UPPER CHAMBERS

Taxation & Planning

A person who lives abroad under the legal status of an Indian citizen is considered as a Non-Resident Indian (NRI). Due to the fact that they live abroad, NRIs are also known as Overseas Indians. Specific criteria defining the meaning of Non-Resident Indians (NRIs) for legal and tax reasons have been specified in the Indian Tax Act and the Foreign Exchange Management Act 1999 (FEMA).

A person who stays out of India as a citizen of India or as a Person of Indian Origin (PIO) is implied by the FEMA definition of NRI. According to the law, an NRI is an individual who:

  • Has spent less than 182 days in India in the prior fiscal year
  • Has left India or is staying abroad for work
  • Has left India or is staying abroad for professional or business-related activities
  • Has left India or is staying abroad for any other purpose that suggests they intend to remain outside of India for an ambiguous amount of time.

The length of stay for merchant mariners or navy personnel who operate in international waters varies by region. For instance, a person is known as an NRI if they spend more than 183 days in foreign territorial seas.

Nearly 95% of NRIs maintain residences, properties, investments, and businesses in India and therefore it becomes essential to understand the tax implications of the same as per Indian tax law

At Upper Chambers, we specialize in delivering tailored financial solutions designed to meet the unique needs and goals of our NRI and OCI clients. With a deep understanding of international financial landscapes and regulatory frameworks, we ensure that each strategy is customized to align with our clients' specific aspirations, providing them with the expertise and support necessary to navigate complex financial decisions with confidence and precision.

Our Services includes-

  • Filing of Income Tax Returns (ITRs) for individuals or businesses along with assistance in claiming Tax Refunds, if any.
  • One-stop solution for Income Tax Planning -  Being a global firm with offices in US, Canada, UK and India, we have the required knowledge, expertise and skills required for the local taxes and laws of these respective countries to offer a one-stop solution for planning the Tax of Country of residence (US/ Canada/ UK/ UAE / Australia) and India at the same time.
  • Planning your taxes to minimize the tax liability in case of sale of property in India - Capital Gains accruing and arising from sale of property in India are taxable in India irrespective of the country you reside in. Our team of NRI specialized Tax experts work out a tailor-made solution as per your requirements and suitability to claim appropriate exemptions available under sections 54, 54F, 54EC etc.
  • Planning the date of Moving out of India / Moving back to India to minimize the tax liability
  • Avoiding Double Taxation - By pursuing DTAA relief between the two countries (Country of residence and country of source of Income), we assist NRIs in preventing double taxation.
  • Assistance in income tax scrutiny and assessment/audits
  • Advisory And Assistance For Remittances In and Out of India - Depending on the specific requirements of our NRI clients, we assist in sending money to India via an approved remittance channel to ensure accurate reporting since this is essential for the future repatriation of funds outside India with ease. NRIs can repatriate up to USD 1 million per calendar year, provided they've paid the applicable income tax.
  • Assistance in complying with the Foreign Exchange Management Act (FEMA) regulations related to foreign remittances along with the Certification services under FEMA/ Income Tax
  • Consultancy around Investment options for claiming around income tax deductions available under section 80. Some of the common investment options being:
  • 1. Public Provident Fund
  • 2. Life Insurance
  • 3. Specified FDs
  • 4. Repayment of Principal amount of Home Loan

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