Questions tagged [india]

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

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12 views

Suggestions for a mutual funds portfolio analyser [closed]

Can someone suggest a good website/app which gives a through analysis given a MF portfolio? Eg Fund performance vs peers, % holdings in top sectors, point out risky debt funds and give other ...
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1answer
27 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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8 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
18 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
88 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
36 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
70 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
17 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
9 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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17 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
215 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
22 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: ...
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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 ...
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3answers
67 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
46 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
188 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
80 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 ...
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1answer
68 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
163 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
21 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
38 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 ...
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1answer
29 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
15 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
23 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
225 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 ...
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1answer
41 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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2answers
91 views

Is there a way to reduce “gross total income” in ITR? (India)

I'm an Indian student trying to decide my college. There's a really good college I'd like to join (can't mention its name for privacy reasons) but its annual fees is absymally high (close to triple of ...
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1answer
87 views

W8-BEN for claiming treaty benefit on dividends for an Indian resident

I am an individual residing in India and will be filling form W8-BEN, in which I need help in filling the section PartII: Claim of Tax Treaty Benefits (Point 9 and 10): As of now my tax withholding ...
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0answers
29 views

How are certain Indian small businesses dealing with taxes?

When I am attempting to register a domain from a domain reseller, I don't see any tax component getting added by the reseller. However, Godaddy or HostGator adds 18% GST on top of the actual price of ...
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1answer
41 views

Indian Income Tax System Rebate on Education Loan and House Rent

I am a recent graduate and will be starting my job in a couple of days. My offer Letter says CTC Offered: ● X LPA (can't disclose the actual amount) -> fixed and it is written that: Applicable ...
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1answer
60 views

How do I evaluate investment policy options rolled out by different companies

I am a techie who has started to learn about investments very recently. A friend of mine who is an agent that sells investment policies has been suggesting different policies for me to purchase. At ...
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0answers
30 views

Accident claim money, rules, taxes and limitations

F1 student, OPT from July 2020. I had an accident where I was hit by a car (I was pedestrian). I filed a claim through my lawyer and received money from the car driver's insurance company (around 60K)....
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2answers
4k views

Someone claiming to be from my phone provider called asking me to add money to my account. Is this a scam?

Someone called me to ask whether I have recharged (added money to) my mobile account. He told me that he was calling from the network provider and wanted to assist me with the recharge. Unlike an ...
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1answer
544 views

I have two debit cards for same account with different limits can I use two cards for maximum withdrawal?

I got State Bank of India Classic debit card with a daily ATM transaction limit of 20,000 INR per Day, and also got State Bank of India International Visa card with Daily ATM limit of Transaction 40,...
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1answer
25 views

Deductibility of short-term foreign capital losses in India

Since short-term capital gains on foreign stocks are taxed at the regular income (slab) rates in India, is one allowed in India to deduct short-term losses on foreign (relative to India) stocks from ...
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1answer
110 views

opt-out of pension scheme(EPS) in EPF while changing jobs in India

I have recently changed my job. In the previous job, my employer was making a contribution to the EPS as well, there was no option to opt-out of the pension scheme. But in the new organisation, there ...
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0answers
44 views

How is it not illegal and more importantly ethical for Additional Tier-1 bonds to be written off in case of rescue or liquidation of the company?

Additional Tier-1 (AT-1) bonds issued in India, as I understand is regulated by RBI, the central bank in the country. It seems if the company faces severe losses,the RBI can then activate a Point of ...
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1answer
44 views

Can I include GST, parking costs and Society Charge in Indian mortgage?

I am looking to buy 2bhk in Mumbai, and have somewhat finalized one property. Now my concern is my salary is good so I can pay more EMI but don't have enough cash in hand to pay. When I checked with ...
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0answers
33 views

Tax residency for Indian student in Germany and US

I am a citizen of India and I studied in Germany for three years (Sep 2017 to Aug 2020) before moving immediately to the US in Aug 2020 to start a doctorate program. Is my country of tax residency ...
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1answer
21 views

Interest for section 234B and 234C added while filing ITR

I'm working as a software engineer in an IT company. I'm filing ITR form-1 for FY 2019-20. My company had deducted and submitted TDS of around Rs 7000 on 6/01/2020 to IT department. Initially, while ...
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1answer
34 views

Income tax returns acknowledgement upon processing

In India, does the income tax department send acknowledgements after processing incomes tax returns? I know that they send acknowledgement mails after the returns are e-verified. But I specifically ...
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0answers
40 views

Working remotely for a Japanese company as a non-resident outside Japan

As the title suggests, I am currently performing remote work as an intern for a Japanese company. I am non-Japanese nationality residing outside of Japan. Am I subject to the flat non-resident tax of ...
3
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0answers
174 views

Bank refusing to credit prize money

I have won a story-writing contest based in the US and the company has transferred $1000 minus taxes, so $695 to Kotak Mahindra Bank's Nostro account. I have submitted FEMA declaration at the bank and ...
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1answer
84 views

Do Indian YouTubers need to register for GST?

If an Indian professional earns 30 lakh per annum from his regular job and then 18 lakhs per annum from YouTube and Affiliate Marketing, do they need to register for GST? The personal also earns 4 ...

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