Accounting And Reporting Services For The Returning NRIs
Posted on October 01 2020
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Customs Duties
An area which cannot be neglected by the NRIs returning back to India is the customs duties on the importation of goods following overseas assignments.
The Customs Act provides rules for the professionals who are returning back to India are related to import duties on household items relating. The transfer of household articles are provided with a rule for clearance-free duty of up to 75,000 Rupees (US $1,175) and personal goods when the individual has been on foreign assignment for 365 days during the prior two years. There are other rules which are applied for shorter assignments and there are few restrictions which are also applied.
NRIs returning back to India to settle down permanently have many problems to consider. Carefully tax planning and investment which can help ease the transition and will allow the individuals to account many tax breaks themselves give to the returning NRIs.
Tax Assist is a professional income tax consultancy in India for both corporate houses and individual tax payers; the latter comprising Salaried Individuals, Seafarers, Professionals and Non Resident Indians.
With the help of Tax Assist and its team of income tax professionals, taxpayers can minimize their Income Tax liability, maximize their net income and create opportunities to save for current and future needs while maintaining proper accounting standards and income tax returns which are compliant with the Law.
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