NRIs Services

Wellgrow Securities provides Tax Planning and income tax return filing for NRIs and Foreign Citizens.

Our Expertise lies in following areas:

  • Determining Taxability in India – Through your Residential status in India
  • Avoiding Double Taxation – Interpretation of DTAA (Double Tax Avoidance Agreement) Treaty between various Countries and India for reducing Tax liability
  • Advising Investments – With a Perspective of Capital Protection, Growth and Saving taxes
  • Income tax Returns – Tax Planning & Filing of Income tax return
  • Pan Card – PAN Application
  • Planning to Shift Abroad – Guidance for Tax Planning for Resident Indians Planning to shift Abroad and become Prospective NRIs
  • Planning to Shift Base to India – Guidance for Indian Tax Planning for NRIs planning to Return India permanently giving up their Non-Resident Status.
  • Foreign Tax Compliances – For People returning back to India from Abroad or Shifting base to a Foreign Country
  • Accounting & Tax Planning – Specialized keeping of detailed records of entire transactions in India & Foreign Countries.

FAQs

When is Income taxable in India?

Income Taxability Changes as per Residential Status
Type of Income Resident & Ordinary Resident Resident & Not Ordinary Resident Non- Resident
Income Received or Deemed to be received in India Taxable Taxable Taxable
Income Accruing or arising Outside India Taxable Not Taxable Not Taxable
Income Accruing or arising or Deemed to Accrue or arise In India Taxable Taxable Taxable

How do you define a NRI?

As per Income Tax Act,

Basic Conditions
  1. He is in India in that Previous Year
 182 Days or more
  1. He is in India for a period
 (a)60 days or more during previous year

And

(b)365 days or more during 4 years preceding that previous year
Non Resident – If an Individual does not satisfy both Basic Conditions as mentioned above, then he is termed as Non-Resident

What is Resident but not ordinarily resident (RNOR) ?

As per Income tax Act,

A person becomes Resident but not ordinarily resident (RNOR) when

  1. When an Individual Fulfils any one basic condition as mentioned above
  2. And fulfills any of following additional conditions
Additional Conditions
  1. He is Non- Resident of India
 In 9 out of 10 preceding previous years
  1. He has been in India
 For a Period not exceeding 729 days during the 7 preceding previous years.

If a citizen of India, is leaving India for purpose of Employment outside India or Member of Crew of Indian Ship, then when he will be considered as a Resident in India?

If he stays in India for 182 days or more in previous Financial year, then he will be termed as a Resident Indian.(He is an exception case – To basic conditions of Determining Residential Status above.)

If a Citizen of India or Person of Indian Origin staying abroad comes to India for a visit, then when he will be considered as a Resident in India ?

If he stays in India for 182 days or more in previous Financial year, then he will be termed as a Resident Indian.(He is an exception case – To basic conditions of Determining Residential Status above.)

What is DTAA (Double Tax Avoidance Agreement)?

For Cross Border Transactions, the income may be taxed in the home country (basis tax residency) as well as source country (where income is earned) leading to double taxation of the same income. In order to avoid this double taxation of income, the home and the source country mutually enter into tax treaty generally known as DTAA.

How do you define a Person of Indian Origin?

If he or either of his parents /grand parents were born in Undivided India then he is a person of Indian Origin.

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