NRI Services :

NRI FAQs

Who is a Non resident Indian NRI?
An NRI is a person resident outside India who is a citizen of India or is a person of Indian origin.

Under the Foreign Exchange Management Act (FEMA), generally, a person is resident outside India if he is in India for less than 182 days during the course of the preceding financial year and also includes any person who stays abroad:

• For the purposes of carrying out employment or any business or vocation;
• Under circumstances indicating an intention to stay outside India for an uncertain duration;
• Any Indian citizen deputed outside India for a temporary period in connection with employment
• For education

How do I know if I qualify as a Non-Resident Indian?

If you have gone out of India for any of the following purposes, you qualify to open a Non-Resident Account

• Taking up employment
• Business or vacation
• Any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period
• Indian citizens working abroad on assignments with foreign Governments/Government agencies or international/regional agencies like the UNO, IMF, World Bank etc.
  
• Officials of Central and State governments and Public Sector Undertakings deputed abroad on temporary assignments or posted to a Branch / Office (including diplomatic missions) abroad
  
• Indians settled abroad permanently
• Indians gone abroad on immigration
• Crew-members of Indian nationality or Indian origin employed by foreign airlines / shipping companies, if they are based at foreign ports and reside abroad
  

Non-Resident Indians become Indian residents only when they come back to India for employment or for carrying-on any business in India or vocation or for any other purpose indicating an indefinite period of stay in India.

They are not regarded as Resident Indians during their short visits to India on holiday, leave etc

Who is a Person of Indian Origin PIO?

You are a Person of Indian origin [PIO] if you are a citizen of a foreign country (other than a citizen of Bangladesh or Pakistan) and:

• You have at any time held an Indian passport OR
• You or either of your parents or any of your grandparents were citizens of India by virtue of the Constitution of India or the Citizenship Act, 1955 OR
  
• You are the spouse of an Indian citizen or of a person of Indian origin (other than of Pakistan or Bangladesh )

What are the types of bank accounts available to NRIs?

Non-Resident External [NRE] Rupee savings account

Your funds in NRE savings accounts are held in convertible rupees - principle and interest are fully repatriable. Interest income is fully exempt from tax in India. The savings account can be opened jointly with a Non-Resident individual.

Non-Resident External [NRE] Rupee fixed deposit

Fixed deposit in Indian rupees where the principle and interest are fully repatriable. All interest earned is fully exempt from tax in India. The account can also be opened jointly with a non-resident.

Non-Resident Ordinary [NRO] Rupee savings account

Your funds in Non Resident Ordinary (NRO) savings account are held in India, in Indian rupees. The NRO account can be funded through NRI income in India. Only the interest in an NRO account is repatriable. Interest income on this account is liable for Indian Income Taxes. Non-Resident Ordinary [NRO] Rupee fixed account

Fixed deposit in Indian rupees where the earnings in India can be deposited. The interest is repatriable [after payment of tax].

Foreign current Non-residents [FCNR] deposit

The FCNR Deposit is a fully repatriable foreign currency deposit available in major currencies: US Dollars, Pound Sterling, Euros, Australian dollars and Canadian dollars.

Your funds in FCNR Deposits are maintained in foreign currency and are fully repatriable, including the interest you earn. All interest earned is fully exempt from tax in India.

• Tax Advisory Services and filing of e-Tax returns
• Setting up a Branch office/ Liaison office/ Project office in India
• Banking and Remittances
• Investment advisory support
  

Non Resident Tax Returns (United States of America/United Kingdom/Canada and India Tax Return)

A nonresident is a foreign citizen who stays abroad for employment/carrying on business or vocation outside his/or own country. In other words a non resident is a person temporarily or permanently residing in a foreign country other than person’s principal place of abode. Filing income tax return is responsibility of foreign citizen (Non Resident).

Non Resident Status can be following two types

»Foreign Citizens working in India:

US/UK/Canada citizens remain liable to income tax to their respective countries no matter where they live and work.  They therefore have to continue to file US/UK/Canada income tax returns throughout their time abroad. Some special exemptions for people working in India is available to citizens outside the US and there is also a system of tax credits so that you do not pay tax on the same income in more than one territory. Generally it is likely that your foreign tax liability will be substantially reduced during your time abroad.

Indian Citizens working in Foreign Countries (USA/UK and Canada):

Indian citizens are also liable for US/UK/Canada Taxation subject to certain conditions as per income tax laws of the foreign countries.

Indian Citizens working in Foreign Countries(USA/UK and Canada):

Indian citizens are also liable for US/UK/Canada Taxation subject to certain conditions as per income tax laws of the foreign countries.

Taxability of Indian Employees depends on actual circumstances which may differ from case to case.

Our team of professional has prepared and handled both type of tax returns

»Foreign Citizens working in India

»Indian Citizens working in Foreign Countries(USA/UK and Canada)