India is a high tax paying country, particularly for high net worth individuals (HNIs), Expatriate & Non-Resident India (NRI). Furthermore, there taxation has certain challenges emanating from their Residential Status, investment activities, especially in case of investment in real estate, shares, mutual funds, bullion, works of art, etc. However, at times, they inadvertently overlook the tax impact of their activities and tax compliances to be undertaken by them in India and a single slip-up in tax compliance can lead to the them being engaged in prolonged litigation with the Indian tax authorities.
Additionally, they typically face the following challenges:
- Maintaining accounts and supporting documents in India.
- Liaising with banks, brokers, mutual funds, portfolio managers, etc. for obtaining transaction statements
- Accurately computing and paying income tax in India after obtaining a comprehensive understanding of the complex web of income tax provisions.
- Keeping abreast with the changing income tax law in India.
- Communicating with Indian tax authorities.
- Inadequate time and resources to regularly follow up on pending tax refunds.
We, at Taxpert Professional, recognizes the needs of this community as we are aware of the typical issues faced by them from a tax and regulatory perspective in India. We provide a comprehensive, personalized solution in a holistic and transparent manner.
How Taxpert Professionals can assist you?
- Appoint a Single Point of Contact (SPOC) for customized solutions while maintaining confidentiality and liaising with banks, brokers, mutual funds, portfolio managers, etc. for obtaining transaction statements.
- Meticulous accounting for all business transactions in India in light of the applicable accounting standards and other applicable laws.
- Tax advisory, including taxation of capital gains, tax exemption claims, gift planning, tax deductible investments and tax credit advisory in the home country.
- Obtain a lower/nil deduction certificate or a certificate from the Income Tax Authority for the creation of charge on assets.
- Provide certification (Form 15CA | 15CB), as and when required.
- Compute accurate advance tax liability and ensure timely payment.