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Returning NRIs Planning Package

Even after returning to India for permanent settlement, NRIs continue to enjoy many investment incentives under the Foreign Exchange Management Act,1999[FEMA] and tax concessions under the Income-tax Act,1961.[I.T.Act]

Although, technically "Residents" , how-so-ever FEMA treats returnee NRIs almost at par with NRIs as regards their foreign currency accounts in India and assets abroad. Under the I.T.Act also, most cases being "Not Ordinarily Resident", returnee NRIs continue to enjoy tax exemptions and tax concessions almost at par with NRIs for 2 to 3 years. They also enjoy the benefits of Dual Tax Treaty, where applicable.

We, at  offer a composite planning package for returning NRIs.

Under the package, we provide the applicability of various provisions under Foreign Exchange Management Act, 1999 , Income Tax Act, 1961, Wealth Tax 1957 and basic applicability of provisions of Double Tax Treaty, in greater details which would cover provisions relating to :

1. Residential Status :

.01Residential status under Income Tax Act, 1961.
.02 Residential status under Foreign Exchange Management Act, 1999
.03 Basics of residential status under Double Tax Treaties.

2. Bank accounts in
India :
.01 Continuation or otherwise of Non-Resident External (NRE) accounts in India.
.02 Continuation or otherwise of Foreign Currency Non Resident (FCNR) deposits in India.
.03 Provisions relating to Resident Foreign Currency (RFC) accounts in India.
.04 Status of NRO account in India

3.Tax liability in India :
 01. Income-tax on  interest income from NRE accounts.
.02  Income-tax on interest income from FCNR  deposits.
.03  Income-tax on interest income from RFC account.
.04 Taxability of other income like interest, pension, rent  etc. in India after the date of return.
.05 Taxability of global income like interest , rent , pensions , dividends and capital gains.

4. Assets outside India under FEMA : 
.01 Continuation of holding of immovable properties outside India.
.02 Continuation of movable assets like bank accounts, shares and securities, etc. outside India

5. Tax liability of Income from Assets outside
India :

.01 Taxation of overseas income, remitted to India or retained abroad.
.02 Tax liability as regards overseas income vis-a-vis benefits under the dual tax-treaty, if applicable.

Said topics are explained in details and are supported by copy of relevant Section or Regulation of the Act.

The package  is priced at Rs. 5500/- which  includes email intimation followed by hard copy & a copy of NRI booklet.

For updation on the subject,  you can subscribe to   (in all probability, the only website displaying edited and updated version of the law of Foreign Exchange Management Act, 1999 and regulations there under) at concessional annual subscription of Rs. 2000/-. (Total Rs .7500/-).

If you need any further information, please contact us at : or or call
Keynote Consultancy Pvt. Ltd.

Tel. No. : 0091 281 245 3367 (four lines)