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

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1answer
19 views

Does Income Tax have to be paid in India if i am paying IT abroad also and i am not a NRI

I was working with an Indian company till mid of 2014, all my taxes were adjusted and final settlement paid to me, and then I was without a job until end of Jan. I moved to Singapore for a short term ...
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0answers
15 views

Questions related to leave travel allowance

I am aware that one can claim tax reimbursement on expenses incurred on travelling within India during a personal leave. Although, I find this concept very confusing. I already understand the ...
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0answers
14 views

Income tax implications in India: sending money to ordinary OWN saving bank account

Could someone help on following: Please consider I am on work permit In EU and have not worked a single day in Inida in entire financial year Would I have to pay income tax other then TDS on ...
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1answer
22 views

Can a company's assets be sold to recover individual debts? [closed]

If an individual has to repay a debt, is it possible to recover it by selling of the company's assets if hes the promoter of that company?
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1answer
21 views

Tax Exemption on Home loan on property on Father's name in INDIA

We have an independent house registered on my father's name. I took a loan for construction of first floor. The bank has granted the loan after submission of documents and verifications. My father is ...
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1answer
23 views

Income tax India change of form for defective return

I have filed a Income tax return with ITR4 and received a communication about defective return asking to fill balance sheet and profit and loss account. I think I can file ITR1 or ITR2 instead of the ...
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1answer
31 views

US Tax exemption for Independent student contractor working from India

I am an undergraduate computer science student, resident and citizen of India, I'll be working as an Independent student contractor for a US based software company from my home country (India), during ...
2
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1answer
43 views

Questions related to medical reimbursment

I am aware that an amount of 15,000 rs can be claimed under medical reimbursement in India if you are a salaried employee. I have the following questions related to this process : Let's say that I ...
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1answer
22 views

Income Tax in India for variable Income

I have variable income through freelance developing software like for e.g say I earn Rs 15lakh in one year and Nil in the next year. Is there any way to distribute the income over two years or any ...
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1answer
30 views

Income Tax form in India for freelancing

If I have income only through freelancing (developing software for a US based Company) and am not a incorporated business do I need to file ITR4 or ITR2
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2answers
39 views

Transfer money from foreign account to Indian bank account?

I wanted to know if it is advisable to transfer money from USA based accounts to an NRE or NRO account in India? Are any of them liable to tax in India or USA ? I am planning to use western union. ...
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1answer
67 views

Can a bank statement be submitted as a proof of investment?

Let's say that I invest 50K in a tax saving fixed deposit. According to my bank, it will take at least 48 hours to get an acknowledgment. Meanwhile, can I submit my bank statement as a proof of ...
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1answer
35 views

What are the steps for creating a systematic investment plan for mutual funds?

I believe that any investment done systematically should be termed as a systematic investment plan. However, the term systematic investment plan is mostly understood as systematically investing a ...
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1answer
47 views

Strategy for investing in a tax saving fixed deposit account

Let's say that I open a new tax saving FD account with a bank with a deposit amount of Rs. 50,000. I understand that I can get a tax relief for the current financial year in which the FD account was ...
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1answer
36 views

Transfer USD to inr

I am a dentist, and I have a patient who is coming from USA for his dental treatment.He wants to transfer money to my bank account, will it attract taxes?if so what's the percentage? Thanks
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1answer
53 views

Legal way US based Employer transfer money to India based employee

I am a software engineer, currently working for a US based company. Situation : I have got my old US employer back with me where they want me to be their employee right now (meanwhile they are ...
2
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1answer
126 views

What happened to my remaining money?

I was offered an Internship at a company with a monthly amount of 15000 rupees. I joined on 6th january 2015. I was paid an amount of 13065 rupees today to my bank account. Where did the remaining ...
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1answer
53 views

How to send full loan amount to India from Saudi Arabia?

