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What is International Taxation?
International taxation is the study or determination of tax on a person or business subject to the tax laws of different countries or the international aspects of an individual country's tax laws.
Work out your tax residency
To understand your tax situation, you must first work out whether you are an Indian resident for tax purposes. Indian residents are generally taxed on their worldwide income from all sources. Foreign residents are generally taxed only on their Indian-sourced income, such as money they earn working in India.
Coming to India
To work in India you will need a work visa and a permanent account number. Your employer will withhold tax from your wages and deposit it to Indian government - you then lodge an annual tax return and government will send you a tax refund if you are entitled to one. You may also be entitled to superannuation (retirement savings).
If you are coming to India on a working holiday you will probably be taxed as a foreign resident. If you are coming to India to study in a course that is more than six months long, or are moving to India permanently, you will probably be taxed as an Indian resident.
Whether you will remain Indian resident or become a foreign resident, there are things you need to do to get your tax affairs in order. If you remain an Indian resident while working overseas, you must declare your worldwide income in your Indian tax return, even if tax was taken out in the country where you earned the income.
Investing in India
Foreign residents are taxed in India on income earned from their Indian investments. For interest, unfranked dividends and royalties, tax is generally withheld in India at the time of payment. But if you receive rental income from Indian properties or capital gains from selling Indian assets, you must declare these amounts in an Indian tax return.
As an Indian resident you are taxed on your worldwide income, including your income from interests in foreign entities, renting overseas properties, and selling overseas assets. If you have paid tax on this income in another country, you can claim a foreign income tax offset in India.
Transfer pricing refers to the pricing of goods, services or intangibles within a multinational organization, particularly in regard to cross-border transactions. The vast majority of global trade occurs between related-party entities. As global trade increases, companies are confronted more and more with complex issues associated with intercompany pricing. This is compounded because many countries have specific transfer pricing legislation, and the tax authorities within those countries aggressively pursue transfer pricing adjustments. It is no wonder transfer pricing is often listed as the single most important international tax issue facing multinational companies.
As day and on the radius of International taxation is increasing, there rise the need for professionals who can tackle all the compliances related to International taxation. We at Rajput Jain & Associates, provide all related and nested services include end to end solution like advice on international taxation to meeting compliances with our expert team of Tax Consultants in India. Also, we undertake review of specific agreements to identify the applicability of tax. Our area of services includes:
Private Limited Companies are those types of companies where minimum number of members is two and maximum number is two hundred. A private limited company has the limited liability of members but at the same time it has many characteristics as those of a partnership firm. A private limited company has all the advantages of partnership namely flexibility, greater capital combination of different and diversified abilities, etc., and at the same time it has advantages of limited liability, greater stability and legal entity. In this sense, a private limited company stands between partnership and widely owned public company. Identifying marks of a private limited company are name, number of members, shares, formation, management, directors and meetings, etc., The maximum number of directors shall have to be mentioned in the Articles of Association. In the grand of privileges and exemptions, the Companies Act has drawn a distinction between an independent private company and other private company which is a subsidiary to the other public company.
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Thank you very much for all your help in setting up my new company and clearing up all outstanding business in my sole trader accounts. For the first time in years I have peace of mind regards my business accounts. Your workforce are a credit to you, the girls at reception are so helpful and Chris has been brilliant. It is very much appreciated.
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Rajput Jain & Associates. are a tremendous value added to me as an executive and a busy parent. It just makes sense to delegate my tax file to them -- they are proactive, extremely service oriented, and most importantly, I am completely confident they are finding every dollar of tax savings available to me.
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We use Rajput Jain & Associates for all our accounting, Corporation tax, VAT and other compliance needs. The service is professional, courteous and prompt. I would recommend Rajput Jain & Associates to any company requiring a comprehensive accounting and tax service.
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