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
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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
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🔍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
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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
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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
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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
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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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Categories
PMS in India
India is the land of opportunities for all global investors. Naturally, NRI investors are looking towards investing in India. There are various investment options for NRIs in India. However, one investment option NRIs tend to favour is Portfolio Management Services. PMS in India is one of the most preferred investment options of the NRI. With India’s economy booming, the Indian stock market will grow and create wealth. However, investing directly in stocks is tedious due to the need for research and analysis. However, a team of professionals, including a fund manager, does the research and analysis in a PMS.
The NRIs are already pouring billions of dollars into Indian equities every year. An NRI should invest in PMS in India to take advantage of the upcoming economic boom. An NRI can trust the fund manager’s expertise in a PMS to generate superior returns. Finally, investing in PMS in India can help NRIs take advantage of the favourable tax treatment often available. Investing in a PMS in India enables NRIs to diversify their investment portfolio and earn higher returns.
How can an NRI Invest in a PMS in India?
An NRI must go through the Portfolio Investment Scheme (PIS) route to invest in PMS in India. Portfolio Investment Scheme (PIS) is a scheme that allows NRIs to invest in the Indian stock market through a designated bank account. PIS will enable NRIs to invest in various financial instruments, such as equities, debt instruments, and mutual funds, subject to specific regulatory guidelines and restrictions.
Under the PIS, NRIs have to open a PIS account with an Indian bank in India and deposit foreign currency. The NRI can then use these funds to buy securities in the Indian stock market. The bank acts as an intermediary between the NRI investor and the Indian stock exchange, allowing NRIs to invest in Indian securities without opening a local trading account.
PIS offers NRIs several benefits, such as the ability to invest in a wide range of securities, easy access to funds, and professional management of their investments. It also allows NRIs to diversify their investment portfolio and capitalize on the growth potential of the Indian economy.
Why Should an NRI Invest in PMS in India?
- Diversification: Investing in a PMS in India can provide an NRI with additional diversification in their investment portfolio. By investing in a PMS, they can gain exposure to a broader range of asset classes and investment opportunities in India. A PMS also has many categories like large cap, mid cap, small cap, multi-cap, etc.
- Professional management: Professional Fund Managers with years of experience in the Indian Financial Markets manage PMS investments. Therefore an investment in PMS in India would enable the NRI to take advantage of the professional fund manager’s expertise for their investment.
- High potential returns: The Indian economy has strong growth potential, and investing in a PMS can allow NRIs to capitalize on this growth. The PMS is the right investment option for an NRI willing to take advantage of the upcoming economic growth of India.
- Rupee Appreciation: NRIs who invest in a PMS in India can benefit from the potential appreciation of the rupee against their home currency. This can help them increase their returns and better achieve their financial goals.
Key Benefits of Portfolio Management Services Over Mutual Funds:
- Lesser Restrictions: Compared to mutual funds, Portfolio Management Services have fewer restrictions. Mutual funds in India are supposed to follow the sectoral cap restrictions based on the nature of the underlying scheme. Whereas for PMS in India, there are no such strict rules for sectoral caps while investing. This enables the PMS to invest more appropriately in various sectors as per the prevailing economic situation.
- Unaffected By Inflows & Outflows: Another critical feature of a PMS in India is that it is unaffected by the inflows & outflows of the scheme. Whereas in mutual funds, every investor’s value is affected by the inflows and outflows in the scheme. In a PMS in India, the NRI’s investment is held in their Demat accounts and hence remains unaffected by the inflows and outflows of the scheme.
- Taxation Benefits: The notional gains made on a mutual funds investment of a US-based NRI is taxable in the united states. However, no such tax is charged on the notional gains made on an NRI’s PMS investment in India. Therefore it is beneficial for an NRI to invest in a PMS in India.
How Can We Help You?
Ashutosh Financial Services is a professional financial company. We have been serving the NRI’s requirements for 20+ years. Our team consists of professionals with years of experience in handling the intricacies of an NRI investment. We have a custom process for an NRI’s PMS investment in India. Our custom process will ensure a simple and streamlined investment process for the NRI.
At Ashutosh Financial Services, we put utmost importance on Preliminary Discussion. In the preliminary discussion, we discuss your investment objectives and expected returns. We modify your investment objectives based on your risk appetite to protect your investment. We also collect your basic details to work up your risk profile. Risk profiling helps us in selecting the ideal PMS for your investment.
All this data and the necessary details are then given to our in-house Research & Department. This department will select the ideal scheme for your PMS investment in India. It considers your investment objectives, expected returns, and risk appetite before finalizing a PMS. Moreover, our in-house research and analysis department also tracks and monitors the performance of all the PMS in India. We also track every PMS fund manager’s investing style and pick the one that suits your investment objectives perfectly.
Once the Research & Analysis Department selects the PMS, we shall approach you with all the necessary documents. We shall also discuss your investment’s tax implications and ways you can legally save taxes. We also assign a relationship manager to guide you through the entire process. The said relationship manager will assist you even with your further needs.
At Ashutosh Financial Services, we review your investments periodically. With it, we try to ensure that your scheme performs as per your objectives. If the current scheme underperforms, we shall inform you about the need to change the scheme. The timely changing of the scheme will ensure that your investment objectives are satisfied.
At Ashutosh Financial Services, we provide you with quality & unbiased services for all your needs. We provide a wide range of NRI services like NRI Investments, NRI Insurance, & NRI Banking. We also provide various NRI Income Tax Compliance Services through our separate tax department. In our bid to provide one-stop financial services to the NRIs, we provide the NRIs with Foreign Tax Compliance Services.
Categories
Can NRI Buy Property In India?
Yes, an NRI / OCI can buy properties in India. The purchase and sale of immovable assets in India by non-resident Indians (NRIs) is under the purview of the Foreign Exchange Management Act (FEMA) and is administered by the Reserve Bank of India (RBI). An NRI is an Indian citizen who is a resident outside India, according to FEMA. An OCI (overseas citizen of India) is a Non-Indian citizen who or whose parents or grandparents were born in India. NRIs & OCIs are treated the same for investment in real estate. Therefore we will address them as NRIs going forward.
Should an NRI Buy Property In India?
