Month: April 2019

Categories
Dhanvyavastha

Dhanvyavastha Edition April 2019 Topics covered in this newsletter:

૧. સિસ્ટેમેટિક ઇન્વેસ્ટમેન્ટ પ્લાન (SIP) મારફત નિશ્ચિત રકમનું સર્જન કરી જીવનના
મહત્વના નાણાકીય લક્ષ્યો જેવા કે સંતાનોનો ઉચ્ચ અભ્યાસ, લગ્ન , નિવૃતી પછીનો
નિભાવખર્ચ વગેરે સ્વપ્ન સાકાર કરો.

૨. ઇકવીટી લિંક્ડ સેવિંગ્સ સ્કીમ (ELSS) માં રોકાણ કરી આકર્ષક વળતરની સાથોસાથ
ટેક્સમાં બચતનો બેવડો લાભ મેળવો.

Categories
Income Tax And Estate Planning Services

Kothari & Co.

Kothari & Co., now a division of Ashutosh Financial Services Pvt. Ltd., has been working as Tax and Allied Laws Consultants, since more than 55 years. The division provides advisory services on Income Tax, Companies Act, FEMA, Trust Laws and Estate Planning / Inheritance Laws. The division has a team of highly qualified and experienced professionals, who have in depth knowledge of the domain. The human skills of the professionals are supported by state of the art infrastructure including various relevant softwares and legal databases. We maintain up to date & proper records of our clients and regularly remind them of their statutory obligations and follow them up to comply with statutory compliance. We maintain effective liaison with various Government Authorities and we continuously follow up matters with them till our clients’ job is done. Our office has a library rich with a wide collection of books, magazines and CD’s relevant to the activity of the division. Following is the outline of the services provided by this division:

Income Tax:

We provide Income Tax related services to Individuals (including Doctors, Architects, Industrialists and Non Resident Indians -NRIs), Partnership Firms, Charitable & Religious Trusts, Companies and Limited Liability Partnerships. Our services on tax matters are much more than just completing the tax formalities like filing tax returns. One needs to familiarise with the various Deductions and Exemptions available and find out Net Taxable Income. One needs to understand the nitty gritties of the taxation structure and accordingly plan the tax liability. Our professionals work in total co-ordination with tax-payers to save their taxes and also in proper planning of tax related needs. We provide following services in relation to Income Tax: Tax Planning and Filing of Return of Income:
  • Obtaining PAN for all type of assesses.
  • Consultancy on various intricate matters pertaining to Income Tax.
  • Income Tax Planning and Return Filing for all class of assesses.
  • Providing regular updates on amendments, circulars, notifications & judgments to all clients, especially relevant to them.
  • Advance tax estimation and planning.
  • Designing / Restructuring salary structure to minimize tax burden within the framework of law.
  • Advising on accounting of various complex financial transactions.
  • Tax planning for purchase and sale of Immovable Property.
  • Reconciliation of TDS with Tax Department and resolving issues therein.
Representing in Proceedings:  We represent client by attending all kind of proceedings on behalf of clients before the concerned Adjudicating Officials. We make an effective follow up with Income Tax department for assessment, reassessment, rectification and obtaining refunds. We also provide expert guidance in matters related to Search, Seizure and Prosecution litigation. We have expertise in Appellate proceedings wherein we prepare submissions and plead appeals before various Appellate authorities. TDS / TCS Compliance: TDS / TCS has become an important mode of collecting Income-tax from the assesses at the source of income. Our professional staff provides effective advice on varied matters related to compliance of TDS / TCS provisions. Following are the services that are rendered by us in matter of TDS / TCS:
  • Obtaining TAN (Tax Deduction Account Number).
  • Filing of quarterly E-TDS / TCS Return.
  • Issue of monthly/annual TDS / TCS certificates.
  • TDS assessment.
Drafting of Various Legal Documents: Drafting of legal documents taking into consideration plethora of laws and tax implications arising therefrom:
  • Dissolution Deed.
  • Power of Attorney.
  • Affidavits.
  • Lease & Rent Agreements.
  • Drafting of will
  • Other Legal documents as per requirement of the client.

