Tax Filing Packages Starting $325 (USA), $125 (India )

MyiTaxes.com: Tax & Finance Hub for NRI/ OCI

MyiTaxes.com is an essential resource for NRIs (Non-Resident Indians) and OCIs (Overseas Citizens of India) from USA to enable smart financial decisions along with compliance.

  • Investments and Financial Planning: Enabling smart financial decisions 
  • Global Tax and Regulatory Compliance: US and INDIA Tax Preparation and Filing 
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Financial & Investment Management

Investments

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Real Estate

Real Estate is popular with NRIs. Recent reforms include: 

NRI’s typically buy luxury apartments for their premium features, high resale value, and better rental yield, but renting them will need a property manager. 

Stocks, Bonds, Funds

NRIs can invest in stocks and mutual funds under:

  • Portfolio Investment scheme (PIS) of the RBI and transact through a stock broker. 
  • Stock exchange agencies include: National Stock Exchange (NSE), and Bombay Stock Exchange (BSE).
  • Commodity trading can be done via Multi Commodity Exchange (MCX) and many other firms.
  • Bank Accounts NRE (Non-Resident External) Account and NRO (Non-Resident Ordinary) Account are popular with NRIs. 
  • Other investment options include bonds, CD’s and National Pension System (NPS).
  • Startup Investments is a popular option for NRI’s as individual or corportarate. Knowing the Foreign Direct Investment (FDI) policy and other regulations in India helps. 

Blog Links: Investments

  1. Key Investments for NRIs
  2. Investments in NPS
  3. Bonds, CDs
  4. Property Transactions by NRI
  5. NRE, NRO, FCNR bank accounts
  6. Stocks, Mutual Funds 
  7. Real Estate Trends
  8. Property Managers in India
  9. Property Developers / Builders in India
  10. Investing into India by Companies
  11. Startup Funding and Investments
  12. Derivatives Trading by NRI 
  13. Commodities Trading by NRI
  14. Investing in India, how to steps
  15. Portfolio Investment Scheme (PIS)
  16. Investing in ULIP
  17. Investing in PPF

Financials

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Becoming NRI

  • Once an NRI, changes occur in taxability, banking and applicable regulations and the investment options available in India. 
  • Taxation, the scope of income taxable in India reduces to India source only, but Tax Deduction at Source (TDS) rules  apply at higher rates.
  • Bank accounts need to be converted to NRO/ NRE accounts and transfer of money regulated per FEMA and RBI rules.
  • Aadhaar card and PAN card are identification tools and are available for NRIs, including OCI. 
  • Holding inherited property is allowed but restrictions on sale of agriculture land, and farmhouse. 
  • NRI fund transfer is via NRO/ NRE bank accounts.
  • EPF International Worker (IW) rules will apply to OCI.

Returning To India

  • When OCI returns to India there are taxation, banking, regulations and compliance changes. 
  • OCI loses NRI status and becomes Indian Resident if stays in India for more than 182 days in Financial year. This means global income is now taxed. Foreign assets need to be disclosed in Indian tax returns. This impact is the biggest negative of returning. 
  • Bank accounts have to be converted to local bank accounts. FATCA apply to holding of bank accounts. 

Blog Links: Financials

  1. NRI Returns to India – changes to expect
  2. OCI returns to India, next steps
  3. PF Rules for International Workers (IW) in India
  4. Remit Funds To and From India
  5. Became a NRI, what changes
  6. PAN & Aadhar Card for NRI
  7. Useful USA Financial Websites
  8. Power of Attorney (POA) in India

Tax & Regulatory Compliance

Taxation

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NRI Taxation: India

  • US citizens (PIO, OCI) and green card holders are subject to U.S. income tax on worldwide income, regardless of where they live.
  • If the foreign citizen is a Resident in India, due to days of stay in India, the person needs to file Indian tax returns on worldwide income. Example an OCI resident in India will need to file taxes in India and USA and global income taxable in both with Double Taxation Relief available per DTAA. 
  • FBAR Reporting for holding financial assets overseas above a limit, by USA Citizens and Green Card Holders, is required.
  • In India taxation is covered by Central Board of Direct Taxes(CBDT) which comes under the Ministry of Finance.