All NRIs know that India is one of the fastest-growing economies in the world. Its Real Estate Sector contributes around 10% to the country’s GDP. With the Indian government looking to spend billions of dollars more on developing infrastructure, the growth of the Indian Real Estate Sector is not stopping. Investment in the real estate sector is one of the safest options for investment for an NRI in India.
However, a shift is being seen in NRI investments in India. The NRIs now prefer investment in financial assets to physical assets. We at Ashutosh Financial Services also believe that an NRI should prefer investing in Finance Assets over Physical Assets to get the maximum returns on their investments. Below are the reasons why an NRI should choose Financial Assets (Mutual Funds, Portfolio Management Services, Fixed Deposits, etc.) Over Physical Assets (Land, Residential Property, Commercial Property):
- Liquidity: Physical assets like land, residential or commercial property are generally considered ill-liquid assets. On the other hand, financial assets like mutual funds, portfolio management services, and fixed deposits are easily sellable at the click of a button. Another key difference is that to sell land; an NRI must find a buyer, agree to a specific price and then recieve the sale proceeds. On the other hand, in financial assets like mutual funds or fixed deposits, an NRI can receive the entire funds back in their bank account in a week. Further, there is also a lot of unaccounted money involved in transacting in real estate which can become cumbersome for an NRI to manage.
- Returns: Everyone knows that the long-term returns of financial instruments like mutual funds and portfolio management services will outperform the returns of physical assets like land, residential property, commercial property, etc. The case of India is no different in this regard. The returns of Indian financial assets have consistently beaten the returns of physical assets over the last three decades.
- Management of Assets: Physical assets demand resources for management, upkeep, and security to maintain an asset properly. On the other hand, modern financial assets are professionally managed and require no time or resource devotion from you. Managing physical assets is time and money-consuming, whereas financial assets do not need either.
- Correlation To Economic Growth: The Returns of physical assets decreases when the economy grows. It happens because when the economy grows, infrastructure grows too, and people tend to live in distant locations with the growth of infrastructure. Distant locations are areas that are away from the center of the city. As people shift to distant locations, there is a significant increase in the supply of real estate, which reduces the returns on a real estate investment. However, the returns of financial assets are in line with economic growth. The returns from financial assets rise with broader economic growth. The higher the economic growth, the higher the returns from the financial assets.
- Next Generation: The next generation NRIs are not intending to relocate to India or visit India frequently. Moreover, since NRIs do not intend to use the property, it does not make much sense for them to own real estate assets. Moreover, visiting India to manage the assets can also be a challenging task for them.
Types of Properties an NRI can buy in India:
NRIs can buy property in India as long as they comply with the FEMA and RBI guidelines. There are no restrictions on the number of properties an NRI can buy in India. There are various types of properties that an NRI can buy in India. An NRI can buy any residential or commercial property in India. However, an NRI cannot purchase any agricultural land, farmhouse, or plantation property in India.
The RBI releases various directives from time to time on the properties an NRI can buy in India. These directives help the NRIs abide by the laws while buying properties in India. .As per the directives, NRIs cannot engage in real estate business in India, i.e. dealing in regular buying and selling of land within short intervals in greater volumes. It is important to note that an NRI need not disclose to the RBI all the properties they purchased in India.
in India. These directives help the NRIs abide by the laws while buying properties in India. .As per the directives, NRIs cannot engage in real estate business in India, i.e. dealing in regular buying and selling of land within short intervals in greater volumes. It is important to note that an NRI need not disclose to the RBI all the properties they purchased in India.
How Can an NRI Buy & Sell Properties In India?
An NRI can buy residential and commercial properties in India without any restrictions. NRIs can pay either through standard banking channels by remittance from a foreign bank account or use their NRE/NRO account balances. NRIs cannot pay for properties using traveller’s cheques or foreign currency in India. Many NRIs are investing in the Indian property markets due to the depreciating rupee. A depreciating rupee would enable the NRIs to generate abnormal returns due to exchange rate fluctuations.
It is advisable for NRIs to buy properties in India either through remittances from abroad or through an NRE account. This would enable an NRI to easily repatriate the sale proceeds of the property outside India after paying appropriate taxes. However, in the case of residential house properties, the repatriation of funds is restricted to the sale of a maximum of two properties. Repatriation beyond that will have to be done under the 1 million US dollar repatriation scheme of RBI.
Documents Needed By The NRIs To Buy Property In India:
An NRI can buy property in India by using the following documents:
- Passport or OCI Card
- Pan Card
- Power Of Attorney (In case the NRI is unable to come to India to complete the purchase)
- Utility Bills (For proof of current residence)
- Passport Size Photo.
Can an NRI Buy Property In India Without Coming To India?
Yes, an NRI can buy property in India without coming to India through a Power Of Attorney (POA). An NRI can give their friends or relatives a POA to complete the purchasing process in India. An NRI can create a custom POA to give specific rights to the representative buying property on their behalf. A POA would ensure that an NRI can buy a property in India without coming to India.
How Can We Help You?
At Ashutosh Financial Services Private Limited, we have assisted the NRIs with their real estate requirements for over 20 years. We also support the NRIs in relevant tax compliance and procedural compliance relating to property buying in India. Our team specializes in creating Power Of Attorney (POA) for NRIs.
We thoroughly discuss with the NRIs their requirements for buying property in India. After this, we inform the NRIs regarding the procedures and compliance they must adhere to. We also discuss with NRIs how they should route their funds and which bank accounts they should use to get the maximum benefit. Our team would additionally suggest the NRIs various ways in which they can save tax while buying property in India.
We also help the NRIs draft a Power Of Attorney (POA). Our team would discuss with the NRIs the power they wish to give their representative. Our team also helps the NRIs in both drafting and notarizing the POA. We will also assist the NRIs in drafting the POA, keeping in mind their objectives.
Apart from providing the above-mentioned financial services to the NRIs, we also offer NRI Banking, NRI Investment, NRI Insurance, NRI Income Tax & Foreign Tax Compliance Services. We are a one-stop professional financial services provider company. We aim to provide the NRIs with quality financial services for all their Investment needs.
India is uniquely placed in today’s geo-political environment. With the highest number of young people, a robust startup ecosystem, and a proactive government willing to provide all the opportunities, India is finally unlocking its growth story. India is uniquely poised to grow in an environment wherein the other major economies of the world are starring at a slowdown. On top of this, the government has launched several measures that would transform the Indian economy into a behemoth. All the above factors make India the most attractive NRI Investment option. However, the key problem lies in the fact that there are multiple NRI Investment Options in India for the NRI.
NRI Investment Options in India can be divided into 1) NRI Investment Options in India – Equity Oriented Instruments & 2) NRI Investment Options in India – Fixed Income Instruments. As India is still a developing country, various fixed-income instruments are available for an NRIs investment. A lot of NRIs generally invest in Indian for the sole purpose of earning stable and secure returns. The below-mentioned fixed-income instruments offer fixed & guaranteed returns on the NRI’s investment. The prospect of fixed and guaranteed returns offers the NRIs better insight regarding their future plans.
Here are a few fixed NRI Investment Options in India:
1) Corporate Fixed Deposits
An NRI can invest in corporate fixed deposits to get assured/guaranteed returns. In India, banks and non-banking financial companies can issue fixed deposits. The fixed deposits issued by banks are called fixed deposits, whereas the fixed deposits issued by NBFCs are called corporate fixed deposits. An NRI has to invest a lumpsum into a corporate fixed. At the time of investing, based on the interest rate of the fixed deposits, the NRI can easily calculate the amount he will receive at maturity.
Corporate Fixed Deposits are issued by giant corporations with a stable financial background. These companies have played a vital role in India’s growth since its independence. At Ashutosh Financial Services, we suggest corporate fixed deposits of companies like Bajaj Finance, Mahindra Finance, HDFC, etc. These are giant companies with very stable financial backgrounds. These companies have consistently given fixed returns on all their deposits over the last decade.
2) Guaranteed Returns Insurance Plans
The most appealing fixed-income investment option for NRIs in India is a Guaranteed Returns Insurance Plan. As an NRI Investment Option in India, the Guaranteed Returns Insurance plan offers the NRI the dual benefit of investment & insurance. In this plan, an NRI has to invest or pay the premium for a certain number of years, after which the NRI gets a fixed/guaranteed return. The return of a guaranteed return insurance plan is entirely tax-free, making it one of the most attractive NRI investment options in India.
We all know that life is uncertain, and investment is paramount to a stable life. A Guaranteed Returns Insurance Plan helps the NRI satisfy the above requirements. As an NRI Investment Option in India, it offers the NRI complete safety as the return is guaranteed and carries an insurance cover for any unforeseen contingency.
3) Fixed Maturity Plans
Another fixed-income NRI investment option in India is – The fixed Maturity Plan. As the name suggests, a fixed maturity plan offers an NRI a fixed sum of money on maturity. Generally, in this type of plan, the maturity amount is pre-fixed at the time of investment. In this plan, an NRI has to pay the premium (investment) for a fixed number of years and receive a fixed amount on maturity.
The corpus received by the NRI on maturity is entirely tax-free. Moreover, since the maturity amount is fixed at the time of investment, the NRI will get a fixed return in the long term regardless of economic fluctuations.
4) Pension Plan
A pension plan is a type of plan that offers an NRI fixed long-term income post-retirement. As an NRI Investment option in India, it secures the NRI’s future and assists the NRI with any post-retirement contingencies. A pension plan can be specially curated to offer various monthly & lumpsum payments to ensure that an NRI has an independent life.
As an NRI investment Option in India, an adequately set pension plan is a must if an NRI is looking to settle/retire in India. A pension plan provides a guaranteed sum of money as per the agreement made while investing. Since it offers guaranteed returns, the NRI can have a stable and secure retired life without any worries.
How Can We Help You?
Ashutosh Financial Services has been serving the needs and requirements of the NRIs for over 20 years. We are a professional financial company that provides a wide range of NRI Services. Our aim is to simplify the NRI investment process and provide quality & unbiased advice to the NRIs. We have separate departments for providing different NRI services to the NRIs. Our team consists of qualified professionals who have years of experience of handling NRI Investments.
At Ashutosh Financial Services we offer the NRIs a variety of options relating to fixed-income instruments. We also suggest the NRIs legal ways to save taxes both pre & post investment. Ashutosh Financial Services has a presence in India’s key financial cities like Mumbai, Ahmedabad, and Rajkot. We have state-of-the-art offices in all these 3 cities. We also have a robust digital infrastructure for online services.
As a financial services provider company, we provide a wide array of NRI services like NRI Investment, NRI Insurance, NRI Income Tax Compliance, and NRI Foreign Tax Compliance services. We keep ourselves updated with all the recent updates on the rules and regulations regarding NRI Investment Options in India. We follow a process driven approach to provide quality services to the NRIs.
Below are the key USPs that make us one of the best NRI services provider in India:
1) Dedicated Relationship Manager: At Ashutosh Financial Services, we assign you a dedicated relationship manager right from our first meeting. The said relationship manager will assist you throughout your process of investing. The relationship manager would be your one-point contact for your current and future needs with Ashutosh Financial Services. Even after completing the investment process, the relationship manager will be available for all your future investment needs.
2) Dedicated & In-House Research & Analysis Department: Another key feature that enables us to provide efficient and quality NRI services is our dedicated in-house research and analysis department. Helmed by qualified and professional members, it tracks the performance of all the NRI Investment Options in India. The research & analysis team, based on the information provided about you, will carefully select the best investment scheme for your investment.
Our Simplified & Efficient Process For Your Investment is as under:
1) Preliminary Discussion: It is the most important part of the process. In this, we will have a detailed discussion with you regarding your investment objectives, expected returns, duration of investment, etc. We also collect your basic details to work up your risk profile.
2) Risk Profiling: Risk profiling is the process through which we assess how much risk you should ideally take to achieve your investment objectives. Risk profiling enables us to pick the right investment option based on your expectations while keeping your investments as risk-free as possible.
3) Research & Analysis: Based on the data collected after preliminary discussion and risk profiling, the research and analysis department will pick the right investment scheme for you. The research & analysis team will compare various schemes and pick the best one for your investment.
4) Investment Process: Once the schemes are finalized, we will approach you again with the necessary investment documents and a detailed plan for achieving your investment goals. We will also discuss the taxation aspect of your investment.
We are a one-stop financial services provider. As an ISO-certified company, we adhere to the highest standards of professionalism in our service. At Ashutosh Financial Services, we assure you that we will provide you quality and unbiased advice for all your investments.
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Can NRI Invest in Mutual Funds?
Yes, an NRI can invest in mutual funds in India as long as the NRI adheres to the rules of the Foreign Exchange Management Act (FEMA). India is slowly and steadily unlocking its growth story and, in the process, creating a vast amount of wealth for all the investors investing in its growth story. India is one of the fastest-growing economies in the world. The Indian stock market is also one of the best-performing markets in the world.
India has been a constant recipient of massive FDI & FII inflows. A majority of these inflows get directly invested in Mutual Funds. Mutual Funds are one of India’s most sought out investment options for NRIs in India. Many NRIs invest in mutual funds due to their easy and simplified investment and redemption process.
How Can NRI Invest in Mutual Funds?
An NRI can invest in mutual funds. However, it is not as simple as it is for a resident Indian. There are only a few ways through which an NRI can invest in mutual funds. Below is the process of how an NRI can invest in mutual funds:
Step 1 - NRI Bank Accounts
An NRI needs to have an NRI bank account to invest in mutual funds in India. An NRI can open an NRE/NRO account with any Indian bank to do banking transactions in India. An NRE account is advisable for an NRI since it is convenient to transfer their foreign income back and forth from India.
Step 2 - Get Your KYC Done
KYC stands for Know Your Consumer. The KYC is a form SEBI introduced for establishing customer identity, customer activities, and customer’s source of funds. SEBI purposefully designed the KYC standards to protect the financial institutions from fraud, corruption, and money laundering.
An NRI can submit the following documents to complete their KYC process:
- Overseas Address Proof
- Indian Address Proof
- A Copy of The Passport
- Recent Photograph
- A Copy of The Pancard
- Bank Statement
Step 3 - Investment Procedure
An NRI can invest in mutual funds through a professional financial services company. An NRI can invest in mutual funds through offline and online channels. The offline method includes filling in forms and cheques, whereas the online method includes investing through net banking.
An NRI can also invest in mutual funds by assigning a Power Of Attorney (POA) to another person. In cases where the NRI has issued a power of attorney (POA) to another individual, the said individual can invest in mutual funds on behalf of the NRI.
Why Should An NRI Invest In Mutual Funds?
Professionally Managed Funds: Mutual Funds are professionally managed, which frees the NRIs from the tedious task of stock research and analysis. Moreover, the transparency of a mutual fund scheme ensures that the NRI knows all about his investment.
Multiple Schemes: There are various types of mutual funds – Equity, Debt, Hybrid, etc. Each type of mutual fund has its advantages and disadvantages. An NRI can choose the kind of mutual fund to invest in based on his objectives.
Diversification Of Risk: Investing in mutual funds enables the NRIs to diversify the investment basket/portfolio. An NRI could have invested in various financial instruments in India and investing in mutual funds would diversify the NRIs overall investment portfolio.
Mutual Fund Taxation For NRIs:
As discussed earlier, NRIs can invest in mutual funds. Hence the NRIs also need to comply with the necessary taxation requirements. The NRI needs to be aware of two types of taxes – Short Term Capital Gain Tax (STCG) & Long Term Capital Gain Tax (LTCG). STCG is applicable when an NRI purchases and redeems mutual funds within one year. LTCG is applicable when an NRI redeems the mutual funds after the completion of 1 year of purchase.
For Equity Oriented funds, the STCG tax rate is 15%, (holding period less than 1 year) whereas the LTCG tax rate is 10% without indexation benefits. For Debt Oriented funds (holding period less than 3 years), the STCG is as per the NRIs income tax slab, whereas the LTCG tax rate is 10% without indexation benefits.
Moreover, India has entered into the DTAA (Double Tax Avoidance Agreement) with more than 90 Countries. DTAA agreement ensures that the same income cannot be taxed in 2 countries. As per this agreement, the NRI has to pay tax on the gains made on mutual funds in India only and not in the NRIs country of residence. Most NRIs can take benefit of India’s DTAA agreement with the country of their residence and invest freely in India.
How Can We Help You?
Ashutosh Financial Services Private Limited is a professional NRI services provider company. We have been assisting and serving the needs and requirements of the NRIs for over 20 years. We have happily served over 500+ NRIs with their various needs and requirements for investing in India over the last 20+ years.
NRI investments are a complicated matter as an NRI needs to adhere to various rules of the Foreign Exchange Management Act (FEMA), Income Tax, Reserve Bank Of India (RBI), etc. An NRI must comply with all the rules of various institutions to avoid unnecessary troubles.
Through our years of experience, we at Ashutosh Financial Services have created many custom processes. We have designed them specifically to simplify the entire process of NRI investments. At Ashutosh Financial Services, we have a team of experienced employees who are well-versed in an NRI investment’s intricacies.
At Ashutosh Financial Services, we follow a process-driven approach to cater to an NRI’s needs. The steps of the process are as under:
- Preliminary Discussion: Thorough Discussion about the NRI’s objectives, needs, and requirements. We also discuss the taxation part of the investment.
- Risk Profiling: Based on our preliminary discussion, we determine the maximum level of risk an NRI should take to attain his objectives & goals.
- Research & Analysis: We do in-depth research and analysis of the schemes and plans where the investment needs to be made to attain the NRIs objectives. We boast of an in-house research & analysis department
- Investment Process: After all the necessary analysis, we approach the NRI again with a detailed plan/outline of how the investment needs to be done and how the investment objectives will be attained.
- Dedicated Relationship Manager: Every investor has a dedicated relationship manager at Ashutosh Financial Services. In the same way, an NRI investor would also have a dedicated relationship manager, who shall be the one-point contact for the NRIs future needs. The relationship manager will be available to assist the NRI with all their requirements.
Ashutosh Financial Services is a one-stop financial services provider. At Ashutosh Financial Services, we believe in providing quality and unbiased financial services to the NRIs.
