Events

Expert Financial Opinions

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Non-Resident Indians
May 23, 2026

Financial Awareness Presentations for Uganda NRIs May 2026

Ashutosh Financial Services believes that sound financial decisions rarely happen by accident. They are the product of understanding — of knowing how currencies move, how tax rules apply across borders, and how global events eventually show up in a family’s investment statements. That belief is why the firm continues to organise sessions for Indians living abroad, bringing complex financial and regulatory subjects down to something that is genuinely usable in everyday decision-making.

On 23rd May 2026, this took the form of a session in Uganda titled “India in the Changing Global Economic & Geopolitical Dynamics,” aimed at the local Non-Resident Indian community. The speakers, Daxesh Kothari and CA Rajit Kothari, chose a subject that sits at the intersection of two things Ugandan NRIs care about deeply: what is happening to the Indian economy, and what that means for their own money sitting in Indian bank accounts, mutual funds, and other assets. Given how closely NRI wealth is tied to developments back home, an audience like this benefits from a grounded, current view rather than headlines alone.

The session opened by unpacking two developments that had rattled sentiment around the Indian economy in the months before the event — the conflict involving Iran and the rapid rise of artificial intelligence. The Iran war had pushed crude oil prices up sharply, and because India imports the vast majority of its crude, that translated into a weaker rupee, higher input costs for industry, and inflationary pressure across the economy. The session placed this in perspective by comparing India’s oil consumption and GDP size in 2008 against 2025: oil imports had risen about 80 percent, but the economy itself had grown roughly fourfold, showing that dependence on imported oil, while real, has not grown as fast as the economy’s capacity to absorb the shock. A similar reframing was applied to fears around AI displacing India’s IT services sector. Certain sector indices had fallen and foreign investors had pulled money out of AI-exposed Indian equities, but the presentation pointed to India’s Global Capability Centres — offices of multinational companies operating out of India — as a growing, resilient source of employment, alongside the argument that AI adoption is more likely to make Indian businesses more efficient over time than to render them obsolete.

Set against these headwinds, the session highlighted India’s underlying resilience: it is expected to be the fastest-growing economy among the world’s top twenty in 2026, and its stock market ranks fourth globally by market capitalisation. A currency comparison specific to the audience was also shared — the rupee’s depreciation against the Ugandan shilling over the past decade has been far milder than its depreciation against the US dollar, a distinction attributed to interest rate and inflation differentials rather than any underlying weakness in the Indian economy.

A substantial part of the session was devoted to the regulatory framework NRIs need to navigate. The distinctions between NRO, NRE, FCNR, and GIFT City bank accounts were explained — covering which are repatriable, which carry tax-free interest, and how funds can move between them. The audience also learned about the rules for transferring money out of India, including the US $1 million per year limit for remittances from NRO accounts, and the situations, such as inheritance or the sale of property, where this route commonly applies. Succession planning received particular attention: assets are distributed under the terms of a valid Will where one exists, and under Hindu succession law or the NRI’s country of domicile where it doesn’t. A nominee, the session clarified, is only a custodian of assets on paper and not their legal owner, which is why a properly executed Will still matters even when nominations are in place.

On taxation, the session explained how the India-Uganda Double Taxation Avoidance Agreement can reduce or eliminate Indian tax on capital gains, dividends, and interest for Ugandan tax residents, provided a Tax Residency Certificate is obtained and the appropriate forms are filed, and how any tax paid in India can typically be offset against liability in Uganda rather than being paid twice.

The remainder of the session turned to how NRIs might actually put money to work — through Indian mutual funds and portfolio management services, through the GIFT City route, which allows dollar-denominated investment into Indian markets without an Indian bank account or tax filing, and through global portfolios spanning US equities, Chinese equities, and commodities like gold and copper. Retirement planning was addressed through a practical lens too, walking through how a monthly investment figure can be worked out today to support a fixed, inflation-adjusted withdrawal decades later.

Sessions like this reflect a simple conviction: that NRIs make better financial choices when they understand not just the rules, but the reasoning behind them. Ashutosh Financial Services remains committed to continuing these conversations across the communities it serves, helping people make sense of a financial landscape that rarely stays still for long.

Resident Indians
July 14, 2022

Emerging Trends For Financial Services In New Age India

Financial education rarely stays static for long, and that has never been more evident than in how India’s financial services landscape has been evolving. Ashutosh Financial Services runs regular sessions of this kind because informed decisions rarely emerge from static knowledge; they come from continuously updating how people understand money, markets, and the systems that move both. It is this belief that shaped the recent webinar, “Emerging Trends for Financial Services in New Age India,” held on 14th July for a select audience of high-net-worth individuals, with Daxesh Kothari as the speaker.

The choice of audience was deliberate. High-net-worth individuals typically manage more complex portfolios, spread across asset classes, and are more directly affected when regulatory shifts, technology adoption, or changing investor behaviour reshape how financial products are built and delivered. A webinar format allowed the session to reach this audience conveniently while still covering ground in enough depth to be genuinely useful.

Kothari opened by mapping out the five major areas that make up financial services in India: transactional banking, financial lending, investment in financial assets, insurance and risk management, and investment banking. This framework served as the backbone for the rest of the session, with each area examined for how it is being reshaped by three forces he described as engines of change: the actions of regulators such as the RBI, SEBI, and IRDA; the rapid rise of fintech; and a changing customer base increasingly dominated by millennials. Together, these forces are moving India toward a system where peer-to-peer payments, both domestic and cross-border, are becoming routine, and where physical instruments like cheques and demand drafts are steadily disappearing in favour of instant, delay-free transfers.

On lending, the session explained how credit appraisal is shifting toward fully electronic processes that draw on independent data sources rather than relying solely on paperwork submitted by the borrower. This matters because it allows lenders to assess risk more accurately and more quickly, which in turn is expected to make retail lending both faster and more competitive as more players enter the space with technology-driven underwriting.

