NRI Taxation

Taxation, in itself, is a complex matter as it is formed of multiple regulations and laws which are transitory in nature as numerous amendments keep pouring in. NRI taxation becomes further complex as brings in multiple tax laws of different countries into the picture. Broadly, NRI taxation involves following aspects:

1. Determination of Tax Residency
Tax Residency refers to determining residential status from the point of view of tax laws. Under Income Tax, there is a separate bunch of laws which govern the residential status of a taxpayer with respect to a country. In general, the global rule says that the resident of a particular country is liable to pay tax on his worldwide income in the country in which he is resident. Residency rule varies from country-to-country and, in general, depends upon the period of stay in a country. So, if a particular individual or a company is planning to settle/ leave India, then it is very important to accord the same with residency laws, otherwise, the taxpayer may become resident in two countries and pay double tax.

Aplite has been pioneering the International Taxation industry since ages. We are experts in studying Tax Treaties and thus, can give you holistic advisory with respect to taxation matters involving other countries.

2. Analysis of Tax Treaties
Tax Treaties are agreements signed between two countries to determine the course of action in case a single income becomes taxable under both the laws and provide relief to the taxpayer. India has signed such treaties with more than 80 nations. Such treaties are complex and highly specialised for a particular nature of income. If a Non-Resident Indian is residing in any other country, then it becomes imperative to carefully consider each and every clause of these treaties. Aplite has a team of experts who are specialised in International and NRI Taxation. Our team is experienced in handling all the aspects related to such taxation and thus, will give you a personalised solution with a 360 degree consideration to all your needs.

3. Filing of Returns and Related Forms
For NRIs owning any asset or having any income source in India, it is mandatory for them to file return of income. Filing return helps in claiming refund of any tax deduction at source and also, aids in claiming tax credits in other countries. Also, there is a separate bunch of compliances which needs to be met in case of sale of any immovable property located in India or repatriation of income outside India. Any lack in meeting such compliances can lead to foreclosure of properties and land you in higher taxes and penalties.

We, at Aplite, provide all the services around such compliances. Our experts will help and guide you upon the compliances applicable upon you and how to effectively deal with them.

4. Assistance in Sale of Immovable Property and Repatriation
Many NRIs, who have permanently relocated to a foreign country, face the challenge of selling their property in India and repatriating the proceeds to their country. What they don’t know is that such proceeds are also subject to taxation and need a separate set of compliances, both with respect to taxation and repatriation. We, at Aplite, assist you in effectively complying with such formalities and repatriating sale proceeds to your country with minimum deductions and hindrances. We take care of the process from end-to-end till the time you receive the money in your bank.