Questions tagged [india]
For questions that relate to the laws, practices, and products of India
1,397
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Unauthorized withdrawal of money from my savings account by Bank
I have a Savings Account in a Bank. The bank withdrew money (₹ 1,75,000/-) from my savings account by account without any authorization (no check, no withdrawal slip, or anything of the kind). My bank ...
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Difference in the Capital gain due to exchange rates
I am a US citizen. I inherited a property in India in 2018 and sold it in 2023 with no gain/loss in Indian currency.
But when I convert the cost and the sale price to US dollars, I get a loss because ...
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How to declare interest earned from unmatured NSC (5 years) in ITR
5 year NSC shows its interest earned is reinvested every year, So I can clam it under 80C.
But there is no interest entry made by the Post Office department against NSC.
How can I declare such earned ...
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Invest in both PPF and VPF
Is one allowed to invest in both VPF (Voluntary Provident Fund) and PPF (Public Provident Fund) in the same financial year and is there a limit on the same?
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Why choose NSE MFSS and/or BSE StAR MF?
While reading disclosure material published by mutual fund houses, I came across a discussion of the Mutual Fund Selection Service by NSE and the StAR MF service by BSE. To be precise, it was pg 50 of ...
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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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How to file and pay income tax for ITR2 in India? What is the order?
I have following incomes
Salary
Interest income from fixed deposits
Short term capital gains from sale of equity stocks
Long term capital gains from sale of debt mutual fund
Searching for it leads ...
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1
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Self assessment Tax not reflecting 26AS
I paid Self Assessment on 24/6/2019 before noon. Chart status enquiry on 28th confirms receipt of amount in TIN on 27th. But till 30th 11:30 AM it is not reflected in 26AS. How long will it take to be ...
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1
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Company publishing Standalone but not Consolidated financial results
Some companies publish Standalone result time to time but not consolidated result.
Ex- ABC company is publishing Standalone quarterly results ,but not publishing consolidated result since last 2 ...
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Tax implications of the interest earned in India
I have some questions regarding tax implications of the income in India from the following sources.
NRE Account (FD and Savings)
NRO Account (FD and Savings)
Mutual Funds
Interest in NRE account is ...
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1
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Income tax exemption (in India) for interest on second home loan
I own a house in Bangalore (India) for which I had earlier taken home loan and which was fully closed nearly 7 years ago. This property has been let out as I am working & staying in Mumbai. I have ...
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What calculations do I need to make to have sufficient balance in my account to avoid margin penalty?
I am talking about NSE (India) here.
Clearing corporations (CC) take 4 snapshots of client positions at random times during the day and see if there was sufficient margin available
and, if there isn’t ...
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Proceeds of house sale for study loan
Sale of House proceeds is 50lacs. profit from sale of property 15 lacs.
I have student loan 30 lacs.
Should I pay student loan first or buy property. My all transactions are in in INDIA.
- 136k
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Income Tax rebate on Housing Loan on rental property and HRA rebate?
I had purchased an under construction Flat with loan of 30 lacs in Indirapuram, Ghaziabad in Year 2011 for which I got possession in June,2015.
I am staying on rent in East Delhi and claiming HRA ...
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Tax treatment for India (stay over 182 days)/Hong Kong salary income in a single year
What is the tax treatment for salary earned in India (stayed over 182 days) and Hong Kong? Hong Kong tax rules provide for some standard deduction before computing net chargeable income.
What is the ...
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214
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Possible ways to recover Mutual fund return (India)
In year 2003(I was a teenager), my uncle took some of my money and invested it under my name on mutual fund in India. Now in 2021, I want to know it's return. Unfortunately, neither him nor I have any ...
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Can my friend transfer from his Indian NRE account to my NRE account?
Me and my friend live in Mexico. He has borrowed some money from me in Mexico Currency. Now he wants to return that money in India Currency. So just wanted to check is it possible if he can transfer ...
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Income from India to US
I have a pair of married clients from India who lent their son money to buy a restaurant in India. They now reside in the US and are naturalised US nationals, and now that the business is profitable ...
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Home Loan rebate in Indian Income tax
I had taken a home loan in Jul 14. Took possession in Mar 16. Since the loan was partially disbursed I was paying the Pre-EMI’s till Feb 16. EMIs started from March 16.
YEAR PEMI INTEREST ...
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Does Liberalised Remittance Scheme (LRS) apply on Private Limited company - India
I own a small Private limited company in India. And I just received some inward remittance from abroad. Where my bank charged me for using forex services provided them which is almost towards the 1% ...
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1
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563
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Can money be refunded after order cancellation in HDFC multicurrency forex card?
I ordered something online on Amazon while in US using my HDFC multicurrency forex card. A day later the payment was processed and the amount got deducted from my forex card. I had to cancel the order ...