A significant portion of the discussion focused on how physical assets are gradually converting into financial instruments that are easier to trade and access. Real estate, for instance, can now be accessed through REITs, or Real Estate Investment Trusts, which let investors gain exposure to property income without owning physical buildings. Infrastructure assets have a similar equivalent in InvITs, while precious metals and commodities are increasingly accessed through ETFs and instruments like Sovereign Gold Bonds rather than physical holdings. Alongside this, global investing was described as the new normal, with attendees encouraged to think about stock and ETF selection abroad, valuation differences across markets, and the currency advantage that can come from holding assets in a different currency. On the equity side, direct stock market participation is being fuelled by fintech platforms and rising interest from younger investors, which is putting pressure on traditionally managed products like equity mutual funds and portfolio management services to continue proving their value. Fixed income was flagged as an area set to expand too, with instruments such as corporate bonds, corporate fixed deposits, perpetual bonds, and subordinate debt bonds likely to see wider adoption as government involvement in this space recedes.

The insurance segment is expected to grow substantially, supported by fintech across the entire delivery chain, from sales to claims. One nuance worth understanding is that insurance products historically bought mainly for their tax benefits may see reduced demand as other avenues develop, a reminder that insurance planning works best when driven by protection needs rather than tax considerations alone. On investment banking, Kothari pointed to a steady rise in activity, with many promoters now preferring mergers and acquisitions as a route to resolve financial stress before matters reach the National Company Law Tribunal, alongside broader consolidation across businesses.

The session closed with a candid look at the startup ecosystem itself, noting that while platforms and information providers have multiplied, genuine solution providers remain scarce, and that fintech has become a crowded space where standing apart from copycats requires a deliberate combination of physical infrastructure and technology, much like the models built by companies operating in delivery and mobility. This led naturally into a discussion on correct positioning, distinguishing how manufacturers of financial products, intermediaries who distribute them, and the end users who consume them each need to think differently about the changes underway.

Sessions like this one are a reminder that financial literacy is not a one-time exercise but an ongoing process, particularly in a market moving as quickly as India’s. Ashutosh Financial Services continues to organise conversations of this nature because staying informed is what allows individuals to make sound decisions in a financial environment that keeps changing shape.

Non-Resident Indians
April 11, 2022

NRI – Income Tax

Nothing but tax law and residency tests for six hundred words might sound dry, but for the Indian diaspora it is often the single topic that determines whether their India-linked income stays trouble-free or turns into a compliance headache. That was the ground covered in “NRI – Income Tax,” a webinar held on 25th August 2021 for a high-net-worth audience, with Daxesh Kothari presenting. Ashutosh Financial Services runs sessions like this regularly because tax rules for non-residents shift often enough that even people who have lived abroad for decades can find themselves caught out by a definition they assumed hadn’t changed.

The session opened with the basic architecture of what gets taxed in India: income that is received, accrued, or arises in India is taxable regardless of who earns it, while foreign income generally escapes Indian tax unless it comes from a business controlled from India or a profession set up here. From there, the discussion moved into how residential status itself is determined, which turned out to be more layered than most people expect. Since the financial year 2020-21, an Indian citizen or Person of Indian Origin visiting India becomes a resident if they stay 182 days or more in a year, but a separate test applies if their Indian and India-linked foreign income exceeds Rs. 15 lakhs, potentially classifying them as “Resident but Not Ordinarily Resident” even on a shorter stay. This distinction matters because it changes access to DTAA concessional rates, exemptions on investment income, and whether foreign business income becomes taxable in India at all.

Double Taxation Avoidance Agreements formed a substantial part of the session. India has DTAA arrangements with more than 89 countries, and the core idea is that a non-resident can choose whichever is more favourable, the rate under the DTAA or the rate under the Indian Income Tax Act. The speaker walked through how dividend and interest income are taxed differently depending on the country of residence, and explained why obtaining a Tax Residency Certificate each year is essential to actually claim these concessional rates. A related complication arises when someone qualifies as a tax resident of two countries simultaneously, such as an Indian citizen who also holds a US Green Card. In these cases, a “tie-breaker rule” within the relevant treaty, based on permanent home, then centre of vital interest, then habitual abode, determines which country gets to tax global income and which only taxes source income.

For those returning to India permanently, the session addressed how NRE, NRO, and FCNR accounts and deposits are treated once residency status changes, along with how interest income shifts from tax-exempt to taxable depending on the account type and the timing of conversion. It also covered foreign tax compliance obligations that many NRIs are unaware of, including FATCA and FBAR reporting requirements in the US, and the Common Reporting Standard that facilitates information exchange between over a hundred countries’ tax authorities. A detailed comparison showed how FATCA and FBAR differ in their reporting thresholds and what counts as a reportable foreign asset, since foreign real estate held directly, for instance, is treated differently from real estate held through a foreign entity.

The session also worked through TDS obligations across different types of Indian income for NRIs, from rental income and capital gains to interest and dividends, along with the surcharge and cess structure that applies above certain income levels. Practical tax planning ideas followed, covering deductions still available to NRIs under sections like 80C and 80D, the treatment of gifts between family members, and how capital gains exemptions can be structured. The presentation closed with case studies illustrating how funds transferred through NRE accounts versus balances held in India can be planned differently to manage both Indian and foreign tax obligations.

Sessions on regulatory and tax topics like this one reflect Ashutosh Financial Services’ ongoing effort to help NRIs navigate an area where a single misunderstood provision can carry real financial consequences. The organisation continues to hold these educational sessions because staying current on tax law is not optional for anyone managing money across two jurisdictions, it is a basic requirement for financial peace of mind.

Resident Indians
January 24, 2022

New Age Investment Opportunities

Financial markets rarely stand still, and neither do the ways in which people can put their money to work. It was with this in mind that Ashutosh Financial Services organised a session that looked beyond the usual fixed deposits and mutual fund SIPs to explore the fuller range of options available to investors today. The company has long held the view that sound financial decisions are built on a foundation of clear, practical knowledge, and its ongoing calendar of educational sessions reflects that belief in action.

The event, titled “New Age Investment Opportunities,” was held on 24th January 2022 in Rajkot for members of Rotary International. Daxesh Kothari led the session, drawing on his experience in investment advisory to walk the audience through a landscape that has changed considerably over the past few years. For an audience largely accustomed to traditional saving instruments, the session offered a timely reminder that the investment toolkit available to Indian investors has expanded well beyond what most people were taught to rely on.