Everyone is aware that India will unleash its growth story and, in the process, create a vast amount of wealth for all investors. However, the real problem is deciding where to invest in India. As an NRI, you would be unaware of all the rules and regulations relating to investing in India. Moreover, there are a lot of NRI Investment Options In India for the NRIs. However, an NRI needs to know all the advantages and disadvantages of every NRI Investment Options In India before selecting one.
The Indian economy is one of the fastest-growing economies in the world and will continue to be the same over the next decade at least. Naturally, such impending growth would create loads of wealth for anyone who invests in India’s growth story. India continues to be the global bright spot for smart investments. Naturally, this makes India the perfect place for NRIs to invest their money. Moreover, India is also the preferred investment destination for the NRIs due to its motherland appeal.
The Best NRI Investment Options In India - Equity Oriented Instruments.
1) Mutual Funds
Mutual Funds are one of the most stable and safe investment options for NRIs in India. Mutual funds are one of the most preferred NRI investment options in India for NRIs. Various types of mutual funds are available for the NRI to invest in. An NRI can choose from Equity, Debt, Hybrid, or Solution Oriented Mutual Funds based on their objective and risk appetite.
Qualified individuals professionally manage Mutual Funds. The allocation in a mutual fund is done after thorough research & analysis. Moreover, the investment in a mutual fund depends on the nature of the underlying scheme/fund’s objective. The information regarding mutual fund investment is readily available to investors to ensure greater transparency.
2) Portfolio Management Services
Another preferred investment option for the NRIs in India is Portfolio Management Services (PMS). PMS is the ideal investment option for NRIs who prefer investing directly in stocks. A team of professional individuals with years of experience handle a PMS. PMS invests directly in stocks after thorough research and analysis.
There are various types of Portfolio Management Services, and an NRI can choose one according to his investment objectives and risk-taking abilities. PMS is one of the ideal NRI Investment Options In India as the NRI has to invest the money and let the professional fund managers do their job.
NRI Investment Options In India - Alternate Equity-Oriented Instruments
1) Unlisted Shares
We all know India is unlocking its growth story. Similarly, there are a lot of companies in India that are yet to unlock their true potential. The startup age has brought about a lot of disruptive companies that can revolutionalize entire industries in the future. The recent frenzy in the stock markets has brought out a new NRI Investment Option In India for the NRIs – Unlisted Shares.
Unlisted shares are equity shares that are not traded on the secondary market, that is, the stock exchanges. The unlisted shares have caught the eye of the NRIs due to the prospect of generating enormous returns. However, not all unlisted companies generate enormous returns. An NRI must do all the due diligence before investing in unlisted shares or hire a financial service provider like Ashutosh Financial Services to assist them in investing in unlisted shares.
2) Foreign Equity
As an NRI, you would know that the world’s biggest and most famous companies, like Apple, Amazon, Google, etc., are from the US markets. The US market is the world’s biggest stock market in terms of market capitalization. These companies have consistently generated good returns for all their investors. They are also among the world’s biggest wealth creator companies. However, most of the NRI investors would not have invested in these companies due to the lack of knowledge of how to invest in them or due to the price of the share of these companies.
To solve this problem, we at Ashutosh Financial Services have created a custom product – Foreign Equity. We have created many custom portfolios of US Listed Companies in this product. Each of these portfolios has an underlying theme, and all the investments are done into companies according to the underlying theme.
How We Help You?
Ashutosh Financial Services is a professionally managed, ISO-certified financial services provider that has assisted the NRIs in their various requirements for over 20 years. We have a team of qualified and experienced individuals who are well-versed in handling the intricacies of an NRI investment. In our bid to provide quality and efficient NRI Services, we have separate departments for all our services.
We have our presence in 3 key cities(Mumbai, Ahmedabad, and Rajkot). We have a state-of-the-art digital and physical infrastructure. Our robust infrastructure enables us to provide offline and online service/support to the NRI for their investments. All our separate departments are helmed by dynamic individuals with years of experience handling NRI investments.
We follow a process-driven approach that is carefully curated to ensure that all the aspects of an NRI investment are taken care of. Our process starts with-
1) Thorough Discussion: To understand your investment objectives and risk appetite. It also enables us to collect all your basic details and prepare your risk profile.
2) Risk Profiling: Based on the investment horizon and objectives, we try to ascertain the maximum risk you should take to achieve your investment objectives.
3) Research & Analysis: We select the best scheme for fulfilling your investment objectives based on all the data collected. It involves comparing all the available options and choosing the best one for your investment.
4) Investing: Once the final schemes are locked, we will approach you again with all the necessary documents and a detailed plan of how your investment objectives will be achieved. Moreover, we will also discuss the taxation part of your investment.
Our Key USPs are:
1) Dedicated Relationship Manager: At Ashutosh Financial Services, we assign an individual to assist you in your investment process. The relationship manager would also assist you with all your future requirements. The said individual will always be available to assist you in any way you need.
2) Dedicated Research & Analysis Department: A specialized department that tracks the performance of all the NRI Investment options in India. It is helmed by qualified and professional individuals with years of experience in handling NRI Investments. This department gives us an edge and enables us to provide you with the best investment scheme for your objectives.
3) Periodical Review Of Investments: At Ashutosh Financial Services, we undertake a periodical review of your investments. We take up this activity to ensure that if the schemes perform differently from the expectations, we can change and replace them at the earliest to achieve your investment goals.
At Ashutosh Financial Services, we assure you that we will provide you with the best quality and unbiased advisory services for your investment.
Need For Professional NRI Services In India
India is the bright spot in the overall gloomy world economies. India is one the fastest growing economies in the world, and therefore no wonder that India is one of the most preferred destinations of the NRIs when it comes to Investing. It is very important that an NRI hires a professional financial company for their various NRI services in India. In the last decade, India has drastically improved its infrastructure facilities, ease of doing business abilities, and various other laws. All these changes will enable India to unlock its growth story.
India continues to attract massive inflows of Foreign Investments. India is one of the few developing countries receiving a steady flow of Foreign Investments in the last few decades. Therefore it makes absolute sense for an NRI to Invest In India. However, an NRI looking to invest in India must look for a financial services provider company that can provide quality NRI Services in India. A professional financial company can cater to all their requirements of the NRIs from investments to taxation. It would also be able to ensure that the NRI complies with all the relevant rules and regulations of India.
