tax responsibility in India.
• Monitor, record and review on his financial commitment strategies in India.
BANKING ACCOUNTS
Banking records can be ‘Rupee Account’ or ‘Forex Account’.
Rupee Consideration can be:
• Non-resident External A/c (NRE A/c)
• Non-resident ordinary A/c (NRO A/c)
• Non-resident non repatriable A/c (NRNR A/c)
• Non-resident (special) rupee (NRSR) account scheme
Forex Consideration can be:
• Foreign currency non-resident A/c (FCNR A/c)
• Resident currency trading A/c (RFC A/c)
Where can we help?
• Opening of various records in India via Rupee account, Forex account
• Monitoring of your records with respect to various compliances as also effective tax planning via crediting the purchase profits of immovable real estate asset in India and repatriation of the same, current earnings repatriation, legacy, monetary gift, etc
R K Kumawat & Associates
Address:532, Fifth Floor, Alankar Plaza,, Central Spine, Vidhyadhar Nagar, Jaipur - 302023 (Rajasthan)
Email :
ca.kumawat.rakesh@gmail.com
Website:
www.rkkassociates.com
Phone : +91-8829035203, +91-9928399554