Our International Consultants- Zimsen Partners
We are proactively identifying services firm in Australia who share our values, are focused in Small to Medium Enterprise Segment and have an in depth understanding of the business culture and business requirements in Australia. We then enter into a memorandum of understanding where following services are provided.
We currently have following associate offices:
Tax return preparation and other compliance services are an essential part of the US tax practice. Our teams of tax advisors include qualified CPAs, CAs and other trained professionals who have a special expertise in dealing with the peculiar tax situations of U.S. citizens living in India and the Indian citizens who work in U.S.
Our firm provides personalized and comprehensive tax planning, compliance and consulting solutions to help you meet your goals.
We offer the following Services:
Non Resident Indian(NRI)/US Citizen in India
As per The Singapore companies Act, Companies must file its Annual Return within 1 month after the AGM else penalty will be levied. In order to avoid such penalty it is advisable to consult tax experts to guide you through the process of filing your corporate tax return.
Our Services Include:
Human Capital is recognized to be the most important asset of any business and our team of professionals is dedicated to providing comprehensive tax solutions to our Clients. Our services include:
GST is an indirect tax, similar to VAT. If you are a GST registered person, you are required to submit to the Comptroller of Income Tax, a Form GST F5 (GST Return), every monthly or quarterly. You must submit the completed Form GST F5 not later than one month after the end of the prescribed accounting period to which the return relates
Withholding tax services:
Singapore has implemented a withholding tax law (on certain types of income) to ensure the collection of tax payable to non-residents on income generated in Singapore. The tax withholding does not apply to Singapore resident companies or individuals. Under the law, when a payment of a specified nature is made to a non-resident company or individual, a percentage of the payment has to be withheld and paid to Income Tax Authorities. The amount withheld is called the withholding tax.
Importance of Filing Tax Returns
An NRI is usually taxed at source on a transaction he enters into during the year. But in actual, the tax liability for the year is computed in accordance with the provisions of the act and that amount is generally lower than the tax already paid. So effectively by not filing the tax return, the NRI assessee loses out on the differential amount.
We at B.C. Shetty & Co, offer a complete one stop solution to all Capital Gains related queries.
Individuals and Corporates often find it challenging to comply with various provisions with the given stipulated time. We at B.C. Shetty & Co, provide a complete solution for all challenges.
It depends on how many days Individual is resident in India.
From a taxation point of view, Individual can either be a Resident or a Non Resident.
Further, as a Resident, he can either be Resident and Ordinarily Resident or Resident Not Ordinarily Resident.
To be Resident, he need to fulfill any 1 of the following 2 basic conditions under section 6(1):regarding the time spent in India during the previous Financial Year (01 April to 31 March)
|1||He is not in India for 182 days or more during the relevant previous year.||If yes, then he is a non-resident. (so check the next condition.)|
|2||He is not in India for 60 days or more during the previous year and he is not in India for 365 days or more during the 4 years prior to the previous year.||If yes, then he is a non-resident.|
There are a couple of exceptions to the rule given above.
The period of 60 days mentioned above becomes 182 days in case of a Citizen of India who:
So, to be resident in India, he has to satisfy any one of the above two basic conditions. If he don't satisfy any of these conditions; he qualify as a Non Resident Indian (NRI).
To be Ordinarily Resident in India, Individual has to meet both of the following conditions regarding the previous financial year:
|1||He is non-resident, as per the above provisions, for at least 9 out of 10 previous years prior to the previous year under consideration.||If yes, he is RNOR|
|2||His stay in India during the 7 previous year prior to the previous year under consideration should be 729 days or less||If yes, he is RNOR|
As an NRI, a common question you may have is whether the income you earn abroad taxable in India.
Your taxation for a particular year depends upon your residential status in that year.
The Incidence of tax for different tax payers is summarised as below:
|Residential Status||Indian Income||Foreign Income|
|Resident and ordinarily resident (ROR)||Taxable||Taxable|
|Resident but not ordinary resident (RNOR)||Taxable||Not Taxable|
|Non-Resident (NR)||Taxable||Not Taxable|
Indian Income means income which is received in India OR accrues or arises in India.
Foreign Income means income which is not received in India AND does not accrue or arise in India.
Dividends declared by equity-oriented funds (i.e. mutual funds with more than 65% of assets in equities) as well as debt-oriented mutual funds (i.e. mutual funds with less than 65% of assets in equities) are tax-free in the hands of NRI investor.
However, a dividend distribution tax DDT (which varies for individual and corporate investors) is to be paid by the mutual fund on the dividends declared by them.
When it comes to shares, dividends distributed by all domestic companies are exempt from tax in the hands of shareholder as the same are taxed as DDT.
But note, dividends received from foreign companies are taxable in the hands of shareholder as the foreign companies are not liable to DDT
NRIs are granted a special benefit by way of an option of being taxed at concessional tax rate of 20% as regards investment income and 10% as regards long term capital gains arising from specified assets.
Yes, long term capital gains from transfer of foreign exchange assets (i.e. specified assets referred to above, acquired in convertible foreign exchange) are exempt proportionately, provided the net consideration (net of expenses) is entirely or partly invested in specified assets (as stated above) within a period of six months from the date of such transfer. However, the amount so exempted becomes again chargeable to tax if the new asset is transferred or converted within a period of three years from the date of its acquisition.
India has entered into Double Tax Avoidance Agreements (DTAAs) with various countries. Taxability of Indian income for non residents is decided as per the provisions of these DTAAs or as per the Indian Income Tax Act, whichever is more favourable to you.
Most of these DTAAs contain provisions for lower rates of tax in case of dividend, royalties, fees for technical services etc
If you have a tax obligation in India, the domestic tax laws of India requires that you file your IT Return.
You may need to file your Returns in India under the following circumstances: