Questions tagged [india]

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

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47 views

Can a 16-17 year old open a PayPal/Paytm/Google pay account without UPI?

I am under 18. I am from India. I do not have a bank account. I only have a phone number(not registered under my name). I also have passport, Aadhar card, etc. What are other requirements for using ...
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1answer
81 views

What are non-banking financial companies?

I read in the book Indian Economy by Ramesh Singh that,"NBFCs are fast emerging as an important segment of Indian financial system. It is an heterogeneous group of institutions performing ...
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0answers
26 views

Is Foreign Income taxable In India

I was abroad from 2 years(so NRI currently), Now returned to India in April and working for Portuguese company individually and they need me to send invoices monthly for the payment. Now this company ...
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0answers
39 views

Gift deed of property from British citizen to Indian father

I have a British passport and would like to gift a property in India to my Indian father ( I bought in 2010 while I was an Indian citizen). I am mobilsing funds to buy my first property in the UK. ...
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1answer
15 views

Request for switch from existing spread over RPLR to higher spread loan

I am currently paying monthly EMI's towards my home loan. The current rate of interest being charged from me is 8.5% whereas the prevailing market rate is 6.75%. Upon request to the bank to consider a ...
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0answers
18 views

How is excise collection different from that of GST?

Both of them are indirect tax it seems. How are GST and excise collections different from each other?
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1answer
95 views

Why is mandatory vehicle test and vehicle lifetime a part of the union budget? [closed]

Why is the vehicle test and vehicle lifetime included here. What has the vehicle to do with the Union Budget? https://thedailyguardian.com/union-budget-2021-voluntary-vehicle-scrapping-policy-and-its-...
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0answers
10 views

Does a residential address get re-classified as commercial if it used to register a one-person-company? [migrated]

An independent consultant working from home in India wishes to incorporate as a one-person-company to cater to clients who won't contract with individuals. Will his residential address get/have to get ...
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2answers
3k views

Should I still pay the minimum amount due even if my outstanding amount is 0?

I'm using an ICICI bank credit card, and there are two amounts of importance that are visible on the online dashboard: Current Outstanding, and Minimum amount due. I did a transaction of Rs. 1500 on a ...
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2answers
138 views

What is so special about “NIFTY bank”?

What is so special about "NIFTY Bank"? I have heard the name of this bank occurring when the Share Index shows up on any screen. Firstly what are the indices present there and what do we ...
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0answers
17 views

When does it become compulsory to change account status to NRI?

These days, especially in IT, employees are given onsite assignment with no clarity of duration. In my case, I am an employee of an Indian IT company and was sent for 3 months assignment and am now ...
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0answers
12 views

NPS: SIP or Lumpsum Investment

I am an Indian citizen and my age is around 30. I am planning to invest in NPS tier-1 account to get the tax benefits under section 80CCD and for the retirement plan. I want to invest Rs. 50k per (...
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1answer
54 views

What is this index all about? [closed]

Why did this index touch so high when our finance minister annouce the privatisation of 2 PSBs and one insurance bank?A detailed answer to this will be most welcome. She did not name any but why would ...
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0answers
43 views

Why is a separate fiscal year needed different from that of a calendar year? [duplicate]

What is even a separate fiscal year different from that of a calendar year? A detailed answer to this is most welcome. I am asking this particularly in Indian context.
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1answer
59 views

What is the meaning of the phrase “National Asset Monetisation Pipeline”?

Tabling the Union Budget for 2021-22, Ms. Sitharaman said: Monetising operating public infrastructure assets is a very important financing option for new infrastructure construction. This has been ...
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1answer
77 views

What does this mean,“Reinvigorating Human Capital”?

This was one of the six pillars of the Union Budget for the year 2021 for my country.It would be great if someone can explain me this.
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2answers
152 views

What are “G-secs”?

I am having a slight trouble in understanding this. I seriously do not know what it means by "G-secs". I have heard this word in the article posted below. What does it mean when someone says ...
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1answer
124 views

Is there any catch in life time free credit cards against fixed deposits?

