
Category: NRI Services


Are you an NRI 🌐 preparing to file your Income Tax Returns in India for FY 2023-24? Don’t miss this essential guide from CA. CFP. Rajit Kothari! In this video, we delve into five crucial tips to streamline your ITR filing process, ensuring accuracy and efficiency. Whether you’re a novice or seasoned in tax matters, these tips will help you navigate through the complexities of the Indian tax system.
🔹 Key Highlights:
👉🏻Understand the critical filing deadlines to avoid last-minute rushes.
👉🏻Learn how to accurately match your global income data with Indian tax records.
👉🏻Compare the benefits of the old vs. new tax regime to optimize your tax outgo.
👉🏻Ensure all your eligible deductions and necessary disclosures are accurately documented, enhancing compliance and minimizing errors.
For more insights watch the YouTube:
📢 Subscribe for more NRI-specific tax advice and updates. Like and share this video to help fellow NRIs navigate their tax filing seamlessly!
Ashutosh Financial Services Pvt. Ltd.
▪Investments ▪Insurance ▪NRI Services ▪Income Tax & Estate Planning
📱Mobile No.: +91 70 4308 8859 / +91 72 2884 8181
📧 E-mail Id: nris1@ashutoshfinserv.com
Follow us using Ashutoshfinserv on Facebook 📘, Instagram 📷, YouTube 📹 & Linkedin 🔗 to receive all the latest information from the finance world 🌐.

GIFT City represents a growing opportunity for NRIs🌐 offering tax-efficient investment solutions through India’s International Financial Services Hub. We are pleased to share an insightful presentation covering key aspects of this promising route.
Key topics covered:
📍 Introduction to the GIFT City ecosystem as an International Financial Services Hub.
📋 Panel discussion and insights from financial experts on the GIFT City route.
🔎 Detailed analysis of Indian equity investments in a tax-efficient manner for NRIs.
🗣️ Speakers:
➡️ Mr. Daxesh Kothari
Tax & Financial Consultant
MD & CEO of Ashutosh Financial Services Pvt. Ltd.
➡️ Mr. Rajit Kothari
Chartered Accountant & Certified Financial Planner
Executive Director of Ashutosh Financial Services Pvt. Ltd.
🎥 Watch the full presentation here: https://www.youtube.com/live/HaoxDtWHjFo?si=b57L-wjf1FaPIMav
For further details feel free to contact us.
Ashutosh Financial Services Pvt. Ltd.
▪️Investments ▪️Insurance ▪️NRI Services ▪️Income Tax & Estate Planning
www.ashutoshfinserv.com
📞 Mobile No.: +91 70430 88859 /+91 72288 48181
📧 E-mail Id: nris1@ashutoshfinserv.com
Follow us using Ashutoshfinserv on Facebook, Instagram, YouTube, Twitter & LinkedIn.

🔍Are you an NRI looking to secure your valuable Indian assets and ensure a lasting legacy?🌐
🏠 Discover the vital role of Wills for NRIs in securing your legacy.🏡💼
▶️ Our Executive Director – CA Rajit Kothari will simplify the complexities and highlight the significance of creating a Will for Non-Resident Indians.🌏
▶️ Learn about the key components of an NRI Will and why it’s essential for ensuring a smooth transition of your assets in the event of unforeseen circumstances. 🚀
👉Don’t miss this opportunity to safeguard your financial future! 💪💰
Contact us on: Mobile: +91 7228848181 / +91-7043593388
Email: nris1@ashutoshfinserv.com
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Are you an NRI (Non-Resident Indian) looking to invest and secure your future in India? 🌍✈
- Look no further! In this informative video, we bring you the best investment and insurance options tailored specifically for NRIs in India.
- Our expert – CA Rajit Kothari will walk you through various investment avenues, such as equity mutual funds, unlisted stocks, portfolio management, and many more, that offer attractive returns and stability. Moreover, we will shed light on the importance of insurance for NRIs.
- Whether you’re a seasoned investor or looking to diversify your portfolio, this video will equip with valuable insights and tips to make sound financial decisions. We understand the unique challenges and opportunities that NRIs face, and our goal is to empower you with the knowledge to make smart financial choices.
- Don’t miss out on the incredible opportunities that India has to offer! Join us as we unlock the lucrative opportunities awaiting for NRIs and help you build a secure financial future.

Are you an NRI ?🌍✈
Seeking clarity on the complex landscape of financial laws and regulations? Look no further!- In this comprehensive video, we delve into the world of Financial Laws applicable to NRIs, offering you valuable insights and guidance.
- Navigating financial matters as an NRI can be overwhelming, but our Executive Director – CA Rajit Kothari will break down the intricacies of these laws, empowering you to make informed decisions about your financial assets, investments, and transactions.
- Join us as we explore the various financial laws and regulations that NRIs need to be aware of. Don’t miss out on this essential knowledge that can pave the way for your financial success as an NRI.

