With India being one of the fastest growing economies in the world, Indian market has lured in many business owners, investors and companies to set up a business, buy a business and to invest in the stock market. Indian markets have a favourable business climate and flexible laws for any foreign business to set-up their base in India. Government has further increased the rate of Foreign Direct Investments (FDI) for the Non-Resident Indians (NRIs) to 100% to attract more NRI investment in India.
VJM and Associates LLP helps in planning and strategizing the investment plans for the non residential indians i.e. NRI. The team of skilled and experienced professionals come up with plans to fulfil the clients demand. The services range from business set up, asset acquisition to reviving an old business, Obtaining approvals from various authorities etc..
We offer a wide range of financial and legal services to the NRIs looking for investing in India, so that they experience a hassle free investment process. Our aim is to regulate smooth flow of investment transactions and happy experience.
Criteria to decide whether a person is resident varies from statute to statute. Every statute has its own definition of residents.
Under Income Tax Act, Section 6-”Residence in India” read with section 2(30)-”Non-resident” defines criteria to decide residential status of a person.
As per Section 6, any person is considered as resident in India if he satisfies any of the following conditions:
Amendments by Finance Act, 2020
However, with an objective to stringent provisions related to residential status, the Finance Act, 2020 has proposed to change the period of 182 days to 120 days. Therefore, concerned individuals must have stayed in India for more than 120 days during the relevant financial year to qualify as a resident.
As per Section 2(30) of Income Tax Act, any person who is not a resident in India is a non-resident.
It is pertinent to check the residential status of a person as it helps in determining the taxability of Income earned by such person in India. Read hear to know more about NRI
The Constitution of India doesn’t define or determine whether a person is a resident in India or not. However, Part-II of the Constitution of India determines the “Citizenship” of a person. It helps in checking whether a person is an Indian Citizen or not.
As per Article 5 of The Constitution of India, A Person who has his domicile in the territory of India and who satisfies any of the following condition shall be considered as Indian Citizen:
Other terms with vaguely the same meaning are overseas Indian and expatriate Indian
According to FEMA, you are NRI in following cases:-
However, the Income Tax Act determines whether a person is NRI or not depending upon the duration of stay whereas FEMA decides if you are NRI or not depending upon the reason on stay or departure.
As one of the fastest growing economies, India offers NRIs a wide range of investment opportunities across a variety of asset classes. NRIs keen to explore investment opportunities in Indian Capital Markets like mutual funds and fixed deposits, they can also invest in the real estate market.
We offer the following services to NRIs:-
India has an abundance of human resources and labour at a lucrative rate. Also the government policies makes it one of the best locations to invest in business set-ups; for NRIs, the government has even friendly business set up options.
For setting up business in India, following are the services required which we offer-
For NRIs who already have set-up business in India, we operate as a representative office or handle few of their operations as assigned to us.
Returning NRIs are those NRIs who are returning to India permanently, they will be considered as RNOR for 2 years and thereafter will be considered as ROR.
We offer assistance in completing the dispositions of the assets which they wish to dispose of after/before returning to India. We help in:-
If an indian plans to Immigrate permanently to another country, we extend our assistance in helping to repatriate the assets in India. We work for:-
If an NRI inherits an asset or property in India, we help in liquidating the asset, disposing the asset or handling the asset efficiently as per the wish of the NRI. We help them to achieve their desires by smoothly handling the finances, income tax procedures and RBI guidelines.
Permanent Account Number or PAN is mandatory for all the persons who are required to file return or wish to carry out financial functions in India. Therefore,it is mandatory for all those NRIs who wish to operate or invest in India.
PAN is a prerequisite for every person who wants to file Income tax return in India or who wants to enter into a transaction where quoting PAN is mandatory. Therefore, in such scenarios, it becomes mandatory for a person to apply for a PAN.
Few examples of cases where it is mandatory to quote PAN:
Apart from this list, there are various other transactions, where quoting a PAN is mandatory.
