Compliances & Disclosures

Managing finances across India and another country comes with complex reporting requirements. Whether you earn income abroad, invest in India, inherit assets, or gift money to family members, global tax and disclosure laws apply.

FinPracto ensures that every reporting obligation is handled precisely so you remain protected from penalties, remittance delays and litigation.

Who Needs Our Services?

  • Indians who have moved abroad recently
  • NRIs / OCIs with income or assets in India or overseas
  • Individuals holding international investments or bank accounts
  • US taxpayers subject to FATCA, FBAR, PFIC reporting
  • Indian tax residents with foreign financial interests

Why Partner with Finpracto?

FinPracto Advantage Impact for You
Country-specific NRI compliance experts One-stop solution for global reporting
Full support with forms & cross-border filings No uncertainty, no missed deadlines
Representation for notices & clarifications Protection from penalties & litigation
100% digital documentation & execution Completely remote from anywhere in the world
Dedicated NRI support desk Fast responses across time zones

Whether you require one-time filing or annual end-to-end reporting – FinPracto ensures that every form, every disclosure and every compliance is handled correctly the first time.
Connect with us today and safeguard your global financial footprint.

What We Specialize In

1. Global Asset & Financial Reporting

Individuals residing outside India may still have:

  • NRE / NRO / FCNR deposits
  • Indian mutual funds & PMS investments
  • Shares, crypto, insurance & real estate
  • Pension and retirement accounts abroad

We guide you on full asset classification, valuation, threshold applicability and reporting requirements under both Indian and foreign tax laws.

2. US-Specific Disclosures (Forms 8938, 8621, FBAR & More)

For NRIs connected to the United States, we take care of:

  • FBAR – FinCEN Form 114 filings for foreign accounts
  • IRS Form 8938 for specified foreign financial assets
  • PFIC compliance – Form 8621 for Indian mutual funds
  • IRS Form 709 for taxable gifting transactions

We ensure correct thresholds, electronic filing, and optimal tax treatment, preventing double taxation.

3. FATCA / CRS Compliance for Major Countries

FinPracto supports NRIs and foreign residents across major countries like USA, UK, Canada, Australia and other CRS jurisdictions.

Our services include:

  • FATCA declarations for investments in India
  • Monitoring reporting requirements by financial institutions
  • CRS compliance for cross-country exchange of financial information

4. Regularisation & Amnesty Support for Non-Compliance

Missed disclosures in the past? We support complete remediation with:

  • Streamlined Domestic Offshore Procedures (SDOP – USA)
  • Streamlined Foreign Offshore Procedures (SFOP – USA)

Our team assists in preparing statements, certifications, backfiling, and case explanation letters – helping clients avoid prosecution.

5. Compliance Services Under Indian Tax Laws

For NRIs and foreign nationals with Indian income, we assist in:

  • Filing Income Tax Returns (ITR) with NRI rules
  • Claiming DTAA benefits to prevent double taxation
  • Reporting foreign assets in Schedule FA when applicable
  • TDS refunds, clarifications & notices

6. FEMA / RBI Disclosures & Approvals

We also handle:

  • Reporting & documentation for repatriation of funds
  • Tracking compliance for inherited or gifted properties
  • Clearance for holding immovable property or shares in India

7. PAN Status Rectification for NRIs

Outdated PAN status results in TDS deduction errors. We fix:

  • Residential status mismatch in the PAN database
  • PAN updates for NRIs / OCIs / foreign address corrections
  • Document support for online portal submissions

FAQs

NRI compliances and disclosures refer to mandatory tax filings, foreign asset reporting, and regulatory documentation required by India and foreign countries such as the USA, UK, Canada, and Australia. This includes income tax returns, FATCA, FBAR, PFIC filings, CRS reporting, Schedule FA in India, DTAA claims, and FEMA documentation.

Yes. NRIs must file an Indian Income Tax Return if they have taxable income from sources such as salary, rent, capital gains, interest, business, or investments in India – irrespective of where they live.

Non-compliance can result in severe penalties including delayed refunds, blocked remittances, freezing of accounts, reassessment of past filings, and legal action under international exchange of financial information agreements.

US taxpayers (including NRIs and Green Card holders) must file FBAR (FinCEN Form 114) if the combined balance of foreign accounts exceeds USD $10,000 at any time during the year. This includes NRE/NRO deposits, Demat accounts, insurance plans with cash value, and mutual funds.

Yes. Most Indian mutual funds are classified as PFICs under US tax rules. NRIs holding these investments must file IRS Form 8621 for each fund annually, even if there is no redemption.

Form 8938 (FATCA reporting) is required when the total value of specified foreign assets exceeds the applicable thresholds. It must be filed along with Form 1040. Separate FBAR filing may also apply even if Form 8938 is submitted.

Schedule FA mandates the disclosure of foreign assets held by a person resident in India under the Income Tax Act. It includes foreign bank accounts, shares, mutual funds, retirement plans, cryptocurrency, and insurance policies.

Yes. FinPracto assists in PAN correction and updating residential status to NRI, ensuring that TDS deductions, refunds, and compliance records are correctly aligned with NRI tax rules.

Under the Double Taxation Avoidance Agreement (DTAA), an NRI can claim tax credits or exemptions to avoid paying tax twice – once in the source country (India) and again in the country of residence. FinPracto helps determine eligibility and file the required documentation.

Yes. NRIs who missed filings can regularize their position using remediation frameworks like Streamlined Foreign Offshore Procedures (SFOP) and Streamlined Domestic Offshore Procedures (SDOP) for the USA, and similar provisions for other jurisdictions.

Absolutely. FinPracto handles documentation, compliance filings, penalty mitigation, notice replies, tax planning, and cross-border advisory – ensuring complete peace of mind for NRIs.

You can get started by booking a consultation through our website. Our experts work completely online, which means you can manage your global tax compliance from any country with zero paperwork.
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