Resident Individual
Taxation Services

Many of NRI’s living outside India for many years may have multiple concerns like tax deducted at source/ tax payable on income generated in India, purchase and sale of property in India, investment in India, Remittances of funds etc or may have purchased/sold properties, purchased/sold shares or Mutual Funds in India.

NRI’s may have also inherited wealth in India in the form of properties, shares, bank balances etc and may face challenges and look for assistance for legal documentation, handling bank issues, resolving property matters, liquidating investments, repatriation of funds etc

Practically it is not feasible for the NRI’s to visit India on a regular basis to resolve these issues. They understand their requirements, discuss with them over phone/ mail etc, design a practical and feasible resolution and act as their Authorised Representative in India. They also provide coordination services in India. Their experience and expertise enables us to handle and resolve the issues being faced by the NRI’s seamlessly and the NRI’s on their part are also relaxed as they find an efficient and effective solution to their problems/challenges.

TSA has summarised their Non Resident Taxation services as follows:

A. General

•  Personalised assistance in PAN Application. Their dedicated team gets in touch with the NRI individual over email/call and gets the process completed. They track and update the movement of the PAN card until it is delivered to the foreign address of the applicant.
• Personalised assistance in obtaining Digital Signature
• Assistance and coordination with Indian banks in opening NRO and NRE Accounts in India.
• Determination of Residential Status in India
• Interpretation of DTAA with a view to reduce tax liability in India.
• Tax Planning and personalised advisory in person/over call as per client’s requirement.
• Capital Gain Tax planning and advise before selling/ purchasing property in India.
• Advise and support before proceeding with Joint Development Agreements
•  Withholding tax compliance.
• Assistance in Preparation and Filing of India Income Tax Return.
• Tax assessments before authorities in India.
•  Legal Advisory and support.
• Coordination of Property Valuation from Registered Valuation Officer.
• One Point Contact for coordination in Property Sale in India with a single point support for TDS, legal, banking, Return filing services and Property Consultants (if required).
•  Various compliances in regard to repatriation of funds/investments/property, etc.
• Issuance of CA Certificate like 15CA & 15CB for remittance of funds outside India.
• Assistance in getting Lower Deduction TDS Certificate from the Income Tax Department. 

 B. For NRI’s inheriting Assets in India

NRI’s inherit wealth in India in the form of properties, shares, bank balances etc and may face challenges and look for assistance for legal documentation, handling bank issues, resolving property matters, liquidating investments, repatriation of funds etc. They may either liquidate the assets and repatriate the sale proceeds to their home country or may look for support to manage them in the most tax efficient and seamless manner.

They provide assistance by providing them Legal and tax advisory and compliance support. They help them obtain Low Tax Certifications, Issue Certificates for Repatriation of Funds, assist them in resolving their banking ang investment issues. They act as a one stop solution and work hand in hand with them to arrive at a cost efficient and seamless solution.

3. For immigrating Indian Resident Individuals

Resident Individuals planning to immigrate from India may either want to retain their Indian assets or may look to disinvest the same and repatriate the income/ sale proceed.

They provide assistance by planning their tax liability in India, assist in Fund Repatriation and act as a one point support for handling all their tax compliances and keeping a record of their assets in India. They assist them in case they are looking for tax clearances from the Income Tax Department.

4. For NRI’s Returning to India

Many NRI’s return back to India either after completion of their foreign assignment or after retirement. They are looking for customised solutions for a tax efficient settling plan, post their return to India. The advisory customised on the basis of the country from which they are returning, social security schemes in their earlier country of residence, bank accounts, investment needs etc.

• Advisory for helping to plan the date and month of return to India so as ensure minimum tax liability in the year of return.
• Advisory and Compliances associated with repatriation of assets back to India.
• Advice of conversion and re-designation of all Indian bank accounts.
• Applicability of Double Taxation Avoidance Agreements.
• Repatriation of legacies/inherited assets and taxability in India thereon.
• Facilitate re-investment of sale proceeds of assets acquired outside India.
• Plan tax liability in India.
• Assistance in Filing Return of Income.