The session opened by comparing conventional approaches with what Kothari described as a “new age” approach across several asset classes. On equity mutual funds, he pointed out that many investors still pick schemes somewhat randomly or chase every new fund offer that comes along, without necessarily considering whether it adds value to their existing holdings. A more considered approach, he explained, involves building a well-diversified portfolio across large cap, mid cap, small cap, value, thematic, and even foreign funds, while also keeping an eye on which asset management company is managing each scheme, so that exposure isn’t unintentionally concentrated with one fund house. He also touched on quartile performance monitoring, a method of tracking how a fund ranks against its peers over time rather than judging it in isolation.

Debt investments came in for similar scrutiny. Returns on debt mutual funds had fallen to a yield range of roughly 3.5 to 6 percent at the time, and bank fixed deposits were offering close to 5.4 percent for a five-year tenure, both modest by historical standards. Kothari suggested a few alternatives worth considering, including corporate fixed deposits placed through family members in lower tax brackets to improve post-tax returns, tax-free bonds with nine to ten years of residual maturity yielding around 4.55 percent, and insurance-linked investment plans offering assured, tax-free returns in the range of 5.5 to 6 percent over 15, 20, or 25-year terms.

Portfolio Management Services, or PMS, were presented as another avenue worth understanding properly rather than adopting without comparison. The session explained that PMS allows a fund manager to manage a stock portfolio on a client’s behalf across various styles such as large cap, multi cap, value, or sectoral themes, typically requiring a minimum investment of fifty lakh rupees. Diversifying across different PMS managers, rather than concentrating with just one, was highlighted as a way to manage risk more sensibly.

A significant portion of the session was devoted to global investing, particularly in US equities. Kothari made the case that the US market represents nearly half of global equity market capitalisation and is home to a large share of the world’s most recognised companies, making it a natural avenue for geographical diversification. He also noted that valuations for comparable businesses can differ meaningfully between Indian and US listed companies, illustrating this with a few real examples from the retail, automobile, and technology sectors. For those interested, he outlined two practical routes: investing directly in US stocks and ETFs through an approved platform, or investing through Indian mutual funds structured as fund-of-funds that in turn invest in US markets or particular global themes such as healthcare, technology, or commodities. He referenced the Liberalised Remittance Scheme, which currently permits individuals to remit up to US $250,000 per year for such investments.

Unlisted shares and Alternative Investment Funds rounded out the discussion. Kothari explained that early investment in promising unlisted companies can offer an early-mover advantage, though it comes with the discipline of assessing a company’s promoters, business model, competitive strengths, and prospects of eventually going public. For those preferring a more structured route, AIFs managed by experienced institutions offer professional stock selection, typically requiring a minimum commitment of one crore rupees over a multi-year horizon.

The session closed with a quote from Albert Einstein about trying different approaches to get different results, a fitting note for a discussion that encouraged the audience to look at their portfolios with fresh eyes. Sessions like this one reflect Ashutosh Financial Services’ continued effort to help individuals understand the options in front of them, so that whatever they choose to do with their money, it is a decision made with clarity rather than habit.

Non-Resident Indians
December 22, 2021

Real Life Situations of Taxation & Regulations Faced By Non – Resident Indians (NRI)

For many Non-Resident Indians, questions around taxation rarely stay confined to one country. An investment held in Mumbai, a pension accruing in Chicago, a property inherited in Ahmedabad, and a bank account in Dubai can all come with their own set of rules, and keeping track of where each one stands is not always straightforward. Ashutosh Financial Services has long held the view that sound financial decisions start with clear information, which is why the organisation continues to host sessions that break down these subjects into something practical and usable. On 17th December 2019, this commitment took shape in Rajkot with a session titled “Real Life Situations of Taxation & Regulations Faced by Non-Resident Indians,” led by Daxesh Kothari for an audience of NRIs navigating cross-border financial obligations.

The session opened with a subject that trips up more people than one might expect: who actually counts as a resident of India for tax purposes. Under the Income Tax Act, an individual is generally treated as a resident if they spend 182 days or more in India during a financial year, though shorter thresholds apply in certain other situations. Anyone who doesn’t meet these conditions is classified as non-resident. For those who do qualify as resident, a further distinction separates “resident and ordinarily resident” from “resident but not ordinarily resident,” a classification that determines how much of a person’s global income India can tax. Non-residents don’t need to worry about this second layer, since only their Indian income falls within the country’s tax net, while income earned and received abroad stays outside it.

This distinction becomes especially relevant when income arrives from multiple countries, a common scenario for NRIs. Two competing principles are typically at play: the residence rule, under which a country taxes its residents on worldwide income regardless of where it was earned, and the source rule, which taxes income based on where it was generated. To prevent the same income from being taxed twice under these overlapping principles, India has signed Double Taxation Avoidance Agreements with roughly 90 countries, including the US, UK, UAE, Canada, and Australia. These agreements also help synchronise something that often causes confusion: financial years don’t align globally. India follows an April-to-March cycle, while the US tax year runs January to December. Getting the timing of income right, and understanding how tax already paid in India can be claimed as credit abroad, ultimately shapes how much someone owes in either jurisdiction.

The session then moved through how specific categories of Indian income are taxed for NRIs, along with the applicable withholding tax, or TDS, rates. Salaries are taxed at normal slab rates, rental income after a standard 30% deduction, and capital gains on shares or mutual funds depending on how long the investment was held and whether it’s equity or debt-oriented. Interest on NRO accounts, private deposits, and small savings schemes attracts a flat 30% TDS, while certain income streams, such as interest on NRE and PPF accounts, agricultural income, and dividends on mutual funds, remain fully exempt.

A meaningful part of the discussion addressed inheritance, a topic that becomes layered once assets exist in more than one country. Indian assets are governed by Indian succession law, while assets held abroad follow the laws of that respective country. Where a valid Will exists, testamentary succession under the Indian Succession Act applies; where none exists, intestate succession is determined by laws specific to the deceased’s religion, such as the Hindu Succession Act or Muslim Shariat Law. Nominees and joint holders, it was clarified, are custodians of an asset rather than its legal owners, and inheritance rights ultimately rest with the beneficiaries named under a Will or applicable succession law.

The session also covered practical ground around selling property in India through Power of Attorney, the tax treatment of such sales, and the compliance requirements attached to loans and gifts exchanged between NRIs and resident Indians, including limits under FEMA and the Income Tax Act. Repatriating funds from an NRO to an NRE account, permitted up to US$1 million per person annually once applicable taxes are settled, rounded out the practical toolkit shared with attendees.

