NRI Tax Return Plans Custom Plan

Resident Custom Plan

1. Salary Income

   An income is termed to be Salary if an employer-employee relationship exists. The term salary includes wages and pension. The salary received by you may consist of various components, which have distinct treatments prescribed under the Indian Tax law.

   Incomes Covered in the Plan

   • Salary income, from single or multiple employers
   • Pension income
   • Interest from savings bank accounts and fixed deposits

2. Rental Income (Up to 3 Properties)

   Rental income from any property (residential or commercial) earned by a resident is taxable in India. Also, filing tax returns in India within the due date can help you claim and carry forward the losses resulting from any property.

   Who Should Buy

   • Residents owning up to 3 properties (residential or commercial), whether rented out or otherwise

3. Rental Income (More than 3 Properties)

   Rental income from any property (residential or commercial) earned by a resident is taxable in India. Also, filing tax returns in India within the due date can help you claim and carry forward the losses resulting from any property.

   Who Should Buy

   • Residents owning more than 3 properties (residential or commercial), whether rented out or otherwise

4. Share Trading Income

   An investor in the stock market may be engaged in different types of trading such as equity delivery-based trades, mutual funds or F&O trading. The Indian Tax Law prescribes different tax treatments for different types of investments in the stock market. Also, where you have incurred a loss through share trading, you can claim capital loss through filing your Income Tax Return.

   Who Should Buy

   • Residents engaged in any kind of trading / investing activityon a recognized stock exchange during the year
   • Residents who have sold unlisted shares during the year (Private Limited Company shares)
   • Residents who have earned dividend income during the year

   Plan Exclusions

   • Fair market valuation of unlisted shares.
   • CA Certification and Tax Audit

5. Property Sale

   Gain on sale of immovable property (including land) situated in India is chargeable to tax in India. In certain cases, at the time of sale of the property, buyers are required to deduct tax (TDS) on the amount paid to the seller. Where TDS has been so deducted, individuals can submit their tax returns in India to claim the excess TDS amount as refund. For consultation on tax planning to claim the tax exemption and also to calculate capital gain portion in advance on the sale consideration for TDS purpose, you can avail our ‘Tax Consultation Plan’

   Who Should Buy:

   • Residents who have sold their residential house property during the year
   • Residents who have sold any land or building during the year
   • Residents who have sold any agricultural land situated in an urban area during the year

   Plan exclusions

   • CA Certifications and valuations
   • Lower or NIL TDS certificate from the Tax Department

6. Income from Firm / LLP

   Share of profit received by a partner from partnership firm or LLP is exempt from tax. However, remuneration and interest received by a partner from a partnership firm / LLP is taxable in the hands of the partner as business income.

   Who Should Buy:

   • Residents who are Partners in any Partnership Firm
   • Residents who are Partners / Designated Partners in any LLP

   Plan Exclusions:

   • Book Keeping and Accounting Service
   • Statutory Audit and Tax Audit
   • CA certifications and Valuations

7. Professional / Business Income

   If you are a sole proprietor, the income from your business would need to be reported in your individual tax return. The income from your business / profession would need to be reported separately as business income in your personal Income Tax Return. Legal, Medical, Engineering, Architectural, Accountancy, Technical consultancy, Interior decoration etc are some of the professions specified under the Indian Tax law. These prescribed professionsand certain businesses also have an option of paying taxes on presumptive basis without the requirement of maintaining books of accounts.

   Who Should Buy

   • Resident individuals earning income from business or profession(excluding income covered under Income from Partnership Firm / Limited Liability Partnership Plan).

   Plan Exclusions

   • Book Keeping and Accounting Service
   • Statutory Audit and Tax Audit
   • Issue of CA Certification under any Regulation

8. Foreign Income

   When you are a Resident, income earned by you anywhere in the world shall be taxable in India and has to be included in your total income.

   Who Should Buy:

   • Residents who have earned any income from foreign sources.

9. Salary Income

   An income is termed to be Salary if an employer-employee relationship exists. The term salary includes wages and pension. The salary received by you may consist of various components, which have distinct treatments prescribed under the Indian Tax law.

   Who Should Buy:

   • Residents earning salary income, from single or multiple employers;
   • Residents earning pension income.

10. Other Source

    Who Should Buy:

    • Residents who have earned an income which is not specifically covered in any other Plan.