Taxation

Taxation is not a complex Job!
Almost everyone feels that the current tax system is too complicated, but we can ensure you that it is no longer a complex job with us! We’ve pioneered innovative, integrated approaches to tax that line up with our client goals.

We at Eminent Professionals assist US, UK and NRI taxation individuals and small business operators to file their income tax returns to the applicable taxation authorities. We aim at simplifying the taxation compliances focusing on reduction of taxation liabilities, to ensure that our client concentrates on its core business operations and leave his entire taxation compliance burden on us.

NRI Taxation

Residential status under the Income Tax Act has nothing to do with nationality or domicile of a person. For Income tax Purpose an Indian, a citizen of India, can be non-resident. Moreover an American who is a citizen of America can be a resident of India for Income-tax purposes.

Categories which are classified the residential status of an individual:

  • Resident (ROR)
  • Resident but Not Ordinarily Resident (RNOR)
  • Non Resident (NR)

We all know that taxes collected from citizens are the foundation of Indian Economy. NRI Taxation under the Indian Income Tax Act, 1961, applies to those earning outside the home country.

What We Serve?             

  • Identify your Residential Status
  • Prepare Computation of Taxable Income for an NRI
  • Consultation on issues relating to Investments, Tax saving and Deductions
  • Assist to discharge Tax Liability

Avoiding Double Taxation and helps to understand DTAA

Who can Opt?

  • Individual Having Total Taxable Income exceeds the basic exemption limit
  • Others whose total Income being less than the Basic Exemption limit but have,
  • Income from Short Term Capital Gains on equity shares or units of equity oriented mutual fund.
  • Income from Long Term Capital Gains, which are chargeable to tax.

Documents Required

  • Details Such As PAN Card No, Citizen card
  • Bank Details Such As Account No, IFSC Code
  • Bank Account Statement
  • Proofs Of Investments Such As Insurance premium paid, Fees Of Children, Etc
  • Details Of Any Advance Tax Deposited
  • Capital Gain Statement For Shares, Securities, The Mutual Fund Sold
  • Details Of Property Sold Such As Sale Deed, Expenses Incurred, Etc
  • Details Of Reinvestment Of Purchase Of New House Property If Any

US TAX Specialist

At Eminent Professionals our tax specialist offer services for individuals and some of our smaller clients who require straight forward US tax filing requirements.

Our team assist to people with their filing obligation and share updates relates to taxation part of Federal Income Tax, and State and Local Taxes.

What we serve?

  • Helps to Prepare Federal Income Tax
  • Opinion of standard deduction or itemize deductions
  • Prepare Individuals Form 1040 or Form 1040-SR
  • Prepare Non Resident Form 1040 NR
  • Resolve queries related to Deductions and exemptions including Below-the-line Deductions
  • Provide Understanding about Allowable Tax Credits
  • Consultation on Alternative Minimum Tax (AMT) and ways to avoid paying the AMT

Who Should File?

  • Gross income for the year was at least the amount of Threshold levels
  • Individuals with Income from U.S. Possessions
  • S. Citizens or Resident Aliens Living Abroad
  • Residents of Puerto Rico
  • Refund Claimer
  • Individual had Income tax withheld from his pay.
  • Individual made estimated tax payments for the year or had any of your overpayment for last year applied to this year’s estimated tax.
  • Individual who qualify for earned income credit, additional child tax credit, American opportunity education credit, health coverage tax credit and credit for federal tax on fuels etc.

What we need!

    • W2 Form
    • EIN/ ITIN/SSN/ATIN/PTIN
    • Residential Status
    • Withholding Certificate
    • Source of Income
    • Place of Income from income arise
    • Medical and dental payment records
    • Real estate and income tax receipts
    • Interest payment records for a home mortgage
    • Receipts for charitable contributions

UK Taxation

At Eminent Professionals our tax specialist offer services for individuals and some of our smaller clients who require straight forward UK tax filing requirements.Our team assist to people with their filing obligation and share updates relates to taxation part of Income Tax, and State and Local Taxes.

What we serve?

  • Helps to Prepare and filing of Income Tax Returns
  • Opinion of various deductions
  • Helps to find out Resident Status
  • Provide understanding of possible tax relief through double tax treaties
  • Provide Understanding about Allowable Tax Credits
  • Provide consultation on various taxes such as Capital gains tax, Inheritance & Estate tax, Property & Wealth Tax, Taxes on Import & Export, Gift Tax etc

Who Should File?

  • All UK residents for worldwide income with allowance to prevent double taxation
  • Non UK residents who earned income in UK.

What we need!

  • National Insurance Number (NI number)
  • Residential Status
  • Source of Income
  • Place of Income from income arise
  • Medical and dental payment records
  • Real estate and income tax receipts
  • Interest payment records for a home mortgage
  • Receipts for charitable contributions

Taxation is not a complex job with us! Let’s see how?

Our experts here provide the ongoing consultancy on subject matters and assist you for optimal utilization of funds:

What is the Income threshold as well as due date for filing income tax return of NRI?

An NRI must file his return of income in India if his gross total income received in India exceeds Rs 2.5 lakhs in a financial year. Further, the due date for filing of Income tax return for an NRI is also 31 July of the assessment year

Rental Income from flat in India and salary received in US. Is both the income taxed under the category of NRI?

Only the income that accrues to you in India will be taxable in case of NRI. Accordingly, liable to pay taxes in India on the rental income from the flat situated in India. HoweverNRI is notliable to pay any taxes on the income accrues outside India i.esalary received from the USA.

Is an NRI taxable on the income he receives in India, in his country of residence? What is the role of the Double Taxation Avoidance Agreements (DTAA) here?

An NRI in receipt of income in India is taxable in India on such income i.e. India as a source state has the right to tax such income. However, the country of which such NRI is a resident, will also have a right to tax such income as it is the residence state. In the process, the NRI will end up getting taxed twice on the same income. To overcome this, India has entered into DTAAs with various countries which help eliminate such double taxation by allowing the taxpayer to claim credit for foreign taxes paid while filing their return of income in the home country.

Is the NRIaged 65 years having gross total income is Rs 2.8 lakhs during a year from India required to file ITR?

The basic exemption of Rs 3 lakhs and Rs 5 lakhs is available only for resident senior citizens and resident super senior citizens. However in case of NRI even if a senior citizen, the basic exemption limit is Rs. 2.5 Lakhs. Whenever income from India exceeds from Rs 2.5 lakhs, NRI will be liable to file tax return.

I am an NRI. Will I be subject to capital gains tax if I sell a flat that I own in India?

Yes. You will be liable for capital gains tax in India upon sale of your flat. Further, the purchaser himself must deduct taxes on the quantum of gains you make. The rate of tax deduction for a long term asset would be 20% while taxes at slab rates would be deducted at source if the asset is a short term asset.

What is Form 1040: U.S. Individual Tax Return ?

Form 1040 is the standard U.S. individual tax return form that taxpayers use to file their annual income tax returns with the IRS.

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