Financial systems that span borders rarely stay simple, and staying informed about them is an ongoing exercise rather than a one-time effort. Ashutosh Financial Services remains committed to organising sessions of this kind, aimed at helping individuals build the awareness needed to manage their finances with clarity, wherever in the world they may be based.

Resident Indians
December 19, 2021

Estate & Tax Planning Through Wills

Financial security is rarely just about accumulating wealth. What happens to that wealth after a person is gone matters just as much, yet it’s a subject many families put off discussing until it’s too late. That gap in awareness is precisely why Ashutosh Financial Services continues to organise sessions that go beyond investment advice and into the practical realities of planning for the future, including how assets are passed on and what that means for the people left behind.

On 19th December 2021, the firm hosted a webinar titled “Estate & Tax Planning through Wills,” designed specifically for high-net-worth individuals. The session was conducted by Daxesh Kothari, and it addressed a concern that becomes increasingly relevant as personal wealth grows more complex: how to ensure that assets are distributed according to one’s wishes, with minimal legal ambiguity and tax inefficiency. For an audience managing diverse portfolios, property, and family businesses, a well-drafted Will isn’t a formality; it’s a tool that determines whether their intentions are honoured or contested.

The session opened with the legal foundation of succession in India. When a person passes away, their assets are transferred either through testamentary succession, meaning a valid Will was left behind, or intestate succession, where no Will exists. In the absence of a Will, distribution is governed by personal law: the Hindu Succession Act applies to Hindus, Sikhs, Jains, and Buddhists; Muslim Shariat Law governs Muslim inheritance; and the Indian Succession Act applies to Christians and Parsis. Without a Will, assets go to legally defined heirs rather than the people the deceased may have actually wanted to benefit, which is often the first reason families run into disputes.

A significant part of the discussion focused on what actually makes a Will sound and enforceable. It should be in writing, whether on stamp paper or plain paper, and must clearly identify the person making it along with confirmation that the assets being bequeathed are genuinely theirs to give, rather than jointly held family or HUF property. Equally important is naming beneficiaries precisely, including any reasoning for excluding someone, since ambiguity here is often what leads to later challenges. The session also touched on planning for residual assets not specifically mentioned in the Will, and on building in contingencies, such as what happens if a spouse predeceases the person making the Will.

Execution details received particular attention, since even a well-intentioned Will can be challenged on procedural grounds. Two adult witnesses must sign, and their identities should be clearly recorded. It’s advisable for these witnesses to also provide a separate declaration confirming their role, which can later support the probate process in court. Whether to sign before a Notary Public or opt for registration depends on individual circumstances, but either step adds a layer of credibility that can prove valuable if the Will is ever questioned.

The webinar also addressed a question many people overlook: when should an existing Will be revised? A new Will becomes necessary when a named beneficiary passes away, since the original bequest can no longer be honoured under the Indian Succession Act. It’s also advisable to draft a fresh Will if a witness or executor dies, or when there’s a meaningful change in the person’s movable or immovable assets.

On the tax side, the session clarified that amounts received through a Will or inheritance are exempt from tax under Section 56(2) of the Income Tax Act, along with gifts from close relatives and sums up to Rs 50,000 from any source. This led to a practical comparison: whether it’s better to transfer property as a gift during one’s lifetime or through a Will. Both routes are tax-exempt, so the real deciding factors become whether the Will is likely to be contested and the relative cost of each method of transfer, since gifting can carry higher transfer costs than bequeathing through a Will.

One of the more advanced strategies discussed was the creation of a discretionary family trust as part of a Will. Ordinarily, discretionary trusts are taxed at the maximum marginal rate, but when established through a Will, they can be taxed as a separate entity at regular slab rates, with deductions such as Section 80C still available. Such trusts are particularly useful for providing for dependents in a structured way, allowing trustees discretion over how income is distributed among beneficiaries and even permitting the eventual winding up of the trust.

Sessions like this reflect a simple belief that guides much of what Ashutosh Financial Services does: that sound financial decisions, including decisions about what happens after one’s lifetime, are best made with clarity and preparation rather than left to chance. The firm remains committed to creating spaces where such conversations can happen well before they become urgent.

Non-Resident Indians
December 16, 2021

BENEFITS FOR NRI UNDER INDIAN INCOME TAXATION & OTHER REGULATIONS

For Non-Resident Indians juggling financial obligations across two countries, tax season often brings more confusion than clarity. Recognising this recurring challenge among the NRI community, Ashutosh Financial Services organised a session on 16th December 2021 in Rajkot titled “Benefits for NRI Under Indian Income Taxation & Other Regulations.” The initiative reflects a belief that has guided the company’s outreach efforts for years: financial confidence grows out of financial understanding, and NRIs, who often manage assets and income across borders, need clear, practical guidance more than most. The session was conducted by Daxesh Kothari and was aimed specifically at an NRI audience grappling with questions around double taxation, fund repatriation, and estate planning back home.

A large part of the session centred on the Double Taxation Avoidance Agreement, commonly known as DTAA, which India has signed with more than 89 countries including the United States, the United Kingdom, the UAE, Canada, Australia, and several African nations. The core idea behind DTAA is straightforward: income should not be taxed twice, once in the country where it is earned and again in the country where the person resides. Two competing principles usually decide who gets to tax that income first. Under the residence rule, a country can tax a person’s global income simply because they live there. Under the source rule, the country where the income was actually generated claims the right to tax it. DTAA agreements resolve this overlap, and importantly, NRIs are allowed to choose whichever framework, the treaty or the Indian Income Tax Act, works out more favourably for them.

The session also unpacked what happens when someone is considered a tax resident of two countries simultaneously, a situation that arises quite often for NRIs settled in the US. A person holding a US Green Card, for instance, is treated as a US tax resident regardless of where they actually live, while also qualifying as an Indian tax resident under domestic rules. When this overlap occurs, a mechanism called the tie-breaker rule steps in. It works through a sequence of tests: first checking where the person’s permanent home is, then their centre of vital interests, followed by habitual abode, and finally nationality. Once residency is settled, the compliance path differs depending on the outcome. Someone confirmed as an Indian resident and non-resident of the US, for example, needs to file specific US tax forms and obtain a Tax Residency Certificate from Indian authorities, while the reverse scenario requires its own separate set of filings.

