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Questions tagged [india]

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

0
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1answer
40 views

What is my SBI IBAN number?

I have been recently accepted for a scholarship and I need to provide my IBAN/BIC number for some purpose of accommodation. My SBI Branch code is 006342 and I wasn't able to find any swift code based ...
2
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0answers
10 views

Is SGST applicable if UGST is applied on purchase or sales?

If my transaction belongs to union territory. Is SGST also applicable when UGST is applied for such transaction?
2
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1answer
113 views

The mathematics of GST makes no sense to me

The Goods and Services Tax (GST) is a destination based tax, which means that the state in which the goods are consumed receives the tax. The GST is implemented using three separate taxes: Central ...
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0answers
26 views

Transfer from NRE account to salary account

I am working in Kenya with an Indian company duly registered in Kenya as a branch. I am getting my salary from India in my salary account and I am also getting an overseas allowance from Kenya in ...
2
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1answer
19 views

Tax implications of freelance income in NRO account for a U.S. H4 EAD holder

It might be a simple question, but I am not able to get a definitive answer to this anywhere. I live in USA, have an H4 EAD and I do some freelance work while living physically in USA with clients ...
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2answers
450 views

Could the US demonetize large bills? If so, how can I protect myself if I rely on holding US dollars in cash?

There was a demonetization in India. I heard that this was difficult for Indian residents to handle. I understand most of the money is in digital forms, but there is still a large amount of actual ...
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2answers
237 views

Can owning a static website without advertisements be a source of income in India?

Suppose I create a static website (just contains some information to read), and assume 1000 visits daily. The website does not contain any advertisements. Can it be a source of (even small) income?
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2answers
46 views

From a legal point of view, how do I establish who the gift “receiver” is while transferring money from the US to India?

There is $14,000 per receiver per year federal gift tax exclusion limit while sending money from the US to India. From a legal stand point, how can I establish that I am sending the gift amount to ...
4
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0answers
79 views

Relocation to US

I am relocating to Texas from India along with my family in the month of July 2019 to pursue a Phd. In order to effect a smooth transition, would like some advice on how to setup things to manage my ...
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0answers
29 views

Tax in US on interest earned from NRE account

I work in the US and recently got converted to H1B. I am planning to transfer funds to my NRE account ($3000), accrue interest in 3-4 months and then use it to pay for my student loan. Will I be taxed ...
3
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1answer
120 views

what is DEMAT equivalent in USA

I am new to USA. In India to trade in market one needs a Demat account and a trading account. but In USA, when I opened an account with a reputable brokerage there was no mention of an account similar ...
1
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1answer
84 views

Need to understand the SMS lately sent by ITDEPT - 'Total tax by Employer for Q is xxxx…'

Total TDS by Employer for Qtr ending Dec 31 is Rs. XXXXX and cumulative TDS for FY 18-19 is Rs. YYYYY. View 26AS for details. YYYYY is way greater than XXXXX , could someone tell me how to interpret ...
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1answer
42 views

Withdraw money from Canada Pension Plan (CPP) or Govt Pension by an Indian Citizen

I am an Indian and working at Toronto for last ~4 years with long term Work Permit. ( I am NOT a PR holder). My company is deducting ~300 CAD per month from my salary under 'GOVT PEN'. I came to know ...
1
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1answer
50 views

Funds transferred to India after three years of leaving US

I was in the US for a few years and didn't close my savings and checking accounts in the US at the time of return. After three years of my return from US, I transferred some funds to my savings ...
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0answers
34 views

NRI returnig to india for good but have forex income in USA

I worked in US for 4 years and decided to return to india for good . I have regular income from forex which comes to US bank account and I pay tax to US government. Once I return to India , am ...
2
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2answers
41 views

How is the tax levied if I am earning from abroad?

I am an Indian citizen and I work remotely for a company based in Hong Kong. I have a fixed salary in USD which then gets converted to INR according to the exchange rate during the time of transaction,...
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1answer
33 views

How tax is managed for selling items through marketplace in India?

