Navigating taxes effectively and making prudent investment decisions calls for a sound understanding of laws and the way the markets work. It’s trickier for NRIs who have investments or earn income in another country.
Chennai-based international accounting, business and tax consulting firm Ventura Pranas held an interaction programme in the city to help NRI families make prudent decisions.
Speaking to The Hindu and explaining the need for such an intervention, co-founder and director of the firm Prabha Srinivasan said it was the need of the hour for NRIs to understand the various components of taxation and investment management. Tax compliance and the impact of their decisions are some of the common problems faced by clients. It comes back to haunt them later, she said
When it comes to financial products, most clients having revenue or investments in both India and the U.S. are poorly served, as wealth managers fail to understand the complexities. Which is why it’s important to talk to tax advisers who have expertise in dual taxation, she said.
The event had speakers touching upon taxation laws in the U.S. and India, apart from investment opportunities compliant with regulations. Experts encouraged people to start investing early, keeping in mind long-term needs, and to diversify their investments.