Business cannot expect to survive in today's world economy without a clear sense of purpose and a strategy to reach goals. GBC supports clients as they plan and adapt in order to meet the challenges of going global. Tax laws are now complex and therefore it's most essential to ensure that businesses with cross border operations undertake adequate tax planning at an early stage.GBC has extensive experience in providing tax services to foreign enterprises, as well as non-residents and representative offices. GBC transfer pricing task team is made up of specialists who help clients create a robust transfer pricing policy to develop and defend the prices to be charged on related party transactions.
Taxation of Corporates
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Taxation of NRI’s
Non-Resident Indians are citizens of India or Persons of Indian origin who qualify as Non-Residents as per Income Tax Act, 1961 in India for the relevant tax year.Since the earnings made abroad do not come under the Indian Income Tax acts, NRIs cannot be taxed for the same. NRIs earningswhile abroad are completely tax free considering that they do maintain the non-resident status. However, if any income or capital gains arise from within Indian shores, they are liable to pay taxes for the same.In case a NRI resides in one of thecountries with whomthe Government of India has entered into Double Taxation Avoidance Agreements the NRI will receive the following benefits: (a) Pay taxes on their global income in one of the countries in which they reside. The proof of tax paid in that country will be acceptable in the other. (b) File their returns both abroad and in India and use the same paperwork as proof of tax paid in either country.
Taxation of Expatriates
The employment of expatriates and foreign nationals involves several complex issues. Even though the expatriate is a citizen of a foreign country any income which is earned by him/her in India shall be taxable in India. This income may have been earned by working in India or by providing services in India. An income which is earned by an expatriate in India is taxable in India irrespective of the foreign national's citizenship or residential status. This payment may also be subjected to TDS (Tax Deducted at Source) in India.