Estate Planning – Advisory for Inheritance Laws

We all are concerned with building wealth for ourselves and our family. Estate is all the property that you own. It can include cash, clothes, jewellery, cars, houses, land, investment, etc. Estate Planning involves making plans for the transfer of your estate after death including allocation of assets to heirs and the settlement of estate taxes. The objective of estate planning is to make sure that most of your estate is transferred to your heirs/intended beneficiaries taking into consideration the tax planning aspect. It is commonly believed that estate planning is meant for the wealthy. However, even people with modest wealth should also be concerned with the appropriate and effective distribution of wealth at death. We provide complete consultancy and take care of all the procedures in this regard. Follow us using AshutoshFinserv on: FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.
Categories
NRI Services

Ashutosh NRI Services

We identify our NRI division as a one stop destination for NRI related Financial, Investment and Taxation services. NRIs comprise a substantial portion of our current client base. Our continuous endeavor is to provide quality services to our valuable clients. We offer a whole spectrum of NRI related services to our clients spread across the globe. We extend our services from handling NRI investment related queries, to providing excellent solutions to NRIs regarding setting up business in India, to NRI Banking Solutions, to assisting returning and emigrating Indians. Our NRI Consultancy Services, which involves all the above aspects and solves many more issues interfacing with Indian and Foreign Taxation Laws. We have credible experience of providing multitude of services to a diverse clientele profiles. We always strive to provide value added services to our clients through strong customer relationship management. We Serve…..
  • Emigrating Indians/New NRIs
  • NRIs who intend to remit funds from India to Abroad or vice versa
  • NRIs who have/intend to have investments in India
  • NRIs who inherit assets in India
  • NRIs who have/intend to set up a business in India
  • Returning NRI
  • NRIs who are subject to report under Foreign Taxation Laws

Emigrating Indians / New NRIs:

India has one of the world’s most diverse and complex migration history. In the present globalized world, migration of people from one country to another, for employment has become a common phenomenon. Emigration to the different countries has been most manifest in the growth of trade and financial flows of India. An emigrating Indians/New NRIs are crucial to the Indian economic development. We help them in the following matters:
  • Facilitate repatriation of sale proceeds and income of assets held in India
  • Determination of residential status in India
  • Plan for NRIs tax liability in India
  • Appplication for obtaining PAN number and filing of Income Tax return in India
  • Opening up various bank accounts and compliances thereof
  • Opening a Portfolio Investment Scheme account in respect of Stock Market transactions
  • Monitor, record and report about his/her investments in India
  • Facilitating execution of Power of Attorney

NRIs who Intend to remit funds from India to Abroad or vice versa:-

The Indian foreign exchange market has operated in a liberalized environment for more than a decade. Nobody can doubt the contribution of foreign exchange remittance in the economic development of India. We facilitate our clients to conduct hassle free remittance transactions as follows:
  • Opening of various bank accounts in India namely ‘Rupee Accounts’ like NRE A/c, NRO A/c and ‘Forex Accounts’ like FCNR A/c and RFC A/c
  • Issuance of CA Certificates like 15CA and 15CB
  • Monitoring of your bank accounts with regards to various compliances and also effective tax planning for credited amounts
  • Repatriation of sale proceeds of residential and immovable property in India, current income repatriation like interest, dividend, pension, rent etc.

NRIs who have/intend to have investments in India:

Investing in India, when living abroad, has always been the safe route to ensure good financial gains and securing future-return plans to the country. We can provide you the needed advisory and assistance in taking the best decision for your real estate properties and investments which will definitely form a larger part of the portfolio of assets. We assist our clients to invest in a very efficient and effective way as follows:
  • Suggesting balanced allocation between Fixed Income investments, Equity based investments and Real Estate properties
  • Recommending best investment option in light of Indian laws
  • Advising allocation of investments in the most convenient routes such as Mutual Funds, Govt. Risk-free bonds, Securities, Fixed Deposits and Quality Real Estate projects
  • Suggesting various reinvestment options to minimize Capital gain tax
  • Monitor, record and periodically report on such investments
  • Facilitate repatriation of income from investments and rent
  • Facilitate liquidation/lease of property
  • Facilitate repatriation of sale proceeds
  • Complete banking and other regulatory formalities

NRIs who inherit assets in India:

NRIs inherit property from their parents or someone else, have manifold implication of legal issues. At the same time that can be avoided by well thought plan in regard of the property. We can manage these issues well by considering every aspect of the matter as follows:
  • Drafting and registration of a WILL
  • Representing before tax authorities on behalf of the assesse if required
  • Handling of issues relating to inheritance, a succession certificate, mutation of records etc.
  • Facilitating repatriate the sale proceeds of the property or manage the same in most tax efficient manner.

NRIs who have/intend to set up a business in India:

The Indian government has played a responsible role in addressing the financial investment needs of its cash-rich, non-resident diaspora. Adopting a multi-level approach, the government has tried to ensure holistic investment opportunities for the wide-spectrum of foreign investor profiles. Recently India has become the land of opportunity for many NRIs, to invest under “Make in India” and other investor friendlyschemes. Setting up business in India by NRIs attract various legal compliances. We enable him/her to do so by providing the following services:
  • Arrange finance for the project by preparing a detailed project report and liaison with banks/ financial institutions and joint venture partners
  • Tax planning via different forms of entities like Trusts, Companies, Firms, etc.
  • Develop an entry strategy and a financial model
  • Evaluate potential partners by carry out financial due diligence reviews
  • Advising on appropriate compliance for complete set of regulatory approvals
  • Provide insight about various Foreign Direct Investment Schemes and benefits under the same
  • Facilitate liquidation/lease of property
  • Determine the form of entity and process related to incorporation of the same