Another practical area covered was tax deduction at source, or TDS, on income earned by NRIs in India. The presentation clarified that TDS on property sales by NRIs must be calculated on the entire sale consideration, not merely the profit portion, unless the NRI has proactively obtained a lower or nil deduction certificate. This distinction matters because many NRIs unknowingly overpay tax at the point of sale and only recover the excess later through a refund, which ties up funds unnecessarily.

The discussion moved on to income categories that carry favourable treatment. Certain receipts, such as interest earned on NRE accounts, agricultural income, and specific gifts, remain fully exempt from Indian income tax. Capital gains also benefit from targeted relief, particularly when the proceeds are reinvested in specified bonds or a residential property under sections such as 54, 54EC, and 54F. Separately, Chapter XIIA of the Income Tax Act offers a special, somewhat lower tax regime for NRIs on income from specified assets purchased using convertible foreign exchange, along with relief that adjusts long-term capital gains for currency fluctuation rather than penalising NRIs for rupee depreciation.

The session also touched on the practical side of managing money across borders, including the ability to transfer funds from an NRO account to an NRE account or repatriate them abroad up to a specified annual limit, provided applicable taxes have been settled. On the estate planning front, NRIs were encouraged to consider drafting a separate Will specifically for their Indian assets, executed with the formalities required under Indian succession law, since this avoids unnecessary disclosure of foreign holdings and simplifies the process for heirs.

Finally, the presentation addressed how India’s shift to faceless income tax administration affects NRIs directly, particularly through the Annual Information Statement, which consolidates a person’s financial transactions against their PAN and requires careful cross-checking before filing returns.

Sessions like this one reflect why financial literacy remains an ongoing priority rather than a one-time exercise, especially for a community managing wealth and obligations across different legal systems. Ashutosh Financial Services continues to organise such educational initiatives, aiming to help NRIs navigate these complexities with greater clarity and confidence.

Resident Indians
December 12, 2021

Guardianship Under Hindu Law

Every family that has ever thought seriously about the future has, at some point, asked an uncomfortable but necessary question: who looks after a child, or a dependent, if something happens to the parents? At Ashutosh Financial Services, conversations around wealth and succession keep returning to this same point, which is why the organisation continues to hold sessions that go beyond investments and taxation to cover the legal frameworks that protect families. Financial planning, after all, is not just about growing money but about making sure the people who depend on it are looked after correctly, and that was the thinking behind the session on Guardianship under Hindu Law.

The event was held in Rajkot on December 2021, with Daxesh Kothari leading the discussion. Guardianship is a subject that rarely gets attention until it becomes urgent, and by walking participants through the legal position under Hindu law, the session aimed to fill that gap before it became a problem. Questions of guardianship touch anyone responsible for a minor’s welfare or property, or anyone drafting a will, which made the topic relevant well beyond legal practitioners.

The session began with a basic but important definition. Under the Hindu Minority and Guardianship Act, a person is considered a minor until they turn eighteen. Once that is established, the natural next question is who has the legal authority to act on a minor’s behalf, and this is where the concept of a “natural guardian” comes in. The father is recognised as the natural guardian of both a minor son and a minor daughter. The mother steps into this role only if the father has passed away or is otherwise incapable of acting as guardian. One detail that often surprises people is that the law does not recognise joint guardianship. There is always one guardian at a time with legal authority, not two acting together, which has practical implications for how decisions involving a minor’s welfare or assets are actually made.

Beyond natural guardianship, the session explained the concept of a testamentary guardian, someone appointed through a will under Section 9 of the Act. This appointment only takes effect if both natural guardians, the father and the mother, are no longer available. The interaction between the two parents’ wishes was explained carefully. If the mother, as the surviving natural guardian, appoints someone as testamentary guardian, her choice takes precedence, and any appointment made earlier by the father becomes ineffective. It is only if the mother does not make such an appointment that the father’s chosen guardian steps in. This is a useful reminder that a will made years earlier does not automatically override decisions made by whichever parent survives.

The discussion then moved to guardianship through the courts. Under the Guardianship and Wards Act, a District Court has the power to appoint or declare a guardian whenever it believes doing so serves the welfare of the child. This authority extends to situations involving separate property or specific responsibilities relating to the minor, giving the court flexibility to step in where family arrangements are unclear or contested.

A related but distinct area covered in the session was guardianship for adults with disabilities. Here, the relevant law is the National Trust Act, which allows a guardian to be appointed for adults with certain disabilities, a need that continues well past the age of eighteen and is separate from guardianship of minors. This responsibility is managed through a Local Level Committee, which has the authority to appoint, monitor, or remove a legal guardian, and which issues the Legal Guardianship Certificate in coordination with the National Trust.

The session also addressed a practical concern that many families overlook: what a guardian can and cannot do with a minor’s immovable property. Guardians are not permitted to mortgage, sell, gift, exchange, or otherwise transfer any part of a minor’s immovable property. They also cannot lease such property for more than five years, or for a period extending beyond one year after the minor turns eighteen, whichever comes first. An important exception applies to testamentary guardians dealing with property a minor has received under a will, where the appointed guardian is given greater latitude to act.

Sessions like this reflect a simple belief that runs through much of what Ashutosh Financial Services does: sound financial decisions rest on a proper understanding of the rules that govern them, and legal awareness is as much a part of financial wellbeing as investment planning or tax efficiency. Guardianship under Hindu law is a subject that touches every family sooner or later, and clarity on it today can prevent confusion and disputes at a time when families can least afford them. Ashutosh Financial Services remains committed to organising sessions of this kind, helping individuals build the knowledge they need to plan thoughtfully for the people who matter most to them.

Global
December 10, 2021

Budget Presentation 2021-22 – Income Tax & Investment viewpoint

Every budget season brings a wave of headlines, opinions and half-explained numbers, and for most people, making sense of it all is harder than it should be. Ashutosh Financial Services holds an annual session on the Union Budget for exactly this reason: financial decisions work better when they’re based on understanding rather than guesswork, and the firm sees budget analysis as one of the most practical forms of financial education it can offer each year.

