Non Resident Indians who have/ Intend to have Investments in india
For Non resident Indians who have certain investments, property and bank accounts in India, we manage their financial affairs in India entirely as follows:
- Monitor record and periodically report on his investments.
Facilitate liquidation/lease of property through a top-notch property consultant.
- Facilitate repatriation of sale proceeds of investment and property.
- Facilitate repatriation of income from investments and rent from the property let out.
- Complete banking and other regulatory formalities.
- Plan his financial transactions to minimize his tax liability in India.
- File Income Tax Services return.
For Non resident Indians who wish to invest in stock market, property etc., we offer the following services:
Devise a personal financial plan.
Facilitate acquisition/ lease of property through a top-notch property consultant.
NON RESIDENT INDIANS WHO INHERIT ASSETS IN INDIA
A NRI inherits assets in the form of investments, property etc in India and wishes to either liquidate them and repatriate the sale proceeds of the same or manage the same in most tax efficient manner. We enable him to accomplish these objectives by facilitating the clearance from Income Tax Services, RBI and other regulatory authorities.
NON RESIDENT INDIANS/ OTHER NON-RESIDENTS WHO HAVE/ INTEND TO SET UP A BUSINESS IN INDIA
A NRI/ other non-resident businessman who intend to establish business in India, we help him to do so by providing the following services:
- Develop an entry strategy and a financial model.
- Undertake location studies and recommend the ideal location.
- Identify and evaluate potential partners involving due diligence reviews
- Arrange for complete set of regulatory approvals.
- Arrange funds for the project by preparation of a detailed project report and liaison with banks/ financial institutions/ joint venture partners.
- Facilitate incorporation of a company in India.
- Organise office infrastructure and manpower during the “in-transit period” of the start up or operate as a representative office.
A NRI/ other non-resident already have a business in India. Besides providing the entire gamut of financial and consultancy services, we operate as a representative office/ manage specific business processes.
A returning NRI wants to retain/ disinvest assets (property, investments, and business) procured outside India and re-invest outside India the income/ sale proceeds thereof. We provide him assistance as follows:
- Facilitate clearance required under FEMA from RBI to continue to hold assets outside India.
- Facilitate re-investment of sale proceeds of assets acquired outside India.
- Plan residential status under FEMA and Income Tax Services.
- Plan tax liability in India.
- Make fresh investments in business outside India.
- Investment and business consultancy in India.
Emigrating Indian/ New NRI
An emigrating Indian/ new NRI wants to retain/ disinvest assets (property, investments, business) acquired in India and repatriate the income/ sale proceeds thereof. We help him to do so as follows:
- Obtain clearance required under FEMA from RBI in order to continue to hold certain assets in India.
- Facilitate repatriation of sale proceeds and income of assets held in India.
- Plan his tax liability in India.
- Monitor record and report on his investments in India.
- NRI Permanent Account Number (PAN)
Non-resident individuals and organizations require to have a Permanent Account Number (PAN) number if they earn an income and need to file returns in India. PAN is issued by the Income Tax (IT) Department to all assesses and quoting of PAN is mandatory in all returns filed with the IT department.
Permanent Account Number (PAN) is a national identification number, issued to all taxpayers of India whose income is taxable. This number is issued by the Income Tax Office. The primary purpose of PAN is prevention of tax evasion by keeping a track of monetary transactions. The PAN is unique, national, and permanent. It remains unaffected by a change of address, even between states. Permanent Account Number is an identity document/number which can also be issued to non-taxpayers. All existing assessees or taxpayers or persons who are required to file a return of income, even on behalf of others, must have a PAN. Quoting PAN is mandatory for any person, who wishes to enter into economic or financial transactions & must also have a PAN. NRI is required to quote the PAN on below document.
- Return of income
- All correspondence with any income tax authority
- All documents pertaining to financial transactions notified from time-to-time by the Central
- Board of Direct Taxes viz sale and purchase of immovable property or motor vehicle or payments in cash, of amounts exceeding Rs. 25,000/-to hotels and restaurants or in connection with travel to any foreign country.
- Application for obtaining a telephone or cellular telephone connection
- Application for making a time deposit more than Rs. 50,000/- with a Bank or Post Office or depositing cash of Rs. 50,000/- or more in a Bank.