Lets say I'm a marketplace owner. I charge a 2% commission for every sale through my marketplace. Suppose a customer place an order for an item which cost 1000INR excluding 5% tax (1050INR Total). ...
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0answers
11 views

How is capital gain calculated in India for a house when it is constructed on a piece of land bought few years earlier?

I had bought a piece of land in 2003 and constructed the house in 2005. I am planning to sell now; how is capital gains calculate for this?
1
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1answer
31 views

LIC Beneficiary

My uncle has listed me as a beneficiary for two LIC policies with maturity dates in 2027. I am an Indian born US citizen. I do not have OCI. How can I get the insurance money transferred to my US bank ...
0
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1answer
41 views

Participating in a buyback - Understanding the benefits and drawbacks

Recently, A company I have invested in offered to buy back a certain percentage of my shares. I've been considering this proposal and here's what I think. Say I bought 10 shares in this company over ...
2
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1answer
88 views

How to know whether I need to pay tax?

In India, how to know whether an adult needs to pay any type of tax or not? Is there any government source or any other way to know about it?
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2answers
112 views

Is it possible for a merchant to withdraw money from a debit card without knowing the PIN?

I am from India. Recently I went to a store and bought some goods. After I was handed my bill, I gave the cashier my debit card. I was busy on my phone and didn't give it much thought, and to my ...
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1answer
36 views

Transfer Money to NRO account via third party

I moved to Singapore recently. Can I transfer fund to NRO account via third party remittance service like Instarem ?
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1answer
22 views

NRE to foreign account transfer

Can I transfer money from my Indian NRE account to my sister's savings account in UK bank?
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0answers
34 views

Transferwise regulated by RBI India

According to RBI FEMA Act Section 10, only authorized person or company could transfer Forex from India. I have checked the website of Transferwise and can't find any information on this. How can I ...
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1answer
101 views

Tax implications of money transfer to and from parents

I am an Indian working in the US on H1B and I want to transfer some money (about $70k) to my parents in India. They plan to use it temporarily and then return the money back to me in the US. What ...
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0answers
34 views

Do I need to pay tax in the US on funds withdrawn from a pre-existing PF account in India

I have a PF [retirement] account through my employment in India, before moving to the US in Aug 2012. However, there were no fresh contributions made to this accounts during my residency in the US. ...
1
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1answer
14 views

Dividend from ESOP to Cash - India

I'm Indian and working for a US organisation in India. I have been investing in the Employee Stock Purchase Plan (ESPP) for a while now. During the initial investment period, I had not opted for re-...
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4answers
150 views

Investment vs Income Tax

For a private employee in India, with an income of INR 6.5 lacs per annum, to minimize IT under 80C, which investment is most beneficial?
0
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1answer
52 views

Should I continue with ULIP

I am from India. I have a ULIP (Unit Linked Insurance Plan) worth Rs 75000 per year which I started in June 2018. The plan is for 10 years and I have already paid for 1 year. I bought this to get a ...
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0answers
20 views

is it possible to account TDS in Microsoft Money Plus?

Is it possible to account Tax deducted at source like Fixed deposit interest in microsoft money plus?
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0answers
40 views

Taxation of prize money given by US to Indian citizen

Can I claim 0% withholding of tax by US on the prize money given to me by a US based organisation? I am an Indian citizen holding a PAN card and filing returns every year.
1
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1answer
64 views

Will I have to pay taxes if there are more than 10 lakhs worth of transactions?

I am a CSE student in a college Andhra Pradesh, India. My friend and I have created a web application to automate hostel payments with which students can pay their bills monthly. We use the PayTM web ...
0
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1answer
118 views

Recent Green card holder. From US, how to Transfer money from my Indian SB AC to my recently opened checking account in US

Recent US Green card holder not NRI, as came to US just 2 months back. After coming to US, how can I Transfer money from my own savings bank account in India (No NRE or NRO A/C) to my recently opened ...
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1answer
36 views

How Much tax we can save by investing in ELSS Mutual Funds

If Mr.ABC's Taxable income is 3Lakh , than his Auditor telling he need to pay 22,000Rs tax in FY 2018-19, so if he invest 50k or 1 Lakh in ELSS Mutual funds, than how much tax he will save ?
1
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1answer
139 views

How to show in income tax filing a loan taken from friends to repay home loan?

