Advisory · FEMA, trade & NRI

FEMA, international trade and NRI taxation

Reporting, certification and tax work for money that crosses India’s border: foreign investment into and out of Indian companies, external borrowings, export-import compliance, and the Indian tax affairs of non-residents. Filings are made through the RBI, DGFT, GST and income-tax portals by chartered accountants.

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FEMA and trade

Cross-border compliance

Each transaction has a reporting trail with the Reserve Bank, the authorised dealer bank or the DGFT. We prepare the filings, issue the certificates that need a chartered accountant, and keep the annual returns on a calendar.

Foreign direct investment (FDI)

Reporting of foreign investment in an Indian company to the RBI through the FIRMS portal, with the valuation and compliance certificates the filings require.

Form FC-GPR on allotment of shares to a foreign investor
Form FC-TRS on transfer of shares between a resident and a non-resident
Annual return on Foreign Liabilities and Assets (FLA)
Sectoral caps, entry routes and pricing guidelines checked before the deal
Late submission fees and compounding applications for delayed filings

Overseas direct investment (ODI)

Indian companies and residents investing in entities abroad: eligibility, filings through the authorised dealer bank, and the yearly reporting that follows.

Form FC and the Unique Identification Number for the foreign entity
Annual Performance Report (APR) and share certificates on record
Disinvestment and write-off reporting
Remittances by individuals under the Liberalised Remittance Scheme

External commercial borrowings (ECB)

Borrowing from a foreign lender or parent company: eligibility under the ECB framework, the Loan Registration Number through the bank, and the returns that follow.

Form ECB and the monthly ECB-2 return
End-use, hedging and all-in-cost documentation
Conversion of ECB into equity, where chosen

Export-import compliance

Registrations, documentation and follow-up so that export and import transactions close cleanly in the banking system and benefits under the Foreign Trade Policy are not lost.

Importer-Exporter Code and DGFT registrations
Realisation and repatriation of export proceeds within FEMA timelines; closure of open shipping bills and import entries in the bank’s EDPMS and IDPMS records
Advance remittances for imports and the evidence of import
RoDTEP, duty drawback and SEZ / EOU scheme compliance

LUT and GST refunds for exporters

A Letter of Undertaking filed for each financial year lets goods and services go out without paying IGST. We file the LUT, claim the refunds and keep the shipping-bill and return data reconciled.

Refund of accumulated input tax credit, or of IGST paid on exports
Reconciliation of shipping bills, GST returns and bank realisation
Replies to deficiency memos and refund notices

GST guide for jewellers and exporters

Certificates and representation

The chartered accountant’s certificates that banks and regulators ask for in cross-border matters, and representation when a filing is questioned.

Valuation certificates for FDI pricing and share transfers
Net-worth and compliance certificates for the authorised dealer bank
Replies to RBI and Enforcement Directorate queries on FEMA matters, with counsel where needed

Non-resident Indians

NRI taxation and repatriation

For non-residents with income or property in India, and for families remitting money abroad, the work usually falls into the four areas below.

Indian tax returns for NRIs

Determining residential status for the year, and filing returns for Indian income such as rent, interest, dividends and capital gains on property or shares. We also handle the treatment of NRO and NRE account income, refunds of excess TDS, and replies to notices issued to non-residents.

Lower-deduction certificates

When an NRI sells property or receives other income in India, the payer must deduct tax at the rates for non-residents on the full amount. An application for a lower or nil deduction certificate, made before the transaction, brings the deduction closer to the actual tax due.

Selling property in Jaipur: capital gains guide

DTAA relief

Claiming the rate under India’s tax treaty with your country of residence, with the tax residency certificate and declarations the payer needs on file, and foreign tax credit in India for tax already paid abroad. We also advise on the position of returning NRIs in their first years back in India.

Form 15CA / 15CB and repatriation

Form 15CA and the chartered accountant’s certificate in Form 15CB for remittances abroad, and the documentation banks ask for when sale proceeds, rent or inheritance are repatriated from an NRO account within the limits the RBI allows.

New Income-tax Act. From tax year 2026-27 the Income-tax Act, 2025 applies. TDS provisions, including those on payments to non-residents, are consolidated in section 393. DTAA relief and Form 15CA / 15CB documentation continue to be required, so remittance paperwork should be prepared with the same care as before.

Process

How an engagement runs

Tell us the transaction
An investment, a loan, an export or import issue, a remittance or a property sale. One call is usually enough to see which filings and certificates apply.
Document review
Agreements, bank advices, KYC, valuation reports and earlier filings. We list what is pending, what is late and what it will take to regularise.
Filing and certification
Forms are prepared and submitted through the FIRMS, DGFT, GST and income-tax portals or the authorised dealer bank. Form 15CB, valuation and compliance certificates are issued by the firm.
Annual calendar
FLA returns, APRs, LUT renewals, ECB returns and NRI return filing are placed on a calendar with reminders, so nothing is missed the following year.

FAQ

Common questions

We have received investment from a foreign shareholder. What has to be filed?

The allotment is reported to the RBI in Form FC-GPR through the FIRMS portal within the time allowed after allotment, supported by a valuation certificate and the bank’s foreign inward remittance certificate and KYC on the investor. The company must then file the annual FLA return each year it has foreign investment on its books. Late filings attract a late submission fee and may need compounding.

Does an NRI have to file an income tax return in India?

A return is needed when Indian income exceeds the basic exemption, and it is worth filing in many other cases to claim a refund of TDS deducted at non-resident rates on rent, interest or a property sale. Residential status is checked each year from the days spent in India.

Can the TDS on my property sale be reduced?

Yes, by applying to the assessing officer for a lower or nil deduction certificate before the sale. The application works out the actual capital gain, and the buyer then deducts tax at the certified rate instead of on the full sale value. Our property-sale guide explains the steps.

What are Form 15CA and 15CB?

Form 15CA is the remitter’s declaration to the income-tax department about a payment to a non-resident. Form 15CB is a chartered accountant’s certificate on whether the payment is taxable in India, at what rate, and whether treaty relief applies. Banks ask for them before processing most remittances abroad.

Can money from a property sale or inheritance be sent abroad?

Yes. The proceeds are credited to an NRO account and repatriated through the bank within the limits the RBI allows, with Form 15CA / 15CB, proof of the source of funds and evidence that tax has been paid or deducted.

Do you also handle the GST side of exports?

Yes. The LUT, export refunds and reconciliation of shipping bills with GST returns are handled by the same team, together with our GST practice.

Talk to a chartered accountant

Describe the transaction or the notice you have received. We will tell you which filings apply and what it will take to put them in order.

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