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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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I want to reinvest in a stock after 2 years of not investing
I currently hold a stock (X) in which I have a 200% profit (invested about 2 years ago). I want to invest on the stock again. However, if I invest money in the stock now, the profit reduces as the ...
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Is personal loan interest deductable from other income / income for capital gains
Say I take a personal loan and invest that amount on P2P lending platform, or in a high yeild FD, or in the stock market. Is the loan interest that I pay for this loan eligible to be deducted from the ...
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Is this eRupee email from my bank a scam?
I received an email like this, supposedly from my bank.
It is unclear to me if this email is just some kind of scam. On the one hand, GMail seems to have put a blue checkmark, indicating that the ...
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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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Long term capital gains tax on equities in India
Which of the following is applicable to long term capital gains on Indian stocks and on foreign stocks?
a) Long-term capital gains are subject to tax at 20%;
b) Long-term capital gains arising from ...
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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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Avalilability of very short term loan options for non-salary individual in India
I am a student and I have a non-salary account. I mean, I am not getting salary and getting money every month as scholarship. The amount I am getting as scholarship is not less and is at-least ...
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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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Indian taxation on after-tax retirement accounts such as Roth
How does India tax US after-tax retirement accounts such as the Roth IRA for a person who is a US non-resident for tax purposes starting age 59.5?
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NPS contribution charges and eNPS
What are the benefits of eNPS?
How can we avoid (a) POP trail commission & (b) Payment Gateway Charge while making a contribution in NPS Tier-1 account?
3.What is the recommended/generalized % ...
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Understanding how bond prices change
I came across following statement regarding Indian debt funds in ValueResearch ebook:
The RBI announced retracting ₹2 lakh crore of banking funds through a 14-day reverse-repo operation in January ...
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3
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How does NPS Tier - 1 80CCD work?
Conditions:
NPS Tier-1 contribution from salary per year > 60000
NPS Tier-1 contribution from company per year > 60000
Question 1:
How much amount is counted for 80CCD? Is it just salary or also the ...
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Should I liquidate existing fixed deposit for a higher interest rate?
The past 2 years, the Fixed Deposit rates were very low (~5.1 - 5.2 roi for 1-2 years) during which I had created multiple fixed deposits. However, with the rates on the rise now (6.75 for 1-3 years), ...
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1
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HUF Account India
We have a HUF (Hindu Undivided Family) account in a Govt Bank. My father is "Karta" of this account and me being his son is also a member.
So, can I ask my employer (from part time job) to ...
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1
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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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2
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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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2
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EPF with PPF clarification for salaried person
Suppose a non-government salaried person has an EPF account.
Employee Contribution EPF amount 4500 Rs and Employer Contribution EPF amount 4500 Rs
What will be the 80C and 80CCC deduction benefit ...
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2
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Can't transfer EPF account due to pension contribution not present
My previous employer has not submitted pension contribution for the initial months of my service. Now I can't transfer/withdraw my EPFO balance from my old PF account to my new PF account under the ...
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closing mutual fund accounts from India
I have been working outside of India for few years now and am interested to know if there is a way straight forward way to close / liquidate all mutual funds held in CAMS which is the registrater for ...
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[India-US]Taxability of qualified dividends on US mutual funds by Income Tax department of India
AFAIK, dividends paid out by mutual funds are of two categories, ordinary and qualified. The ordinary dividends are taxed as ordinary income while the qualified dividends receive the favourable LTCG (...
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1
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Fixed deposits in 10 banks vs Mutual Funds
This question is to be answered in terms of security of the money as well as how profitable the investment is.
Let's say a person is in India under 30% tax slab.
In India, FDs are more secure than ...
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Nature of exempt allowance under section 10
I'm filing income tax return for assessment year 2019-20. I'm facing problem in putting the details for section 10. The Nature of Exempt Allowance column is showing 14 different choices as shown in ...
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India TCS tax on foreign remittence
I am an NRI with some NRO and NRE accounts held in an Indian Bank.
I am trying to remit an amount from sale of a property for which TDS has already been paid. The amount was deposited to an account ...
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226
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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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1
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How can I claim the tax while filing ITR2 in India on the Joining Bonus Recovered by the company?
I am a salaried person in India, so Indian Income Tax laws are applicable on me.
In the 1st financial year 2018, the company pays the joining bonus (in month: August 2018). The company includes the ...
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2
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317
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Traditional IRA distributions taxation as non-resident
I left the USA for India in 2019, and expect to be a non-resident for US taxation purposes when I turn 59.5. In the India-US tax treaty Article 20 Clause 1 states
"Any pension, other than a pension ...
2
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0
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Do I need to merge EPF amount of different companies?
I'm from India. Everyone is saying that there should be only one EPF account, what does that mean? I have a single UAN number and since starting my professional career I have changed 2 employers and ...
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Is a transfer between 2 NRO accounts a taxable event?
I'm an NRI and my friend who is also an NRI wants to transfer money from his NRO account to my NRO account. Does this transfer attract Tax?
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