I took home loan from PNBHFL of 20 lakhs. Due to various personal reasons (to clear my debts) I sold my house. I purchased it in August 2016 and sold it in January 2019. I sold it for 40 lakhs. ...
4
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1answer
75 views

Is compensation for European flight cancellation taxable in India?

Here is the situation: Indian resident receives compensation (under EC Regulation 261/2004) for cancelled flights while on business travel within EU. Is it taxable in India?
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2answers
186 views

How are micro-finance banks able to offer interest rates so much higher than traditional banks?

Recently while browsing on google I came to know that there are few small-finance banks which offer great returns with the high amount of interest rate up to 7% and fixed deposits up to 9-9.5%. like ...
3
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2answers
283 views

why don't banks invest money in mutual funds or shares instead of giving personal loans

Banks offer personal loan at interest rate of 11 %, but why don't they invest those money in mutual funds or shares and earn more ?
0
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1answer
37 views

Tax system on savings account in India

I would like to know if the money in the bank is taxable. Let's say I have deposited some x amount in my savings account and the yearly interest is y amount. I know that this y amount is taxable, but ...
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0answers
36 views

Can I claim capital loss on unsold, delisted stocks in India?

I have stocks in delisted stocks such as Kingfisher airlines and Varun Shipping. Can I write them off as capital losses and offset against gains in FY 2017-18?
2
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1answer
205 views

Paying tax in the UK for Fixed Deposit (Term Deposit) interest earned in India on NRE Account?

I am an Indian citizen (Indian domiciled via father's citizenship) currently residing in the UK. I intend to take up permanent residency in the UK when applicable but also continue to use my Indian ...
1
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1answer
218 views

How to transfer money from india to usa [duplicate]

My son is a US Citizen and he will be entering into College on coming September 2019. We (parents)are green card holder & lives in US. We have a house here in India. We want to sell it and bring ...
2
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3answers
90 views

Jindal Vijaynagar Share Certificate

I have a physical share certificate of Jindal Vijaynagar which was bought in the name of my mother in 1995. I believe this company is now known as Jindal Steel. How can I get the share converted for ...
0
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1answer
386 views

Unable to transfer funds from resident savings account to NRO account

I recently opened NRO and NRE accounts in India as it is illegal for an NRI to hold resident savings account in India. I want to transfer money from my Resident savings to account to my NRO account ...
0
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1answer
78 views

Simple Interest calculation on rent of specific period till date of payment

Hi I have to calculate simple interest on Rent of Rs.10,000 @6%. There are two parts to my problem. Calculation of simple interest on rent amounts due for 41 months progressively i.e. as rents keep ...
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0answers
45 views

Sale of property in India purchased earlier using US funds and repatriate now to US [duplicate]

I was Non Resident Indians, purchased property in India with funds earned in USA. The funds were transferred from my US account to my In-Laws Bank Account in India. I am now US Citizen. I am in the ...
2
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1answer
127 views

Repatriate NRE funds from India back to the US.

I have an NRE account in India. I have been paying taxes on the interest and also reporting the total funds on FBAR every year. I have repatriated some of the money to the US this year. What IRS form(...
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2answers
2k views

Why is an ETF, which is tracking foreign equities, ticking in my local time zone?

I have recently bought the N100 ETF, which tracks the Nasdaq 100. This is an Indian ETF. So, if it is tracking the Nasdaq 100, then why and how is it ticking in my (Indian) timezone?
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1answer
46 views

Provident Fund transfer from a company which got acquired by another company

My husband has changed job to another company and had not transferred his PF at that time. Later the previous company he was employed in got acquired by another company. Now he has initiated PF ...