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Starting a new business in India or outside India and looking for some expert assistance? Let DAA help you right from getting your company incorporated to taking care of Accounting, Taxation and all the other compliances.
What is to be noted is, as a Non-Resident, one will have to go through all the same steps as a Resident of India, plus a few additional considerations.
For setting up a business in India or anywhere outside India, begin by choosing the type of business entity that is required for new business.
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Our experienced team assists you in forming a company, from selecting the appropriate type to filing necessary paperwork, ensuring proper registration and compliance with the relevant Companies Act.
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Our team can support by processing your payroll monthly and assisting you in filing the relevant returns.
We provide registered office and resident agent services for specific entity, ensuring compliance with local regulations. We also offer virtual office solutions with a local address, mail handling, telephone answering and cost effective solutions for establishing a presence.
One can simplify their financial processes by opening an online bank account with our assistance, embracing modern banking convenience. For eg. in case of USA, Company Bank Account will be remotely opened with a FDIC Insured US-Based Bank.
Our qualified team offers company secretarial services to keep the company compliant with laws and regulations. Our services include maintenance of minutes and registers, meeting the event based reporting requirements etc.
Our services support accounting needs, such as bookkeeping, annual returns, tax returns and other compliances with tax laws including Direct and Indirect taxes.
A person who is not a resident of India is considered a Non-Resident of India (NRI). You are a resident if your stay in India for a given financial year is: 182 days or more 60 days or more and 365 days or more in the 4 immediately preceding previous years. In case one does not satisfy either of the above conditions, one will be considered an NRI.
An NRI, like any other individual taxpayer, must file return of income in India if gross total income received in India exceeds Rs 2.5 lakh for any given financial year. Further, the due date for filing a return for an NRI is also 31 July of the assessment year or extended by the Government.
If there is a rental income in India, then Income tax return needs to be filed in India mentioning the PAN and tax to be paid. Also to note, that though holding one property in India is considered as ‘self-owned’, a second property, even if it is not on rent, is considered ‘deemed rented’ and tax needs to be paid for that. One can, however, show 30% of the deemed rental as ‘maintenance cost’. There is no tax to be paid abroad (say, USA) on ‘deemed’ income, but declaring it is important as during repatriation of funds from India, it should not cause any issue.
If an NRI receives income in India, such income is taxable in India, i.e. India as a source state has the right to tax such income. However, the country where such NRI is a resident will also have a right to tax such income as it is the residence state. This way, the NRI will end up getting taxed twice on the same income. To overcome this, India has entered into DTAAs with various countries. It will help eliminate double taxation by allowing the taxpayer to claim credit for foreign taxes paid while filing their return of income in the home country.
No, The Income tax Act applies to all persons who earn income in India. Whether they are resident or non-resident.
In case of resident individuals and companies, their global income is taxable in India. However non-residents have to pay tax only on the income earned in India or from a source/activity in India.
Yes, The dividend declared by Indian companies is taxable in the hands of the shareholders at the rate of 20.00% without providing for deduction under any provision of Income Tax Act.
You can authorize any person by way of a Power of Attorney to file your return. A copy of the Power of Attorney should be enclosed with the return.
Yes, if an NRI’s tax liability is expected to exceed Rs. 10,000 in a financial year, he must pay advance tax. Interest under Section 234B and Section 234C will be levied if advance tax is not paid.
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