For questions that relate to the laws, practices, and products of India

learn more… | top users | synonyms

0
votes
0answers
7 views

Do I have to pay taxes on PPF in USA?

I am going to work on H-1B in US for next 3 years. I am sure that I will return to India after 3 years and do not want to permanently settle in US. In order to invest money in India I am planning to ...
4
votes
1answer
50 views

I'm quitting my Indian job of 5 years and going on a sabbatical. What do i do with my PF?

I work in the tech space.I quit my job after 4 years and 9 months. I am not going to a new job but am taking a sabbatical. I guess it's more of a short break. After this break of 2-3 months, I will ...
2
votes
1answer
32 views

Foreign currency in my uncle (no blood relation) account

I work in middle east and wanted to transfer money to my uncle's account, as a help to him. I will be depositing cash money through a money transfer agent. First question is "does my uncle have to ...
1
vote
1answer
25 views

Income tax Rebate on more than one property

I have purchased one house property at Bhopal. which is constructed. For which I paid Rs. 280800/ pre EMI interest & Rs. 260000/ EMI interest. I purchase another house property in Gurgaon. It is ...
2
votes
3answers
58 views

Buying Fixed Deposit in India from Europe

Given the chance, does it pay off to open a FD in India (high interest rates, high inflation) with Euros (low interest rates, low inflation) from Europe? Or is it too risky on the long run (~ 1 ...
-2
votes
0answers
40 views

How to calculate tax liability for consultant in India working for a foreign company?

Suppose a foreign company is paying complete 9 lakhs per year to a consultant, without withholding any taxes i.e. 75k per month. Suppose following information - Savings 1,50,000 Rs per year ...
1
vote
1answer
12 views

Will I pay tax in my account in India if I get a transfer from UK from a different party

I stay in India and have a salary savings account here. A friend of mine is making a transfer from UK in GBP to my account in India. Amount is 35000 pounds. Do I face any taxes, legal liability or ...
1
vote
2answers
20 views

Transfer from regular savings to NRO account

I have a regular savings account in India and a NRE/NRO account as well with a different bank. I just haven't gotten around converting my regular savings to NRE/NRO. Can I move my funds from regular ...
0
votes
1answer
38 views

How to save tax in India

Hi I'm a salaried person with an annual income of 4 L/annum. I don't know much about tax saving. What can I do save tax in India ? and Is PF/Pension and Gratuity in salary taxable in private company ...
0
votes
1answer
17 views

Will I be taxed in India

I am on a project (1 year duration) in Qatar. I am remitting money thru TT to my HDFC Bank savings account in India. All family maintenance/expenses and Home Loan EMI is deducted from this Saving ...
1
vote
2answers
37 views

How to file income tax returns for profits from ESPP stock?

My company is listed on the NASDAQ. I sold stock under its Employee Stock Purchase Plan (ESPP). I want to know how to file income tax returns for the profit. Which form should I use? What values ...
0
votes
1answer
37 views

Tax Calculation Concept in India

Hi I'm a salaried person with an annual income of 4 L/annum. I don't know how do I calculate the income tax that I need to do. In the 4 L/annum what things are need to exclude like 2.5 lac exemption ...
0
votes
0answers
34 views

Which Bank can help me cash a US treasury Check in India

ICICI bank refuses to entertain inspite of having a bank account, any other options. Any guidance is highly appreciated.
1
vote
2answers
58 views

Tax considerations for outsourcing freelance work to foreign country

I've seen this asked a few different ways (closest was here), but I am looking to find out from the business's perspective, how to report (if necessary) the amount paid to a foreign contractor. My ...
3
votes
1answer
60 views

Weightage of products used for measuring inflation

How does the government fix a particular weightage for a particular commodity which is to be used during measurement of inflation? Is there any specific scientific formula that is to be used?
1
vote
1answer
43 views

Tax on Money transfered to India from UK?

I'm from India came to UK on Feb 4th 2014 and I will be in UK till Sept 30th 2014. I'm earning money in Pounds, and paying tax as per UK tax policy. I could save some money which I transferred to ...
0
votes
0answers
13 views

What is the cheapest way to get funds from the sale of stocks in a Morgan Stanley BenefitAccess account to India?

