Taxation

International Tax

o USA and India Taxes for NRI/OCI that includes Double Taxation matters (DTAA) and FEMA rules. 

International taxation is the determination of tax on a person or business subject to the tax laws of different countries. Our goal is to help NRI / OCI individuals minimize the negative impacts and compliance burden of global double taxation. Our focus countries are USA and India related international taxation 

Services in International Taxation include:

  • Tax advisory on Double Taxation matters (DTAA) 
  • Guidance on FEMA rules
  • Filing Tax Returns for USA (Federal & State)
  • FBAR reporting
  • FATCA compliance 
  • Tax Returns  for India for NRI

Standard: US Package, US Income Only, No Foreign Income ($ 299)

Premium: Standard US Package + Foreign Income Reporting ($ 499)

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Business Taxes: Preparing and Filing

  • Form 1065 – Partnerships
  • Form 1120 – C Corporations
  • Form 1120-S – S Corporations
  • Form 1099– Payment to independent contractors 
  • Returns include preparation of Schedule K-1 Income for each Shareholder

  • We initially have a FREE consulting call or virtual meeting with you to discuss your requirements, and determine if we are a good fit, to answer your questions, and to give you a tax filing quote. 

o Filing USA Tax returns (Federal & State), FBAR reporting, FATCA compliance for 1040 (Individual), 1120 (Business) and 1165 (Partnership). Refer MYiTAXES.com for more details

Income Tax

o Filing India and USA Tax Returns and handling tax notices with tax authorities for individuals, partnership firms, and companies

o Tax Audit under 44AB (Receipts) or 44AD (Presumptive) and Certifications under Income Tax Act or other requirements

Income tax is levied on the income earned by all the individuals, HUF, partnership firms , LLPs and Corporates as per the Income tax Act of India. Our Tax experts review your details and try to reduce the tax burden using tax planning and tax saving  opportunities. Income Taxation is one of our core focus areas. 

Our typical clients include Business Owners, Professionals, High Net Worth Individuals (HNI), Non Resident Indians (NRI), Overseas Citizens of India (OCI) and all Tax filing Indian citizens. 

Services Include income taxation for Individuals, Firms and Companies in the following areas:

  • Tax Planning advisory
  • Filing tax Returns Individuals 
  • Filing tax Returns Proprietor, Partnership, LLP, Companies
  • Handling tax notices from tax authorities 
  • TDS Filing
  • Tax Audit under 44AB (Receipts) or 44AD (Presumptive) 
  • Certifications under Income Tax Act or other requirements 
  • Form ITR Individual Tax Returns in India (Non residents or Residents) for NRI (Non Resident Indians) and OCI (overseas citizens of India)
  • Tax planning on Double Taxation and global reporting impact compliance 
  • Guidance on (Foreign Exchange Management Act (FEMA) rules such as with bank accounts and remittance
 
 

Indirect Tax (GST/VAT)

o Goods and Service Tax  (GST) Registration, GST Tax Returns, GST Audit, and GST Advisory including multi-state compliance

 o Services such as Value Added Tax (VAT) Registration, VAT Returns and VAT Audit for products where VAT applies

Goods and Services Tax (GST)  has replaced the Central and State indirect taxes such as VAT, excise duty and service tax, and was implemented from 1st July 2017.  We ensure you  are in compliance with indirect taxes mainly GST. 

Services in GST/VAT Include:

  • GST Registration & Cancellation
  • GST Tax Returns – Monthly, Quarterly, Annual
  • GST Input Tax Credit
  • GST Audit,
  • GST Advisory
  • Multi-state GST compliance 
  • VAT Registration, Returns and VAT Audit where applicable

Tax Services, Delivered Globally

 
  • Tax Planning
  • Tax Preparation
  • Tax Return Filing  
  • FBAR & FATCA Reporting (USA), 
  • Global Income and Double Taxation Credit Handling 

USA Tax Filing

Our USA services includes Tax Planning & Advisory, Tax Preparation & Return Service, FBAR & FACTA Reporting, and Business Tax Return Preparation & Filing Service.

  • US Form 1040 (Individual) and variants 1040, 1040A, 1040EZ, 1040NR with schedules for various incomes
  • US State Tax Returns 
  • E-filing of Returns
  • Global income for OCI (overseas citizens of India) and claiming of double taxation credits
  • FBAR Annual Filing for reporting global financial asset

Standard: US Package, US Income Only, No Foreign Income ($ 299)

  • US Wages (Form W2) and dedcutions
  • Qualified IRA or ROTH contributions (Form 1099 R)
  • Alternative Minimum Tax Calculations (Form 1116 AMT)
  • Estimated Payment Vouchers (Form 1040-ES)
  • US Retirement and Social Security income (Form 1099 R)
  • Interest and Dividends (10 trans incl) (SCH B, form 1099 INT, 1099DIV)
  • Misc Income Worksheet (via 1099-MISC)
  • Itemized deduction (SCH A)
  • 1 Rental Property (SCH E)
  • Investment Capital Gains/Losses (10 transactions included) (SCH D)
  • 1 State Return (Simple)
  • Earned Income Credit
  • Gross US Income Below $100k