This year’s session, the 16th in the firm’s ongoing series, was titled “Analysis of Union Budget 2021-22 – Income Tax and Investment Viewpoint.” It was held as a webinar on 7th February 2021, open to a global audience, and led by speaker Daxesh D. Kothari. Coming just days after the budget was tabled in Parliament, the session was timed to help viewers understand the announcements while they were still fresh and being debated in the news, rather than weeks later once the details had blurred into commentary.

The session opened by placing the budget in its economic context. The Indian economy was recovering from a sharp pandemic-driven contraction, with GDP growth for 2020-21 estimated at around minus 7.5 percent, even as projections for 2021-22 pointed to a rebound in the range of 7.7 to 8.3 percent. Several indicators were used to support the case for a V-shaped recovery, including record levels of foreign and domestic institutional investment, car and steel sales, GST collections and digital transactions. At the same time, the presentation was careful to flag the other side of the picture: rising consumer inflation, climbing crude oil prices, and India’s continued heavy dependence on crude imports, all of which put pressure on the currency and the fiscal position even as growth indicators improved.

A recurring theme was the balance between opportunity and risk. On one hand, healthy foreign exchange reserves, a relatively stable rupee, and strong monthly inflows into mutual fund SIPs (systematic investment plans, where investors contribute a fixed amount regularly rather than investing a lump sum) were presented as signs of underlying financial resilience. On the other, the session discussed how a wider fiscal deficit, if not managed carefully, could feed into higher inflation and interest rates over time, a dynamic every investor benefits from understanding rather than reacting to after the fact.

On the budget’s specific proposals, the session covered a shift in government spending priorities, with capital expenditure on infrastructure such as roads and railways rising sharply while revenue expenditure was trimmed. It also touched on disinvestment plans, an increase in the foreign investment cap for insurance companies, and a significant jump in healthcare allocation, including dedicated funding for COVID-19 vaccines.

The largest portion of the session was devoted to changes in the Income Tax Act, explained in a way meant to help attendees see how the rules affect real financial decisions. One notable shift was the move toward faceless, fully electronic tax assessments and appeals, removing direct human interface in scrutiny and review processes. For individual investors, a key change was the new tax treatment of ULIPs (unit-linked insurance plans), which would now be taxed similarly to mutual funds once annual premiums crossed a threshold, while death benefits remained tax-free. Senior citizens above 75 relying solely on pension and interest income from a single bank were given relief from filing returns altogether, a small but meaningful simplification for that group.

Other changes discussed included revised timelines for reassessment of past tax filings, new TDS obligations on high-value purchases, adjusted due dates for return filing, and taxation nuances for Non-Resident Indians holding retirement accounts abroad, such as 401(k) plans. The session also unpacked how REITs and InvITs (investment vehicles that let individuals invest in real estate or infrastructure assets) are taxed differently depending on the type of income involved, an area that often confuses even experienced investors.

Sessions like this one exist because tax and budget knowledge tends to lose its value quickly if it isn’t explained clearly and revisited often. Rules change every year, and the gap between reading a budget headline and actually understanding what it means for one’s own finances is where most confusion sits. Ashutosh Financial Services continues to hold sessions of this kind because financial literacy, built one year and one budget at a time, remains one of the most useful tools an investor can have.

Resident Indians
March 20, 2021

CATCH THEM YOUNG – INVESTMENT IN PROMISING UNLISTED STOCKS BEFORE IPO

Ashutosh Financial Services believes that sound investment decisions are built on a foundation of financial education, not just market timing or tips. This conviction is what drives the firm to regularly host sessions where complex financial concepts are broken down into something practical and usable, so that investors can make choices with clarity rather than guesswork. It was in that spirit that the firm hosted “Catch Them Young – Investment in Promising Unlisted Stocks Before IPO,” a webinar held on 20th March 2021 for High Net-worth Individuals (HNIs) looking to broaden their equity exposure beyond listed markets. The session was led by Mr. Daxesh D. Kothari, and its focus on pre-IPO investing was particularly relevant for this audience, since unlisted equity requires a level of capital, patience, and risk appetite that typically only sophisticated investors are positioned to commit.

The session opened by drawing a distinction between traditional businesses, such as those in steel, cement, banking, and infrastructure, and modern businesses like IT-enabled services, research-driven pharma, and financial services. Traditional businesses tend to hold tangible assets, have shorter gestation periods, and are valued closer to the actual worth of the business. Modern businesses, by contrast, invest heavily in intangibles like technology, brand, and customer acquisition, take longer to mature, and often command valuations well above their current book value. This difference matters because it shapes how each type of company raises money and how investors should think about risk. Traditional firms typically raise capital through promoter contribution or debt, offering lower risk but limited upside. Startups and modern businesses raise risk capital from angel investors, venture capital, and private equity, offering higher potential returns alongside considerably higher risk and more demanding monitoring requirements.

This framing led into the core idea of the session: the value in identifying promising companies before they go public. Companies with strong fundamentals often deliver their most significant growth in the years before listing, and once an IPO happens, much of that growth story is already priced in. The presentation illustrated this using post-listing performance of companies that had once traded as unlisted shares, showing how early entry, when paired with the right selection, can translate into meaningfully different outcomes compared to buying in after the public listing.

Naturally, this opportunity comes with real hazards, including the difficulty of correctly evaluating a private company, limited ability to track its ongoing performance, and the challenge of finding a timely exit. The session addressed this by outlining a clear set of parameters for stock selection, covering liquidity in the stock, the strength and nature of the underlying business, the reliability of the promoter group, a demonstrated track record, and the presence of a durable competitive advantage, or “moat.” Investors were also encouraged to weigh the likelihood of an eventual IPO and to compare valuations against listed industry peers before committing capital, since a stock being unlisted does not automatically make it attractive.

Process was given as much attention as strategy. The webinar walked through how Resident Indians, NRIs, and even minors (through a guardian-operated demat account) can go about investing in unlisted shares, from opening a demat account to deal confirmation, payment, and share transfer. For NRIs, the added nuance of NRO versus NRE bank accounts and the applicable FDI compliance and repatriation rules under the US $1 million scheme was explained, underscoring that cross-border investing in unlisted shares carries its own procedural layer.

