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We have creditable experience of providing multitude of services to a diverse client profile. Non resident Indians comprise a substantial portion of our client base.
We provide a range of services to our NRI clients. Our client profile includes
Bur foremost, it is very important to understand that who is considered NON-RESIDENT in India ?
An Indian abroad is popularly known as Non-Resident Indian (NRI). The NRI status is legally defined under the Foreign Exchange Management Act, 1999 and the Income Tax Act, 1961 for applicability of respective laws.
Non resident under FEMA 1999 :
Person resident outside India means a person who is not resident in India.
The term non-resident is negatively defined under section 6 of the Income-tax Act. An individual who is not a resident under the Income-tax Act is a non-resident (generally, termed NRI). Thus, one should know the definition of a resident and if he is not a resident then he is a non-resident.
The status of a person as a resident or non-resident depends on his period of stay in India. The period of stay is counted in number of days for each financial year beginning from 1st April to 31st March (known as previous year under the Income-tax Act). The definition is explained in simple terms as under.
If an individual who satisfies understated both the conditions of section 6 of the Income-tax Act, then he becomes a non-resident.
An individual who is non-resident for 9 consecutive years, shall remain RNOR for 2 subsequent years and as such his foreign income is not taxable in India while his status is that of RNOR. The status of RNOR renders certain income of such individual non-taxable as explained in Tax liability of NRIs
A person who is returning to India after 9 years of stay outside India (and who was non-resident for each of the 9 years under the Income Tax Act, 1961), shall remain RNOR for a period of two years only
A Person of Indian Origin (PIO) is literally, simply a person of Indian origin who is not a citizen of India.
PIO for the purpose of acquisition and transfer of immovable property in India : PIO means a citizen of any country other than Bangladesh or Pakistan or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan if –
PIO for the purpose of investment of shares in India / opening non-resident account in India/ remittanceeofassets
PIO means a citizen of any country other than Bangladesh or Pakistan, if-
Any person other than a citizen of Bangladesh or Pakistan –
The scheme is broad-based, covers up to four generations and also the foreign spouse of a citizen of India or a PIO.
The benefits accruing to a PIO card holder:
Where can we help ?
For Non resident Indians who have certain investments, property and bank accounts in India, we manage their financial affairs in India in its entirety as follows:
For Non resident Indians who intend to invest in stock market, property etc., we provide the following services:
A NRI inherits assets in the form of investments, property etc in India and intends to either liquidate them and repatriate the sale proceeds of the same or manage the same in most tax efficient manner. We enable him to achieve these objectives by facilitating the clearance from Income Tax Services, RBI and other regulatory authorities.
A NRI/ other non-resident businessman intends to set up business in India. We enable him to do so by providing the following services:
NRI who return to India for good, should know various aspects of Foreign Exchange Regulations (FEMA), Indian Taxation and Banking Regulations in order to rearrange his financial affairs in India and outside India.
When relocating to India, the following aspects should be taken care of :
An emigrating Indian/ new NRI wants to retain/ dis-invest assets (property, investments, business) acquired in India and repatriate the income/ sale proceeds thereof. We enable him to do so as follows:
Emigrating Indian/ New NRI An emigrating Indian/ new NRI wants to retain/ disinvest assets (property, investments, business) acquired in India and repatriate the income/ sale proceeds thereof. We enable him to do so as follows:
Banking accounts can be 'Rupee Account' or 'Forex Account'. Rupee Account can be:
Forex Account can be: