Shares in a company can be transferred just like any other movable property in case of no explicit restrictions have been made under the articles of the company. Clear My Returns ensures that no matter where you are, your shares can easily be transferred to another individual entity accurately and with complete reliability.
The term 'Non-Resident Indian' (NRI) refers to an Indian citizen who does not reside in India for a specified period. For tax purposes, the Income Tax Act of India defines an individual's residency based on their physical presence in India during a financial year and the preceding years. To be considered an NRI, one must not have been in India for 182 days or more in the relevant financial year, or not have been in the country for 60 days or more in the year in question and 365 days or more in the four years preceding that year
The residential status under the Income Tax Act is crucial as it determines the extent of an individual's tax liability in India. The Act categorizes individuals as 'Resident', 'Non-Resident', or 'Resident but Not Ordinarily Resident' (RNOR), each with varying tax obligations. A resident's global income is taxable in India, whereas NRIs are taxed only on income that is received in India, accrues, or arises in India.
Navigating the tax implications of NRI status can be complex, involving understanding bilateral tax treaties, managing income from different sources, and ensuring compliance with regulations. That's where our expertise comes in. We offer specialized services in NRI taxation to mitigate the tax burden and avoid double taxation.
With our deep understanding of the complexities of NRI taxation and a team of seasoned tax consultants, we ensure that your tax affairs are managed efficiently and effectively. We keep abreast of the latest changes in tax laws to provide you with up-to-date advice, ensuring that you meet your tax obligations and optimize your financial position.
Whether you're an NRI with investments in India, contemplating property transactions, or looking to optimize your tax situation, we're here to help. Connect with our experts today for personalized tax solutions tailored to your unique needs as a Non-Resident Indian.