Two areas that HNIs often find confusing were also unpacked in some depth: regulation and taxation. On the regulatory side, the session clarified that unlisted shares of public limited companies are legally transferable, subject to a six-month lock-in from the date of IPO allotment under SEBI’s ICDR Regulations. On taxation, the distinction between short-term and long-term capital gains was explained in detail, along with how tax treatment changes once a previously unlisted share gets listed, including the applicability of Section 112 and the unavailability of certain concessions like the ₹1 lakh exemption or grandfathering benefit that apply to already-listed securities. A separate breakdown addressed the tax treatment for NRIs, including how Double Taxation Avoidance Agreements and currency fluctuation provisions come into play.

Throughout, the session reinforced that pre-IPO investing rewards patience and diversification, recommending a holding horizon of at least five years and a portfolio approach spread across sectors, business models, and promoter groups rather than concentrated bets on a single name. For HNI investors weighing whether to look beyond listed markets, the underlying message was less about chasing the next big listing and more about understanding what one is buying, why it fits into a broader portfolio, and what obligations, regulatory and tax-related, come attached to that ownership. Sessions like this reflect Ashutosh Financial Services’ continued effort to help investors build that kind of grounded, well-informed understanding before they act.

Non-Resident Indians
September 2, 2020

Overview Of NRI Taxation With Recent Amendments

For many Non-Resident Indians, understanding how Indian tax law applies to their income back home is one of those things that seems simple until you actually try to figure it out. Ashutosh Financial Services has long believed that sound financial decisions rest on a clear understanding of the rules that govern them, and this belief shaped the thinking behind a recent webinar held on 2nd September 2020, aimed squarely at NRIs trying to make sense of an evolving tax landscape.

The session, titled “Overview of NRI Taxation with Recent Amendments,” was conducted online and led by Daxesh Kothari. Given the timing, just after a set of significant changes to residency rules had come into effect from 1st April 2020, the webinar addressed a genuine and pressing need. NRIs often assume their status is straightforward, but the amended provisions introduced new thresholds and conditions that could quietly shift someone from non-resident to a taxable category without them realising it.

A large part of the discussion centred on how residential status is determined under Indian tax law, since this single classification decides how much of a person’s income India can actually tax. Previously, an individual was treated as a resident if they spent 182 days or more in India during a financial year, or alternatively, 60 days or more in that year combined with 365 days or more across the preceding four years. The updated rules extended the second condition for certain individuals, an Indian citizen or Person of Indian Origin visiting India, whose Indian and business-linked foreign income exceeds Rs. 15 lakh, from 60 days to 120 days, while also introducing a new category altogether: Resident but Not Ordinarily Resident. This status can now apply even to someone who has stayed in India as briefly as 120 days, provided their income crosses that same Rs. 15 lakh threshold and they aren’t liable to tax elsewhere by virtue of domicile or residence. The distinction matters because it changes what gets taxed. A Resident but Not Ordinarily Resident continues to enjoy exemption on foreign income, but loses access to certain treaty benefits and concessional tax rates that a straightforward non-resident would retain, while also becoming liable on income linked to any business controlled from India or profession set up here.

The session then moved into how India’s tax treaties, known as Double Taxation Avoidance Agreements, work in practice. These agreements exist to prevent the same income from being taxed twice, once in the country where it’s earned and again where the individual resides, and India currently has such agreements with roughly 90 countries. What often surprises people is that whichever is more favourable, the treaty rate or the domestic tax rate, applies to the taxpayer. For instance, dividend income taxed at 20% plus surcharge under Indian law might only attract 10% or 15% under a treaty with countries like the UAE or the UK, a gap worth understanding before assuming the higher domestic rate automatically applies.

Practical guidance followed on how various types of Indian income are taxed for NRIs, along with the tax deducted at source on each. Rental income, for example, is taxed after a standard 30% deduction, with TDS withheld at that same rate, while capital gains on property, shares, and mutual funds carry different rates depending on the holding period and whether the asset is equity-oriented. The session also worked through the practical challenge some NRIs face when their country of residence, the United States being a common example, follows a calendar year for tax purposes while India runs an April-to-March financial year, and explained how income and available tax credit should be segregated across these mismatched periods.

Beyond compliance mechanics, the presentation touched on legitimate planning avenues available to NRIs, deductions under sections such as 80C, 80D, and 80G, exemptions available through capital gains bonds, and the importance of routing income correctly through NRE or NRO accounts to avoid unnecessary tax exposure. It also introduced attendees to FATCA, FBAR, and the Common Reporting System, the frameworks under which countries exchange financial account information to curb tax evasion, something increasingly relevant for NRIs holding investments across multiple jurisdictions.

Sessions like this reflect a simple conviction: that financial confidence comes from understanding the rules that shape one’s decisions, not merely following them. Ashutosh Financial Services continues to organise such educational initiatives, helping NRIs and other individuals navigate an increasingly interconnected financial world with greater clarity.

Global
August 18, 2020

GET READY TO INVEST IN THE U.S. EQUITY MARKET!

When markets close for the day, most conversations about money end too. Ashutosh Financial Services has long believed that the opposite should happen — that a good investment idea deserves to be unpacked, questioned, and understood, not just acted upon. This thinking shaped a webinar held on August 2020, “Get Ready To Invest In The U.S. Equity Market!”, where speaker Daxesh Kothari walked a global audience through the reasoning behind looking beyond domestic markets.

The session was timed well. Indian investors have historically kept almost all their equity exposure within the country, which means their portfolios move in step with whatever happens locally — a weak monsoon, a spike in oil prices, a political disruption, or a slowing economy. Kothari’s central argument was straightforward: if every investment you hold is tied to the fortunes of one country, you haven’t really diversified, you’ve just spread the same risk across different stocks. Adding foreign equity, particularly from the United States, changes that equation because it introduces a second, largely independent set of economic drivers into the portfolio.

A meaningful part of the session was devoted to explaining why the U.S. specifically, rather than any other foreign market, makes sense as a starting point. The data presented was telling. As of 2023, the United States accounted for roughly 58 percent of global equity value — more than the next several countries combined — and was home to 78 of Fortune’s 100 most admired companies worldwide. Kothari also pointed out that the U.S. and India together represent both the world’s largest economy and its fastest-growing major economy, so an investor holding both isn’t choosing between growth and stability, but capturing a version of each.