I hold ~ 200 MSFT shares and am planning to sell them... Last time I sold shares and opted for a wire transfer, I lost nearly 3% in fees and commissions (as compared to a naive conversion of No. Of ...
0
votes
3answers
90 views

IS it the wrong time to get into the equity market immediately after large gains?

I was planning to get into a few equity MF's (till now I've had > 90% investments in Debt funds and Fixed deposits), but looking at the performance, most have had massive gains in the last 1-2 months. ...
0
votes
1answer
81 views

How to transfer money from the US to India without paying taxes?

During my tenure in US, I deposited money in Wells Fargo checking account. I had to move to India last year. Now I would like to close the Wells Fargo account and get money transferred to India. ...
1
vote
1answer
38 views

Freelancing as a Technical Support Advisor

I am freelancer from India providing technical assistance to people in UK and US. I get these numbers from different companies in India who are not able fulfill customers needs. Is it possible for me ...
1
vote
1answer
82 views

Filling Balance sheet in ITR4 for freelancers

I'm trying to fill ITR 4 for the first time. I'm a salaried professional with a side income from freelancing. I earned around 3 Lacs plus from freelancing. In ITR 4 there is a section - Part A ...
1
vote
1answer
42 views

Does a person who newly became Indian Citizen need to pay taxes for the asset he transfers to India from his ex-citizenship country?

Between 1992 and 2004 I was working in USA. I had also gained US Citizenship in 2003. In 2004 I returned to India and since then lived in India. I got (back) Indian citizenship in 2014. Now I want to ...
1
vote
1answer
49 views

Query regarding Term plan

I want to take a term plan and need your guidance on the following: Brief about me (it might be useful for you to evaluate my financial planning): Family:         ...
0
votes
0answers
21 views

Can I transfer my RSU/ESPP shares money to a friend working in US?

I am an Indian citizen. I need to sell the ESPP and RSU shares granted for US company. I want to transfer the money to my friend's account, who is working in US but is an Indian citizen. He will in ...
4
votes
1answer
155 views

How a company in India can misuse my PAN number and its scanned copy that I provided as an interview candidate?

Two companies in Bangalore and Pune (India) asked me to send PAN number (government ID number used as ID for income tax return and transaction, like social security number in the US) and scanned soft ...
2
votes
1answer
52 views

Which CHALLAN to use for paying tax

I am individual and while filing ITR it is showing me tax is payable. Now I landed on this page https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp. But I am confused which challan to ...
-2
votes
2answers
92 views

What is the best retirement strategy for an Indian?

For an Indian citizen in India, looking to retire years from now on which of the following would be a better retirement fund ? Retirement plans (Deferred/Immediate annuity plans like ...
2
votes
1answer
74 views

Tax on NRE account

I am an UK citizen. I opened a recurring monthly fixed deposit Indian NRE account at 9% interest for 10 years. No tax in India and repatriable. My first question is do I have to pay tax in the UK ...
2
votes
2answers
54 views

Website for e-filing income tax india

Is there any recommended website for filing ITR in India except for government's website ?
1
vote
1answer
59 views

Calculate the optimum contribution to Provident Fund(PF) account

I am fresh out of college and started working and want to work out how much I should contribute to my Provident Fund account to maximize the benefit from tax deductions. I am from India, so for those ...
-1
votes
1answer
26 views

Is it mandatory to have in hand cash of Rs 1 lakh while starting a pvt ltd company?

Well i wanted to start an OPC pvt ltd company but am confused about the minimum share capital of Rs 1 lakh , is it mandatory to have Rs 1 lakh in hand or in form of investments and assets before ...
-1
votes
1answer
54 views

Net money invested in Stock indexes ended up in red

A look at the Indian Stock exchange trade today here shows a net investment of INR 296 crores but all the indices Nifty (-38.2), BSE (-137.30) ended in red. Why so? When money is pumped into the ...
2
votes
1answer
74 views

How to invest Rs.10k in India

I would like to invest my savings Rs.10,000 which gives me higher returns. I do not want to save in bank FDs. I would like to take some risk(yeah.. Rs.10000 is not a big amount) as the amount is not ...
6
votes
1answer
491 views

Best way to transfer abroad loan amount to Indian parents Savings Account

Can you pls advise: I am working in Dubai, and applied for a loan of 25Lakhs, I would like to use this funds to repay my personal loan (to relatives) and want to buy a land with left out money. I have ...
4
votes
1answer
82 views

What is the logic behind peak interest rates for 390 days FDs in India?

