The Doha Chapter of the Institute of Chartered Accountants of India (ICAI) organised a virtual seminar on 'NRI Taxation and FEMA - Practical Aspects' recently. The event had nearly 125 attendees, comprising of chapter members who are eminent finance professionals from leading organisations, students and professionals across the globe.
This was the first event under the new management committee which took over from the previous committee during the AGM on February 14. The event was also live streamed on YouTube of the chapter also for the benefit professionals located in many other countries.
The event was attended by Indian Business & Professional Council (IBPC) president Azim Abbas, who was introduced by chapter chairman Nirlep Bhatt. Abbas opined that it was very important for Non-Resident Indians (NRIs) to know about very important provisions and intricacies of the taxation with its latest updates. Doha Chapter of ICAI is an associated member of IBPC, under the aegis of Indian Embassy. He congratulated the newly elected management committee and assured full support for the mutual growth of both the organisations.
The key-note speaker of the event was ICAI past president subject-matter expert Ved Jain, who was introduced by management committee member Kishore Alex. He explained in detail to the audience the provisions of Income Tax and Foreign Exchange Management Act, (FEMA) about the concept of “Residential Status” and provisions when an individual leaves India for staying outside India and gave some useful tips.
Jain briefed upon various types of bank accounts and legal requirements relating to the same. He expertly touched upon various clauses and provisions for NRIs, including legal obligations. He led the highly interesting segment of the session on Double Taxation Avoidance Agreement (DTAA) between Qatar and India, highlighting the special relations between two countries. He discussed many practical aspects of the taxation for various income like dividend, interest and capital gain. To conclude, Jain elaborated on the various latest provisions in the budget pertaining to NRIs.
Management committee member Arun Somanath welcomed audience. Chapter treasurer Kamlesh Tibrewal conducted Q&A session. The vote of thanks was offered by chapter secretary Vignesh Kalyanraman.
Attendees appreciated the chapter for organising an event on a technical topic and thereby equipping the wider finance professional’s community across Qatar with necessary skills, awareness and knowledge.
The Doha Chapter of ICAI, established in 1981, is the oldest among the 38 overseas chapters. The nearly 300 current members of the chapter hold key positions in private and public sector establishments in Qatar and are actively involved in support and development of accounting profession in the country. The chapter is engaged in updating the professional knowledge of its members, local professionals and non-members. Doha Chapter of ICAI is the first professional membership body to be registered with Qatar Financial Centre.
Members of the ICAI residing in Qatar and desirous of seeking membership of the chapter may contact, Nirlep Bhatt – 55578173 or Ankit Agarwal – 77549707.