Questions tagged [india]
For questions that relate to the laws, practices, and products of India
150
questions with no upvoted or accepted answers
8
votes
2
answers
1k
views
Are foreign banks in India safe?
This question is about the safety of foreign banks operating in India. I don't know how much people who are not familiar with Indian finance will be able to tell me, but I think it is on topic for the ...
- 317
4
votes
0
answers
104
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 ...
4
votes
0
answers
161
views
Tax status decision
I left the USA for India on 1/31/2019. I was present in the USA in 2018 but for 15 days, and for the whole of 2017, and in 2016 except for 15 days. Will I be classified as a resident alien, non-...
- 1,064
4
votes
1
answer
307
views
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 ...
- 267
4
votes
1
answer
341
views
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 ...
- 41
3
votes
0
answers
185
views
Internationally issued Visa Credit Card fraudulently used in the US, possibly because merchant bypassed card security features. What are my options?
My internationally issued credit card was stolen, along with a lot of my personal items in the US. There was also a Apple credit card issued in the US that were stolen, but the fraudulent charges were ...
- 39
3
votes
0
answers
78
views
How can I know if some of the money in my bank account is blocked and not available for withdrawal?
I am a resident of India and have a savings account opened with HDFC bank. Recently I applied for an IPO for which INR 14K were blocked from my account. The IPO was not allotted to me and hence the ...
- 131
3
votes
0
answers
65
views
Annual Bonus causing penalty under section 234C in India
My company pays bonuses in March because of which my taxable income also increases quite a lot.
Because of this, I am being charged penalty fee under section 234C due to shortfall of meeting -
15% ...
- 267
3
votes
1
answer
92
views
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 ...
- 141
3
votes
0
answers
148
views
Is it fine to use Savings account to pay salaries? what is the downside?
It is taking us time to get checking/current account for the business. We want to know, if it is OK to pay through Business Owner's personal savings account and still have it as a record of business. ...
- 151
3
votes
0
answers
34
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?
- 131
3
votes
0
answers
29k
views
How to fill W-8BEN form as an Indian?
I'm a freelancer (individual), Indian citizen working from India and I've to fill the form W-8BEN for a client based in US. I receive the money from the US source into my savings account here in India ...
- 131
3
votes
0
answers
69
views
Declaring income made in a foreign country
I was in the US from 2010 - July, 2016. In July I moved back to my home country (India) and have been working here ever since. I still count as a resident alien for 2016 in the US for tax purposes (...
- 113
3
votes
0
answers
116
views
Indian Taxation policy on UK (foreign) income
I am looking for some advice. My wife and I have a joint NRO account in India. Here in the UK, I am a higher rate tax payer (40%). We sold a house in 2012 and although that required tax in India, it ...
- 31
3
votes
0
answers
6k
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 ...
- 76
3
votes
1
answer
261
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 ...
- 31
2
votes
0
answers
19
views
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 ...
- 121
2
votes
0
answers
270
views
Can we hand over blank cheques to a bank when applying for any kinda loans?
I applied for a 4 lakh car loan with HDFC Bank, but before they will approve it, they require four blank cheques with my signature. Is it safe to give the bank those cheques?
2
votes
0
answers
35
views
Can I save STCG on profit from US stocks by gifting them to parents (with no income) who sell them within 24 months from actual date of acquisition?
Short version of the question
Parents have almost no income. I live in India and earn RSUs listed in USA from my employer as perquisites. Can I save tax by gifting them to parents who then sell them ...
- 21
2
votes
1
answer
182
views
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 ...
- 71
2
votes
0
answers
87
views
Is it wise to have two health insurance plans?
I have not come across many articles discussing this topic, but I am guessing if it wise to have multiple health insurance plans. For example if there are two top health insurance plans. If I wanted ...
- 303
2
votes
1
answer
221
views
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?
- 1,064
2
votes
2
answers
124
views
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 ...
- 121
2
votes
0
answers
109
views
Can a stock split after its face value reaches ₹1?
Can a stock split after its face value reaches ₹1? Will the face value be less than 1?I am speaking in terms of the Indian stock market. Yes face value means par value.
- 21
2
votes
1
answer
140
views
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 ...
- 177
2
votes
0
answers
198
views
US Citizen employed in India but working remotely from US
I am an US Citizen and also an overseas citizen of India (OCI). Last year I joined a company in India. But in September this year I had to come to US to support a family emergencies and health issues. ...
- 21
2
votes
1
answer
250
views
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 ...
2
votes
1
answer
501
views
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 ...
- 121
2
votes
1
answer
136
views
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 ...
- 21
2
votes
0
answers
80
views
Do I need to pay tax in US that ESPPS and RSUs earned in India
When I was working in India I got some RSUs and also purchased ESPPs from my company by contributing from my salary.Its US based company located in India. I have an account in ETrade.
