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HNIs return

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HNIs return

High Net-Worth Individuals (HNIs) are individuals with considerable wealth and finances, which generally means that their net worth is over a certain limit established by financial institutions or wealth management companies.

For HNIs, our firm offers tax return services specifically tailored for them, providing comprehensive solutions that are customized for managing complex monetary portfolios and optimizing tax outcomes. This way, we ensure compliance with tax regulations and use strategies that can enhance the effectiveness of taxes.

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Our services include

  • Developing personalized tax strategies that improve everyone’s tax standing considering various sources of their earnings in addition to investment portfolios.
  • Ensuring appropriate reporting of all types of incomes including those obtained from outside the country.
  • Coordinating with client portfolio managers to report a proper amount of gain on securities.
  • Ensuring observation of Indian taxation requirements and global reporting demands.
  • Devising a plan for capital gains that considers both short-term and long-term aspects, focusing on optimal timing and applicable allowances.
  • Applying relevant double tax avoidance agreements (DTAAs) between India and other countries to avoid payment of double taxes on foreign incomes.
  • Preparing and filing of Form 67 to claim foreign tax credit.
  • Establishing and managing residency status for maximum tax advantages, particularly in respect of those with international financial stakes.
  • Accurately computing the total tax liability, including adjustments for deductions, exemptions, and applicable tax rates.
  • Ensuring that return is filed before the due date to avoid penalties and interest.
  • Preserving all supporting documents like Form 16, Form 16A, bank statements and investment proofs for future reference.

Frequently Asked Questions (FAQs)

What are HNI returns and who belong to the category of a High Net Worth Individual?

HNI returns are tax returns filed by High-Net-Worth Individuals, usually those with high incomes, assets, or investments. While the definition of HNIs may vary, typically, individuals earning incomes above a threshold level every year or substantial wealth in the form of assets like real estate, stocks, or even businesses are considered HNIs.

What are the things one should bear in mind while filing HNI returns?

Tax return filing by the HNI is a complex job of tax planning due to multiple sources of income, investments, and international assets. The main considerations are optimization in deductions, management of capital gain, compliance with wealth tax jurisprudence, and reporting of foreign assets or foreign incomes, if applicable, for reduced burden of taxes.

How does Tax Advisory Services help HNIs in filing tax returns?

Tax advisory services for HNIs provide tailor-made advice on the handling of their increasingly complex tax situations by optimizing numerous possibilities for tax saving while remaining within the ambit of local as well as international tax laws. Advisors also guide the HNIs on investment taxes, capital gains, declaration of income sourced from outside, and wealth management for reducing their liabilities and optimizing financial returns.