Many banks have offerred me life time free credit cards because of my good credit score. However, there are some banks which did not offer any life time free credit card. However they offer credit ...
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0answers
19 views

How do I get tds refund when the processed ITR mentions 0 as tds refund? (India)

While filing itr the auto populated information showed that I am eligible for a refund but after the itr has been processed by the officer there is no indication of tax refund in the processed ITR. ...
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1answer
29 views

Taxation on income deposited to US bank account

I am a student in Florida USA and an Indian citizen. My income earned while I am outside US is not taxable in US. However, will such income be taxable if it is deposited to my US bank account? The ...
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0answers
11 views

Taxes on PPF Interest Amount

Do I have to pay taxes on the PPF (Indian Account) interest amount in USA even though I am not withdrawing or distributing?
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0answers
19 views

Regarding Resident US Citizen with OCI card transferring gift money to her US citizen daughter living in US

Status: I got my US Citizenship in the 2nd quarter of 2012 and have a valid OCI Card. I came to India in the first week of Aug 2012 and have stayed in India till April 2016. Since my stay in India was ...
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2answers
93 views

Can I legally avoid tax on savings bank interest, If I move the money to my mother's account who is not under any tax slab?

Can I move money from my savings account to my mother's account on April 1st (beginning of the financial year in India) and move the money back (original amount, not including interest gained) to my ...
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1answer
51 views

How to transfer money from India to USA without attracting penalties

My Father is Indian citizen and I am a resident alien. If my father wants to send me money through bank to bank transfer, what is the limit and what are the latest tax and money transfer laws both in ...
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1answer
77 views

When should my friend file income tax?

My friend's income in the period apr 1, 2020 - mar 31, 2021 will be around rs. 875,000 (eight lakh seventy five thousand) only. He is a self employed business professional in information technology ...
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0answers
18 views

Should we do sip investment through hdfc amc account or hdfc securities

I have recently open my DMAT account on HDFC Securities. I can purchase or shell share from here. Even I can purchase SIP from here but it is regular growth not director growth. Then I read on some ...
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0answers
11 views

Should Post office PPF and EPFO PF be declared in schedule AL

Should PPF maintained with the Post Office and Provident Fund kept with EPFO be declared in schedule AL? If so, under what parts in the schedule AL should they be declared in?
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0answers
18 views

Seek advise on Income Tax for India and US - for a new Green Card Holder

No income in US till date. Have some income in India - interest on FDs and Rental income. Please advise: how and where to Fill the forms in US? What all to declare (about India income) and how? ...
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2answers
221 views

Help needed to deal with personal financial condition [closed]

Would like to discuss my financial condition here so that you guys can share your thoughts. TLDR :). There are some details related to family as well, which I think is important while taking financial ...
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4answers
4k views

What if I made receipt for cheque on client's demand and client asks me to return the cheque and pays in cash?

My client gave me a cheque where I gave him the receipt for it's acknowledgement. Now my client tells me to return the cheque and is willing to pay with cash. How to edit the receipt or is there any ...
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1answer
23 views

Claiming tax deduction on Family Health Insurance covering parents in India

I am going to buy a health insurance policy in India. I am single, salaried and 24 years old. And I want to include my parents(both 50 yrs) too in the health insurance. I have the following queries: ...
21
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4answers
8k views

Undated cheque was given by client but client asks me continually not to deposit it

I received a cheque 3 months ago, which my client gave me to start a project and there's no date on the cheque. My client told me to ask him before depositing the cheque. The cheque was advance ...
2
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3answers
78 views

Transfer funds from US to India bank account

I am temporarily moving to India from the US. I am an Indian citizen. I was living in the US since 8 years and I have some savings from my income in the US bank. There is a possibility to either ...
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1answer
49 views

why there is a difference in total emi amount and amount spent from my credit card

I have purchased a watch from an e-commerce portal. The calculation page was like below according to this, I have to pay 919.38 x 6 = 5516.28 But, they said total payable amount is 5278.79 Also, I ...
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0answers
71 views

How to fill Part 2 - Claim of tax treaty benefits of W8-BEN for a resident Indian who is working as a software contractor for a US firm?