I work in Saudi Arabia, I took a loan here, nearly 10 lakhs Indian Rupees (1,000,000 Indian Rupees). My questions are: How to send the full loan amount from Saudi Arabia (money exchange), because ...
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1answer
76 views

India Freelancer - how to get money directly in bank account (without PayPal), how to pay tax for this extra income

I am a part-time Freelancer providing software consultation to clients in US and Ireland. I also work in an India Software company, which does the tax computation for my salary. (My Company doesn't ...
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0answers
61 views

Can I get home loan and claim tax benefit if I repay the loan for a property in India which is in my mother's name?

We are planning to buy a new house in India of which my mother will be the sole-owner. At present, she doesn't have any source of income. Now I have two questions in it. Is it possible for me to ...
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2answers
63 views

Transfer of property proceeds from india to USA

I am a U.S. citizen currently in Hyderabad for the past 3 or 4 years. I am not working and have no income in India but have Social Security monthly pension in U.S. (below taxable limit in U.S.) and ...
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2answers
64 views

Working in Saudi since aug 14, am I considered as NRI and do I need to pay tax

I am working in Saudi Arabia since aug 14, am I considered as NRI and do I need to pay tax. I applied for NRE account in ICICI bank and application was processed later I was told by officer that I ...
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1answer
20 views

Regarding NRI Tax returns

My earnings for the below period as April 2014 till June 2014 in India, July 2014 till Jan 2015 in Singapore ( More than 200 Days ), Feb 2014 till March 2015 in India I'll be paying tax in ...
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1answer
50 views

Getting money paid to a US based bank account for Indian company based invoice

I work for an american company and I used to get paid before directly by check. But now, I am raising invoices (for the work I do) from my Indian company. Is it ok if the USA company pays the Indian ...
2
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1answer
54 views

From India, and also worked in Kuwait in 2014. Do I owe income tax in India?

I got a job in Kuwait and I joined on 03-09-2014. Earlier I was working in India and was paying my Income Tax regularly. Now I am sending Kuwaiti Dinars sometimes to my and sometimes to my wife's ...
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0answers
44 views

Indian resident owning dividend-paying shares in company based in France: Can I save on withholding tax?

I am Indian and staying in India. I am holding stocks/shares of a French company which is listed on the Paris stock exchange. Every year, the French company declares dividend on the shares, and on ...
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1answer
42 views

What is the best way to increase the earned money staying in US for an NRI?

Im living in US from last 1 year due to work assignment and will be here for another 3-4 years. What is the best way to earn interest on earned money? Shall I send all earned money to India ...
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1answer
49 views

Principal amount on house loan shown in saving 80C

I booked a property in April 2014. This property is under construction. I got a loan on this property and paid EMI from May 2014 with Principal amount and interest I want to know:- Can I get benefit ...
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0answers
33 views

Working from India in a US company

I'm a new grad, working on a contract position in US for some time now and my contract has almost ended. I got an offer from another company (X), which is quite small (an LLC) but with better ...
2
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1answer
73 views

Is it possible to receive online payment via paypal in india without creditcard

I have a paypal Premier account (Verified by PAN and bank account). I want to receive payments by selling web app on my website. But I don't verify paypal with credit card. I don't have credit card. ...
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1answer
52 views

Does Income tax deduct automatically by bank in India?

I have a savings bank account in India. I have earned some lakhs this year through some freelance work. I would like to keep that money in the bank itself. Do I need to manually do anything for ...
0
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1answer
102 views

NRE account in indian bank have to pay Income Tax in India

Please help me, i am working in Dubai base company and my work place is any other country Like Oman, Myanmar, etc. Only for work, i am going out side of India say 3-5 month/year. Company is depositing ...
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1answer
84 views

Is it worth using an online platform to invest in various fund houses?

According to this article, there are there approaches to investing: Approach the fund houses directly and create an account Approach a brokerage firm and create an account Approach an independent ...
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1answer
47 views

Indian Citizen Getting Paid for Working as Writer for US News Organization

I'm an Indian citizen. I'm doing a consulting role for a news organization in U.S. and getting paid on an hourly basis. The income would not exceed $1600 per month. The organization has asked me to ...
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2answers
80 views

What to do if your appraisal does not increase your salary after 2 years

When in fact other people are getting decent raise. What should a person do? When inflation in India is more than 8 % and no salary raise after two years what should a family man do? How do you ...
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1answer
52 views

Form 16 for 0 tax payee?