Much of the presentation focused on companies attendees already interact with daily, which made the idea of investing abroad feel less abstract. The electronics people carry, the platforms they scroll through, the streaming services they watch, and the payment networks behind their transactions are, in many cases, owned by U.S.-listed corporations. Kothari used this everyday familiarity to make a broader point: Indian investors are already economically connected to these businesses as consumers, so extending that connection to ownership is a natural next step rather than a speculative leap.

The session also addressed a question that comes up often — whether U.S. stocks are simply too expensive to be worth buying. Kothari compared price-to-earnings ratios across sectors, showing that several large American companies traded at lower valuations than their Indian counterparts in similar industries. JPMorgan Chase, for instance, was trading at a considerably lower earnings multiple than ICICI Bank, and Toyota’s multiple was well below Mahindra & Mahindra’s. The takeaway wasn’t that Indian companies are overpriced, but that Indian valuations often already price in future growth expectations, while some global peers may still offer room for re-rating.

Currency was another thread that ran through the discussion. Over the six years leading up to the data shared in the session, the U.S. dollar had appreciated against the rupee by close to 4 percent annually on a compounded basis. Because of this, returns from U.S. indices measured in rupee terms have historically outpaced the same returns measured in dollars — the S&P 500 grew close to 3.9 times in dollar terms over roughly a decade, but over 7 times when converted to rupees. This currency effect, Kothari explained, works quietly in the background for Indian investors holding dollar-denominated assets, and it also means that a portfolio with some U.S. exposure can double as a source of foreign currency for goals like a child’s overseas education, international travel, or eventual relocation.

On the practical side, the webinar covered how such investing has become considerably more accessible. Fractional share ownership now allows investors to buy a small slice of high-priced U.S. stocks rather than needing the full share price upfront, and structured stock portfolios built around specific themes — with periodic rebalancing and clear benchmarks like the S&P 500 — offer a more disciplined route than picking individual names. The session also touched on how existing tax treaties between India and the U.S. help investors avoid being taxed twice on the same income.

Sessions like this one reflect an approach Ashutosh Financial Services returns to often: that good financial decisions are rarely about chasing the next opportunity, and far more about understanding the mechanics behind it first. Global markets will keep evolving, and so will the questions investors have about them — which is exactly why conversations like this one continue to matter.

Non-Resident Indians
July 17, 2020

Important Regulations & Investment Rationale For NRI In Present Times

Financial decisions rarely wait for convenient timing, and for Indians living abroad, they come with an added layer of complexity: two sets of rules, two tax systems, and often, two very different ideas of what counts as a smart investment. This is exactly the gap Ashutosh Financial Services set out to address through its regular financial awareness sessions. The belief driving these initiatives is simple but firm: good financial decisions rest on good financial understanding, and that understanding has to be built deliberately, one topic at a time.

On 17th July 2020, this commitment took the form of a webinar titled “Important Regulations & Investment Rationale for NRI in Present Times,” aimed specifically at Non-Resident Indians navigating the practical side of managing money across borders. The session was led by Daxesh Kothari, who walked participants through two connected areas: the regulatory framework NRIs need to work within, and the case for continuing to invest in India even during an uncertain global period. For an audience juggling foreign residency rules, Indian banking norms, and shifting market conditions, both halves of the discussion were directly relevant.

The regulatory portion opened with a question that trips up more people than one might expect: who actually qualifies as an NRI? Under the Foreign Exchange Management Act, residency hinges on where a person has lived for more than 182 days in the preceding financial year, along with the intent behind their stay abroad — whether for employment, business, or any purpose suggesting an uncertain period overseas. The session also clarified the related but distinct category of Overseas Citizens of India, explaining who qualifies for OCI status and the specific exclusions that apply, including that citizens of Pakistan and Bangladesh are not eligible.

From there, the discussion moved into banking, an area where small mistakes carry real consequences. NRIs cannot legally hold a resident savings account in India; it must be either closed or converted once residency status changes. The session broke down the three main non-resident account types — NRO, NRE, and FCNR — comparing them across currency, taxability, repatriability, and who can operate them jointly. An NRO account, for instance, holds non-repatriable rupee funds and is taxable, while an NRE account is fully repatriable and tax-free. FCNR accounts allow deposits in foreign currency itself. The session also covered how NRIs can transfer up to USD 1 million per financial year from an NRO account to an NRE account or abroad, provided applicable taxes are paid — a relaxation, Kothari noted, rather than an entitlement.

Power of Attorney arrangements received detailed attention too, since many NRIs rely on someone in India to manage their affairs. The session outlined what a POA can and cannot do — it can facilitate rupee payments and investments, but cannot be used to gift funds to a resident on the NRI’s behalf, and specific stamping and registration requirements apply depending on whether movable or immovable property is involved. Related but often overlooked areas, including how PPF accounts are treated once someone becomes an NRI and how Aadhaar and PAN linkage rules apply differently to non-residents, rounded out this part of the session.

The second half turned to why India remains a reasonable investment destination despite global disruption. The session pointed to India’s comparatively contained COVID-19 case numbers at the time, a domestic-consumption-driven economy less exposed to global trade slowdown, falling crude oil prices benefiting an import-dependent economy, and healthy foreign exchange reserves. It also noted that domestic institutional flows into Indian equities have consistently outpaced and offset foreign institutional outflows, making Indian markets somewhat less vulnerable to global sentiment swings than they might otherwise be.

Practical portfolio guidance followed, shaped by where an NRI is based. For those in developed economies like the US, UK, or Australia, the session suggested that fixed-income options offer limited advantage given narrow real-return differences, making equity-oriented mutual funds or portfolio management services more worthwhile for participating in India’s growth. For NRIs in developing economies, debt instruments were framed as offering genuine security value, alongside equity exposure. Across both groups, the consistent advice was to keep investments in a form that can be managed, liquidated, and repatriated remotely — a consideration that matters as much for the next generation as for the investor.

Sessions like this reflect an ongoing effort to make sense of rules that rarely stay static and markets that rarely stay predictable. Ashutosh Financial Services continues to organise these conversations because informed decisions, particularly ones made from thousands of miles away, deserve a clearer starting point than most people are given.