Returning NRIs:

Returning to India for good is a big decision and involves various aspects to be considered in order to re-establish settlement in India without omitting any legal compliance. When relocating to India, the following aspects must be taken care of:
  • Taxability of Income earned in and outside of India in respect to the Indian Income Tax Act, 1961
  • Interpretation of DTAA with a view to reduce tax liability
  • Reorganize your asset portfolio in India/outside India with professional assistance to ensure minimum tax liability
  • Planning the date and month of return to India to reduce tax liability
  • Residential status under different laws
  • Compliances with respect to the ‘Income-Tax Act, 1961’ and filing of Indian Income Tax Return
  • Re-designation of all Indian bank accounts as Resident accounts and taxability thereof
  • Opening and complying with respect to ‘Resident foreign currency’ (RFC) account
 

NRIs who are subject to report under Foreign Taxation Laws:

NRIs are subject to the tax laws of different countries or the international aspects of an individual country’s tax laws as the case may be. Governments usually limit the scope of taxation of income in some manner territorially or provide for offsets of taxation relating to extraterritorial income. Each country has separate laws in respect to levy tax on the taxpayers. Because of varying nature of laws in different countries NRIs have to disclose certain assets and investment made overseas. We assist in the following manner:-
  • Provide understanding of various Foreign Taxation Laws
  • FATCA and CRS reporting requirement and processes related to it
  • FBAR reporting and implications of it
  • Declaration under PFIC reporting
  • Helping to opt under various Voluntary Disclosure Schemes
  • Planning of various investments across the globe in a tax effective manner
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Categories
Insurance Services

Ashutosh Insurance Services

Insurance facilitates moving of risk of loss from the insured to the insurer. The basic principle of insurance is to spread risk among a large number of people. A large population gets insurance policies and pay premium to the insurer. Whenever a loss occurs, it is compensated out of corpus of funds collected from the millions of policyholders. According to Wikipedia, Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment, known as Premium. It is a form of risk management, primarily used to hedge against the risk of a contingent, uncertain loss. Individuals and Institutions face different types of risks in their life cycles. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice. While not all of these risks are controllable, some of these can be managed through the concept of pooling of similar risks. Insurance plans or policies are divided in 2 categories. They are life and general insurance. Life Insurance provides a monetary benefit to a decedent’s family or other designated beneficiary, and may provide for income to an insured person’s family. All Non-life Insurances fall under General Insurance, which cover all related costs of the insured as well as his/her belongings. For instance, a Passenger Car Insurance covers your car; Health insurance covers your health, Home Insurance covers your home and its contents and a Travel Insurance policy insures you against untoward events during the travel. We at Ashutosh Insurance Services (AIS), provides insurance solutions to secure your Life, Health & Assets. :

Life Insurance :

Our day-to-day life is full of unpredictable risks for example loss of life, loss of income, critical illness, disability etc. Ashutosh Insurance Services (AIS) does Insurance Planning to figure out adequate cover against “Insurable Risks” and getting the maximum out of the premium you pay. Many of us consider Insurance as another investment for tax saving, but in actuality, tax Exemption is just another advantage of it. We believe that insurance planning is an important step towards financial planning. To advise an individual on their insurance needs, it is important to get a holistic view of the present and the future. Each of us has our own lifestyle, goals, aspirations and dependents, which may be completely different from the life situation of your friend or colleague. That is why only by doing need based analysis; we suggest different products including term plans to our clients. So what works for someone else may not work for you. And just like mutual funds, we keep on monitoring investments made under this head, especially in ULIP products.

Health Insurance :

One must have medical insurance for their self. Health insurance policy guarantees an insured that the insurer will shoulder medical payment as per the terms decided with the insurer. Any medical emergency can be therefore handled by this insurance. Hence, you have not to be worry for sudden medical expenses; you will get this money from the insurer. Many Mediclaim Policy plan is available in market. We facilitate our clients to select the right policy plan from the various options available as we intend our clients to give value for money. We act as advisors to choose the best of the policy plan with right additional riders available in India.

