Use of Taxation and Investment Service Providers in Delhi for the NRI

For the people working abroad, there is the worry about what they will do with their money. Do they deposit it in banks or keep it with them in the house? Is it wise to make an investment and if so in what should they invest? The best answers are got by consulting the business and taxation service providers in Delhi.

The firm of competent chartered accountants

The taxation service providers have chartered accountants with years of experience in making investments and providing taxation for their customers. Most of them are NRIs who spend only a little time in India and must get all the things done before they leave for their duty abroad. This is why the services of the chartered accountants are so invaluable for the Non-Resident Indian in Delhi. The chartered accountants take care of all that there is from the perspective of investments and paying the tax for the NRI.

The NRI is not under the Income Tax Act of India. Since he is residing outside India, he will not have the time to file the tax returns. The chartered accountant firm will take care of this for him and also advise him on the best investments he can make. His resident status is governed by the Foreign Exchange Regulation Act, 1973 (FERA) and the Income Tax Act, 1961. Under this, if he has stayed in India for a minimum of 182 days in the previous year, he becomes a resident Indian.

Determining the resident status

Another condition that determines his status is if he has stayed in India for at least 60 days the previous year and 365 days or more in the four years previously, then he is a resident of India. He must pay the tax if his taxable income crosses the limit of 2.5 lakh INR. If his salary is below this, he need not pay any tax. The Non-Resident Taxation Chartered Accountant in Delhi will take care of this for the NRI if he needs it.

The other thing they do is to make an investment on behalf of the NRI. They choose prime properties and the NRI can choose which one he wants. The selection is from those that develop rapidly and so he can expect to see a rapid rise in the value of the property soon. Having a chartered accountant agency deal with the investment solves a lot of problems. They can see the legal aspects and choose the one that is legally valid from all sides.

Minimizing the tax liability

They can arrange the transaction to minimize the tax liability. If the NRI inherits property in the form of investments, property, or anything like this, the tax firms arrange for the proper management of the resources. He might ask them to liquidate the assets or to make further developments to the property as he sees fit.

They will monitor, record, and make periodical reports on the status of the property. They inform all the companies and funds held by the NRI on the same. And they will take care of the Remittances and Banking related issues for the NRI.

In case you want to take benefit from double taxation treaty, then you need to submit the Residency Certificate issued by the income tax department of your country of residence.