ACT FAST ⏩TO AVAIL FOLLOWING DEDUCTIONS… 📈
✨Attractive investment options available for tax deduction:✨
➡️ Invest in Equity Linked Savings Scheme (ELSS) of Mutual Funds for attractive returns 📊 along with obtaining a deduction under Income Tax up to Rs.1.50 lakhs (80C).
➡️ Invest in the National Pension Scheme to obtain additional deduction of Rs.50000 (80CCD).
💫Attractive insurance options available for tax deduction: 💫
➡️ Insure yourself and your family (spouse and children 👨👩👧👦) through a Life Insurance Policy to obtain a deduction of the premium paid up to Rs.1.50 lakhs (80C).
◾Insurance Policy with assured tax-free returns in the range of 6-7% along with free insurance for long periods of up to 50 years for a deduction under Income Tax up to Rs.1.50 lakhs (80C).
➡️ Insure with a Health insurance policy for yourself and your family (parents, spouse, and dependent children) to obtain a deduction of the premium paid up to Rs.25000 or Rs.50000 in case of senior citizens (80D).
🔷 Most of the above deductions are available under the old regime of taxation. We can prepare a comparative analysis 📈 under both regimes to analyze the beneficial regime and whether it is worthwhile claiming the deductions.
ASHUTOSH FINANCIAL SERVICES PVT. LTD.
•Investments •Insurance •Income Tax & Estate Planning •NRI Services
www.ashutoshfinserv.com
Mobile: +91 72288 48181/ +91 70435 93388
Email: nris1@ashutoshfinserv.com
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⬛ Every Non Resident Indian whose net tax liability on the estimated income exceeds INR 10000 for the financial year shall be required to deposit advance tax.
⬛ The deposit of tax shall be in four instalments on the estimated net tax liability (after reducing taxes deposited/deducted/collected) which is calculated on the estimated income (after reducing deductions available under sec. 80C, 80D, etc.)
⬛ As per the Act, 100% of the estimated tax liability of the financial year shall be deposited by March 15 , 2024.
⬛ Additional interest of 1% per month shall be levied under section 234C on the net tax liability on delay in payment of the tax.
⬛ Deposit advance tax timely not only to avoid interest implications, but also to become a responsible & proud Indian. 🇮🇳
NRI Services
Ashutosh Financial Services Pvt. Ltd.
www.ashutoshfinserv.com
Mobile: +91 72288 48181/ +91 70435 93388
Email: nris1@ashutoshfinserv.com
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✅ NRIs residing in USA 🇺🇲or Canada🇨🇦 need to report their Indian Incomes & Assets in their Income Tax Returns along with other local USA or Canadian Incomes as per tax laws of respective countries. However, they are eligible to obtain tax credits for the taxes paid in India under the DTAA (Double Taxation Avoidance Agreement) while settling the final tax liabilities. 📑
✅ We are pleased to provide you with a Comprehensive Indian financial information summary essential in USA or Canada to assist you in meeting the necessary requirements for tax filings 📝 in USA and Canada, ensuring compliance with relevant regulations, and facilitating a smooth process with the deadline for tax filings by April in USA or Canada. 🗓️
✅ Our report includes all details of your Indian incomes from various sources as well as assets as per the respective tax laws of USA or Canada, meticulously converted into the respective currencies (USD or CAD) for the corresponding tax year which runs from January to December. It also includes the amount of Indian taxes available for claiming credit under the DTAA. 💰
✅ It is a very supportive databank which makes it very convenient for the NRI to incorporate all Indian financial transactions in a seamless manner as per the tax return formats of respective countries. 🌏
✅ Exchange of Financial Information between tax authorities of countries has become very common these days with the advent of technology and rising vigilance of tax administration in all countries. 🔄
Contact us to avail this report related to International Tax Compliance to become a compliant taxpayer. 🌐:
Mobile No.📱 : +91-72288 48181 / +91-70435 93388
E-mail Id 📩: nris1@ashutoshfinserv.com
Visit us 🔗 : www.ashutoshfinserv.com
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Are you ready to take your investment strategy to the next level? Here’s how you can combine the stability of NRE Fixed Deposits with the growth potential of Equity Mutual Funds in just 3 simple steps:
1.) Investing in NRE Fixed Deposits for a Duration of 5 Years
2.) Select the option for receiving annual interest payments.
3.) Invest the interest earnings annually into equity funds through monthly SIPs.
Ready to embark on your investment journey? Watch our detailed guide on YouTube to learn more about combining NRE Fixed Deposits and Equity Mutual Funds for a winning investment strategy
Don’t miss out on this opportunity to diversify your portfolio and achieve your financial goals with confidence!
Ashutosh Financial Services Pvt. Ltd.
•Investments •Insurance •NRI Services •Income Tax & Estate Planning
www.ashutoshfinserv.com
Mobile: +91 72288 48181/+91 70435 93388
Email: nris1@ashutoshfinserv.com
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🔗 Is it mandatory for NRIs to link Aadhaar with PAN? 🔗
As per Section 139AA and Notification No. 37/2017 of the Income Tax Act, every person who is eligible to obtain Aadhaar shall link the same with PAN on the Income Tax portal.
Further, an NRI under the Income Tax Act who does not possess an Aadhaar Card shall not be required to link as per the relevant notification.
Steps to link Aadhaar with PAN are mentioned in Q3. of the following FAQ link:
https://www.incometax.gov.in/iec/foportal/help/e-filing-link-aadhaar-faq
However, an NRI who has obtained an Aadhaar Card at anytime is mandatorily required to link with PAN on or before 31st March 2023 to avoid any further consequences.
For further details feel free to contact us.
Ashutosh Financial Services Pvt. Ltd.
▪️Investments ▪️Insurance ▪️NRI Services ▪️Income Tax & Estate Planning
www.ashutoshfinserv.com
Contact: +91 72288 48181 / 70435 93388
Email: nris1@ashutoshfinserv.com
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🔸 GOLDEN OPPORTUNITY FOR NRIs TO EARN LIFELONG ATTRACTIVE GUARANTEED INCOME WITH FREE LIFE INSURANCE COVER 🔸
▪️ What is Guaranteed Insurance Plan❓
▪️ Why an NRI should have Guaranteed Income Insurance Plan in the financial portfolio❓
▪️ Why is it a golden opportunity for NRIs at present to consider as an investment option❓
▪️ Where should you buy such plan from as an NRI❓
👉🏻 Please find the below link for the above topic.
For further details feel free to contact us.
Ashutosh Financial Services Pvt. Ltd.
▪️Investments ▪️Insurance ▪️NRI Services ▪️Income Tax & Estate Planning
www.ashutoshfinserv.com
Contact: +91 72288 48181 / 70435 93388
Email: nris1@ashutoshfinserv.com
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ARE YOU AN NRI CONFUSED ABOUT YOUR INDIAN INCOME TAX RESIDENTIAL STATUS?
👉 Determining the Income Tax Residential Status is a technical matter as various conditions must be considered. The status determines the scope and extent of taxation in India for any taxpayer.
➡️ We have prepared a Residential Status Calculator covering all the required conditions of the Indian Income Tax law . It takes only a few steps for an NRI to determine the residential status using our easy to use tax status calculator.
Click on our website link provided below to determine your Residential Status through the calculator:
NRI Tax Status CalculatorFor further details feel free to contact, Mobile No.: 72288 48181 / 70435 93388 E-mail Id: nris1@ashutoshfinserv.com www.ashutoshfinserv.com Follow us using Ashutoshfinserv at Facebook, Instagram, Youtube, Twitter & Linkedin.

LAST CHANCE TO INVEST IN TAX FREE INSURANCE POLICY ABOVE Rs. 5 LAKHS (TAXABLE FROM 1ST APRIL 2023) WITH ATTRACTIVE GUARANTEED RETURNS – Compare and avail the best policy from us
➡️ Currently, maturity proceeds of Life Insurance policies are tax free if annual premium is at least 10% of the Death benefit of the policy.
➡️ From 1st April, 2023, the maturity proceeds received during the lifetime will become taxable for those policies whose premium exceeds INR 5 lakhs per annum.
➡️ GUARANTEED INSURANCE INCOME PLANS offer flexibility in premium payments and in receiving maturity proceeds in predetermined manner.
➡️ Income Tax deduction under Section 80C of Rs. 1.5 lakhs are also available on premiums paid.
➡️ TAX FREE ASSURED RETURN in the range of 6% to 7% over and above the LIFE INSURANCE benefit is available.
👉 Grab the chance to avail this beneficial option before 31st March, 2023. Contact us for better understanding
◾We offer insurance plans of many companies and suggest best plan suitable for you after comparing the plans of all Insurance Companies as per your requirement. Contact us at the earliest
Ashutosh Insurance Brokers LLP
A service of
Ashutosh Financial Services Pvt. Ltd.
•Investments •Insurance •NRI Services •Income Tax & Estate Planning
www.ashutoshfinserv.com
Mobile: +91 72288 48181 / 70435 93388
Email: nris1@ashutoshfinserv.com
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Insurance is a subject matter of solicitation.

INVEST IN UNLISTED SHARES OF NSE (NATIONAL STOCK EXCHANGE OF INDIA LTD.)- OPPORTUNITY TO INVEST IN ONE OF THE LARGEST STOCK EXCHANGES OF THE WORLD 📈📊📉
▶️ Grab the unique opportunity to invest in the unlisted stocks of NSE of India Ltd. available with us.
▶️ To have a detailed understanding of the company, download the PDF file attached.
▶️ To watch a explanatory video on the subject click the following link:
Ashutosh Financial Services Pvt. Ltd.
•Investments •Insurance •NRI Services •Income Tax & Estate Planning
www.ashutoshfinserv.com
Mobile: +91 70435 93388 / 72288 48181
Email: nris1@ashutoshfinserv.com
Follow us using Ashutoshfinserv at Facebook, Instagram, YouTube, Twitter & Linkedin to receive all the latest information from finance world.
Disclaimer: We do not intend to provide any investment advice in any manner through the above message. It is only a knowledge-sharing exercise in good faith.

Transfer of funds from NRO A/c to NRE A/c & Repatriation of funds out of India
There are several questions in the minds of NRIs concerning transfer of funds outside India.
➡️ Can we transfer funds which are standing as a credit in my NRO A/c into either NRE A/c or outside of India❓
➡️ What are the benefits of transferring funds from NRO A/C to NRE A/c or out of India❓
➡️ Is there any limit for transfer directly outside India or from NRO to NRE bank account by on NRI❓
The video provides a detailed understanding on the subject by Mr. Daxesh Kothari (Tax & Financial Consultant and MD & CEO of Ashutosh Financial Services Pvt. Ltd.)
👉 Please find the below link for the above topic.
For further details, feel free to contact us.
NRI Services
Ashutosh Financial Services Pvt. Ltd.
www.ashutoshfinserv.com
Mobile: +91 72288 48181 / 70435 93388
Email: nris1@ashutoshfinserv.com
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BEST TIME FOR NRI TO DIVERSIFY INVESTMENTS GLOBALLY BY INVESTING IN U.S.A. STOCK MARKET 📈📊
🔳 In the last one year (as on 07-10-22), the U.S.A. financial markets represented by S&P 500 and NASDAQ 100 indices have declined by 17.28% and 22.90% respectively.
🔳 Further, the renowned technology stocks such as Meta (Earlier Facebook), Amazon, Apple, Microsoft & Tesla have also reached a very attractive price point which makes it a lucrative chance to invest at this point.
🔳 Hence, the valuation of U.S.A. stock market makes it a great opportunity to invest and fetch the maximum benefits in the longer run.
🔳 Indian Stock Market is definitely a promising one, but it is always worthwhile to become a global investor to avoid single country & single currency risks.
➡️ To invest in U.S. markets, visit our platform:
https://ashutoshfinserv.vested.co.in/
➡️ The detailed explanation can be obtained from the presentation in the PDF file available in the following link or the YouTube video links stated below:
Investment in Foreign EquityLink of English language explanatory video: Link of Gujarati language explanatory video: NRI Services Ashutosh Financial Services Pvt. Ltd. •Investments •Insurance •NRI Services •Income Tax & Estate Planning www.nrifintax.com Mobile: +91 72288 48181 / 7043593388 Email: nris1@ashutoshfinserv.com Follow us using Ashutosh_NRI_FinTax at Facebook, Instagram, YouTube, Twitter & Linkedin to receive all the latest information from finance world. Disclaimer: We do not intend to provide any investment advice in any manner through the above message. It is only a knowledge-sharing exercise in good faith.

PODCAST FOR NRIs – TIME TO INCREASE INVESTMENT ALLOCATION TOWARDS INDIA.
Please find herewith the link for the same:
📣 Link – https://www.instagram.com/reel/CichYRZvxb6/?utm_source=ig_web_copy_link
The thoughts which have been delivered are the views of CA Rajit Kothari-Executive Director of Ashutosh Financial Services Pvt. Ltd.
Mobile: +91 72288 48181 / 7043593388
Email: nris1@ashutoshfinserv.com
NRI Services
ASHUTOSH FINANCIAL SERVICES PVT. LTD.
www.ashutoshfinserv.com
Follow us using Ashutosh_NRI_FinTax on Facebook, Instagram, YouTube, Twitter & Linkedin to receive all the latest information.
Disclaimer: These are personal views of CA Rajit Kothari, which should not be acted upon without taking specific professional advice.
Please feel free to contact us.

▪️ Is it mandatory for a NRI to file Income Tax Return in India ❓
▪️ What are the conditions which makes it mandatory to file Income Tax Return in India ❓
▪️ What are the advantages of filing Income Tax Return in India ❓
👉 Please find the below link for the above topic.
For further details feel free to contact us.
Ashutosh NRI Services
A service of
Ashutosh Financial Services Pvt. Ltd.
www.ashutoshfinserv.com
Mobile: +91 72288 48181 / 96010 06464
Email: nris1@ashutoshfinserv.com
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👉 Please find the below link for the above topic.
For further details feel free to contact us.
Ashutosh NRI Services
A service of
Ashutosh Financial Services Pvt. Ltd.
www.ashutoshfinserv.com
Mobile: +91 72288 48181 / 96010 06464
Email: nris1@ashutoshfinserv.com
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A WILL valid under the Indian Succession Act should be made by NRIs in respect of their Indian Assets.
👉 Please find the below link for the above topic.
For further details feel free to contact us.
Ashutosh NRI Services
A service of
Ashutosh Financial Services Pvt. Ltd.
www.ashutoshfinserv.com
Mobile: +91 72288 48181 / 96010 06464
Email: nris1@ashutoshfinserv.com
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Life insurance (Term Plan) for NRIs (Non-resident Indians) through which NRIs can get large amount of insurance from India at a very small premium.
👉 Please find the below link for the above topic.
For further details feel free to contact us.
Ashutosh NRI Services
A service of
Ashutosh Financial Services Pvt. Ltd.
www.ashutoshfinserv.com
Mobile: +91 72288 48181
Email: nris1@ashutoshfinserv.com
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➡️ What are the Provisions under the Income Tax Act in regard to Tax Deduction at Source ( TDS) in respect of NRIs ❓
➡️ How to ensure that right amount of tax is deducted at source so that NRIs need not to fall in the hassle of claiming refund ❓
👉 Please find below the link on the above subject by Mr. Daxesh Kothari – Tax & Financial Consultant and MD & CEO of our company.
For further details feel free to contact us
Ashutosh NRI Services
A service of
Ashutosh Financial Services Pvt. Ltd.
www.ashutoshfinserv.com
Mobile: +91 72288 48181 / 96010 06464
Email: nris1@ashutoshfinserv.com
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➡️ Is it mandatory for an NRI to file Income Tax Return in India ❓
It is mandatory for an NRI to file Income Tax Return in India if:
1️⃣ The Income exceeds Rs. 2.5 lakhs in India during the year (before giving effect of deductions under Chapter VI-A and certain capital gains exemptions)
2️⃣ Following categories of persons irrespective of the income:
▪️ Deposited an amount exceeding Rs.1 crore in current account/s by any mode during the year or
▪️ The deposit in one or more savings bank account of the person, in aggregate, is rupees fifty lakh or more during the previous year or
▪️ If his total sales, turnover or gross receipts, as the case may be, in the business exceeds sixty lakh rupees during the previous year; or
▪️ If his total gross receipts in profession exceeds ten lakh rupees during the previous year; or
▪️ If the aggregate of tax deducted at source and tax collected at source during the previous year, in the case of the person, is twenty-five thousand rupees or more; or
▪️ Incurred electricity expenditure in aggregate exceeding Rs.1 lakh or
▪️ Incurred an expenditure exceeding Rs. 2 lakh on travel out of India from Indian bank account/s for himself or any other person.
3️⃣ Any taxable capital gain realized in India (Irrespective of basic tax slab exemption i.e. 2.5L).
In other cases, it is not mandatory for any NRI to file an Income Tax Return in India. However, one may choose to voluntarily file it because of several advantages.
➡️ What are the advantages of voluntarily filing Income Tax Return for an NRI?
▪️ Claiming refund of any taxes which have been withheld (TDS deducted).
▪️ Carry forward losses for claiming set-off against future year incomes.
▪️ Obtaining credit of income taxes paid in India against taxes payable in the country of tax residence (where the NRI resides) as per the Double Taxation Avoidance Agreement (DTAA).
➡️ What are the due dates of filing Income Tax Return in India for an NRI?
For Financial Year 2021-22 ended on 31st March, 2022, the last date of filing Income Tax Returns is 31st July, 2022.
Contact us at the earliest to file your Income Tax Returns and become a compliant and proud Indian.
For further details, contact us:
Ashutosh NRI Services
A service of
Ashutosh Financial Services Pvt. Ltd.
Mobile: +91 72288 48181 / 96010 06464
Email: nris1@ashutoshfinserv.com
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We invite NRIs to become our REFERRAL PARTNERS for promoting NRI Services globally with attractive terms.
Please forward this message to your friends, relatives and contacts who could be interested.

➡️ There are taxation laws of different countries applicable to a person on account of his residential status in different countries.
➡️ What are the provisions to claim the relief under the DTAA ❓
➡️ What are the formalities or compliances to be done in order to claim the relief under DTAA ❓
👉 Please find below the link on the above subject by Mr. Daxesh Kothari – Tax & Financial Consultant and MD & CEO of our company.
For further details feel free to contact us
Ashutosh NRI Services
A service of
Ashutosh Financial Services Pvt. Ltd.
www.ashutoshfinserv.com
Mobile: +91 72288 48181
Email: nris1@ashutoshfinserv.com
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➡️ It is important for NRIs to understand how their incomes would be taxed in the country where they are tax residents and countries other than the country where they are tax residents.
➡️ Will this lead to double taxation of the income ❓
➡️ What are the taxation benefits available to NRIs under Double Taxation Avoidance Agreements (DTAA) ❓
➡️ Are there concessional rates of tax or relief provisions available under DTAA ❓
➡️ If there are beneficial provisions under the DTAA or under the Income Tax law of the country or vice versa, what would be applicable ❓
👉 To know more about the various benefits available to NRIs under DTAA watch both the parts of our video.
👉 Please find below the link on the above subject by Mr. Daxesh Kothari – Tax & Financial Consultant and MD & CEO of our company.
PART 1 – https://youtu.be/Y1Fk5LQ6i-g
PART 2 – https://youtu.be/342tcyCXF50
For further details feel free to contact us
Ashutosh NRI Services
A service of
Ashutosh Financial Services Pvt. Ltd.
www.ashutoshfinserv.com
Mobile: +91 72288 48181 / 96010 06464
Email: nris1@ashutoshfinserv.com
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A Term Plan is a pure form of Life insurance, which has following features:
◾ Get claim of large lump-sum amount globally in case of death/disability/critical illness, which can secure your family by providing financial protection in your absence.
◾ NRIs with age band of 18 to 65 years can apply for Term plan, based on the criteria like annual income, health condition and existing life insurance amount.
◾ Flexibility in years of insurance and premiums, for how many years you want life cover and for how many years you want to pay premium.
◾ Specially for NRIs, an 18 year old person will be able to take a term plan of Rs. 1 Crore till he reaches the age of 65 only @ Rs. 20 premium per day. Same way 30 year old person can get @ 28.50/- rupees a day and 40 year old person can get @ 47/- rupees a day.
◾ Non-smoker and non-Tobacco user can get more benefit in premium amount.
◾ Women can get lower premium for insurance than men.
◾ Choose the option for refund of your all premiums paid after the end of the policy term.
◾ Choose additional riders such as a rider with to get a lump sum amount when critical illnesses occur or a rider with the benefit of accidental death.
◾ Choose increasing and decreasing sum assured options.
◾ NRIs can also claim tax benefits under section 80(C) of Income Tax Act.
✅ We offer insurance plans of many companies, we suggest best plan suitable for NRIs after comparing the plans of all these companies, with the lowest premium, best company and best features as per your requirements.
For further details feel free to contact us
Ashutosh NRI Services
A service of
Ashutosh Financial Services Pvt. Ltd.
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Mobile: +91 72288 48181 / 96010 06464
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A Will valid under the Indian Succession Act should to be made by NRIs in respect of their Indian Assets.
The Indian Laws of Succession shall apply on the Indian Assets hence a Will valid under the Indian Succession Act should be made by NRIs, it has to have all the essential elements of a valid Will as listed in the following points.
🟥 The Will has to be in writing with precise details of the assets to be passed to the beneficiaries in the desired manner.
🟥 The names and details of the beneficiaries under the Will to whom assets are to be passed have to be clearly stated.
🟥 The person preparing the Will has to be identifiable along with his signature and date on which the Will is executed.
🟥 Signatures of two adult witnesses with their identification have to be obtained. It is advisable to have witnesses who are younger than the person preparing the Will and also have Doctor as a witness in case of an aged person preparing the Will. A witness should not be a beneficiary in the Will.
🟥 It is advisable to execute declarations of the two witnesses confirming the fact that they are the witness of the Will. These Declarations can be filed in court at the time of obtaining the probate after death.
🟥 Person signing the Will can sign before Notary Public or get the Will Registered at any authorized sub-registrar.
However, none of the two procedures are mandatory under law.
🟥 The person preparing the Will can appoint an executor (including a beneficiary) for executing the transfer of his/her assets to the intended beneficiaries. However, such an appointment is not mandatory.
🟥 Whether to sign the Will, without Notary, before Notary or get the same registered or to appoint an executor, depends on the facts & circumstances of the case.
IT IS NOT NECESSARY THAT THE NRI HAS TO BE IN INDIA TO PREPARE A WILL IT CAN BE EXECUTED EVEN OUT OF INDIA.
IT IS ALWAYS ADVISABLE TO MAKE A WILL IN RESPECT OF ALL YOUR INDIAN ASSETS SO THAT ONE CAN TRANSFER THE WEALTH TO THE INTENDED BENEFICIARIES IN THE DESIRED MANNER.
➡️ Contact us to plan the succession of your wealth to your successors in a legitimate, convenient and efficient manner.
Ashutosh NRI Services
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CAPITAL PROTECTION COUPLED WITH GROWTH, AN ATTRACTIVE INVESTMENT STRATEGY FOR NRIs IN INDIA.
Combination of NRE Fixed Deposit and Systematic Investment Plans (SIP) in Equity Mutual Funds.
➡️ Concept:
NRI Investors largely invest in Fixed Deposits (FDs) because they want safety of principal. What if, an investment offers safety of principal equivalent to FDs, but relatively higher returns than FDs? The following is the novel investment idea that gives capital protection and growth.
➡️ Three Step Investment Guide:
Step 1: Investment in NRE FDs for 5 years.
Step 2: Choose the option of annual interest payout.
Step 3: Invest the interest income in equity funds every year by monthly SIP.
➡️ Example:
Step 1: Investment in NRE FDs.
▪️ Investment in FDs: Rs. 25,00,000.
▪️ Annual Rate of interest: 5.50 per cent.
▪️ Duration of investment: 5 Years.
▪️ Investment Option: Annual Interest Payout.
▪️ Expected Interest Income Every Year: Rs. 1,37,500.
Step 2: Annual interest payout.
▪️ On the above FD, expected interest income every year would be Rs. 1,37,500.
Step 3: Investment of interest income in equity funds every year.
▪️ Invest Rs. 1,37,500 every year to Equity Mutual Fund – Growth Plan.
▪️ Ideally it can be investment of Rs. 11,500 per month in Equity Mutual Fund by way of a SIP by adjusting the cash flow.
➡️ Value of Investment after 5 years:
▪️ Expected Value of Investment in Equity Mutual Fund: Rs. 9,48,593. (Returns assumed – 12 per cent).
▪️ FD Principal Repayment: Rs. 25,00,000.
▪️ Total Value of Investment at the end of 5 years: Rs. 34,48,593.
➡️ Benefits of Investment in Combination:
▪️ Ensures high Safety of Principal (i.e. risk-free investment).
▪️ Investment in Equity Market only through interest income.
▪️ Increased Expected Returns, with minimum risk.
▪️ Investment done through NRE account in fixed deposits and mutual funds along with their returns are fully repatraible.
➡️ Analysis:
▪️ INVESTMENT IN NRE FD
Investment Amount: Rs. 25,00,000
Maturity Amount at the end of 5 years: Rs. 32,67,400
Annualized Returns: 5.50%
▪️ INVESTMENT IN COMBINATION
Investment Amount: Rs. 25,00,000
Maturity Amount at the end of 5 years: Rs. 34,48,593
Annualized Returns: 6.64%
▪️ BENEFIT OF INVESTMENT IN COMBINATION: Rs. 1,81,193
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▪️ The Indian govt. has started seeking details of financial transactions from suspected non-compliant Non-Resident Indians. Please find attached the recent news article for reference.
▪️ Information such as details of fund sources, assets acquired, income tax return filing, etc. are sought by agencies such as the Enforcement Directorate (ED).
▪️ The suspected non-compliance is for wrongful declarations under FEMA (Foreign Exchange Management Act, 1999) as well the Income Tax Act for claiming incorrect residential status.
▪️ This implies that the person takes refuge of being under the Non-Resident status while filing Income Tax returns as well as in other financial transactions such as banking, investment, etc.
▪️ There are severe consequences of such wrongful declaration which can result in unwanted penalties as well prosecution under Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
▪️ Due date for filing Indian Income Tax return is 30th September, 2021. Let us comply with all taxation & regulatory laws of India not only to avoid unfavourable legal consequences, but also to become an honest and responsible Indian.
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ASHUTOSH FINANCIAL SERVICES PVT. LTD.
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FOR NRI RESIDING IN COUNTRIES WHERE THERE IS NO INCOME TAX (UAE RESIDENTS) – CLEAR UNDERSTANDING OF THE APPLICABILITY OF DEEMED RESIDENCY TAXATION CONCEPT IN INDIA.
▶️ In the Finance Act 2020, the government announced that persons who are not ‘liable to tax’ (not subjected to any Income Tax law) in country of their residence, will be deemed to be Indian tax residents for the purposes of Income Tax if they satisfy the following two conditions:
i) Their Any Indian Incomes + Foreign incomes from Business controlled or Profession setup in India exceeds Rs.15 lakhs during the year.
ii) They do not become tax residents of any country in the world having an Income Tax law due to their physical stay (residence) or domicile or any similar reason.
▶️ There have been news articles suggesting that Non-Resident Indians (NRI) based in UAE and other countries where there is no Income tax can escape the above provisions since they have some incomes in other countries on which they pay some income tax. Copy of the one such article is attached herewith with appropriate markings.
▶️ Our view differs from that expressed in the news articles. We believe that the second condition of the new definition referred above would not get satisfied if a person has some income in other country on which income tax is paid since the new law would be applicable if the person is a resident or domicile of that country.
▶️ Hence, a person who is a resident or domicile of a country where there is no Income Tax law (E.g. UAE) will not escape from becoming the Indian Tax resident in India under the new provisions by simply having some income chargeable to income tax in some other country (E.g. U.K.).
▶️ Most of the NRI need not worry about these provisions as even if the two conditions referred above are satisfied, the NRI will be liable to tax only from Any Indian incomes and Foreign incomes from Business controlled or Profession setup in India and not on the foreign sourced incomes.
▶️ However, the NRI will have to file his/her Indian Income Tax return in the status of Resident But Not Ordinarily Resident status in such cases.
▶️ Please reach out in case of any further clarification.
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➡️ NRI & OCI CARDHOLDERS ARE ALLOWED TO BUY AND SELL IMMOVABLE PROPERTIES IN INDIA – RECENT SUPREME COURT DECISION NOT APPLICABLE TO THEM
◾ There have been news of restrictions being placed on Non-Resident Indians (NRI) and Overseas Citizen of India (OCI) cardholders to buy and sell immovable property in India.
◾ The news are based on the recent Supreme Court ruling of Asha John Divianathan v. Vikram Malhotra & Ors. (CIVIL APPEAL NO. 9546 OF 2010), in which the court mandated the foreign citizen from obtaining approval of the Reserve Bank of India (RBI) for transfer of property in India.
◾ The said ruling pertains to a legal matter in the years of 1977 & 1980, during which the Foreign Exchange Regulation Act (FERA), 1973 was in force for matters relating to buying & selling by foreign citizens of immovable properties in India.
◾ It must be noted that The Foreign Exchange Management Act (FEMA), 1999 has replaced the earlier law in such matters as on present date.
◾ The FEMA law clearly permits any Indian citizen and any OCI cardholder situated globally from buying & selling immovable property in India under CHAPTER IX of the Foreign Exchange Management (Non-debt Instruments) Rules, 2019.
◾ Any Indian citizen or OCI cardholder residing in any part of the world need not obtain any approval of the RBI or any other government authority for buying or selling immovable property in India.
◾ However, an Indian citizen or OCI cardholder residing outside India cannot purchase an agricultural land or farm house or plantation or enter into real estate business (real estate development and construction business is allowed)
◾ Please reach out to us in case of any further clarification.
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FILING OF INDIAN INCOME TAX RETURN FOR NON-RESIDENT INDIAN (NRI)
➡️ Is it mandatory for an NRI to file Income Tax Return in India?
It is mandatory for an NRI to file Income Tax Return in India if:
1. The Income exceeds Rs. 2.5 lakhs in India during the year (before giving effect of deductions under Chapter VI-A and certain capital gains exemptions)
2. The NRI has during the year:
i. Deposited an amount exceeding Rs.1 crore in current account/s by any mode or
ii. Incurred electricity expenditure in aggregate exceeding Rs.1 lakh or
iii. Incurred an expenditure exceeding Rs. 2 lakh on travel out of India from Indian bank account/s for himself or any other person.
3. Any taxable capital gain realized in India (Irrespective of basic tax slab exemption i.e. 2.5L).
4. Any tax free income in India exceeding basic tax slab 2.5L.
In other cases, it is not mandatory for any NRI to file an Income Tax Return in India. However, one may choose to voluntarily file it because of several advantages.
➡️ What are the advantages of voluntarily filing Income Tax Return for an NRI?
The advantages of voluntarily filing Income Tax Return in India for an NRI are:
1. Claiming refund of any taxes which have been withheld (TDS deducted).
2. Carry forward losses for set-off against future year incomes.
3. Obtaining credit of income taxes paid in India against taxes payable in the country of tax residence (where the NRI resides) as per the Double Taxation Avoidance Agreement (DTAA).
➡️ What are the due dates of filing Income Tax Return in India for an NRI?
For Financial Year 2019-20, the last date of filing Income Tax Returns is 31st December, 2020.
Contact us at the earliest to file your Income Tax Returns and become a compliant and proud Indian.
For further details, contact us:
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IMPORTANCE OF AN OVERSEAS CITIZEN OF INDIA (OCI) CARD FOR AN NON-RESIDENT INDIAN (NRI)
➡️ What is an Overseas Citizen of India (OCI) Card?
🔳 Overseas Citizen of India (OCI) Card is a form of immigration status permitting a foreign citizen of Indian origin to have meaningful connection with the Republic of India indefinitely.
🔳 An NRI must register as Overseas Citizen of India Cardholder under section 7A of the Citizenship Act, 1955 to become an OCI.
➡️ Why is it important to have an OCI Card for an NRI?
1. An OCI Card enables a person multiple entry, multi-purpose life long visa to visit India.
2. It is mandatory for an NRI to have an OCI Card as per the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 to:
a. Acquire any immovable property in India as per Chapter IX of the NDI Rules, 2019.
b. Invest in shares of any Indian company or any mutual funds or other securities permitted for NRIs as per Schedule III & IV of the NDI Rules, 2019.
c. Start a business in India in form of a proprietorship or partnership firm as per Schedule IV & VI of the NDI Rules, 2019.
➡️ How to register oneself as a OCI cardholder?
🔳 Applications for OCI can only be made online at www.ociservices.gov.in.
🔳 A person making an application is required to submit a photograph, along with application fee and several identification documents to prove the eligibility criteria.
🔳 It is mandatory to make fresh application for OCI Card on issuance of new passport in certain cases.
➡️ Conclusion
🔳 Holding an OCI Card is a must to engage in any meaningful financial transactions in India.
🔳 Several NRIs are unaware of this important provision.
For further details, contact us:
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Q. How are NRIs from UAE/Gulf countries different from NRIs in US, UK, Canada, Australia, etc.?
Q. What should a person do before leaving India to become an NRI?
Taxability of returning NRI Bank Interest Income
* NRI are allowed to hold the FCNR and NRE term deposits till maturity with the
same interest rate, until completion of the term.
**Interest is taxable in India from the date of return to India and conversion to Resident savings account.
Note: Interest on any deposits & debenture interest taxable at concessional rate of 20% for returning NRI under section 115H.
Q. How can an NRI transfer the funds to India and take those funds back abroad?
Q. What are the most suitable investment options for an NRI in India?
Indian Rupee has depreciated against the US$ at the rate of 3.61% p.a. on a compounded basis in last six years.
Q. How can an NRI invest in $ terms to maintain global diversification in the investment portfolio?
Q. What are the differences between a Mutual Fund and a Portfolio Management Service (PMS)?
Q. What is a Double Taxation Avoidance Agreement (DTAA) and how does it impact an NRI?
Concessional Rates in DTAA
Q. Can an NRI from UAE take Insurance policy from India and is it worth taking?
Following options of insurance are available in India for an NRI:
UAE & Gulf Country NRIs | Other Country NRIs (U.S.A., U.K., Canada, Australia, etc.) |
1. No citizenship entitlements | Gradual progression towards citizenship. |
2. High probability of returning back to India. | Low probability of returning back to India. |
3. Investments are mainly concentrated towards India. | Limited exposure to investments in India. |
- Execute documents with banks to redesignate Resident Indian bank accounts to NRO A/c.
- Execute documents to open a NRE bank account.
- Execute documents to redesignate status in investments like Mutual Funds, Shares (Demat A/c), etc. to NRI status.NRI can continue holding shares purchased in the demat account on non-repatriable basis.
- Open a NRE-PIS account if you want to trade in shares on a regular basis.
- foreign currency,
- foreign securities,
- bank deposits,
- Immovable properties if the same were held/owned by them when he was residing abroad for unlimited amount and for unlimited period, irrespective of the amount.
Authorities | Action |
Insurance companies, Mutual Funds, shares held in companies | Inform regarding the status of change from Non resident to Resident. |
Bank Accounts | Inform regarding the status of change from Non resident to Resident and convert the various bank accounts. |
Old Bank Account | New Bank Account |
NRO Account | Resident Saving Account |
NRE Account | Resident Savings account or Resident Foreign Currency Account(RFC) Account |
FCNR Account | Can be continued till maturity |
Account | R & OR | R but NOR | Non Resident |
FCNR Account Deposit* | Taxable | Exempt | Exempt |
RFC Account | Taxable | Exempt | Exempt |
NRE Account converted to Resident savings Account* | Taxable** | Taxable | Not Applicable |
NRE Account converted to RFC Account* | Taxable | Exempt | Not Applicable |
- Transfer can be made to NRO, NRE A/c of self or gift to relatives under Income Tax Act (section 56) or remittances to own account are tax free in India.
- Transfer of funds abroad: From NRE A/c: Freely repatriable without limit From NRO A/c: Under the ‘Remittance of Assets’ scheme of RBI up to USD 1 million per person per year.
- Non resident under the Indian Income Tax Act.
- Only income which is sourced from India is taxable in India.
- Income Tax Return is required to be filed by a NRI only in respect of Indian Incomes on which appropriate taxes are to be paid or refund can be claimed.
- Foreign Assets and foreign incomes of NRI are outside the jurisdiction of the Indian tax authorities
- Who is required to file Income Tax return in India?
- Person whose income exceeds Rs. 2.5 lakhs in India (before giving effect of deductions under Chapter VI-A and certain capital gains exemptions).
- Person who wants to claim refund of any taxes which have been withheld (TDS deducted).
- Following categories of persons irrespective of the income:
- Deposited an amount exceeding Rs.1 crore in current accounts by any mode during the year.
- Has incurred electricity expenditure in aggregate exceeding Rs.1 lakh during the year.
- Immovable property can be freely purchased and sold by NRI in India without any restriction through NRO bank A/c on a non-repatriable basis.
- NRI cannot engage in real estate business in India, i.e. involving buying and selling on a regular basis to derive profit.
- Sale proceeds of two residential house (purchased from foreign exchange) properties are repatriable without any limit. Further sale of residential properties will fall within the remittance of assets scheme for NRI.
Type of Income | Taxation levy for NRI | TDS rate (withholding tax rate) |
Sale of Immovable Assets including Agricultural Land located within specified area. | Period of holding more than 2 years – Long Term Capital Gain. 20% Tax after indexation on Capital Gain. (U/s. 112) | 20% on the capital gains (U/s. 195) |
Period of holding less than 2 years – Short Term Capital Gain. At slab rates. (U/s. 112) | 30% + surcharge (if applicable) (U/s. 195) |
- Fixed Income Investments:
- Fixed deposits of reputed companies in India through NRO bank A/c
- NRE Fixed Deposits
- FCNR term deposits
- Equity Investments:
- Investment in equity shares
- Investment in Equity Mutual Funds
- Investment in Portfolio Management Services (PMS)
- Participate in the best global corporations
- Geographical Portfolio Diversification
- U.S. Dollar denominated exposure
- Attractive Valuations
- Corpus for foreign currency expenditures
- Rich dividend yield
- Depreciation of the Indian Rupee in the last few years.
July 2014 | July 2015 | July 2016 | July 2017 | July 2018 | July 2019 | July 2020 |
60.555 | 63.988 | 66.655 | 64.200 | 68.460 | 68.875 | 74.918 |

Equity based Mutual Fund | Equity based PMS | ||
1. | No requirement of any Account. | 1 | Operations by a Portfolio Manager through PIS Account. |
2. | Taxation on each sale Short term gain : 15%Long term gain : 10%On dividend income: Tax free in the hands of Mutual Fund. | 2 | Taxation: On sale Short term gain : 15%Long term gain : 10%On dividend income: 20%. |
3 | Restrictions: Restriction on percentage of allocation by the fund towards a particular script or sector. | 3 | Restrictions: (On repatriable basis) Sectoral and company specific caps for NRI. |
4 | Minimum Investment: Rs. 500 | 4 | Minimum Investment: Rs. 50 lakhs |
5 | Inflow or outflow by other investors has an impact on the investment. | 5 | There is no impact of transactions of other investors on our investment. |
- Double Taxation Avoidance Agreement (DTAA) is agreements entered into between countries, between India and another foreign state.
- The basic objective is to avoid, taxation of income in both the countries (i.e. Double taxation of same income) and to promote and foster economic trade and investment between the two countries.
- ALL BENEFITS of DTAA are available to respective Tax residents. To become a tax resident of UAE, stay in UAE should exceed 183 days in the relevant calendar year.
- Capital Gains on sale of Mutual Funds (Debt based or Equity based being short term or long term) and bonds cannot be subjected to tax in India for tax residents of UAE.
- ITO (IT) 2(1) Mumbai vs. Shri Satish Beharilal Raheja ITA NO.4627/Mum/2009
- The Dy. Commissioner of Income-tax (International Taxation) Kochi vs. Sri.K.E.Faizal ITA No.423/Coch/2018
Rates under Indian Income Tax | Type of income in India | |
Dividend | Interest | |
20% + Surcharge (If applicable) | Slab rates |
Sr. No. | Country of tax residence | Type of income in India | |
Dividend | Interest | ||
1 | UAE | 10% | 12.50% |
2 | Oman | 12.50% | 10% |
3 | Saudi Arabia | 5% | 10% |
4 | Kuwait | 10% | 10% |
5 | Qatar | 10% | 10% |
- ULIP – An Insurance plan combining the features of investment (as per the choice of policyholder) and insurance risk cover over the life of the insured.
- Guaranteed Return Income Plans – A lucrative Insurance plan for retirement planning, assuring tax free return of premium payments at an attractive rate of return in future, in parts or full along risk cover over the life of the insured.
- Term Plans – An affordable insurance plan, providing financial protection to the nominee in case of death of the person insured.

We had recently organized a webinar exclusively for Non-Resident Indians of U.A.E. & Other Gulf Countries on the topic
‘BURNING QUESTIONS OF U.A.E. & OTHER GULF COUNTRIES NRIs’.
We are sharing with you the questions asked in the session along with relevant answers which you can share with your friends, relatives and contacts in U.A.E. & Other Gulf Countries. Link of Question and Answer
We are also sharing our other webinar links that we had recently conducted for Non-Resident Indians on the topics:
IMPORTANT REGULATIONS & INVESTMENT RATIONALE FOR NRI IN PRESENT TIMES:
https://youtu.be/hQXZll75HK4
OVERVIEW OF NRI TAXATION WITH RECENT AMENDMENTS IN FINANCE ACT. 2020:
https://youtu.be/0JJJPkLlO6w
We are a one stop solution for NRI for all financial & taxation needs providing the below mentioned services:
- Investment options in India and aboard for NRI. a. Mutual Funds in India. b. Portfolio Management Services (PMS). c. US Equity. d. Fixed deposits of reputed companies.
- All types of Insurance offerings in India for NRIs.
- Complete Indian income tax compliance.
- Preparing consolidated report for Indian income and assets for Foreign tax compliance.
- Advising to NRI as per the rules and regulations of FEMA & RBI.

- There has been a lot of discussion in media over the Tax Collected at Source (TCS) imposed by the government from 1/10/2020.
- Such TCS is NOT APPLICABLE for any Non-Residents remitting funds to and from India through their NRE bank account or through NRO bank account under the remittance of assets scheme.
- However, it is applicable to residents sending funds abroad to their relatives or for making any investment abroad and such other fund transfers under the Liberalised Remittance Scheme (LRS) by resident Indians.
- The TCS is not an additional tax that is imposed as the credit of it can be claimed against the final income tax liability. It is one more means of collecting Income Tax in advance by the taxpayer.
- The purpose of TCS for the Income Tax Dept. is to monitor the transactions which are undertaken by the taxpayers.

▪️ Any Long-term capital gain on sale of shares of Indian Companies, listed and unlisted or any government securities will be exempt if the sale consideration is reinvested within 6 months into shares of Indian Companies , Deposits with Indian companies (including Indian Banks) or Government Securities.
▪️ The above relief is available under section 115F of the Income Tax Act (Chapter XII-A).
▪️ The sale consideration can be invested in deposits of top class Indian companies offering an interest above 7% p.a.
▪️ The investment made to claim the deduction has to be held for 3 years.
▪️ If sale consideration is partially invested, proportionate deduction is allowable.
▪️ This provision opens an opportunity for lucrative tax planning for NRI and an attractive investment opportunity simultaneously.
For further details, contact us:
Ashutosh NRI Services
Mobile: +91 70435 93388 / 70430 88859
Email: nris2@ashutoshfinserv.com / nris1@ashutoshfinserv.com
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FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.
We invite NRIs to become our REFERRAL PARTNERS for promoting NRI Services globally with attractive terms.
Categories
Referral Partner for NRI Services

- We are a one stop destination for Non-Resident Indians providing holistic services relating to Investments, Taxation & Estate planning, Legal aspects and compliances relating to foreign taxation.
- We are inviting applications for persons to become our Referral Partners in promoting NRI services globally with very attractive terms.
- The person should be of Indian origin, located outside India.
- The person has a basic understanding and background in the field of finance or taxation or accounting or legal services.
- The person can engage part time/fulltime in the promotion of these services in a dedicated manner.
- The person has relationships to roll out financial products and services to a larger section of clients beyond his immediate family.
- The person has a good working knowledge about computer operations and mobile applications.
Categories
Tax Residents Of Australia

PREPARATION OF DATA FOR AUSTRALIAN TAX RETURN IN RESPECT OF INDIAN FINANCIAL TRANSACTIONS FOR TAX YEAR 19-20
PASS THIS MESSAGE TO ALL YOUR FRIENDS AND RELATIVES IN AUSTRALIA
Any person who is an Australia tax resident (A person is a tax resident of Australia if he stays in Australia for more than 183 days in the Australian tax year from 1st July to 30th June OR on fulfillment of certain other conditions) is required to offer his global income for tax in Australia.
We can prepare consolidated data for Australian tax residents regarding incomes, investments & other assets in India appropriately converted into Australian Dollars (AUD) for the tax year 2019-20. This data can be used to seamlessly comply with your Tax return requirements in respect of Indian incomes.
Kindly contact us if you require our services.
Thanks & regards,
Ashutosh NRI Services
A division of Ashutosh Financial Services Pvt. Ltd.
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FOR TAX RESIDENTS OF UNITED KINGDOM (U.K.)
PREPARATION OF DATA FOR U.K. TAX RETURN IN RESPECT OF INDIAN FINANCIAL TRANSACTIONS FOR TAX YEAR 19-20
PASS THIS MESSAGE TO ALL YOUR FRIENDS AND RELATIVES IN U.K.
Any person who is a U.K. tax resident (his stay in U.K. exceeds 183 days in the U.K. tax year (6th April to 5th April) OR if his only home was in the U.K. where he has spent at least 30 days there in the tax year along with at least 91 days in U.K. is required to offer his global income for tax in U.K.
We can prepare consolidated data for U.K. tax residents regarding incomes, investments & other assets in India appropriately converted into Pound Sterling (£) for the tax year 2019-20. This data can be used to seamlessly comply with your Tax return requirements in respect of Indian incomes.
Kindly contact us if you require our services.
Thanks & regards,
Ashutosh NRI Services
A division of Ashutosh Financial Services Pvt. Ltd.
Contact: +91 70435 93388 / nris2@ashutoshfinserv.com
www.ashutoshfinserv.com
- Investments •Insurance •Income Tax & Estate Planning •NRI Services

FOR TAX RESIDENTS OF TANZANIA, KENYA, UGANDA, SOUTH AFRICA, SUDAN & ETHIOPIA:
NO CAPITAL GAINS TAX ON SALE OF MUTUAL FUNDS AND BONDS/DEBENTURES IN INDIA UNDER DTAA.
PASS THIS MESSAGE TO ALL YOUR FRIENDS AND RELATIVES IN THE ABOVE COUNTRIES.
Under Article 13 of the DTAA (Double Taxation Avoidance Agreement) with the respective countries, capital gains on sale of Mutual Funds (equity oriented or non equity oriented), either short term or long term and also capital gains on sale of all types of bonds/debentures shall be completely tax free in India for persons who are Tax Residents of any of the above country.
The above interpretation of the DTAA has been confirmed by the following judicial decisions:
1. ITO (IT) 2(1) Mumbai vs. Shri Satish Beharilal Raheja ITA NO.4627/Mum/2009
2. The Dy. Commissioner of Income-tax (International Taxation) Kochi vs. Sri.K.E.Faizal ITA No.423/Coch/2018
It has come to our notice that several NRI based in Africa are unaware of this concession.
Kindly contact us in case of any clarification.
Ashutosh NRI services
A division of Ashutosh Financial Services Pvt. Ltd.
Contact us: +91 70435 93388 / nris2@ashutoshfinserv.com
www.ashutoshfinserv.com
Disclaimer: The above facts are based on our interpretation of law. The same should not be relied or acted upon without seeking specific professional advice.
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FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.
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For Canada Tax Residents

FOR CANADA TAX RESIDENTS:
CONCESSIONAL RATE OF TAX IN INDIA OF 15% ON INTEREST INCOMES UNDER DTAA.
Under Article 11 of the India-Canada DTAA (Double Taxation Avoidance Agreement), there is a concessional rate of 15% on interest incomes (including NRO bank account interest) in India for tax residents of Canada. The same shall also be the rate of T.D.S. (withholding tax) in India.
A person is a tax resident of Canada if he stays in Canada for more than 183 days in the calendar year (1st January to 31st December) OR on fulfillment of certain other conditions as per Canadian Law.
The above rates are inclusive of surcharges and cess which is affirmed by the following judicial decisions:
1. Deputy Director of Income-tax (IT)-1(1), Kolkata v. BOC Group Ltd.
2. R.A.K. Ceramics, UAE v. Deputy Commissioner of Income Tax, International Taxation (2), Hyderabad
It has come to our notice that several NRIs based in Canada are unaware of this concession.
Kindly contact us in case of any clarification.
Ashutosh NRI Services
(A division of Ashutosh Financial Services Pvt. Ltd.)
Contact us: +91 70435 93388 / nris2@ashutoshfinserv.com
www.ashutoshfinserv.com
Disclaimer: The above facts are based on our interpretation of law. The same should not be relied or acted upon without seeking specific professional advice.
Follow us using AshutoshFinserv on:
FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.
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For U.K. Tax Residents

CONCESSIONAL RATE OF TAX IN INDIA OF 10% ON DIVIDEND INCOMES AND 15% ON INTEREST INCOMES UNDER DTAA.
Under Article 11 and Article 12 of the India-UK DTAA (Double Taxation Avoidance Agreement), Notification No. 10/2014 [F.No.505/3/1986-FTD-I], dated 10-2-2014, w.r.e.f. 27-12-2013, there is a concessional rate of 10% on dividend income and 15% on interest income (including NRO bank account interest) respectively, in India for tax residents of U.K. The same shall also be the rate of T.D.S. (withholding tax) in India.
A person is a U.K. tax resident if he stays in U.K. for more than 183 days in the U.K. tax year (6th April to 5th April) OR if his only home was in the U.K. where he has spent at least 30 days there in the tax year along with at least 91 days in U.K.
The above rates are inclusive of surcharges and cess which is affirmed by the following judicial decisions:
- Deputy Director of Income-tax (IT)-1(1), Kolkata v. BOC Group Ltd.
- R.A.K. Ceramics, UAE v. Deputy Commissioner of Income Tax, International Taxation (2), Hyderabad
Categories
For U.S.A. Tax Residents

FOR U.S.A. TAX RESIDENTS
CONCESSIONAL RATE OF TAX IN INDIA OF 15% ON INTEREST INCOMES UNDER DTAA.
PASS THIS MESSAGE TO ALL YOUR FRIENDS AND RELATIVES IN U.S.A.
Under Article 11 of the India-U.S.A. DTAA (Double Taxation Avoidance Agreement), there is a concessional rate of 15% on interest incomes (including NRO bank account interest) in India for tax residents of U.S.A. The same shall also be the rate of T.D.S. (withholding tax) in India.
A person is a tax resident of U.S.A. if he stays in U.S.A. for more than 183 days in the calendar year (1st January to 31st December) OR on fulfilment of certain other conditions such as being a U.S.A. citizen or U.S.A. green card holder.
The above rates are inclusive of surcharges and cess which is affirmed by the following judicial decisions:
- Deputy Director of Income-tax (IT)-1(1), Kolkata v. BOC Group Ltd.
- R.A.K. Ceramics, UAE v. Deputy Commissioner of Income Tax, International Taxation (2), Hyderabad
Categories
For Australian Tax Residents

CONCESSIONAL RATE OF TAX IN INDIA OF 15% ON DIVIDEND INCOMES AS WELL AS INTEREST INCOMES UNDER DTAA.
Under Article 10 and Article 11 of the India-Australia DTAA (Double Taxation Avoidance Agreement), there is a concessional rate of 15% on dividend income as well as interest income (including NRO bank account interest) respectively, in India for tax residents of Australia. The same shall also be the rate of T.D.S. (withholding tax) in India.
A person is a tax resident of Australia if he stays in Australia for more than 183 days in the Australian tax year (1st July to 30th June) OR on fulfillment of certain other conditions.
The above rates are inclusive of surcharges and cess which is affirmed by the following judicial decisions:
- Deputy Director of Income-tax (IT)-1(1), Kolkata v. BOC Group Ltd.
- R.A.K. Ceramics, UAE v. Deputy Commissioner of Income Tax, International Taxation (2), Hyderabad
Categories
For U.A.E. Tax Residents

- NO CAPITAL GAINS TAX ON SALE OF MUTUAL FUNDS IN INDIA AND OTHER CONCESSIONS UNDER DTAA.
- ITO (IT) 2(1) Mumbai vs. Shri Satish Beharilal Raheja ITA NO.4627/Mum/2009
- The Dy. Commissioner of Income-tax (International Taxation) Kochi vs. Sri.K.E.Faizal ITA No.423/Coch/2018
- CONCESSIONAL RATE OF TAX IN INDIA OF 10% ON DIVIDEND INCOMES AND 12.50% ON INTEREST INCOMES UNDER DTAA.
- Deputy Director of Income-tax (IT)-1(1), Kolkata v. BOC Group Ltd.
- A.K. Ceramics, UAE v. Deputy Commissioner of Income Tax, International Taxation(2), Hyderabad

View & Download Our Presentation PDF
Webinar for NRI on topic “OVERVIEW OF NRI TAXATION WITH RECENT AMENDMENTS.” conducted on 18th May, 2020 – Monday. The webinar had addressed for NRI and their relatives covering the Complete overview about NRI Taxation and special focus on amendments proposed for NRI in the Finance Act 2020. The presentation was addressed by: Mr. Daxesh Kothari – Tax & Financial Consultant and MD & CEO of Ashutosh Financial Services Pvt. Ltd. Follow us using AshutoshFinserv on: FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.
View & Download Our Presentation PDF
Webinar for NRI on topic “IMPORTANT REGULATIONS & INVESTMENT RATIONALE FOR NRI IN PRESENT TIMES”, conducted on 16th May, 2020 – Saturday. The webinar had addressed for NRI and their relatives covering the Basics about FEMA & RBI regulations in day to day use for NRI & understanding why a NRI should invest in India, especially in the present times. The presentation was addressed by: Mr. Daxesh Kothari – Tax & Financial Consultant and MD & CEO of Ashutosh Financial Services Pvt. Ltd. Follow us using AshutoshFinserv on: FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.
⚖️ GET THE BEST OF BOTH THE WORLDS – DEBT & EQUITY INVESTMENTS ⚖️
We have came up with a simple but unique way of investments for our Non-Resident Indian clients. A strategy which can get the best outcomes from investment in India by investing in NRE Bank Fixed Deposits coupled with investment in Equity oriented Mutual Funds with no depreciation of capital invested.
Features of the Strategy:
1. The purpose is to invest strategically by protecting the investment amount from depreciation of invested capital.
2. To take the exposure of Equity market into investment portfolio with risk mitigation technique.
3. Under the technique, invest 77% of the corpus in NRE Fixed Deposit of a reputed bank of India and invest 23% in Equity oriented Mutual Funds with diversified portfolio.
4. Over the period of investment tenure investor can gain risk free return.
Please review the detailed working from the attached PPT.
CAPITAL PROTECTION STRATEGY FOR NRI INVESTMENT PLAN
For details contact,
Ashutosh NRI Services
A division of Ashutosh Financial Services Pvt. Ltd.
Investments •Insurance •Income Tax & Estate Planning •NRI Services
Contact us at:
Mobile: +91 70435 93388
Email: nris2@ashutoshfinserv.com
www.ashutoshfinserv.com
You can share the message to your Friends, Relatives and Contacts who could be interested.
Follow us using AshutoshFinserv on:
FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.

As we all know that the Finance Bill 2020 has been passed by the Lok Sabha on 23rd Mar, 2020, applicable for the Financial Year 2020-21 with various key amendments impacting the taxation for Non Residents in India.
Please find herewith “Changes in Income Tax Act for Non Residents”. Kindly view the PDF document shared herewith to have a complete understanding of the amendments through a power point presentation prepared by us.
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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