NRI Taxation: USA

  • NRI and US citizens living outside India but having Income in India need to file returns in India and declare the Indian income, even if NRI. If the stay in India is long enough to make them Indian Residents then global income gets taxed in Indian tax returns. 
  • Payments made to non-residents are subject to tax deduction at source (TDS) at high rates. The NRI has to claim credit for the TDS after filing Indian tax returns. 
  • Recently Income Tax returns ask more details from NRI, such as days stayed in India and local identification number.
  • Calculator for US taxes use the Income Tax Calculator

Blog Links: Taxation

  1. Filing Tax Returns in India by NRI 
  2. Tax Deducted at Source (TDS) for NRI
  3. Taxation of US Citizens and Green Cards living in India
  4. Tax Rates in India: Corporate & Individual
  5. Gifts to, and from NRI: Taxability in India
  6. Rental Income: Differences USA and  India 
  7. Capital Gain on Property: India, USA compared
  8. Taxability of IRA accounts in USA & India 
  9. US Tax Returns Forms
  10. FATCA, FBAR, 8938  Reporting  to USA
  11. NRI taxation changes from FY 2020-21
  12. Business Structuring in USA
  13.  Inherited Property, Taxation USA, India
  14. Gift and Estate Taxes in USA
  15. Double Taxation Credits in USA
  16. Tax Residency Certificate for NRIs
  17. Tax Saving Tips for NRIs
  18. NRI – Tax on Investments and Capital Gains
  19. NRI – Exemptions from Capital Gain in some cases
  20. NRI – Incomes exempt from Tax
  21.  Tax of NRI being Foreign Company
  22. NRI- Special Rates of Tax in some cases
  23. Tax Agreements – India with USA
  24. US Taxes GILTI
  25. Determine NRI Taxes – Details

Regulations

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Business Law

Regulations are key aspects to consider: They include:

Investment Policy

NRI investments are governed by the following:

  • Foreign Direct Investment (FDI) policy that specifies level of foreign investments in each sector. 
  • Specific sectors have separate regulations such as RERA in Real estate. And as OCI in India, 
  • NRI should be aware of LRS available for remitting funds overseas.

Blog Links: Regulations

  1. Foreign Exchange Regulations: FEMA
  2. Regulations: PMLA
  3. Financial Regulations: SEBI
  4. Policy for Investments: FDI 
  5. Liberalized Remittance Scheme (LRS)
  6. Real Estate Regulation Act (RERA)
  7. Reserve Bank of India (RBI)
  8. Income Tax Act and Sections relevant to NRI
  9. Companies Act and Sections relevant to NRI
  10. Good & Services Act (GST)

US & India Tax Filing Services, Cost Effective, Delivered Globally

Our tax services are designed to simplify international taxation, all handled economically through attractive packages. Our services include: 

  • Tax Planning, Preparation and Return Filing for US & India
  • Compliance Reporting for US & India
  • Global Income inclusion and Double Taxation Credit Handling
  • Business Tax Return Preparation for India

USA Tax Services

Packages Starting $325

Range of US Tax Services

  • US Form 1040 (Individual) and variants 1040, 1040A, 1040EZ, 1040NR with schedules for various incomes
  • US State Tax Returns 
  • E-filing of Returns with IRS
  • Global income for OCI (overseas citizens of India) and claiming of double taxation credits
  • FBAR Annual Filing for reporting global financial asset

US Income Package ($ 325)

This package is for US residents with straightforward tax situations, covering all common forms and schedules and US income only. Includes:

  • W-2 Wages and Itemized Deductions (Schedule A)
  • Interest & Dividends (up to 10 transactions)
  • Retirement (IRA, 401K) & Social Security Income (Form 1099-R)
  • Capital Gains/Losses (up to 10 investment transactions)
  • One Simple Rental Property (Schedule E)
  • Estimated Tax Vouchers (Form 1040-ES)
  • Miscellaneous Income (Form 1099-MISC)
  • Profit and Loss from Business (Schedule C)
  • Alternative Minimum Tax (AMT) Calculations
  • One Simple State Tax Return

US + Foreign Income Package ($ 450)

  • This package is designed for US citizens with income from both US and foreign sources and includes all services from the US Income Package, plus forms for international reporting. Includes:

  • Foreign Earned Income Exclusion (Form 2555)
  • Foreign Tax Credits to avoid double taxation (Form 1116)
  • Foreign Wages, Interest, Dividends and Retirement Income
  • Foreign Bank Account Report (FBAR) filing for up to 5 foreign accounts on Form 114
  • Up to two simple state returns.
  • Reporting in 1040 for Financial Assets Disclosures
  • Foreign Rental Properties (Schedule E) up to 2 properties 
  • Foreign Self-Employment Income
  • Complex filing, will be charged extra
 

India Tax Services

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Packages Starting $125

Range of India Tax Services

  • India ITR Individual Tax Returns for NRI and OCI (overseas citizens of India)
  • Tax planning on Double Taxation and global reporting impact compliance 
  • Guidance on (Foreign Exchange Management Act (FEMA) rules 
  • Taxation related to property sale in India by NRI
  • Filing India Business Tax Returns and handling tax notices with tax authorities for partnership firms, and companies
  • Tax Audit under 44AB (Receipts) or 44AD (Presumptive) and Certifications
  • Goods and Service Tax  (GST) Registration, GST Tax Returns
  • Business structure planning and tax consulting to reduce your taxes

 India Income Package ($ 125)

  • This package is ideal for Indian citizens with straightforward tax situations, covering all common forms and schedules. Includes:
  • India Salary (Form 16)
  • Comprehensive Income Review: Downloading and reconciliation of your income details from official government sources like Form 26AS, Taxpayer Information Summary (TIS), and Annual Information System (AIS).
  • Interest Income (Deposits and Savings) and Dividends and Other Sources
  • Capital Gain /Loss (upto 10)
  • Real Estate Rental Income (up to 2)
  • Income from Business or Profession
  • Common Deductions 
  • No foreign income

     

India + Global Income Package  ($ 200)

  • This package is designed for US or India citizens with income from both India and foreign sources and includes all services from the India Income Package, plus specialized forms for including and reporting global income and assets with credits for double taxation. Includes:

  • Review of residential status (ROR, RNOR, NR) and liability for inclusion of global income 
  • Foreign Wages 
  • Interest and Divident (foreign sources)
  • Retirement (IRA, 401K) & Social Security Income handling
  • Foreign Real Estate Rental Income
  • Capital Gains/Losses (up to 10 investment transactions)
  • Credits for Double Taxation
  • Reporting in ITR for Foreign Assets Disclosures
  • Complex filing, charges extra
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About Us

Our team of Tax and Finance professionals include MBA’s, Chartered Accountants, Commerce and Law graduates.

Their experience includes many years at ‘Big 4’ Accounting and Consulting firms and Fortune 1000 global companies. We also leverage alliance partners to enhance the range of services required by customers to meet their  business needs.

Delivering Trust and Results

We blend the use of information technology along with subject matter expertise to provide value based and personalized solutions. We promote professionalism, quality and long lasting relationships.

Professionals

Our CAs / CPAs, qualified professional are well versed with tax rules and with dual taxation for USA /Cananda/ UK/India

100% Accuracy

Our careful processing and review process ensures that your returns are accurate per the information provided by you

Customer Focus

With decades of tax experience, we ensure customer satisfaction by minimizing tax liabilities

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Contact Us

Are you an NRI/OCI/ Green card living in India or USA and need to file tax returns? Contact us now for a free quotation.

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