Immigrating Resident's Planning Package:-
The opportunities across the globe of better education sees large number of brilliant students seeking advanced education abroad and in the same instance business and professionnal needs in the present times of global crisis have bought novel opportunities of employment as also business and profession across the world for Indian entrepreneurs.
Indians at home, have been grabbing such opportunities and making successful careers in businesses, profession as also in employment.
An immigrating resident is required to designate himself as a 'Non-Resident' with various financial institutions wherein he holds investments such as bank accounts by way of savings or deposits, life insurance policies, shares and debentures of a private or public limited company; listed shares and debentures, demat accounts with Depository Participants (DPs) for holding listed equities; investment in Indian mutual funds; deposits with companies , investment in proprietorships and partnership firms ; loans and deposits with firms and private as also public limited companies.
Under FEMA, such investments are to be notified as 'Non-Resident' and under the Income Tax Act, 1961 [I.T. Act], such person is required to file his returns as a 'Non-Resident'. Certain other important aspects of change of residence also pertain to Tax Deduction at Source (TDS). In case of partnership firms or private or public limited companies and even in case of family companies interest payable on loans and deposits to an immigrating resident Indian upon his settling abroad are required to deduct tax at source @30% from the first rupee itself. It may be noted that such TDS is not exempt on submission of any specified form in case of NRIs.
We, at femaonline.com offer composite advisory services which also include compliance of all procedural aspects prescribed under FEMA1999 and related regulations and the Income Tax Act , 1961,.
Tel. No. : 0091 281 245 3367 (four lines)