Under Special Rates and Condition in Part 2 - Claim of tax treaty benefits of W8-BEN form, I am not aware of what I can fill in the following fields: The beneficial owner is claiming the provisions of ...
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1answer
46 views

Gift from a brother who is USA citizen but resides in India for over 2 years would like to gift to a brother in USA who is American citizen

Can a brother in India who is an American citizen but living in India for over 2 years send a gift to a brother who is an American citizen in the USA without any tax consequences in India or in the ...
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4answers
220 views

How to reinvest my gains in the equity?

My equity portfolio has been gaining a bit of traction because the economy is recovering. I am a noob investor and It has only been a few months since I first started. The rule of thumb for most ...
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2answers
134 views

New Green Card holder- Bank Accounts in India

I and my wife recently (2 months ago) received our green cards (family - parent based). We came to US at the end of January, and received GCs in Sept. Due to Covid-19, we got stuck up in US. I opened ...
4
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1answer
81 views

Is sale of fruits and vegetables grown at home agriculture income and tax exempt in India?

In India, selling of nursery plants in pots and mushrooms cultivation (which is not actually done on agriculture land but in controlled environment) is considered agriculture income. Following article ...
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1answer
379 views

Using Indian debit cards in Nepal

Can I use my Indian debit cards in Nepal to withdraw cash from ATMs? In particular, I have an AXIS bank debit card. Can I use it freely for making payments as well as for withdrawing cash from ATMs in ...
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0answers
22 views

How to calculate the Return on Equity from the Bank's Financial Statements?

The annual report for SBI may be found here. The snapshots of the balance sheet and income statements from this report are: Balance Sheet: ** Income Statement: ** Now, using the return on equity ...
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12answers
9k views

How can I break the cycle of taking on more debt to pay the rates for debt I already have?

I'm 30, married, and have a 1.5-year-old daughter. My monthly on-hand income is 71,000 ₹ (INR). These are my monthly expenses: Home loan: 18,428 (Loan amount: 18,50,000. Number of EMI pending: 150. ...
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0answers
41 views

What do you do with 1042-S?

https://support.google.com/paymentscenter/troubleshooter/7542675 According to the statement here GOOGLE provides 1042-S for earnings through saled paid apps earnings (income). What to do with it? The ...
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0answers
46 views

Taxes with respect to Stripe

If anyone here has used Stripe to accept international payments, can one tell the following: A person in EU, another in USA, one in India buys a service and a person in India gets payment through ...
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1answer
23 views

Foreign National has Resident Account in Indian and transfer money overseas

I am an expat working in India, my salary is paid to my Resident savings account. How do i remit my salary to my wife in Singapore for the family's maintenance? The bank made a mistake and opened a ...
1
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1answer
30 views

Can we show flat 50% profit under section 44ADA in ITR?

Can a professional with side business income claim 50% profit as part of section 44ADA while filing ITRs? What if the real profit is more than 50%, let's say, 80%? Is such a professional safe to claim ...
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1answer
16 views

transferring amount between saving and NRO

I want to transfer some amount from my mom saving account to my NRO account to pay my utility bills. I am managing my mother's account as she lives with me overseas. Will this amount will be taxable?
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1answer
24 views

How to pay remaining tax? How to clear Intimation u/s 143(1) India ITR?

For FY18-19 or assessment year AY19-20, I received intimation u/s 143(1) on 12th Dec, 2019. The mail attachment PDF had "Net Amount Payable" of 10 INR. At the bottom of PDF, it says I ...
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0answers
287 views

Money gift from Indian father to son with British passport

Father in India wants to gift £ 50,000 to son in UK (who has British passport) for buying property. I am getting a letter from a Indian chartered accountant stating the source of the funds and tax ...
1
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1answer
45 views

Loan from NRI Brother

If I borrow money (10 Cr approx without Interest) from my brother who is working in abroad is it taxable to IT of India for my brother ? does that amount count as my income, and should I have to pay ...

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