General Insurance (Insurance for Assets, Personal Accident, etc.):

General insurance will help you mitigate the financial losses incurred due to bad surprises of life and damage to the assets you value most. It offers you financial protection against perils faced with regards to your property, vehicle, personal accidents, health and travel. The right general insurance policy will provide you with the right protection against risks or disasters, no matter how big or small. Loss from any kind of financial event will not bother you if you are insured. It is necessary to make all your properties secured so that you would not be left out with nothing. This security can only be provided by getting insurance. General insurance also includes insurance policies for burglary, theft, and many more. In addition, it also covers a special type of insurance such as professional indemnity. We at Ashutosh Insurance Services along with knowledge and dedicated infrastructure will help you to choose the best of the policy plan with right additional riders available in India. We also provide complete after sales service related to claims & settlements, monitor your policy terms & renewals. Follow us using AshutoshFinserv on: FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.
Categories
Investment Services

Ashutosh Investment Services

Financial Planning in a broad sense is process of meeting your life goals through proper management of your finances. Life goals can include planning for buying a house, saving for your child’s higher education & marriage, planning for retirement, etc. Financial Planning provides direction and meaning to your financial decisions. It allows you to understand how each financial decision you make affects other areas of your finances. We at Ashutosh Investment Services provide you the tools, methods and guidance in evaluating your finances. We help you to see the state of your finances over time and assess the impact of your today’s decisions on your future. We develop an understanding of your current and expected lifestyle, expected milestones, dreams and aspirations and your ability and willingness to take on risks and based on that, we develop an integrated financial plan for you and provide effective execution guidance.

We offer Investment Services on following investment options:

  • Mutual Funds

Mutual Funds have become extremely popular over the last 2 decades. What was once just another obscure financial investment instrument is now a part of investment portfolio of many. A Mutual Fund is nothing but a pool of fund aggregated from different investors and invested in equity and debt in different proportion as per the risk appetite of investors by a professionally managed Asset Management Company. Through Mutual Funds one can create wealth and also minimize the market risk factor by a technique called averaging which can be achieved through Systematic Investment Plan (SIP) and Systematic Transfer Plan (STP). We not only advise for making new investment, but also time-on-time suggest for change of scheme from one to another depending on the risk return trade off. Our well equipped Research & Analysis Department keeps at all the time a vigilant eye on the most important part called Asset Allocation for all the investors along with providing guidance on new investment avenues depending on the time horizon, risk appetite & profile of the investor. Our team, which includes relationship personnel, research and back office analyst, back office operations manager are round the clock ready with all the tools and parameters that include calculations, back office data, fact sheets, historical data etc. In line with the current electronic era and also for better service to our valued customer, we provide investment facility at customer’s finger tips by way of online investment from our website itself for all types of Mutual Fund investments. We are facilitating our esteemed clients to view portfolio at their convenience with many report options like Summary of Investments, Return on Investments, Current Holding Reports, Dividend History, Account Statements, Fixed Deposit Investment Details, Details of Insurance, Capital Gain Tax Report, Latest NAV Report, Latest Indices Details, ULIP NAVs, etc.

  • Tax Free Bonds, Non Convertible Debentures (NCD), Perpetual Bonds

TAX FREE BONDS: Income by way of interest on these Tax Free Bonds is fully exempt from Income Tax and shall not form part of Total Income as per provisions under section 10 (15) (iv) (h) of I.T. Act, 1961. These bonds are generally issued by Government Backed entities and thus have very low default risk. These bonds generally come with long tenures of 10, 15 and/or 20 years. Government invests the money collected from these bonds in infrastructure and housing projects. NON CONVERTIBLE DEBENTURES (NCD): Investors are forever on the lookout for improved and more sustainable schemes. The market volatility, sometimes, even makes traditional and trusted investments lose their sheen. Here, Non Convertible Debenture or NCD proved to be a dark horse when they started delivering smaller but steady returns over time. Like traditional corporate FDs, NCD too is a fixed-income investment with a specific term and interest income. Companies issue them to raise funds, and evidently you cannot convert it to equities. To make up for this limitation, investors enjoy supreme returns, liquidity, low risk and tax respite as opposed to convertible debentures. PERPETUAL BONDS: A perpetual bond is a fixed income security with no maturity date. One major drawback to these types of bonds is that they are not redeemable. Given this drawback, the major benefit of them is that they pay a steady stream of interest payments forever. A perpetual bond is also known as a “consol” or a “perp.

  • Portfolio Management Services Equity PMS & RE-PMS

Equity PMS: Portfolio Management Services are ideal for High Net Worth Individuals or Institutions who wish to opt for personalized management of their finances. A team of expert professionals conduct extensive research on markets to provide a customized solution for achieving unique investment objectives. This ensures the optimal selection of investment opportunities within an asset class and active monitoring for optimized results. Investor can review their portfolio at any time to see the progress of returns and present values. RE-PMS: Now a day we can invest in real estate through structured real estate product like Real Estate Portfolio Management Service (RE-PMS) that is invested in bonds/instruments secured by property instead of actually owning property as it involves risk due to volatility in property prices. RE-PMS is investment vehicles that are used by its subscribers to gain from the Real Estate projects and/or Real Estate linked securities (Equity or Debt) investment. Follow us using AshutoshFinserv on: FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.