Following are the reasons why an NRI must work with a professional financial services provider company for NRI Services in India:
1) One-Stop Financial Services Provider:
A professional financial company providing NRI Services in India would greatly help the NRIs. It would enable them to track and monitor all their investments in one place. An NRI would also get all its requirements satisfied in one place. A professional financial company would take care of an NRI’s Investment, Insurance, Income Tax, and Banking needs all in one place. It will therefore eliminate the need for the NRIs to have multiple advisors or people for the same task.
2) Quality Service:
An NRI is assured of getting quality NRI services in India with a professional company. Most professional financial services companies tend to have a process-driven approach to keep things simple and efficient. Moreover, professional companies have well-trained and experienced employees that can better cater to the requirements of the NRI.
3) Taxation Compliance:
A professional financial company will help the NRIs in proper tax compliance as well. A company providing comprehensive NRI services in India would ensure that the NRI is tax complaint in India. NRI Investments are subject to various taxes like Short Term Capital Gain Tax (STCG) or Long Term Capital Gain Taxes (LTCG), etc. It is here that a professional financial company would ensure that the NRI pay the necessary taxes as per Indian rules. A experienced financial company will therefore keep the NRI tax complied as per the Indian rules and regulations.
4) Tax Planning:
Not only does a financial company help an NRI in Tax Compliance, but it also helps an NRI in Tax Planning. Tax Planning is a process through which a financial company reduces the NRI’s tax burden. The NRIs tax burden is reduced while staying within the legal ambit of rules and regulations of the Indian Income Tax Act. A professional financial company would know the various deductions and ways an NRI can reduce its overall tax liability.
5) Experience:
A professional financial company providing NRI Services with years of experience would be better equipped to handle NRI’s needs. An experienced company would be well-versed in the intricacies of an NRI investment and other requirements. A professional financial company would also be aware of various laws and regulations that streamlines the NRI’s investment process.
How We Can Help You?
We at Ashutosh Financial Services Private Limited have been providing NRI services in India for over 20 years. Ashutosh Financial Services Financial Limited is a professional, ISO-certified, One-Stop financial services provider company. Our NRI Services consists of NRI Banking, Investments, Insurance, Income Tax Compliance, Estate Planning, Foreign Tax Compliance, etc. We have dynamic leadership and management backed by a qualified and experienced team.
Through our years of experience, we have created many custom processes that enable us to serve the NRIs in the most simple and efficient way. Our aim is to make the entire process of Investing for NRIs extremely streamlined and hassle-free. We have in-house dedicated research, tax, and claims settlement departments, which facilitates us to provide all the NRI services. We possess a state-of-the-art physical and digital infrastructure to provide quality NRI services.
At Ashutosh Financial Services Private Limited we keep our entire team updated with the happenings in the world of finance. Our team keeps themselves updated with all the current rules and regulation changes relating to finance. Through our years of experience, we are now excellent tax planners. We specialize in helping the NRIs save taxes while staying within the laid-out rules and regulations. In our 20+ years of providing NRI services we have successfully catered to the needs of over 500+ NRI families spread across 20+ countries. We aim to provide complete and comprehensive NRI services to the NRIs looking to invest in India.
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What is an NRE Account
Introduction To NRE Account:
An NRE (Non-Resident External Account) account is a type of account that lets the NRIs transfer their foreign currency earnings to India. It is a rupee-denominated account with no limits on transferring funds to and from India. NRIs use an NRE account to invest their foreign incomes in India. An NRE account is the preferred choice of NRIs for remittances. NRIs generally do remittances to take care of family responsibilities.
An NRE account is a savings bank account which can also be used to make fixed deposits. Moreover, the interest earned is also wholly tax-free and fully repatriable. An NRI can deposit their current Indian incomes (rent, interest, dividends, etc.) in their NRE account. However, there are restrictions on the deposit of sale proceeds of assets to an NRE bank account. An NRI can manage this account from anywhere in the world through Net Banking. An NRE account is exposed to exchange rate fluctuations. An NRI can open an NRE account individually or jointly (only with an NRI).
People Eligible To Open An NRE Account:
- Non-Resident Indian (NRI).
- Indian Citizens Studying / Working Abroad.
- Person Of Indian Origin (PIO).
- Overseas Citizen Of India (OCI).
- Indian Citizens Posted Abroad By The Government.
Benefits Of An NRE Account:
Remittances: Remittance is one of the key reasons why an NRI uses an NRE account. NRIs can transfer their foreign earnings to the NRE account with ease. An NRI can transfer money to this account in foreign currency from their foreign bank account, which will automatically get converted into Indian Rupee. The NRIs mostly use this account to take care of their responsibilities for their families back in India.
- Tax-Free: Any interest earned on NRE Savings or Fixed Deposit account is tax-free and fully repatriable. Indian banks offer an attractive rate of interest on NRE Savings & Fixed Deposits accounts, making them an attractive option for the NRIs to invest or park their free funds.
Investment: An NRE account is also beneficial to NRIs when it comes to investments. Since there are no limits on the repatriation of the funds back to the foreign bank accounts, it lets the NRIs invest in India to their full potential. NRIs can choose to invest in Indian Stock Markets, Mutual Funds, Portfolio Management Services, Bonds, etc. It can be used to invest directly in the equity markets (Mutual Funds & Stocks) on fulfillment of certain conditions.
Repatriation: There are no limits on the repatriation of funds in an NRE account. An NRI can therefore transfer any amount to and from this account to their foreign account without any limitations. In contrast, an NRO account has a $1 million limit on repatriation of the funds.
Documents Needed To Open An NRE Account:
- Pan Card
- OCI Card
- Passport
- Bank Statement / Driving License (If OCI Card not available)
- Tax Identification Number
- Passport Size Photograph
How Can We Help You?
Ashutosh Financial Services Private Limited is a One-Stop Financial Services Provider. We provide NRI Services relating to NRI Banking, Income Tax Compliance, Investments, Insurance, Foreign Tax Compliance, etc. In our 20 years of providing NRI Services we have happily served over 500+ NRI client families spread across 20+ countries. We are a professionally managed ISO-certified company.
We have a dedicated NRI Services Department to focus on the requirements of the NRIs. Our team comprises of well qualified and well-trained people who always stay updated with the rules and regulations of the NRIs. We have a state-of-the-art physical office spread across 4000 sq—feet for our various departments and services.
An NRI may need to do some transactions in India for multiple reasons ranging from taking care of family responsibilities to investing in India, but before any such transaction, an NRI must have an NRI bank Account. Therefore, we at Ashutosh Financial Services put utmost importance on understanding the needs and requirements of the NRI first before suggesting an NRI bank account.
In our preliminary discussion with the NRIs we explain to them all the advantages and disadvantages of the various type of NRI bank accounts and then help them in choosing the right type of bank account for their banking needs. We also explain to them the tax implications that they need to adhere to for the type of bank account chosen for them.
At Ashutosh Financial Services Private Limited we help the NRIs in opening the bank account by providing them a list of documents needed to open the bank account. Our team will help guide the NRI in choosing the right bank to open the account. To complete the entire process quickly, we also take regular follow-ups with the bank executives to ensure that the bank account opens at the earliest.
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What Is An NRO Account
Introduction To NRO Account:
An NRO (Non-Resident Ordinary Account) account is a type of NRI account that is maintained in Indian Rupee. Through an NRO account, an NRI can manage all their incomes earned from India. An NRI can deposit their rent, dividend, interest, proceeds from the sale of assets, and various other incomes generated from India in their account. An NRO account is a savings account and it can also be used to make a fixed deposit. An NRO account can be opened jointly with a resident or a non-resident Indian.
Any current income (rent, interest, dividends, etc.) received in an NRO account is fully repatriable after the payment of applicable taxes and completion of the necessary procedure. An NRI can also transfer up to $1 Million per year from their NRO account after paying the applicable taxes over and above the current incomes mentioned above. An NRO Account is immune to exchange rate fluctuations because it is a rupee-denominated account. An NRO account is always useful when it comes to investing in India.
People Eligible To Open An NRO Account:
- Non-Resident Indians (NRI).
- Person Of Indian Origin (PIO).
- Overseas Citizen Of India (OCI).
- Students Studying Abroad.
- Foreign Students Studying In India.
- Tourists On A Short Visit To India.
Benefits Of An NRO Account:
- Manage Indian Income: An NRO account helps the NRI in collecting and manage his Indian income. An NRI could have various types of incomes like Rent, Interest, and Dividends from their various investments in India. An NRI could also deposit the proceeds from the sale of Indian assets in this account. An NRO account lets an NRI deposit these incomes in their own NRO account in Indian Rupee denomination only.
- Immune To Currency Fluctuations: Most of the time the NRIs are at risk of losing money due to exchange rate fluctuations between the Dollar & Indian Rupee. An NRO account is immune to exchange rate fluctuations unlike an NRE account because it is a rupee-denominated account. Moreover, the repatriation of funds can also take place at the NRI’s discretion.
- Repatriation: An NRO account also allows the NRI to repatriate their Indian income to the country of their residence. It is important to note that an NRI can only transfer up to $1 Million in a financial year and that too after paying the applicable taxes on the gains made over and above the incomes like rent, interest, and dividends earned. This enables the NRI to keep receiving income from their investments in India in a streamlined manner.
- Investment: An NRO account also helps NRIs in investing in India. NRIs tend to invest in Indian stocks, mutual funds, and bonds for better returns. Since the NRO account is a rupee-denominated account, the NRIs can invest directly in the financial instrument of their choice without the need for conversion of currencies.
Better Returns: It is also common knowledge among the NRIs that since is a developing country, it offers better interest on saving accounts and fixed deposits. An NRI can therefore either park their surplus funds in fixed deposits or let it be idle in the savings account and earn interest. The interest earned however is taxable subject to TDS deduction as well. The interest amount is wholly repatriable only after paying the appropriate taxes.
Documents Needed To Open An NRO Account:
- Pan Card
- OCI Card
- Passport
- Bank Statement / Driving License (If OCI Card not available)
- Tax Identification Number
- Passport Size Photograph
How Can We Help You?
Ashutosh Financial Services Private Limited is a Rajkot-based company that has been serving the needs and requirements of NRIs. We provide NRI Services relating to Investments, Insurance, Income Tax Compliance, Foreign Tax Compliance, FEMA Regulations, Estate Planning, & NRI Banking. We have been providing all these NRI Services for over 20 years now. At Ashutosh Financial Services Private Limited we have a team of qualified and experienced individuals who have years of experience when it comes to dealing with the needs and requirements of the NRIs.
Any NRI willing to do a transaction to or from India needs to have an NRI Bank Account. It is very important to note here that a lot of NRIs would not have any idea about the banking regulations that they need to follow for opening an NRI Bank account or the types of bank accounts that an NRI can open. Since it is a very crucial part of the overall NRI Banking we at Ashutosh Financial Services have a process-driven approach that has been custom created to address the various needs of an NRI.
There are multiple types of NRI bank accounts that an NRI can open, we explain and outline all the advantages and disadvantages of these types of accounts. However, it is through detailed discussion that we identify and address the banking needs of an NRI and help the NRI in choosing the right type of bank account as per their need. We also help the NRIs in selecting a bank for opening their bank account. We not only guide the NRIs in the process of opening the bank account but also take regular follow-ups from the bank executives (if need be). Our aim is to provide the NRIs with a hassle-free experience while opening a bank account in India.
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NRI Banking
Introduction To NRI Banking
A bank account for any NRI can be opened by an NRI or a Person Of Indian Origin (PIO) or an Overseas Citizen Of India (OCI), with an Indian bank to avail banking services in India. An NRI Bank Account is a unique type of bank account that can be opened in any Indian Bank by citizens who currently do not reside in India. An NRI could be having income in different foreign currencies like dollars, pounds, euros, etc. but in order to invest in India, an NRI would need an NRI bank account that can convert his foreign currency into Indian Rupee. For an NRI having income in India, it is also important to have an NRI account in India so that his earnings can be deposited in the said NRI account and then can be repatriated back to him post-conversion.
Types of NRI Accounts:
There are three types of bank accounts that an NRI can open to meet his banking needs in India:
1) Non-Resident Ordinary (NRO) Account:
An NRO account is an account held by NRIs primarily for managing their incomes earned or arising from India. An NRI can deposit any amount in Indian rupees in NRO Account. An NRO account also lets you receive funds in foreign currency from any foreign country.
An NRO account is mainly opened by NRIs to manage their deposits and interest incomes like dividends, interest, and rent. NRIs can only withdraw Indian Rupee from NRO Account as this account is maintained in Indian Currency.
The Interest earned on the deposits of an NRO account is subject to TDS (Tax Deducted At Source). Moreover, funds from an NRO account cannot be freely repatriated into any foreign account.
2) Non-Resident External (NRE) Account:
An NRE account is an account held by NRIs primarily to park their foreign earnings in Indian currency. Any currency (dollar, euro, pound) deposited into an NRE account will be converted to the Indian rupee.
The key benefit of an NRE account is that it is exempt from tax. The principal amount as well as the interest earned from the principal amount is both tax-free. Moreover, there are no limits on the repatriation of funds from an NRE account to any foreign account.
NRE accounts are generally used for personal or business purposes. NRE accounts are the preferred choice of accounts for NRIs looking to make direct investments in India. An NRE account is however prone to exchange rate fluctuation risk due to conversion into INR from foreign currency and vice versa.
3) Foreign Currency Non-Resident (FCNR) Account:
A foreign currency non-resident account is a type of account that lets NRIs create term deposits in foreign currencies in India. An FCNR account is like a fixed deposit to a resident Indian but only in foreign currency. Since the deposits are made in foreign currencies there is no risk of exchange rate fluctuations.
The Reserve Bank Of India (RBI) has allowed the NRIs to hold FCNR accounts in the following currencies only – US Dollars (USD), Great Britain Pound Sterling (GBP), Euro (EUR), Singapore Dollar (SGD), Hong Kong Dollar (HKD), Australian Dollar (AUD), Canadian Dollar (CAD), and Japanese Yen (JPN).
The key point to note in an FCNR account is that both the principal and the interest earned on the principal amount are tax-free and fully repatriable without any restrictions. Moreover, since an FCNR account is basically a term deposit, the NRIs can earn risk-free fixed returns without exchange rate fluctuations or taxation.
A Brief Comparison Between NRO, NRE & FCNR Accounts:
How Can We Help You?
Ashutosh Financial Services is a professional financial company that has been assisting the NRIs in their various banking and financial requirements for over 20 years now. Through our years of experience, we have created a custom process through which we can satisfy the needs of the NRIs in the best way possible.
When it comes to NRI Banking requirements it is critical to understand and know the objective of the NRI before opening any bank account. We have a thorough discussion with the NRIs to determine their goals and objectives before suggesting them any NRI bank accounts. Once the goals are outlined we suggest an NRI the type of account that best suits their needs as well as satisfies all their requirements.
We also suggest the banks that an NRI should prefer for opening an NRI account. We also help the NRIs by informing them of the various documents and proofs that they will need to open an NRI bank account. Moreover, we also take regular follow-ups with the bank executives to ensure that the NRI bank account is opened at the earliest. We also assist and guide the NRIs in case of any problem arising in the process of NRI bank account opening.
We also inform the NRIs about all the taxation and compliance matters relating to the NRI accounts opened by them. We are an end-to-end one-stop NRI service provider. We provide all kinds of services from NRI banking, Investments, Insurance, Estate Planning, Income Tax Compliance, and Foreign Tax Compliance. We are a professionally managed and ISO-certified company with a qualified and professional team.
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.
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NRI Services
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Disclaimer: These are personal views of CA Rajit Kothari, which should not be acted upon without taking specific professional advice.
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▪️ 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.
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👉 Please find the below link for the above topic.
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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.
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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.
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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
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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.
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➡️ 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
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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
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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
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Repatriation is the process in which funds are transferred freely from one country to another in foreign currency. A NRI can open NRO, NRE & FCNR-B accounts in India and when you move your money from the NRO account to NRE account or to an account in your country of residence, it is called repatriation.
What can be repatriated and how much ?
- Current Income ( Salary, Investment, Interest, Business Profits) – No Limit
- Movable Assets ( Sale Proceeds Of Asset Acquired As Inheritance) – USD 1 Million Per Financial Year.
- Immovable Assets ( Sales Proceeds Of Residential Asset) – USD 1 Million Per Financial Year.
FEMA Rules Regarding Repatriation ?
- There are Income Tax implications in India every time you repatriate funds.
- You can cumulatively repatriate current income earned in any year in that year itself or the subsequent years
- You can transfer or repatriate funds from your NRE account freely without any limit
- Your NRO account balance should hold legitimate dues receivable in India and not through borrowing from another person or funds transferred from another NRO account
- In case of residential property, you can repatriate sale proceeds of up to two such properties.
Can You Cross The Repatriation Limit ?
Yes, the RBI does allow you to repatriate funds higher than the preset limits only after explicit approval. The situations in which you may request to increase the permissible limit include medical emergencies, children’s education, or purchasing the property back in your country of residence.
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.
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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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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:
Ashutosh NRI Services
Mobile: +91 70435 93388 / 70430 88859
Email: nris2@ashutoshfinserv.com
Follow us using Ashutoshfinserv at Facebook, Instagram, Youtube, Twitter & LinkedIn to receive all the latest information from finance world..
We invite NRIs to become our REFERRAL PARTNERS for promoting NRI Services globally with attractive terms.
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:
Ashutosh NRI Services
Mobile: +91 70435 93388 / 70430 88859
Email: nris2@ashutoshfinserv.com / nris1@ashutoshfinserv.com
We invite NRIs to become our REFERRAL PARTNERS for promoting NRI Services globally with attractive terms.
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 |
Q. What are the differences between a Mutual Fund and a Portfolio Management Service (PMS)?
| 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
Follow us using AshutoshFinserv on:
FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.
We invite NRIs to become our REFERRAL PARTNERS for promoting NRI Services globally with attractive terms.
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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.
Contact: +91 70435 93388 / nris2@ashutoshfinserv.com
www.ashutoshfinserv.com
Follow us using AshutoshFinserv on:
FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.
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.
Follow us using AshutoshFinserv on:
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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FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.
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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
