Organisations and individuals operating across borders on multiple jurisdictions who need to take care of all the tax compliances in compliance with the local laws can get their work simplified by our International Tax Service expert teams which provide corporate income tax advice on all aspects of cross border transactions, including financing and structuring, transfer pricing, and operating model effectiveness. We have a global network of international tax professionals who helps clients manage their business tax responsibilities, including managing global tax risks and meeting International reporting obligations. Some of our services include,
- Advise on investment treaties signed by India
- Assistance with Mutual Agreement Procedure under the tax treaties
- Advise on foreign trade policy including import-ability of goods, export incentive scheme and the underlying procedures
- Advise on classification issues, valuation (including valuation assessment), duty benefits/exemptions, refunds, etc.
- Supply Chain and tariff planning including project imports and international trade agreements
- Assistance in self-assessment, audit defense and litigation support;
- Advisory, Representation before Intelligence Agencies.
- Advise and assist on specific provisions applicable to non-residents such as shipping companies, etc.
1. Do I need to pay tax on foreign income in India?
According to the Income-Tax Act, people residing in India are subject to tax in India for their global income and such income will be taxed in India. If one has paid tax on one’s income in a foreign country, one can claim tax credits in India by filing Form 67, before filing income tax returns.
2. How much foreign income is tax-free in India?
An NRI, like any other individual taxpayer, must file his return of income in India if his gross total income received in India exceeds Rs 2.5 lakhs for any given financial year.
3. Is money received from abroad taxable?
No tax to be paid if the sender is your close relative. As per RBI rules, the remittance money received from persons abroad, who are your close relatives, is treated as a tax-free gift.