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CA Certificate

Chartered Accountant (CA) Certificate for VISA

Many of us visit foreign countries either to study or for work or for tour. Countries such as Australia, USA, Canada, New Zealand ask for Assets certificate, objective is to make sure that you can cover your study and living expenses in that country. One of the important document required while you apply for visa is CA Certificate.

Chartered Accountant Certificate will have details of your all movable and immovable assets such as Bank balance, Investments in insurance/mutual funds/ FD/bonds, Gold, Your properties/land etc. Value of immovable assets is based on the fair market value of assets. The terms being used for Certificate can be net worth certificate from CA or turnover certificate from CA or CA certificate. Tax Vic helps client get CA certificate quick and easy.

In this blog we will help you find answers to

  • CA Report
  • How to get a net worth certificate
  • Chartered Accountant Certificate for f1 visa
  • Chartered Accountant Certificate format for visa

FAQ

Que-What Is CA Report or CA Certificate for Visa?

CA report is basically a detail of assets of applicant or his parents in case applicant is a dependent- This is verified by Chartered Accountant that is why it is called a ca report for visa. Several countries are strict about it where in assets are verified to make sure that the visa applicant is able to bear his cost of education or cost of living and is able to get back to the country of origin when the visa period is over.


Que-How Do I Get A Net Worth Certificate?

To get a net worth certificate for visa you can reach out to any Chartered accountant near you. At TaxVic we help you get a net worth certificate from a CA. It can be done online. No need to visit the CA office. We will provide you a legit and valid certificate.


Que-Is CA Certificate Required for F1 Visa?

Yes a CA certificate is required for f1 visa. Chartered Accountant Certificate for f1 visa can be obtained online with help of Tax Vic.

Que-How does Tax Vic help in getting online net worth ca certificate /turnover certificate from CA/ CA certificate for visa?

Tax Vic has already won hearts of clients to hire CA online for their all tax and compliance matters. At TaxVic we assess needs of customers and help them get ca certificate for visa or net worth ca certificate online. Our standard practice of great customer care makes us top choice for Hire CA Online.


Que-What is Net worth Certificate?

Net worth basically means value of assets minus the liabilities of any individual or business. A high net worth means good financial condition. Net worth certificate may come into use for applying for any contract or to provide to specific stakeholders or also in process of applying for visa

In context of visa application, it is possible that for certain countries you will be asked for ca certificate for visa or net worth certificate for visa. To get this you will have to hire CA online or reach to CA near you. At Tax Vic you can avail this facility online – secure and fast.

Que-How Is The Chartered Accountant Certificate Format for Visa?

The format will have details of assets liabilities, it should be in letter head of CA, properly stamped and having detail of CA who verify and certify the details.

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Uncategorized

EVERYTHING YOU NEED TO KNOW ABOUT TAX SAVING FOR SALARY INCOME IN INDIA

It is quite painful when you have to pay huge sum of taxes for salary income. This write up is meant to help you understand all the methods available to save taxes on income from salary. It is a smart decision to save taxes on salary income by utilizing the methods Government has given to salaried tax payer. Most of the salaried tax payer knows only about 80C however there are other ways to save taxes. Let’s discuss all these tax saving for salary income point by point. If you do not want to go through hassle of reading and having to analyses and want to talk about tax saving options under salary. Simply contact us and receive a call within a day from CA for tax planning or tax expert. Now lets discuss the points of most important tax saving tips for salaried tax payers in India:

SECTION 80 CCD (1B) NATIONAL PENSION SCHEME (NPS): You can save additional tax by investing in NPS for 50000. As you know under 80C, the limit is 1.5 lacs, /so this section helps you increase the limit upto 2 lacs under 80C altogether. All you have to do is invest under NPS. If you are under 30% tax bracket, this additional deduction helps you save upto 15000 of income tax.

SECTION 80D HEALTH INSURANCE PREMIUM: This is one of the most important insurance everyone should have. The cost of medical expenses can create a big headache and stress to you and family so taking health insurance is not just good for tax saving but it is extremely important which can save you a lot of stress. The Government in order to encourage provides tax saving benefit not only on your health insurance but family members as well, here is the limits:

  • Upto 25000 tax deduction: For you including your spouse and your children. If any of you or your family members is older than 60 years the limit you can claim is 50000
  • Upto another 25000: For your parents. If parents are older than 60 years limit you can claim is 50000

SECTION 80 DD: If you are taking care of disabled dependent , you can claim tax deductions for same. This is to help disabled dependent in your family. Who are dependent in family? It can be your spouse, children, your parents or your siblings.

