Seafarer Tax Specialist
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Best Seafarer Tax Advisor in India, with decades of experience & a near 0% tax notice record. Sign Up for our services, if you value Transparency | Dependable | Professional | Expertise services.
Family office (My CFO)
Tax filing
Overseas Multi-currency Account
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| *COMPARE PLANS (Indicative Suitablity) | Diamond | Platinum | Titanium | Priority | Private | Customised |
|---|---|---|---|---|---|---|
| Pricing (INR Per Annum) | 20,000.00 | 40,000.00 | 80,000.00 | 160,000.00 | 320,000.00 | Customised |
| Third Party, Out of pocket expenses, Fees, Taxes and Duties applicable on the Services, will be extra. | ||||||
| Plan Description | Advisory & Compliance in India (Tax | Repatriation | Valuation). Suitable for Global Citizens who have Investments in multiple Countries, and have multiple Portfolios. | Advisory & Compliance in India (Tax | Repatriation | Valuation | Banking). Suitable for Global Citizens who have Investments in multiple Countries, and have multiple Portfolios and Properties. | Full Service Advisory & Compliance in India (Tax | Legal | DTAA | Repatriation | Valuation | Banking). Suitable for Global Citizens who have Investments in multiple Countries, and have multiple Portfolios and Properties. | Premium Service Advisory & Compliance in India (Tax | Legal | DTAA | Repatriation | Valuation | Banking). Suitable for Global Citizens who have Investments in multiple Countries, and have multiple Portfolios, Properties and Non Vanilla investments. | Premium Service Advisory & Compliance in India (Tax | Legal | DTAA | Repatriation | Valuation | Banking). Suitable for Global Citizens who have Investments in multiple Countries, and have multiple Portfolios, Properties and Non Vanilla investments. | Customised services for specific issues & services with advisory. |
| Net Worth (Cr) | 0-5 | 0-10 | 0-15 | 0-20 | 20 and Above | Customised |
| Servicing Requirement | One Time | Half Yearly | Quarterly | Unlimited | Unlimited | Customised |
| Geographic Exposure (Forex, Investment, Property) | 1-2 Countries | 1-2 Countries | 1-5 Countries | Unlimited | Unlimited | Customised |
| Asset Class | Financial Assets | Financial Assets, Real Estate | Financial Assets, Real Estate, Structures | Unlimited | Unlimited | Customised |
| Tax & Compliance | ||||||
| Income Tax Returns | Customised | |||||
| TDS Returns & Advisory | Customised | |||||
| IT Refund/Notice Advisory | Customised | |||||
| Income Tax Advisory | Customised | |||||
| NRI Status Advisory | Customised | |||||
| Compliance | Customised | |||||
| Capital Gains Advisory | Customised | |||||
| 15 CA 15 CB Certifications | Customised | |||||
| Trust & Succession Planning | Customised | |||||
| Accounting & Book-keeping | Customised | |||||
| DTAA Advisory | Customised | |||||
| FATCA & FBAR | Customised | |||||
| Start Up Advisory | Customised | |||||
| International Tax Planning | Customised | |||||
| Audit Assistance | Customised | |||||
| FEMA Advisory | Customised | |||||
| RBI & IT Certification | Customised | |||||
| Risk Management | ||||||
| Performance Management & Benchmarking | ||||||
| Tax, Legal, DTAA, Valuation & Advisory Services | ||||||
| Inheritance Planning | Customised | |||||
| Retirement Planning | Customised | |||||
| Charity & Philanthropy | Customised | |||||
| International Relocation | Customised | |||||
| Start Ups & Company Incorporation | Customised | |||||
| Estate Planning - Cross Border | Customised | |||||
| Deeds & Agreements | Customised | |||||
| Will & Probate Advisory | Customised | |||||
| Forex & Financial Advisory | ||||||
| Off Shore Accounts | Customised | |||||
| Multi Currency Priority Account | Customised | |||||
| Forex Management | Customised | |||||
| Private Banking | Customised | |||||
| Investment Banking | Customised | |||||
| Loan Restructuring | Customised | |||||
| Asset Insurance | Customised | |||||
| Insurance Broking | Customised | |||||
| Structural Investment Advisory | Customised | |||||
| Property Transaction Advisory (Tax | Law | DTAA | Repatriation | Valuation) | ||||||
| Indicative Property Value | 0 - 1 Cr | 0 - 2 Cr | 0 - 5 Cr | 0 - 10 Cr | 10 Cr + | |
| Tax Advisory & Assistance | ||||||
| Tax Returns, Tax Refund & Tax Notice | Customised | |||||
| Capital Gain Advisory | Customised | |||||
| Tax Saving Investment | Customised | |||||
| Tax Payment Assistance | Customised | |||||
| DTAA & Cross Border Tax Compliance | ||||||
| DTAA - Cross Border Tax Planning | Customised | |||||
| TP, IT, FEMA, FATCA, FBAR, CRS & Others | Customised | |||||
| US, UK, Sing Tax Returns | Customised | |||||
| TDS for NRI's | ||||||
| TDS Computation & Advisory | Customised | |||||
