International Taxation for NRIs

Many high net worth individuals have income sources outside India as well. With these international earnings comes international tax, and understanding it is crucial for every NRI with overseas income.

• Income tax, at a rate that depends on the tax slab your income falls in
• Tax on royalties, for writers, music composers and others
• Property tax on the real estate you own
• Capital gains tax on the appreciated value of real estate, shares, stocks and other assets when they are sold

The residential status of an individual determines his or her tax liability in a country. For Non-Resident Indians (NRIs), income received or deemed to be received in India is taxable in India. Income that accrues or arises, or is deemed to accrue or arise, in India is also subject to Indian tax.

Examples include income from real estate or any other asset in India, capital gains on the transfer of assets situated in India, and salary earned for services provided in India.

People responsible for making payments to NRIs have to furnish the requisite information about those payments in prescribed forms.

No. That is where the Double Taxation Avoidance Agreement (DTAA) comes in. A DTAA is an agreement signed between two nations to resolve the taxation of international income and to increase the transparency of the process, curtailing tax evasion.

We are a team of Chartered Accountants (CAs) and Company Secretaries (CSs) managing the finances and taxation issues of HNWIs and UHNWIs, with a dedicated team for individual taxation that covers the problems that can arise at every stage of filings and compliances. The taxation and regulatory framework in India and internationally is dynamic, and we provide a one-stop solution for your tax filings, including:

• Foreign assets reporting
• Overseas income reporting
• Foreign tax credit issues
• AL reporting
• Derivative and F&O reporting