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Relocating to another country involves meticulous planning, legal formalities, and financial organization. At Dinesh Aarjav & Associates, we provide comprehensive consultancy services to ensure a seamless transition for individuals moving out of India. Our expertise and in-depth knowledge of domestic and international laws make us a trusted partner in your relocation journey.
We go beyond standard consultancy by offering personalized solutions tailored to your unique circumstances. From evaluating your residential status to obtaining necessary certifications and managing your financial obligations in India, we ensure every step is covered.
1. Evaluation of Residential Status
Understanding your residential status is crucial for tax and legal compliance. Our team assesses your status based on Indian tax laws and the Double Taxation Avoidance Agreement (DTAA) provisions, ensuring clarity on your obligations.
2. Conversion of Bank Accounts to NRO/NRE Accounts
Indian residents moving abroad must convert their regular savings accounts to NRO (Non-Resident Ordinary) or NRE (Non-Resident External) accounts. We assist in:
Opening and managing NRO/NRE accounts.
Ensuring compliance with Reserve Bank of India (RBI) guidelines.
Advising on optimal account structures for income and savings management.
3. Tax Residency Certificate (TRC) from the Country of Residence
A TRC is essential for claiming tax benefits under DTAA. We:
Guide you through the application process.
Coordinate with authorities in your country of residence.
Ensure timely procurement of the certificate to avoid tax complications.
4. Application for Permanent Account Number (PAN)
For continued financial and tax-related activities in India, a PAN is mandatory. We:
Assist in applying for or updating your PAN.
Ensure it aligns with your new residential status.
5. Obtaining Clearance under FEMA from RBI
Holding certain assets in India after relocating requires clearance under the Foreign Exchange Management Act (FEMA). We help you:
Navigate the regulatory requirements.
Obtain RBI approvals to continue holding immovable properties, shares, or other financial assets in India.
6. Tax Planning and Liability Management
We develop a customized tax plan to:
Minimize your tax liabilities in India and your country of residence.
Optimize your tax benefits under DTAA.
Prepare for any changes in tax implications due to relocation.
7. Investment Monitoring and Reporting
Maintaining investments in India as an NRI involves regulatory compliance. We:
Monitor your investment portfolio.
Ensure proper reporting to Indian authorities.
Provide regular updates to help you make informed decisions.
8. Income Tax Return Filing
As an NRI, filing income tax returns in India is crucial to maintaining compliance. We:
Prepare and file your returns accurately.
Address income from property rentals, dividends, capital gains, and other sources.
Resolve any tax notices or disputes.
Additional Benefits of Our Services
Comprehensive Advisory: Guidance on estate planning, succession, and managing cross-border tax obligations.
Compliance Assistance: Ensuring adherence to Indian laws and regulations during and after your relocation.
Customized Solutions: Tailored strategies to meet your financial and legal needs.
A person who is not a resident of India is considered to be a Non-Resident of India (NRI). You are a resident if your stay in India in a given financial year for : 182 days or more 60 days or more and 365 days or more in the 4 immediately preceding previous years. In case you do not satisfy either of the above conditions, you will be considered an NRI.
An NRI, like any other individual taxpayer, must file his return of income in India if his 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.
An NRI’s income taxes in India will depend upon his residential status for the year as per the income tax rules mentioned above. If your status is ‘resident’, your global income is taxable in India. If your status is ‘NRI,’ your income earned or accrued in India is taxable in India. 1. Salary received in India or salary for service provided in India, income from a house property situated in India, capital gains on transfer of asset situated in India, income from fixed deposits or interest on a savings bank account are all examples of income earned or accrued in India. These incomes are taxable for an NRI. 2. Income which is earned outside India is not taxable in India. 3. Interest earned on an NRE account and FCNR account is tax-free. Interest on NRO accounts is taxable in the hands of an NRI.
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.
You can authorize any person by way of a power of attorney (POA) to file your return. A copy of the power of attorney should be enclosed with the return.
Before moving out of India, an individual should initiate closure of all the savings bank accounts, consolidate them and switch to an NRO account. An NRO savings account is where you can maintain and manage your income earned in India, such as from rent, dividends and pension. Some banks even allow to re- designate your existing bank accounts into NRE accounts also.
It is also good to check whether the country of migration has a DTAA (Double Tax Avoidance Agreement) with India. There are many countries with which India has a tie-up to ensure there is no double taxation on income earned in one country and taxes are paid in both countries. This is to ensure that taxes are not paid twice.
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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