Expert NRI Tax Services for Savings & Compliance

Taxes collected from every citizen are the foundation of the county's economy. According to the Indian Income Tax Act, 1961, Non-Resident Indians (NRIs) are also required to file taxes. As an NRI, you must file an NRI income tax return India if your income exceeds 2.5 lakhs, if tax is deducted at source on income such as interest from NRO savings account, rent, or more, to help claim a tax refund. You also need to file an ITR if you have capital gains or own any foreign assets, as NRIs holding assets in India must ensure they are compliant with tax and FEMA regulations for NRIs.

Filing an ITR is essential in many ways, major ones being:

Tax Refunds: Filing and ITR as an NRI helps you claim a tax refund if excess tax has been deducted.

Being financially credible: As an NRI, if you have a well-maintained record of income tax filing, your credibility in financial institutions and banks increases.

Legal Compliance: Being consistent with your ITR filing ensures that you and your business comply with Indian tax laws as well as FEMA compliance for NRIs  

Repatriation and Investments Made Easy: If you are consistent with filing your ITR, it tends to simplify the process related to fund repatriation and remittance.

There are various reasons why NRIs, PIOs, foreign nationals, or OCI holders send money from abroad to India, such as financial support to family members, travel experiences, investments, medical care, and more. The process of transferring money back to India from any foreign country is known as an inward remittance. There are various options that you can use to send money back to India legally; a few of them are outlined below:

Online money transfers: Several banks and fintech companies offer digital platforms that allow you to transfer funds across borders to India. One such credible platform is Savetaxs, which helps you send money back to India legally and securely. We ensure that all repatriations and remittances of funds occur in compliance with Indian tax laws.

Other methods include wire transfer, international money order, foreign currency check, and foreign currency demand draft. We also help you provide any legal advice to them.

Yes, Non-Resident Indians (NRIs) can set up a business in India. Given India's rapidly growing economy, it is prudent to say that investing in such an economy would yield a substantial return on investment. Types of companies that NRIs and foreign nations can register include private limited companies, limited liability partnerships, and public limited companies. 

As a leading foreign taxation service company, we assist NRIs, foreign OCIs, and PIOs in establishing their own companies in India, leveraging our experts' in-depth knowledge of RBI regulations, FDI, and FEMA laws to ensure compliance throughout. Start a company in India as an NRI with Savetaxs.

Before starting a public or private company as an NRI or foreign national, there are specific legal requirements that must be followed for compliance.

Directors: According to the Companies Act 2013, NRIs and foreign nationals can act as directors of an Indian company, provided they obtain a Digital Signature Certificate (DSC) and a Director Identification Number (DIN) to become a director.

Shareholders: To start a private limited company, you must have at least two members as shareholders, and for a public limited company, the minimum number of shareholders is seven. Now, a private limited company can have a maximum of 200 members, whereas there is no such limit for a public limited company.

Office Address: The company must have a physical office address in India. There must also be an address proof, such as the sale deed or rental agreement, which needs to be submitted while applying for incorporation. However, if the company's office is situated in a leased or rented property, a No Objection Certificate (NOC) from the owner must be submitted. 

Here is a list of legal documents that are required for the company registration:

• Passport
• Address proof such as bank statements, utility bills, and a driving licence 
• Resident permit (for foreign residents, which has to be attested by a consulate of a foreign embassy in India)
• Business visa (for foreign residents, which have to be attested by a consultant of a foreign embassy in India)

Documents for NRIs

• Proof of identity
• PAN card
• Aadhar card, DL, or voter ID card, if any
• Current address proof

You need to follow a few steps to apply for an NRI Pan card:

1. Visit the official website of Protan or UTIITSL.

2. Fill out the application form by entering all the required information.

3. Upload all the necessary documents.

4. Pay the application fee.

5. Submit the application form and note down the acknowledgment number generated after submitting the form, which can be used to track the status afterwards.
However, you must be very careful when applying for the PAN card, as even a minor mistake can result in the rejection of your application. To avoid this, consider reaching out to credible platforms like Savetaxs, which can provide expert assistance with your PAN card application.