5. Issuing Form 15CB and assisting in filing Form 15CA – Assistance for Making Payments to Non-Residents or Repatriation of Own Funds:

The income earned by NRI’s in India either by sale of property, inheritance etc is first deposited into their NRO Account. For transferring these funds to their Foreign Bank Accounts/ NRE account, banks require them to obtain/ file and submit Form 15CB and Form 15CA.

15CB is a certificate issued by a Chartered Accountant who post review of the fund source, tax payment challans and other documents (as applicable) issues Form 15CB and helps the NRI in filing Form 15CA. These forms are filed online and copies of these forms have to be submitted to the bank from where money is repatriated outside the country.

• They understand the requirements of the NRI clients over call/ email and thereafter offer customized solutions. This enables the client to have a clear and precise understanding of the work plan, challenges to be mitigated in advance. This translates to getting the work done in a smooth manner.
• They also coordinate with the banks to ensure smooth Fund Repatriation.
• Their services can also be availed by NRI’s remotely i.e. they are mandatorily not required to be in India to complete this process. Some banks permit online document uploading with the certificates to ensure smooth Fund Transfer.
• Their good working relations with the banks helps this process to be completed smoothly once all requisite documents have been provided by the clients.

6. Single point contact for Property related tax compliance including Assistance in getting Low Tax certifications for Non Resident Indians and other related compliances:

1. If NRI is planning to sell a property in India,

The withholding tax rates for NRI’s while selling the property in India is 20% (plus applicable surcharge and cess) of the Gross Sale Consideration. The buyer has to obtain TAN, deduct and deposit tax by filling up prescribed challans and File TDS return (Form -27Q) at the end of the quarter and thereafter share Form 16A with the seller.

The seller can apply for a Low Tax Certificate under section 197 of the Income Tax act, 1961 and ensure that tax is deducted by the buyer (at source) at lower or nil rates i.e. closer to the rate at which income tax will finally have to be paid by him/ her.

The seller can also decide to get the tax deducted at source at higher rates and claim refund by filing the India Income Tax Return within prescribed timelines.

• They understand the requirements of the NRI clients over call/ email, understand their perspective and devise and share a customized plan. They provide end to end assistance in this process -both for assistance in obtaining Low Tax Certificate or guidance and ensuring proper compliance in case the NRI seller decides to proceed with higher tax withholding at source.
• They also provide coordination services with all stakeholders- Buyer, Property consultant, Bank etc. as per the direction of the NRI seller. They assign a dedicated Tax Representative from their Firm who is a part of the WhatsApp group/ email group of all stakeholders. This enables us to understand the stage of progress on a real-time basis and any deviations from plan or non-compliance can be easily tracked, controlled and resolved.
• They take care of the buyers TDS compliance by assisting the buyer in obtain TAN, deducting and depositing tax by filling up prescribed challans and File TDS return (Form -27Q) at the end of the quarter and thereafter share Form 16A with the seller.

2. If NRI is planning to purchase a property in India

In case a NRI wants to purchase property in India, it is mandatory to deduct TDS @ 1% on purchase consideration (payment either on installment/lumpsum) under section 194IA of the Income Tax Act, deposit by filling Form 26QB and share Form 16B with the seller within prescribed timelines.
 They provide end to end support in this process -both online and offline by their dedicated TDS team.

7. Assistance in filing online response to queries, pending compliances and notices issued by Income Tax Department:

Notices or queries are raised by the Income Tax Department for various reasons like concealment of income, enquiry before assessment, notices under various sections like section 139(9), 143(1), 143(2), 148, 156 & more. The responses to these notices have to be filed online by submitting relevant documents with an appropriate response.
They provide assistance by drafting and filing online responses after collating the necessary information and documents and providing step by step assistance.

8. TDS return filings:

• In case one buys property from a NRI, they assist the buyer in obtaining TAN, deducting and depositing tax by filling up prescribed challans and File TDS return (Form -27Q) at the end of the quarter and thereafter share Form 16A with the seller.
• In case one buys a property from Resident Indian, they assist the buyer in deducting TDS @ 1% on purchase consideration (payment either on installment/lumpsum) under section 194IA of the Income Tax Act, depositing the TDS withheld by filling Form 26QB and share Form 16B with the seller within prescribed timelines.