Click here to know more about NRI PAN
PIO Card is a card issued by the government of India to a Person of Indian origin. PIO card holders get many benefits and relaxations from the government in sectors of education, economy and finance. However, PIO card holders do not enjoy employment benefits in government services and constitutional services.The person has to submit all the relevant documents in person to the high commission on any working day from 9:30am till 12:00pm.
Know more about PIO card
VJM and Associates LLP have a wide circle of experienced, skilled and highly trained professionals who interact with NRIs on a regular basis and help them to strategize their investment plan in India.NRIs cover a huge share of our client base.
We offer the following services to our valuable NRI clients:-
Residential status is determined differently under different statutes. The Income tax Act has its set of criteria to determine whether a person is resident or not. Whereas, FEMA determine residential status differently.
NRI PAN is a PAN card issued to NRIs who wish to invest in the capital market, earn taxable income or have a property or land in India. It is mandatory of NRIs to have PAN card who wants to or are liable to file their Income tax returns in India or if such NRI wants to enter into any transaction where reporting of PAN is mandatory.
It depends on your residential status. If You are a resident of India as per Income Tax Act and earned income globally then entire income is taxable in India whether earned in India or outside India. Whereas, in case of non-resident,then your liability to pay Income tax arises to such income which is earned in India.
The Income Tax Act determines whether a person is NRI or not depending upon the duration of stay whereas FEMA decides if you are NRI or not depending upon the reason on stay or departure.
Yes, NRIs are eligible for deductions on taxable income as per Chapter VI-A of Income Tax Act.
Client is the key driver of our service offerings. Our approach to service offerings is based on a client centric and customized approach. Our specialized teams are a mix of technical and industry experience in order to serve clientele for their specific needs.
We always endeavour for a quick turnaround time to serve our clientele. We are supported by an experienced and client focussed support teams to offer timely services to our clientele. In case of any business exigencies and time sensitive service requirements, you can always count on us.
We have built high performing teams supported by strong work ethic. Our team is a mix of experts, professionals and support staff from technical and varied academic, cultural, social and ethnic backgrounds. We believe that this diversification plays a vital role in motivating the team into High Performing Teams.
We believe that open communication is the core principle in order to demonstrate trust, build long lasting and valuable relationships with clientele. We are committed to ensuring transparency in communication, service offerings and delivery.
Our service offerings are driven by quality and reviews at every level. We strive to provide a qualitative and value-added delivery to our clientele. At all times, we endeavour to provide exceptional client service by meeting client expectations and driving client satisfaction.
The Reserve Bank of India (“RBI”) is taking all the steps to encourage greater use of Indian Rupee (INR) for trade transactions. In July 2022,
ECB is an important source of funds for raising funds in the international market. Since ECB involves foreign currency, these transactions are regulated by RBI.
Lending and borrowing rates between the banks are controlled by a benchmark rate, i.e., the rate of interest on which the bank borrows funds from
Held by Hon’ble Appellate Tribunal under SAFEMA In the matter of Sh. Kamal Singh Vs The Assistant Director, Directorate of Enforcement, Mumbai (MP-FE-200/MUM/2024 (A.D.) FPA-FE-25/MUM/2011)
India is a signatory to multilateral export control regimes such as the Missile Technology Control Regime, Nuclear Suppliers Group, etc. India is a significant exporter
Following foreign exchange policies and international trade mostly depends on FEMA advisory services in India, which are absolutely vital. The Foreign Exchange Management Act (FEMA)
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We serve on FDI advisory, cross-border accounting, International tax planning and Management consulting needs of our overseas clients all over the world.
Corporate Office: 601, 6th Floor, GMIT Park, Sector 142, Noida Exp Way, Noida – 201305
Registered Office: 44, Backary Portion, 2nd Floor, Regal Building, New Delhi 110001
Landline: 0120-4415477-78
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+91 9891576441, 9213397070, 9911887030
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V J M & Associates LLP