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

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1answer
11 views

file ITR for fixed deposit

You can see tax deducted from my fixed deposit account Can we file an Income tax return on tax debited on interest of Fixed deposit in India?
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1answer
18 views

Who is a “Business Apprentice” in the context of India-USA tax treaty?

I am an Indian citizen who plans to go to US on a J1 visa to teach and do research in a US university. I expect to be in USA for about five months. I will be filing taxes as a Nonresident Alien. ...
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1answer
8 views

NRI in US, how to receive money from India to US

I transferred money to my parents as Gift 3 years back, now they will be helping me with some money here in USA. My parents are in India and want to send me some amount here in USA. Is that fine, any ...
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1answer
50 views

How does credit card's online authentication work?

I am not sure if this question is valid here but this seems to be the most appropriate place. I have a credit card which I use to shop online. When I checkout a product on say, Flipkart, it asks me ...
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0answers
28 views

Gift tax exemption amount on funds transferred to parents joint account from US to India

What is the limit on the amount of funds that I could transfer to my parents' joint account (held by my mom & dad) without incurring gift tax? I see the limits posted as $14000 per recipient, ...
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2answers
39 views

Is Income coming into saving account in India from Dubai is taxable?

I am staying out of India since from 22 Jan 2014 to till now in Ethiopia and now in Rwanda. Between this period i went India for 6 days. I am getting salary (INR) from Dubai based company in my Indian ...
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0answers
12 views

We have a company registered in Europe and we would like to hire an Indian service provider [closed]

The service provider in question is an individual, who claims that, in India, individuals can issue invoices. Can anyone confirm this with any trustworthy reference? Finally, which VAT applies? The ...
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0answers
37 views

do i need to pay tax in US for the provident fund and gratuity money that i received after quitting Indian IT company while i was deputed in US

I was working for an Indian IT company. I worked in India for few years and then was deputed to a client location in US. In the middle of last year, i quit the Indian company and joined an American IT ...
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0answers
24 views

Do i need to declare property in India when living in USA

I have been living in US and paying taxes, filing FBAR to declare the foreign bank accounts. My question - do i also need to declare my property like the house in which parents are living (but its in ...
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1answer
30 views

Can I deposit money in Indian PPF account while living in US

I have been living in US for 2 years and working on H1B visa. I might continue staying here for few more years. Before coming to US, I had opened a PPF account with State Bank of India. My question ...
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1answer
35 views

Tax consequences of working for US company from India

I found a job at a US-based company, and I would like to do all my work for that company while residing in India. My questions are: Can said company deposit my salary check directly into my account ...
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1answer
27 views

Dollar transfering from australia to India and back to Australia

If I send Australian Dollar to FCNR in India, which I have already paid tax here, then when I bring back the same amount to Australia in a few years, do I have to pay tax again here?
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1answer
50 views

can foreign income be used to pay Home loans without paying any taxes?

Can we use the foreign income(from North America), transfer it to my savings account in India and pay my home EMI? I read here in forum that foreign income is not taxable unless used to buy stocks, ...
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1answer
60 views

Indian income tax 2014-2015

I am filing my 2014-2015 Indian income taxes. I am outside India since Jan 2013 and currently in USA. I am filing taxes using prepare and submit online ITR using ITR 1. What should be my resident ...
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1answer
15 views

Direct Mutual funds in India through Demat

I am aware that Mutual funds are available in India in two flavors, Regular and Direct. Also, I have been using my Demat account to buy units in Mutual fund. However, I find many Direct options are ...
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1answer
29 views

Question related to Public Provident Fund interest calculation

Consider the following extract from a newspaper article : The interest on your PPF balance is compounded annually, but the calculation is done every month. The interest is calculated on the ...
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0answers
38 views

How to report short term capital loss occurred between 16-Mar and 31-Mar in ITR2?

I have short term capital gains from sale of equity shares for India financial year 2013-14 as below (Figures are hypothetical, but the concept is exactly how I am facing it) Gain of Rs.30000 in ...
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1answer
21 views

Indian citizen. Moving to Brunei. Working as freelancer for US company. In which account do I get my salary transferred?

I am an Indian citizen living in the US for last 4 years. My husband will be transferred to Brunei starting July and I will join him too. My US employer wants me to continue working as a freelancer ...
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2answers
61 views

How can I judge loan availability?

I want to apply for home loan ( I am from India ). But I did not know If I am qualified for loan or not. Previous history is that I already have a home loan for a property through my family. That ...
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2answers
62 views

USA H1B Employee - Capital gains in India from selling selling stocks

I moved to the US in May 2012. I had made some investments in Indian stock markets. Since I did not make any significant profits in 2012 and 2013, I never paid taxes on that. In 2014, I have made some ...
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1answer
18 views

Transfer a Public Provident Fund account from minor to major in India

I am aware that citizens of India can contribute money into a public provident fund (PPF) which will get locked in for 15 years. I am also aware that one can open a PPF account on behalf of a minor if ...
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1answer
89 views

As US citizen want to send money to my parents account. Do they need to pay tax? If not how can they show that it is a gifted amount from my daughter?

I am US citizen and want to send around $45k to my parents in India. Is there any kind of tax I or my parents need to pay? If not then how can they show that it is gifted amount from their daughter in ...
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2answers
110 views

Is it legal to have a Savings account in india while I am working in the US

I have been residing in the US since 2012. I have recently started working for an employer since 2014. I have three related questions. Due to lack of due diligence on my part, I missed couple of ...
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1answer
52 views

Are U.S. Social Security payroll contributions and state taxes deductible from taxable income for India?

I moved to USA during the financial year Apr 2014 - Mar 2015, in which I was resident in India for more than 182 days due to which my status is "resident" in India for the tax year concerned. I ...
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1answer
38 views

Remittance to India from US in an Indian account?

I am Indian citizen working in the US on a non-immigrant work visa. I have a regular savings account in India as well but I dont have an NRE/NRO account. So, will my remittance send to India account ...
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1answer
51 views

Making sense of mutual fund returns

Looking at a mutual funds returns, sometimes I see a 5 year return of 20% and 1 year return of 100% (both annualized). Does that imply that the growth was 0 in the year n-5 to n-1, and the growth of ...
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1answer
48 views

Can preventive health checkup be claimed as a separate expense from medical expenses?

I am aware that the salary structure for most employees of corporations in India consists of a section called medical which amounts to 15,000 rs. The implication of this is that employees can get tax ...
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1answer
87 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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1answer
42 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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1answer
59 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
72 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
49 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
49 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 ...
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1answer
64 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
29 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
40 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
80 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
74 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
38 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
62 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
61 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
132 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
110 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
179 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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1answer
97 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
116 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
94 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
33 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
70 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 ...