ETrade has ...
- 21
2
votes
0
answers
300
views
USA taxes for foreign contractor- FW8BEN FORM
I work as an independent contractor (providing personal engineering services) from India for a a USA based company. I receive around 15000$ yearly directly credited to my Indian bank account. I ...
- 25
2
votes
0
answers
117
views
Where do I pay income tax and how?
When I was in the US before, I worked for a company as a independent contractor under 1099. Now I've come back to India, and I am still working for that same company. The company deposits my pay in my ...
- 21
2
votes
1
answer
23
views
Tax treatment in India on a Resident Indian on money he earned in UAE as NRI earlier
I worked in UAE from Sept'2006 to Mar'2014 and came back to India permanently on April'2014. Before returning to India, I invested some amount in USD dominated bonds through a local bank in UAE on Mar'...
- 21
2
votes
1
answer
88
views
Is salary for march included in income tax if it gets paid in April?
My mother is a pensioner in India. Her Pension for March 2019 was actually paid on 2nd April 2019.
My question is whether this amount would be considered as income for Assessment Year 2019-20 or ...
- 141
2
votes
1
answer
781
views
How do I loan money as a non-resident Indian (NRI)?
I am a Non-Resident Indian (NRI) and want to send approx $10,000 as a loan to my father's account in India as a contribution for a new home purchase. How do I set this up as a loan so if he wants to ...
- 81
2
votes
2
answers
142
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)....
1
vote
0
answers
22
views
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 ...
- 95
1
vote
1
answer
47
views
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 ...
1
vote
1
answer
39
views
Deducting option trading losses for income tax filing
I am in India. Let's say I have an income for 25 lakhs and my losses in option trading for 10 lakhs. How to file ITR for the same? Will my losses in option can be carry forward for 8 years?
Suppose I ...
- 111
1
vote
0
answers
31
views
tax implications of reinvesting capital after selling house in india
Say Person X is an NRI who has held a property in India for the past few years (greater than 3 years).
sells property for a profit of 100 units
As an NRI 100 units of profit gets taxed at 20%. 20 ...
1
vote
0
answers
58
views
Does a loan for purchasing land provide a tax benefit?
I want to take a loan for land. In the future we want to build house on it, but now we can only afford the land. Would this be a personal loan or home loan?
If I take this land loan can I benefit in ...
- 111
1
vote
1
answer
201
views
Can a foreign national maintain an Indian PPF account after giving up Indian nationality?
I have an enquiry about the PPF system. If an Indian citizen, having a Public Provident Fund (PPF) account with an indian bank, plans to give up his/her Indian citizenship before the maturity period ...
- 111
1
vote
0
answers
58
views
Capital Gains on selling a redeveloped house in India
I am an NRI trying to sell my house in India. My house was redeveloped in early 2000s while I was an Indian resident. I got possession of the said flat in around 2006 when I was still an Indian ...
1
vote
0
answers
90
views
Transferring money from India to US from my Mom
I am an Indian married to an American citizen living in the US, in the waiting phase for my Green Card application decision Process. My husband and I share a joint account here in the US. My mom lives ...
- 11
1
vote
0
answers
37
views
Where are the Direct Stock Purchases (DSP) sold?
I am new to stack trading. I want to understand if the stock bought directly from a company via Direct Stock Purchase and is in my Demat account, be sold through another Online Brokerage account I ...
- 111
1
vote
0
answers
37
views
Question on ratio of median renumeration in balance sheet/Question on median salary of a company/ratio of median renumeration in annual report
Consider below Annual report of an company for the year 2021-22 https://on.tcs.com/Annual-Report-2022
In this report on page 89 we have data on "Ratio to median remuneration for all board members&...
- 111
1
vote
0
answers
67
views
How do I get exempted from property taxes in India for lack of basic civic facilities?
My property comes under panchayat administration and I have been paying my property taxes for the past 5 years but since time immemorial no basic facilities like road, drainage and street light at ...
1
vote
0
answers
38
views
What rules and regulation do I need to keep in mind when purchasing property in India while on H1B
I am currently in the US on an H1B visa. I want to buy a flat in India for my parents. But I am not aware of any rules and regulations regarding taxes or any restrictions if there are any. I will be ...
- 111
1
vote
0
answers
48
views
ETF portfolio for indian retiree
I am a recent retiree and do not get a pension. I have all my savings in my bank account some of which I want to invest in an all ETF portfolio over a period of time using SIP. What are some good ...
- 111
1
vote
0
answers
51
views
Tax on cheques that are yet to be encashed
I have a cheque issued with a date 20/01/2021 and validity of 3 months.
I forgot to encash it and now the cheque is expired. I want to know if I need to identify this as a source on income for the ...
- 121