| TDS Returns & Form 16 A, 16B | Customised | |||||
| PAN / TAN Application | Customised | |||||
| NIL TDS Certificate for Property Sale (Sec 195) | Customised | |||||
| NIL TDS Certificate for Property Rent | Customised | |||||
| Repatriation & Forex Advisory | ||||||
| 15 CA / 15 CB Certificate | Customised | |||||
| Repatriation - Funds Transfer | Customised | |||||
| Off Shore Accounts | Customised | |||||
| Multi Currency Priority Account | Customised | |||||
| Forex Management | Customised | |||||
| RBI & IT Clearances | Customised | |||||
| Valuation Assistance (Government Approved Valuer) | ||||||
| Fair Market Valuation | Customised | |||||
| Capital Gains Valuation | Customised | |||||
| Sec 50 & 56 Valuation | Customised | |||||
| Legal Advisory & Assistance - XXXXXXXXXXXXXXXXX | ||||||
| Property Sale / Purchase without POA | 1%* | 1%* | 1%* | 1%* | 1%* | Customised |
| Property Sale / Purchase with POA | 1.25%* | 1.25%* | 1.25%* | 1.25%* | 1.25%* | Customised |
| NRI POA (Power of Attorney) - Sale | 0.5%* | 0.5%* | 0.5%* | 0.5%* | 0.5%* | Customised |
| NRI POA (Power of Attorney) - Purchase | 40k | 40k | 40k | 40k | 40k | Customised |
| Concirege Services | ||||||
| Virtual Office | Customised | |||||
| Secretarial Services | Customised | |||||
| Document Management | Customised | |||||
| Locker (Fire Safe) | Customised | |||||
| Tax Filer Status | ||||||
| Individual | ||||||
| Resident Salaried | Customised | |||||
| Resident Professionals | Customised | |||||
| Seafarer | Customised | |||||
| NRI | Customised | |||||
| NOR | Customised | |||||
| Returning NRI | Customised | |||||
| Expats | Customised | |||||
| Other Than Individual | ||||||
| HUF/Proprietorship/Partnership/LLP | Customised | |||||
| Company (Private/Public Limited) | Customised | |||||
| Foreign Company | Customised | |||||
| Service Features | ||||||
| 24/7 Support | Customised | |||||
| Senior Citizen Advisor | Customised | |||||
| Dedicated Personal Advisor | Customised | |||||
| Personalised Services | Customised | |||||
| Priority Processing | Customised | |||||
| Law Protect / Advocate Advisory (Tax) | Customised | |||||
| Round the Year Tax Consultancy | 4 Times | 8 Times | Unlimited | Customised | ||
| Accounting | Standard | Premium | Premium | Customised | ||
| Valuation Services# | Prefrential Pricing | Prefrential Pricing | Prefrential Pricing | Prefrential Pricing | Prefrential Pricing | Prefrential Pricing |
| Legal Services# | Prefrential Pricing | Prefrential Pricing | Prefrential Pricing | Prefrential Pricing | Prefrential Pricing | Prefrential Pricing |
| #Legal Services is provided by M/s Law Masters & Valuation by M/s Right Value | ||||||
| Pay Now | Pay Now | Pay Now | Pay Now | Pay Now | ||
| *The comparison chart for various plans is indicative only and may differ on a case to case basis. The classification of services in a Plan does not necessary mean that each and every or all the services will be provided which have been listed under that particular plan. Keeping in mind the varied differences in documents and documentation for tax filers it is not possible to enumerate or determine the specific time or effort required to complete a given task hence it is not possible to exactly specify the nature or quality or quantity of specific services, hence we shall not be liable or penalised or requested for a refund in whatsoever manner if any of the abover services are not provided in that specific plan. This chart is on a best effort basis and the services enumerated are also on a best effort basis. | ||||||
Help & Guide Corner
Seafarer or Mariner Taxation in India, is a super critical piece of Taxation, where for tax purposes they are considered NRI’s but for all practical purposes they reside in India. Hence, Seafarer Tax is a little different from NRI Taxation and the subtleties are required to be well understood to stay clear of the law and have clean compliances.
The Residential Status of the Seafarer is one of the most critical tax aspects for a Seafarer as the Residential Status determines whether the Seafarer will have to pay tax on his allotments and wages.
Hence, if a Seafarer is an NRI for a particular year, he does not need to pay any tax in India, and if he is a Resident in India, then he will become taxable in India. For example if a Seafarer has Rs 50 laks of income then if is a Resident the tax to be paid can close to Rs 15 laks, which is definitely a large amount of money, which can be saved by maintaining the NRI Status. There is also a middle status which is called the RNOR or Resident but Not Ordinary Resident, which is also applicable to Seafarers and a RNOR status can save the Seafarer Taxes even if they have not maintained the NRI Status.