Currently fixed deposit (FD) rates in India are around 9% p.a with various Indian banks. I have observed that there are tenure brackets which start from 7 days till 5 years. There is always a bracket ...
0
votes
1answer
51 views

What should be the maximum affordable loan earning X per month?

I will be shortly purchasing a car with help of a loan. Suppose my earnings per month is X, what should be the EMI [Equated Monthly Installment] limit ? Till now my monthly expenses are X/4 and the ...
3
votes
1answer
151 views

Tax implications on money transferred to NRO account

Here is the situation - my wife and I are based in UK. I have NRO/NRE account in India. My wife has remitted some money to my NRO account in India. Can the forum please help me with the following? ...
2
votes
1answer
85 views

What are the common Income Tax deduction for salary earned in Saudi Arabia

I have left for Saudi Arabia on 7 November 13 , I am a government employee in Saudi Arabia . My salary is deposited in Saudi bank account , will I have to pay tax on 1,000,000 rupees amount which I ...
0
votes
2answers
166 views

Why is a home loan (mortgage) cheaper than gold loan?

I am not sure if this is a India specific issue. I understand that gold is a basically non-value add asset and real estate business generates jobs and people do need houses to live in. My doubt is ...
2
votes
1answer
117 views

What are the Long Term Capital Gains for this real estate sale in India?

I purchased a site for Rs85,000/- in 30/03/2001 and planning to sell it this year(2014-15) for Rs35,000,000/-. What will be the long term capital gains for this? If I invest in bonds for 3 years, will ...
1
vote
1answer
46 views

How do I get audited in India and what happens after that?

I have not filed my tax returns for 5 years. However I have a few FD's in my name and I was wondering what would happen if I were to get audited and how do these audits take place. In the bank they ...
1
vote
0answers
13 views

Best option for transferring Euros into Indian NRE account? [duplicate]

I have a bank account in EU in euros and want to remit some funds to my Indian NRE account. What is the most efficient way to remit the funds to my NRE account: Which methods give the best currency ...
2
votes
0answers
41 views

When does a public company report a balance sheet?

As 31st March is the last day of the financial year in India. I was browsing some data and found that there are many companies that have not reported their balance sheets for 2013-2014. Is there a ...
1
vote
1answer
68 views

In India, what is the difference between Current Account and a Savings Bank Account?

Considering that Current Accounts in India give you no interest, why would anyone keep a current account open? Why not just use a Savings Bank Account? ATleast they give you some daily interest on the ...
2
votes
2answers
69 views

Life insurance policy

Right after my graduation in 2008, I started a job. One of my friend was a policy agent at that time. He somehow convinced me to buy a life insurance policy from him and I did without thinking much ...
2
votes
1answer
191 views

How to change if we did mistake in E-Filing income tax in India

I have filed income tax for the financial year 2012-2013 using e-filing. While filing the same, I gave the assessment year as 2012-2013 instead of 2013-2014. How to rectify this problem ? Can ...
1
vote
1answer
85 views

Transfer money from NRE account to a local Indian account

I am currently in US and I generally transfer money to my NRE account in India. I was wondering if I could transfer some of it to my mother's local bank account. Will she have to pay any tax if I ...
4
votes
2answers
179 views

Which income tax return filing form to use in India

I'm a salaried employee who also earns some cash through freelance writing, however it is not regular. I already paid tax on the amount that I earned through freelance. My Question is should I ...
5
votes
1answer
148 views

Deciding between Employee Stock Option and Restricted Stock

The Company I am currently working with, as part of a reward program awarded me 500 stock options and given me an option to choose them either as Employee Stock Option Restricted Stock Or as a ...
1
vote
2answers
253 views

Do I have to pay income tax if my friend uses my bank account to transfer funds to a third party?

Suppose my friend has to transfer to someone a big amount using debit card. Since he doesn't have a debit card, he transferred the same amount to my bank account via cash and asked me to make ...