Progressive Professional Forum (PPF) Kuwait in collaboration with Capitaire conducted the talk show on “Tax Planning and Investment for NRIs” on 14 December 2019, Saturday at Royal Auditorium, Mangaf. Mr. Sreejith Kuniyil, Director, Capitaire presented the talk show in front of selected professionals in Kuwait.
Sreejith started the session by providing insights on the importance of ‘Tax Planning’ for NRIs, and how the concept ‘Tax Planning’ is different from ‘Tax Avoidance’ and ‘Tax Evasion’. Sreejith opined that to claim the legitimate deductions and exemptions available to NRIs, in such a way that it should fall within the framework of the Tax Law.
Sreejith presented the implication of recent income tax developments in India, like pre-filled tax returns, faceless tax e-assessment, inter-changeability of Aadhaar and PAN, TDS applicability on the contractual and professional services received for personal purposes, TDS on cash withdrawals from Banks, payments, requirements to furnish tax returns based on certain high value transactions etc. He emphasized on the importance of awareness of current tax and regulatory environments in India among NRIs as it has significant impact on their investments in India.
Sreejith explained certain provisions of Income Tax Act, which directly affects the transactions carried out by NRIs. Transactions like gift or money transfers between relatives and non-relatives of NRIs, importance for creating the substance and documentations for the income earned outside India, taxability on sale or purchase of immovable property transactions, taxability on sale of jewelry, scope of tax exemption on the interest earned from NRE Accounts etc. were discussed in detail.
The current investment opportunities available in India for NRIs were also highlighted and in close, stressed on the importance of awareness of the tax and regulatory affairs applicable in each investment opportunities.
The program concluded with an open Q&A session where Sreejith responded to queries from audience with practical examples and illustrations.
Earlier the function was presided by Mr. E Rajagopalan, Vice President, PPF Kuwait. During his presidential address, Mr. Rajagopalan expressed the satisfaction to see professional organizations matching with the aims and intention of PPF Kuwait are emerging in Kerala and other foreign countries.
Mrs. Sherly Sasirajan, Executive member of PPF Kuwait introduced the speaker to the audience and Mr. Biju Janardhanan, Treasurer, PPF Kuwait handed over the memento as a token of appreciation to Mr. Sreejith Kuniyil.
Mr. Anil Kumar, General Secretary, PPF Kuwait welcomed the audience and Adv. Thomas Stephen, Executive member of PPF Kuwait delivered the vote of Thanks.
Progressive Professional Forum (PPF) Kuwait executive members took the lead role in successfully conducting the talk show.