It is important to plan your NRI days well in advance during the year, rather than get a surprise at the end of the year.
The Residential Status of the Seafarer is one of the most critical tax aspects for a Seafarer as the Residential Status determines whether the Seafarer will have to pay tax on his allotments and wages.
Hence, if a Seafarer is an NRI for a particular year, he does not need to pay any tax in India, and if he is a Resident in India, then he will become taxable in India. For example if a Seafarer has Rs 50 laks of income then if is a Resident the tax to be paid can close to Rs 15 laks, which is definitely a large amount of money, which can be saved by maintaining the NRI Status. There is also a middle status which is called the RNOR or Resident but Not Ordinary Resident, which is also applicable to Seafarers and a RNOR status can save the Seafarer Taxes even if they have not maintained the NRI Status.
It is important to plan your NRI days well in advance during the year, rather than get a surprise at the end of the year.
The NRO and NRE accounts are well explained in many forums. It is advisable to keep funds in your NRE account, as far as possible and only if necessary, funds should be kept in the NRO accounts. One of the basic reasons is that the interest earned in NRO account is taxable and the interest earned in NRE Account is tax free.
As an NRI you are NOT supposed to have a resident account at all. Please convert your resident bank account to a NRO account at the earlier or you can close it also.
Please do not get any allotment in your resident account, or transfer to any family member, because as per current provisions of laws, the amount will get taxable even if you maintain an NRI status.
This has been one of the most severe bone of contention between the Seafaring community and the Income Tax Department for more than 20 years.
The Income Tax Department, had traced out a contradictory clause in the Income Tax Act and started applying Tax on Seafarers, even if they had maintained their NRI Status, which was against the very principle of being tax exempt as an NRI Seafarer.
One of the specific clauses, the Income Tax Department used was the salary or wages is directly “received in India” hence it is taxable.
During this fight in the High Courts and Supreme Courts, we had advised many of our HNI Seafaring Clients, to open their remittance accounts overseas and to get their allotments credited overseas and then transfer to India to their NRE Accounts.
The Ministry of Finance had finally issued a very important circular, which gave a proper clarification and directed the Income Tax Department not to tax direct credits for Seafarers if they are NRI’s.
However, in the long-term, we still feel it is better to have an Off Shore Account and get the first credit there and then transfer the funds to your NRE Account in India, to avoid any risk at all.
The Income Tax Department, had traced out a contradictory clause in the Income Tax Act and started applying Tax on Seafarers, even if they had maintained their NRI Status, which was against the very principle of being tax exempt as an NRI Seafarer.
One of the specific clauses, the Income Tax Department used was the salary or wages is directly “received in India” hence it is taxable.
During this fight in the High Courts and Supreme Courts, we had advised many of our HNI Seafaring Clients, to open their remittance accounts overseas and to get their allotments credited overseas and then transfer to India to their NRE Accounts.
The Ministry of Finance had finally issued a very important circular, which gave a proper clarification and directed the Income Tax Department not to tax direct credits for Seafarers if they are NRI’s.
However, in the long-term, we still feel it is better to have an Off Shore Account and get the first credit there and then transfer the funds to your NRE Account in India, to avoid any risk at all.
This is a very subtle but critical difference in Tax and Compliance, when you are working with an Indian Flag or a Foreign Flag and it will be difficult to elaborate here.
The laws are a little different, hence it is critical to keep your Advisors or Accountants informed on your vessel flag.
There are also subtleties of tax laws and compliance, depending on, if your work contract is signed in India or is it is from overseas (say Singapore or Hong Kong.
The laws are a little different, hence it is critical to keep your Advisors or Accountants informed on your vessel flag.
There are also subtleties of tax laws and compliance, depending on, if your work contract is signed in India or is it is from overseas (say Singapore or Hong Kong.
Transferring funds from your Off Shore Overseas Bank Accounts to India NRE or other accounts is not a problem at all and you can do the transfer through Net banking.
In general as an NRI orr a PIO/OCI you can do most investments in India and also overseas and Off Shore. There are a few restrictions like not purchasing a Plantation or Agricultural Land. There are few investments only for Resident Indians.
The PAN Card can be applied for remotely, without coming to India. The documentation can be done online or also vide a courier for the hard copies.
It is currently not possible, to make an Aadhaar registration remotely and virtually, as while doing the Aadhaar, your biometrics (like finger impressions) are required.
For property transactions, it may be necessary to have an Indian Passport or an OCI/Aadhaar (depending on state to state).
PAN Card is necessary for any outward funds transfer from India.
It is currently not possible, to make an Aadhaar registration remotely and virtually, as while doing the Aadhaar, your biometrics (like finger impressions) are required.
For property transactions, it may be necessary to have an Indian Passport or an OCI/Aadhaar (depending on state to state).
PAN Card is necessary for any outward funds transfer from India.