Premium: Standard US Package + Foreign Income Reporting ($ 499)

  • Includes all STANDARD US Package Features PLUS
  • Foreign Wages 
  • Foreign Earned Income Exclusion (Form 2555)
  • Interest and Dividends (foreign source)
  • Credits for Double Taxation
  • Non-US Retirement Income
  • Reporting in 1040 for Financial Assets Disclosures 
  • FINCEN form 114 or FBAR Reporting (upto 5 accounts)
  • 2 State Return (Simple)
  • 1 SCH С (US Profit and Loss from Business) 
  • Investment Capital Gains/Losses (30 transactions included) (SCH D)
  • Upto 5 Rental Properties (SCH E)
  • Self-Employment Income
  • Gross US Income over $100k 

India Tax Filing

  • pexels-sohel-india money
  • Form ITR Individual Tax Returns in India (Non residents or Residents) for NRI (Non Resident Indians) and OCI (overseas citizens of India)
  • Tax planning on Double Taxation and global reporting impact compliance 
  • Guidance on (Foreign Exchange Management Act (FEMA) rules such as with bank accounts and remittance

Standard: India Income Only ($ 99 = INR 8000)

  • India Salary (Form 16)
  • Download and review of Form 26AS (Summary of TDS, taxes paid etc) , TIS (Taxpayer Information Summary)  and AIS (Annual Information System) for incomes and financial transactions and match to statements from taxpayer
  • Interest Income (Deposits and Savings)
  • Dividends 
  • Capital Gain /Loss (upto 10)
  • Real Estate Rental Income (up to 2)
  • Income from other sources
  • Common Deductions 
  • Gross Income Below 50L INR, no foreign income applicable, Non Resident or Resident but Not Ordinary Resident 

Premium: Standard + Foreign Income Reporting  ($ 149 = INR 12000)

  • Includes all STANDARD INDIA Package Features PLUS
  • Income from Business or Profession
  • Capital Gain/Loss (upto 30)
  • Real Estate Rental Income (upto 5)
  • Review of residential status (ROR, RNOR, NR) and advise on travel planning
  • Interest and Divident (foreign sources)
  • Foreign Real Estate Rental Income
  • Credits for Double Taxation
  • Reporting in ITR for Foreign Assets Disclosures
  • Gross Income over 50L INR and Resident status, involving inclusion of foreign income

Direct and Indirect Tax (GST) Service for Business

  • Goods and Service Tax  (GST) Registration, GST Tax Returns, GST Audit, and GST Advisory including multi-state compliance
  • We can also help you with business structure planning and tax consulting to reduce your tax
 
 

US Taxation for NRI/OCI 

  1. Rental Income Calc: Differences in USA, India
  2. Capital Gain on Property, India, USA Compared
  3. Taxability of IRA Accounts, USA & India
  4. US Tax Returns Forms
  5. FATCA, FBAR, 8938  Reporting
  6. Business Structuring in USA & Tax Impact
  7. Gift and Estate Taxes in USA
  8. Double Taxation Credits in USA
  9. Tax Agreements – India with USA
  10. US International Taxation GILTI

India Taxation for NRI/OCI

  1. Filing Tax Returns in India by NRI
  2. Tax Deducted at Source (TDS) for NRI
  3. Taxation of US Citizens and Green Cards Living in India
  4. Tax Rates n India, Corporate & Individual
  5. Gifts to and From NRI, Taxability in India’
  6. Rental Income Calc: Differences in USA, India
  7. Capital Gain on Property, India, USA Compared
  8. Taxability of IRA Accounts, USA & India
  9. NRI Taxation Changes from 2020-21
  10. Inherited property & NRI Taxation
  11. Tax residenct Certificate (TRC)
  12. Tax Saving Tips for NRI
  13. NRI – Tax on Investments and Capiatl Gain
  14. NRI – Exemptions from Capital Gains, some cases
  15. NRI – Income exempt from Tax
  16. Tax of NRI being Foreign Company
  17. NRI – Special rates of Tax, in some cases
  18. Tax Agreements – India with USA
  19. Determining NRI Status 0 In Detail
  20. Useful linked articles
  21. Form 15CA 15CB – Remittance to Non Resident 
  22. Section 10 – Income exempt from tax
  23. Income Tax Rates 
  24. Form 13 – Non Deduction/Lower Rate deduction of Tax NRI payments

Simple Tax Filing Process

We make client interaction simple and efffective though our 3 step process. We leverage the power of technology and internet to ensure your returns are done with minimum inconvenience. 

pexels-mikhail-nilov-8297040 tax

 

1. Client Interaction & data gathering
  • Review customer tax situation (tax filing status, history, etc,)
  • Discuss estimated fees,  scope of work, documents needed.
  • Sign an engagement letter with the client / CPA.
 
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2. Preparation of tax return for Client
  • Obtain information from client or via CPA firm
  • Prepare Tax returns after Entry/Import data into software such as TurboTax for US taxes and Winman for India taxes.

 

3. Review / transmission of tax return
  • Review and approval of returns 
  • Submit the return using tax software and get confirmation
  • Handles any IRS queries when client referred via CPA firm