I have several questions regarding tax computation, Do we have 2 form 16 for a financial year? If his salary is below tax bar, will he get the form 16? If tax is paid for 3 quarter of a financial ...
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2answers
83 views

How prudent would it be to invest (stocks/equity) in businesses that are based on Cash transactions?

Most real estate developers and jewelers in India accept part if not the whole payment for property/goods in the form of Black money. These transactions are often off the books - should I look at ...
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1answer
67 views

HRA + Home Loan for under construction Property

I know this question has been asked many times earlier but the answers are too technical for me to understand. Request your guidance (at dummy level). I am living in a rented house. This year (F.Y. ...
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2answers
99 views

Tax Exemption on Home loan EMI in INDIA

I have taken a loan of 9 Lakhs for a flat for which I have take possession last November.What all documents will I need to get tax exemption. I have rented out this apartment. What documents will I ...
2
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2answers
423 views

My father, an NRI, sold inheirited land in India. He wants to move the money to the USA, with minimum tax. How to go about it?

I've read that it's possible for him to gift me the money, because I am a US citizen and he isn't. Would that be a viable option? It's a sum of 2 crore 15 lakh, so I'll have to file it. I'm not sure ...
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3answers
146 views

Explain me the benefit of insurance policy

I have taken a life insurance policy from ICICI called "ICICI Pru Saving Suraksha LP". The details of my policy is given below. Term: 15 years Premium Amount: Rs 50,000.00 Sum Assured: Rs 500,000.00 ...
2
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1answer
110 views

US tax Implications on (sort of) buying a house in India

I live in the US (a student on an F1 visa) and my dad, who lives in India, is buying a house in India. He wants to register the house in my name, just as a gesture. I am NOT investing any money in the ...
2
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0answers
115 views

401k Withdrawal In US, RNOR Status, and Tax in India

I have 401(K) account in USA. I am a US Citizen of Indian Origin. I plan to R2I next year. I am likely to be in RNOR status during the fiscal years 2015-2016, 2016-2017, and 2017-2018 I am aware ...
2
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1answer
75 views

How to register LLC in the US from India?

I am living in India. I have an online business with many clients in the US, and I want to register it as an LLC in the US. Which state is the best to register in? What is the process for me to ...
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2answers
117 views

Transfering money from NRE to saving account is taxable or not

I have an NRI status. If I open NRE account(Yes BAnk) and transfer euros to this account from my overseas account. I understand its non taxable. My question is, if I transfer money from my NRE ...
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1answer
104 views

Capital gains on sale of property taken using housing loan

We bought a house for Rs 40lakhs/- by taking housing loan for Rs 35lakhs/-, however the property was registered only for Rs 15lakhs/-(this is the amount in the sale deed).Now we are planning to sell ...
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1answer
31 views

Remit money from US to India from my travellers account

I am living in the US for a short duration and I have a travellers credit card with one of the banks in India which was provided to me by my company. I want to transfer around $2000 to another bank ...
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1answer
53 views

Right way to get paid from US company to India Company

I am a US Citizen and have moved recently to India and started my own company. My Client is in US has asked me to Fill W8-BEN form. I want to check will W8-BEN be applicable to my Indian company and ...
2
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1answer
47 views

Legal requirements to sell design content, artwork and also freelance in India?

I want to start a website where I can sell my digital artwork, 3D models etc at the same time use the site to get freelance graphic design work.I know how to go about it technically but what are the ...
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2answers
94 views

How to get money from India to UAE

I have taken 25 Lac loan in UAE country and remitted this money to my mother SB account through Exchange. She withdrawn that money and used for personal commitments and bought one property. Now due to ...