List of disabilities covered by this section: Cerebral Palsy, Autism, Mental illness, Blindness, Low vision, Loco- Motor disability, hearing impairment, Mental retardation,

Tax deduction can be claimed on medical treatment expenses, their nursing, training and rehabilitation and on premium paid on any insurance policy taken for them

What is the tax deduction limit?

If 40% disabled: limit is 75000

If 80% disabled: limit ids 125000

SECTION 80E: Tax deduction on education Loan: Deduction is available on interest paid from the year on which repayment starts till the time loan period gets over or till 8th year whichever is earlier.

SECTION 80TTA: Tax Dedduction on interest earned from your saving bank or post office accounts This section is not available for interest earned on FD, RD or your term deposits. Interst upto 10000 is not taxable under this section. So you get deduction of 10000 under this section for interest earned by you during the year. All bank accounts are consolidated, not to be looked at each bank separately. Rest of your interest is chargeable to tax under head income from other sources. For senior citizen the limit is 50000 deduction of same comes under section 80TTB

SECTION 80 C:  This is the most popular section and eligible investments you can made under this section are Investments in Provident Funds such as EPF, PPF, etc., payment made towards life insurance premiums, Equity Linked Saving Schemes, payment made towards the principal sum of a home loan.

If you want to understand these points of tax saving on salary income or want to plan tax saving on salary income from a professional or CA near you, just email us at info@taxvic.com and you shall be contacted with all the help. Thankyou for reading!

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NRO ACCOUNT

Non Resident Ordinary Account (NRO ACCOUNT)

In this blog we will highlight only relevant points on NRO Account and NRE accounts. We will cover which account is suitable for NRI, what are the restrictions on transactions on these two separate accounts and what are the tax implications of operating such accounts.

Non Resident Ordinary Account also called NRO in short is suitable for those NRI’s who wants to let the income earned in India remain in India. By Income it could be rent, dividends etc or in case when NRI wants to open account with resident Indian (close relative).

NRO accounts can be held with NRI and resident Indians (close relatives). Funds in NRO accounts is repatriable however there are certain conditions.

NRO Accounts can be opened in the form of savings, time deposits, or time deposits. NRO accounts can also be opened by people from India (PIO) and foreign citizens of India (OCI). NRO accounts have limited reparability.

This means that an authorized remittance from NRO can be up to US $ 1 million after doing business with a certificate from a certified public accountant, excluding taxes applicable for the fiscal year. For advice, you can contact the CA Service Online.

TAX VIC can help you with same. As far as tax implication is concerned interest earned in NRO account and credit balances are subject to respective income tax bracket and are also subject to applicable wealth and gift tax.

Non Resident External Account ( NRE ACCOUNT)

Non Resident External or in short NRE accounts is suitable for those NRI’s who wants to save in Indian Rupees for income that earned outside India  or in case he/she wants joint account with another NRI as NRE account can be jointly held with another NRI but not with resident Indian , Funds in NRE accounts is freely repatriable.

An NRE account can be opened in the form of a savings, current or fixed deposit account. Income earned in India such as rent, dividend etc cannot be deposited in NRE account. As far as tax implication is concerned, NRE account is Tax free (no Income tax, wealth tax and gift tax) in India.

PROCEDURE FOR OPENING NRO ACCOUNT IS AS FOLLOW:

  • There can be conversion option for you if you already have an account in India.The non-resident Indian has an option to convert his/her existing  account in India into NRO account or open a brand new NRO account. Documentary proof that the account holder is a non-resident Indian as defined in Indian tax laws is a prerequisite for opening NRI accounts.
  • In case of conversion of resident account into NRO account by NRI, a form needs to be filled and signed by all account holders. Documents like as proof of identity, NRI status proof, proof of foreign address and two passport photographs need to be submitted. For new accounts, NRI will need to fill out a similar KYC document on the new account opening form.

  • Proof of residence abroad could be documents provided by employer of the NRI, student status proof, dependent visa status, or a copy of resident permit in the foreign destination. This proof must be proved by an Indian embassy, ​​notary public, or a branch of an Indian bank with an overseas branch.

  • Banks will also ask for proof of financial transactions abroad, it can be in the form of cheque drawn on an overseas account or credit card statement that is latest that is not older than six months old.

For any help on legal and compliance matter you could write to us at info@taxvic.com