THE PROCESS FOR APPLICATION OF NRI PAN IS AS FOLLOWS:
- Fill up Form 49AA
- Attach a proof of identity
- Attach proof of residence
- Submit the set to NSDL/UTI
- After submission, acknowledged copy is received which is used for further follow-up with Department.
- Photocopy of employer PAN Card.
THE FOLLOWING POINTS SHOULD BE NOTED WHILE MAKING APPLICATION FOR THE PAN:
AO Code: AO code related to International Taxation Directorate should be used.
Address: A foreign address can be provided as residential (only for individuals) and office address by such applicants, if they do not have any Indian address of their own.
Individual applicants may indicate any address (residential or office -whether Indian or abroad) as the address for communication.
Additional courier charges for PAN card dispatched shall be payable by applicant at the time of applying if the address for communication is a foreign address. Complete address including name of state, province (if applicable) and name of country should be clearly stated in the application as part of the address.
A proper zip or pin code, if applicable, should be given by the applicant. Further, a valid email address must be provided by such applicants. It is to be noted that providing details of Residential Address (RA) is not compulsory in the PAN application for such applicants. However, if RA details are provided, proof of identity and address in respect of RA shall be needed in addition to those of the applicant.
Photograph and signature: Individual applicants should give their own recent colour photograph of specified size. This does not apply to other applicants. Application should always be signed by the applicant himself / herself in all cases (for individuals). In case of applicants other than individuals, application should be signed by an authorized signatory on behalf of the applicant (example director of the company or partner of the firm or trustee of the trust, etc).
Even if the RA details are submitted, the application should be signed by the applicant (in case of individual applicants) or by the authorized signatory (for non-individual applicants).
Pio (Person of Indian Origin) Card
PIO card scheme, 1999 has been revised. The new PIO Card Scheme, 2002, is in operation since 15th September, 2002. In accordance with the revised scheme, the PIO Card remains valid for 15 years and a fee of Rupees 15,000/- is charged for issue of the same. In the case of minor, i.e. below 18 years of age, the fee is Rupees 7,500/- for 15 years validity card.
Authority to which application is to be submitted: –
An application for issue of a PIO Card shall be made to an Indian Mission in the country where the applicant is ordinary resident.
Applicants already in India on Long Term Visa (more than one year) shall make the application for issue of a PIO Card to the following authorities: –
A) Those residing in: –
(B) Those residing in areas other than (A) above: –
Possession of a PIO card, entitles a foreigner to enter or leave India without the requirement of any other VISA. Registration, however, is needed with the concerned FRRO/CHIO/FRO office for a PIO card holder also if he stays in India for more than six months continuously like foreigners on any other types of long-term Visa.
Nationals of Pakistan, Bangladesh, Sri Lanka, Afghanistan, Bhutan, Nepal and China are ineligible for grant of PIO card. Iranian nationals of Indian Origin can be granted PIO card after approval of MHA
BENEFITS AVAILABLE TO A PIO CARD HOLDER
A PIO Card holder does not need a separate visa to visit India. The PIO Card holders will not require “Student Visa” for undertaking studies in India and similarly no “Employment Visa” will be needed for taking up employment in India. However, they will be required to fulfill other pre-requisite conditions and other formalities in connection with their studies/employment as specified by concerned authorities from time to time.
Separate counters for immigration are provided to PIO Card holders at International airports in India.
Parity with Non-Resident Indians (NRIs) in respect of facilities available to the latter in economic, financial and educational fields.
All facilities in the matter of acquisition, holding, transfer and disposal of immovable properties in India except in matters relating to the acquisition of agricultural/plantation properties.
Facilities like those available to children of NRIs for getting admission to educational institutions in India including Medical Colleges, Engineering Colleges, Institutes of Technology, and Institutes of Management etc. under the general categories.
Facilities available under the various housing schemes of LIC, State Governments and other Government agencies
What AMRA Consultants Offers
AMRA Consultants have creditable expertise in providing multitude of services to a diverse client profile. Non resident Indians include a substantial portion of our client base.
We provide a wide range of services to our NRI clients. Our client profile involves
- Non resident Indians who have/ intend to have investments in India
- Non resident Indians who inherit assets in India
- Non resident Indians/ Non-residents who have / intend to set up a
- business in India
- Returning NRI
- Emigrating Indian/ New NRI
- NRI PAN