There are many services that a Chartered Accountant can provide to a Non Resident Indian (NRI). As most NRIs have assets and properties in India, they need to find and hire a trustworthy, experienced and expert Chartered Accountant to manage their finances.
You should look for a Chartered Accountant who can and is an expert in providing the services that you require. If you want to start a business in India as an NRI or you wish to manage your investments effectively, the Chartered Accountant should be able to fulfil your requirements.
If you own assets in India and/or have taxable income in India, you must submit tax returns in India as an NRI. And as a Non- Resident Indian, it is often difficult to find the time to manage, calculate and submit your taxes by yourself. That is why most Non- Resident Indians choose to hire trustworthy and professional Chartered Accountants to manage their tax filings.
Although tax filings are the most needed services for NRIs, there are many other services that a Chartered Accountant can provide to them, such as DTA Consultancy, obtaining TAN/PAN/ DIN, etc.
In this post, we will tell you how a Chartered Accountant can help a Non- Resident Indian in different finance-related activities.
What Type of Non-Resident Indian (NRI) Clients Do a Chartered Accountant Provide Services To?
- Non-Resident Indians who earn money in India and want to file their taxes.
- OCI, also known as Overseas Citizen of India or any other NRI who inherited property in India.
- NRIs who are returning.
- NRIs who have invested in India or plan to do so.
- Indian immigrants and new Non-Resident Indians.
- Non-residents of India who own or plan to own a business in the country.
What Type of Services Does a Chartered Accountant Provide to the Non-resident Indians?
A chartered Accountant can help NRIs in various ways. First, we will take a look at how Chartered accountants can assist all the different types of NRI clients mentioned above.
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Non-resident Indians Who Earn Money in India and Want to File Their Taxes
In India, NRIs typically earn money from a variety of sources, such as interest on bank deposits, rental earnings, and capital gains. And for these incomes that NRIs earn in India, submitting an income tax return in India is still necessary for accordance with income tax regulations.
A chartered accountant can provide the following services to a client who wishes to file their taxes in India:
(i) Advising and assisting in requesting a TDS refund from the IT Department
(ii) Assisting NRIs in submitting their Income tax return in India
(iii) Recommending a double tax avoidance agreement to reduce taxes
(iv) Managing Income Tax Department litigation
(v) Tax planning advice to lessen the tax liability
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OCI, Also Known as Overseas Citizen of India or Any Other NRI Who Inherited Property in India
When an NRI inherits investments, real estate, or other assets in India, they either plan to sell them and use the earnings for their family, or they try to manage the properties and assets in the most tax-effective manner. In this case, they hire an online CA, utilizing comprehensive CA services, making it easier for them to manage as well as file taxes on the assets they inherited.
Chartered accountants assist them in doing so by facilitating the approval from the Income Tax Services, RBI, and other regulatory bodies. CAs are also knowledgeable and experts in submitting forms 15CA and 15CB to the tax authorities so that the NRI doesn’t need to pay extra taxes.
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NRIs Who are Returning
In this part, a Chartered Accountant helps a Non-Resident Indian who is moving back to India and intends to keep or dispose of any assets, which can include property, investments, or businesses obtained outside of India.
A chartered accountant can provide the following services to a client who is returning back to India:
(i) Prepare for your tax obligations in India.
(ii) Obtain the RBI’s permission in accordance with FEMA to continue holding assets outside of India,
(iii) Plan residential status for the purposes of Income Tax Services: https://www.incometax.gov.in/iec/foportal/help/ca/registration and FEMA and many more.
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NRIs Who Have Invested in India or Plan to Do So
Many NRIs have or are planning to have specific investments, bank accounts or properties in India.
A chartered accountant can provide the following services to a client who has or is planning to make investments in India:
(i) Monitoring, evaluating, recording and reporting on the client’s investments.
(ii) Providing assistance in the repatriation of earnings from investments as well as rent from the property.
(iii) Assist with the sale or leasing of property by using a reputable property adviser.
(iv) Fulfil the formalities of banking and regulations.
(v) Advising and assisting in the services related to the repatriation of sale proceeds from investments and real estate.
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Indian Immigrants and New Non-resident Indians
A person who has newly become an NRI would either want to retain or sell the assets– that they acquired in India– which can include properties, investments and bank accounts.
A chartered accountant can provide the following services to a client who has or is planning to make investments in India:
(i) Monitoring, evaluating, recording and reporting on the client’s Indian Investments.
(ii) Advising and assisting in the services related to the repatriation of sale proceeds from investments and real estate.
(iii) Prepare and fulfil requirements for the client’s tax obligations in India.
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Non-residents of India Who Own or Plan to Own a Business in the Country
Businesses and companies in India owned by non-resident Indians are not uncommon these days.
So, a chartered accountant can provide the following services to a client who owns or plans to start a business in India:
(i) Create a financial model and an entry plan for the client’s business.
(ii) Make arrangements for a full spectrum of regulatory approvals.
(iii) Make recommendations for the best location for the business after doing location studies.
(iv) Determine and assess possible partners
Conclusion
These were some of the services that a Chartered Accountant can provide to a Non-Resident Indian who wants to perform these activities with ease.
You can find a Chartered Accountant for a Non-Resident of India by looking for a CA who specialises in providing the services mentioned above. Keep in mind that a Chartered Accountant for an NRI should be trustworthy and professional so that you can trust them with your financial decisions. If you need to get some assistance from the best CA in India, make sure you are in touch with Vakilsearch.
