MIF launches one-stop portal for NRIs; will help resolve tax issues

The Marwari International Federation (MIF) has launched a taxation vertical to provide hassle-free tax-related information to Rajasthan-based non-resident Indians (NRIs).

Owing to tax-related changes in India, Rajasthani NRIs face difficulties related to investment provisions in India, Vijay Garg, founder and general secretary of MIF, said.

Garg said that around four million migrant Rajasthanis live in more than 162 countries. Most of these migrants, according to Garg, invest a large part of their income in Rajasthan, with their investment portfolios ranging from infrastructure and the share market to government bonds.

“With the ever-changing central and state governments' tax provisions, NRI investors find it hard to keep up with the new amendments. Due to this, investors get entangled in government discrepancies. To solve this problem, the Marwari International Federation has started this taxation platform,” Garg said.

Garg cited an example of an NRI who invested in certain mutual funds in India but, due to some tax-related discrepancy, had to pay a hefty penalty instead of earning profits. “We aim to protect investors from such incidents,” he added.