Rohit_PwC Project v2

KUNDLIWAL ROHIT

International Assignment Services

Tax and Regulatory Services (TRS)International Taxation

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Flow of Presentation1. Understanding the basic principle

2. Client, Engagement & Assignee

3. Income tax questionnaire

4. Review Mail

5. Computation of Return on Income

6. Approval from the Assignee

7. XML File is uploaded on Income tax portal

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Understanding the basic principles

A foreign national seconded to work in India, he/she in general will become liable to India income tax.

Indian tax year runs from April 01 to March 31

Taxation in India is based on residential status not on the citizenship

There are three types of residential status: Resident and ordinary resident - ROR Resident but not ordinary resident - RNOR Non resident - NR

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Clients, Engagement & Assignees…

Clients are approached by the respective team

Engagement takes place at institutional level

Terms and Conditions are decided

Employee is known as assignee since he is deployed on foreign destination for official assignment

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Income tax questionnaire Document is uploaded on the PwC tax portal

The assignees are required to fill the ITQ, which helps the tax return preparer to build a case

Along with the information the assignees are required to upload on the portal documents like FORM 16 & FORM 26AS.

If any kind of tax deductible expenses or investment made undertaking for the same would be required

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Review Mail Post collecting information from ITQ, a review mail is send to the assignees.

The purpose of sending the mail is to intimate the assignee about the pending document

To avail the confirmation on the understanding developed on the basis of information in the ITQ

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Computation of Return on Income Computation of ROI begins when the pending documents and information is received.

The computation is done with the help of a software known as ‘iAce tax return’

This software is specially designed by PwC IT team

Computation is automatically generated by the software after punching in the required mandatory data

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Computation of Return on Income Along with the computation, Income Tax Return form is also generated.

ITR differs with the source of income a assignee has

There are 3 types of ITR for salaried based assignees

Below in the grid criteria is mentioned for each ITRITR Form Criteria

ITR-1 Income from Salary, House Property & Other Income

ITR-2 Income from Salary, Capital Gains, House Property & Other Income

ITR-2A Income from Salary, Capital Gains, 2+ House Property & Other Income

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Approval from the Assignee

Once the Computation & ITR is prepared the pdf copy of the same is sent to the assignee for their consent and approval.

Official confirmation is also taken by the assignee on the institutional level

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.XML File is uploaded on Income tax portal On the receipt of the approval from the assignee the preparer of the return creates XML file

XML file is created by the software ‘iAce Tax Return’ automatically

XML file is an extract from the software which is used so that information is stored in coded language to prevent leakage of the same

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.XML File is uploaded on Income tax portal XML File is uploaded on the Income-Tax website by the IT team post confirming and checking the accuracy and correctness of the information

Once the XML file is uploaded an ITR acknowledgement is generated, which is further send to the assignee.

This completes the income-tax return filing process

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Thank you