As proposed in The Finance Bill, 2016 introduced by Finance Minister of India on 29th February, 2016.

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1 1 Budget Highlights for Non-Residents As proposed in The Finance Bill, 2016 introduced by Finance Minister of India on 29th February, The Indian Budget presented by the Finance Minister has minimal provisions affecting the NRIs. However, there are landmark economic and financial provisions to give thrust to agriculture, infrastructure, social sector, ease of doing business and banking sector. This shall have far re aching impact on one and all in India and many outside India. By : NRITAXSERVICES.COM 61-A, Mittal Tower, Nariman Point, Mumbai Tel : /434/446/445/408 Fax: /416 helpdesk@nritaxservices.com

2 2 A] Taxation and Beneficial Provisions I. Securities Transaction Tax in case where option is not exercised The securities transaction tax on sale of an option in securities where option is not exercised is proposed to be increased from 0.017% to 0.05% with effect from 1st June, II. Rupee Denominated Bond The Reserve Bank of India has recently permitted Indian corporates to issue rupee denominated bonds outside India as a measure to enable the Indian corporates to raise funds from outside India. Accordingly, with a view to provide relief to non -resident investor who bears the risk of currency fluctuation, it is proposed to provide that the capital gains, arising in case of appreciation of rupee between the date of issue and the date of redemption against the foreign currency in which the investment is made shall be exempt from tax with effect from Assessment Year onwards. III. Exemption from Dividend Distribution 20% (DDT) on income distribution made by an SPV to Business Trust It is proposed to provide benefits to the NRI s investing in Real Estate Investment Trust (REITs) and Infrastructure Investment Trust (Invits) by way of exemption from levy of DDT in respect of distributions made by SPV to the business trust [i.e. REITs and Invits), provided the following conditions are complied with: (a) the exemption from levy of DDT would only be in the cases where the business trust either holds 100% of the share capital of the SPV or holds all of the share capital other than those specifically exempted; and (b) the exemption from the levy of DDT would only be in respect of dividends paid out of current income after the dat e when the business trust acquires the shareholding referred in (a) above in the SPV. (c) The dividends paid out of accumulated and current profits upto this date shall be liable for levy of DDT as and when any dividend out of these profits is

3 3 distributed by the company either to the business trust or any other shareholder. IV. Exemption from Long Term Capital Gains on Investments a. In units of specified funds Where the capital gains arises to an Individual or HUF from the transfer of a long term capital asset is invested in the units of the Specified Fund, then the capital gains not exceeding Rs.50 Lakhs shall not be charged to tax. b. In Equity Capital of small or medium enterprises Where the capital gains arises to an individual or HUF from the transfer of a long term capital asset being the residential property is invested in the Equity Shares of an eligible small and medium enterprises, then the entire capital gains shall not be charged to tax subject to specified conditions. This benefit has been extended from small and medium enterprises to eligible start up enterprises. B] PROCEDURAL PROVISIONS I. Timeline to file Return of Income The time limit for filing Return of Income for any financial year ending 31st March, has been reduced from 24 months to 12 months i.e. for financial year ending 31st March, 2016 you are required to file the Return of Income by 31st March, II. Processing of Return of Income In the interest of natural justice and removing hardship, it is proposed that adjustments by the Tax officer in the Income offered by the assessee can be made based on the data available with him like tax paid information in 26AS statement, Form 16 and Form 16A, etc. only after an intimation is given to the assessee to respond to such adjustments and duly considered by him before making any adjustments.

4 4 III. Paperless Tax Assessments It is proposed to introduce paperless tax assessment processes in order to enhance efficiency and reduce the burden of compliance. This will facilitate NRI s and the Tax officer to communicate and provide necessary evidence efficiently and without delay. IV. Exemption from requirement of furnishing PAN It is proposed to introduce exemption from requirement of furnishing PAN by NRI s with reference to receipt of income after deduction of tax at prescribed rates provided specified alternate documents are submitted to the Payer. C] Rates of Tax A. For Non Resident Individuals* There is no change in the rate of taxes except surcharge from 12% to 15%.* Financial Year (April-2016 to March-2017) Individual s Total Income Up to Rs.2,50,000/- Rs. 2,50,001/- to Rs.5,00,000/- Rs. 5,00,001/- to Rs.10,00,000/- Exceeds Rs.10,00,000/- Rate Nil* 10% of the amount by which the total income exceeds Rs. 2,50,000/- Rs.25,000/- plus 20% of the amount by which the total income exceeds Rs.5,00,000/- Rs.1,25,000/- plus 30% of the amount by which income exceeds Rs.10,00,000/- (Refer Note 1) *Note 1 : - The amount shall be increased by a surcharge at the rate of 15% in case total income exceeds Rs.1 Crore. Hence, the highest effective rate of tax in case of individual shall be % (after including the Education cess and Secondary and Higher Education 3%). Marginal Tax Rate relief is available.

5 5 *If NRI is having only Short Term Capital Gain i n Equity shares or Equity Oriented Mutual Fund (on which STT is paid), there is no benefit of basic exemption available. B. For Foreign Companies Foreign companies are taxable at 40% 2% surcharge is applicable if the total income exceeds Rs.1 Crore but does not exceed Rs.10 Crores 5% surcharge is applicable if the total income exceeds Rs.10 Crores 3% Education Cess and Secondary and Higher Secondary E ducation cess is applicable on income tax (inclusive of surcharge, if any) D] Rates of Tax Deducted at Source (TDS) A] The basic TDS Rates as applicable in case of non-resident and / or foreign company, subject to the DTAA relief, if any are as follows:- Particulars Rate of TDS Education Cess on TDS including Surcharge, if any Effective Rate 1) Capital Gains on Equity Oriented Mutual Fund Units and Equity Shares sold on Recognized Stock Exchange and STT paid thereon: Tax i)short Term 15% 3% 15.45%* ii)long Term NIL NIL NIL 2) Capital Gain on Debt Mutual Fund & listed securities other than (1) i)short Term 30% 3% 30.90%* ii)long Term 20% 3% 20.60%* 3. Capital gain on Other Assets i)short Term 30% 3% 30.90%*

6 6 ii)long Term 20% 3% 20.60%* 4) Interest on Bank Deposits(NRO A/c) 30% 3% 30.90%* 5) Income From Rent 30% 3% 30.90%* 6) Royalty & Fees for Technical Service (FTS) 10% 3% 10.30%* *Rate of TDS shall be increased by applicable rate of surcharge in case of aggregate income paid or likely to be paid exceeds Rs.1 Crore. E] Proposed changes in Foreign Exchange Management Act, FDI and Related Policies A] Foreign Portfolio Investors (FPI s) FPI s will be allowed upto 100% of each tranche in securities receipts issued by Asset Reconstruction Companies (ARCs) subject to sectoral caps. The existing 24% limit for investment by FPIs in Central Public Sector Enterprises, other than Banks, listed in stock exchanges, will be increased to 49% to obviate the need for prior approval of Government for increasing the FPI investment. DISCLAIMER: This document should not be considered as substitute for specialized Professional advice and expert guidance should be sought before acting upon it.

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