International Taxation

NRI Taxation Services

As a NRI, you are liable to file tax returns in India if you own assets in India and / or you have taxable income in India. Our experience in dealing with NRI taxation for last few decades and more compels us to advise NRIs to file their tax returns in India as it facilitates ease of movement of funds across border if appropriate disclosures have been made to tax authorities. Our team of experts regularly deal with cases where as NRI you have inherited wealth, sold properties, purchased properties, have active businesses in India or simply have investments in shares / NRE deposits in India and need assistance with tax filings, advisory services to minimize taxes and at times repatriate your funds out of / in India. Depth of our knowledge and experience in these tax matters coupled with our personalized responses has earned us satisfied, long-term clients spread across globe. Our passion to further nurture and grows more such relationships ensure that our team members respond to your mails on an ‘instant mode’

FEMA Compliances

Indian companies are engaging in several international transactions, investments, mergers, and acquisitions. Furthermore, the speed at which the Indian economy is growing, it has attracted foreign investors. It has led to an upsurge in the investments from India in international markets and from foreign companies into India. All these give rise to increased requirements as to the Foreign Exchange Management Act (FEMA) Compliances for inbound and outbound investments. We provide FEMA advisory services in the matters related to forex transactions and ensure a thorough FEMA Compliance with the various requirements of FEMA. With liberalization taking place all over the world, foreign investors are free to invest directly in India under the automatic route. However, some sectors require regulatory approvals from the authorities. Our FEMA Advisory Services include complete compliance with regulatory requirements as to inbound investment in the form of FDI, whether by way of the direct route or approval route. Our proficient team of FEMA advisors ensure strategic planning for clients’ overseas investments under the regulations of FEMA. We handle the documentation, reporting requirements, and liaising with RBI through authorized banks for such outbound investment. Whether it’s a direct investment outside India under the automatic route or approval route, we provide our expert help and guidance to see that the transaction gets through smoothly in a timely manner.

Mandatory Compliances

Annual Return on Foreign Liabilities and Assets
Every Indian Resident company that has made a Foreign Direct Investment (FDI) in the preceding year, including the current year, must submit the Foreign Liabilities and Assets (FLA) Return. If no such investment is made, then the company is not under any obligation to submit the FLA. Such a return must be submitted every year.

Annual Performance Report

This report is to be submitted by a Resident individual who has made an Overseas Direct Investment (ODI). It is to be provided in Form ODI Part II to the AD (Authorised Dealer) bank regarding Joint Venture or Wholly Owned Subsidiaries outside India on or before 31st December every year.

External Commercial Borrowings (ECB)

All borrowers must report all ECB transactions to the RBI through an AD Category – I Bank every month in the Form ‘ECB 2 Return’.
Single Master Form (w.e.f.30.06.2018)

Under the Single Master Form, the following forms are to be filled and submitted.

FC- GPR (Foreign Currency-Gross Provisional Return)
FC-TRS (Foreign Currency Transfer of Shares)
LLP-I (Limited Liability Partnership)
CN (Convertible Notes)
ESOP (Employee Stock Options Plan)
DI (Downstream Investment)
DRR (Depository Receipts)
InVi (Investment Vehicle that has issued its units to a person resident outside India)

The RBI has made efforts to integrate the existing reporting norms and set out a procedure for filing a single master form.

Advance Remittance Form

An Indian company that receives investment outside India for the issue of shares or other eligible securities under the FDI scheme must report all the details of the amount of consideration to the concerned Regional Office of the Reserve Bank of India through its AD category I bank within 30 days from the date of issue of shares.

Form FC- GPR

The Indian company that receives foreign investment and allots shares against such investment should file such allotment with the RBI. The company must provide details of allotment in the Form FC- GPR (Foreign Currency – Gross Provisional Return) within 30 days of allotment to the RBI.

Form FC- TRS

This form must be filed by the shareholder resident outside India or resident Indian when they transfer the shares of the Indian company from a resident to non-resident Indian or vice versa. The form FC- TRS (Foreign Currency Transfer) is submitted along with the Form FC- GPR to the authorised dealer bank, who in turn submits to the RBI.

Form ODI

A resident Indian individual who makes an overseas investment is required to submit Form ODI. Share certificates or any other documentary evidence received for investment in a foreign Joint Venture or Wholly owned subsidiary must be submitted to the designated AD within 30 days.

Foreign Companies

We provide advisory and compliance services encompassing the entire gamut of foreign exchange law including Advise on appropriate structure in India – Wholly owned subsidiary, Liaison office or Branch office, Obtain RBI permission for forming company / liaison office., Advise on funding the Indian company, , Advise and create structures for repatriating profits earned in India in most tax efficient manner, Offer nominee directors / shareholders for your Indian company / Joint venture, Offer Client account facility for effecting payments in India on SOS basis.