American Chamber of Commerce in India
Apex Chamber of U.S. Industry in India
Nuances of Indian Tax Filing for U.S. Citizens in India – What You Need to Know – 14 October 2021
AMCHAM, as part of its initiatives for the American League, hosted a virtual session on ‘Nuances of Indian Tax Filing for U.S. Citizens in India – What You Need to Know,’ in partnership with expert speakers from PwC on October 14th. The session targeted U.S. citizens living in India to understand basic income tax provisions for working in India with sources of income in/outside of India. The session covered important topics and updates on Indian tax filings including residential status, deemed residency and taxability in India, overview of key taxation provisions under various heads of income – salaries, rental income, capital gains and income from other sources, claim from double taxation relief/income exclusions, exemptions and deductions available, reporting of assets and liabilities, including foreign assets, type of income tax return forms applicable, timelines, interest and penalties for belated and non-filing and key practical challenges due to the pandemic. This was followed by Q&A and information sharing on the American League with attendees. The speakers from PwC India included: Mr. Kunal Wadhwa, Partner, Mr. Ravi Jain, Subject Matter Expert and Mr. Vikas Narang, Subject Matter Expert. The session was attended by over 100 U.S. citizens.