Questions tagged [india]
For questions that relate to the laws, practices, and products of India
1,397
questions
48
votes
9
answers
21k
views
How do credit card companies make profit?
How do credit card companies make profit by giving us credit for 40-50 days (India). I purchase something on my credit card and I pay it to the credit card company after some days. How are they going ...
- 767
46
votes
12
answers
35k
views
Is it legal if I'm managing my family's entire wealth?
My family (father, mother, and brother) have allowed me to invest their money in the stock market and other types of investments (real estate, bonds and mutual funds).
Is it legally okay to do all ...
- 663
34
votes
12
answers
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. ...
- 465
22
votes
1
answer
58k
views
What is fuel surcharge in India?
In Bangalore (INDIA), when you purchase fuel with cash, you never have to pay for a 'fuel surcharge'. When you pay for it using your credit or debit card, a fuel surcharge is added on later? What and ...
- 395
21
votes
4
answers
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 ...
- 493
18
votes
10
answers
7k
views
What is the worst thing that can happen with my investment in mutual funds?
I have downloaded two apps namely Groww and ET Money to see the various Mutual Funds available in the market. The disclaimer reads that Mutual Funds are subject to market risks.
I am curious to know ...
- 291
18
votes
4
answers
5k
views
Investing in S&P500 Index Fund from India
I am an Indian Citizen residing in India. Can I invest in an S&P500 Index fund while residing in India?
- 181
16
votes
4
answers
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 ...
- 493
16
votes
4
answers
4k
views
Do banks give us interest even for the money that we only had briefly in our account?
My father has just deposited ₹95,000 in my savings bank account with Indian Bank that I have to pay as fees to my university.
I was thinking of paying the fees 1-2 days later, as I will get interest ...
user14689
16
votes
3
answers
6k
views
India: is making money by buying and selling foreign currency legal?
Can a person buy a foreign currency using the currency of their own country, and then sell it when their currency's value goes down?
Say, I exchanged 44,820 INR for 1,000 USD in 2010, when 44.82 INR =...
16
votes
3
answers
82k
views
Is there a way to know the number of a lost debit card?
I am stuck in the situation where I want to know the card number of my lost debit card (lost in 2013). I have an account in the Bank of India. I checked all my entries in bank pass-books but there is ...
- 295
14
votes
2
answers
4k
views
Stock Split seems not to have changed the Share Price. Why?
I was recently looking at the financial charts of TCS(Tata Consultancy Services) and noticed that the TCS offered 1:1 bonus on 31st May, 2018.
I noticed that the price of the share stock did not ...
- 259
13
votes
3
answers
3k
views
Interest rates on fixed deposits in India: Why would rates for 1 year deposits be higher than for 2 years?
Currently, in India, banks are offering very high rates on Fixed Deposits (FD). What I am curious about is that the rate is often higher for a 1 yr lock in period than a 2 yr lock in period. I would ...
- 15.9k
13
votes
2
answers
110k
views
Will I have to pay taxes in India when I transfer money from a US bank to an Indian savings account?
I am currently in US, and would like to transfer some amount from my US Bank account to a savings account based in India on a monthly basis through a third party like Xoom or Transfast.
If I'm going ...
- 131
13
votes
2
answers
14k
views
Indian citizen working from India as freelancer for U.S.-based company. How to report the income & pay tax in India?
I am an Indian citizen and I work from India as a freelancer for an U.S.-based IT company. I am getting monthly payments directly into my Indian bank account. My colleagues' monthly payment come to my ...
- 131
11
votes
2
answers
3k
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?
- 245
11
votes
1
answer
3k
views
Should the bank cover money lost due to an unsuccessful transfer?
Recently I have transferred money from Deutsche Bank, Germany to Standard chartered Bank, India. My transaction was not successful due to an Indian Government policy change for demonetization. The ...
- 219
11
votes
1
answer
2k
views
Forgot to encash dividend Cheque!
My Mother holds shares in a public limited company [India], which announced it's interim dividend last year.
Accordingly, they sent a cheque to her for her share of dividend, but she forgot to encash ...
- 157
11
votes
3
answers
4k
views
How can a freelancer get a credit card? (India)
I work freelance for clients, in other countries, and paid via Paypal and other methods. When I applied for a credit card in my country, it was rejected.
They mention as I don't get a salary and I ...
- 317
11
votes
2
answers
36k
views
Applicability of form W-8BEN-E / W-8BEN to an Indian citizen
I am an Indian citizen residing in India. I have started working as a consultant for a US-based company since June 2015. I have submitted my first invoice to the company (I will be getting paid in US$)...
- 111
9
votes
1
answer
7k
views
What does an L mean at the end of the salary in India?
In the following job ad in India, what does the L mean at the end of the number?
Expert level Data Engineer
Bengaluru
₹15L – ₹20L
- 231
8
votes
3
answers
7k
views
INR 10 million borrowed from friend at 7% interest per annum
If my friend transfers INR 10,000,000 into my bank account and we make a legal document for the same to return the amount at 7% per annum for next 12 yrs, should I pay tax on the same?
If my salary ...
8
votes
2
answers
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 ...
- 181
8
votes
4
answers
2k
views
Is it advised to sell current self occupied home and buy the other new one to book the profit?
I have a first (and only) and self occupied home. Mortgage is fully paid. Home is with four rooms.
Considering expenses I done on home so far including my share in mortgage, taxes so far, total ...
- 727
8
votes
1
answer
535
views
ATM took in the money after spitting it out
I tried to use an Indian bank based (HDFC) Multi currency prepaid card in a Bank of America ATM to withdraw some cash. The ATM did spit it out but took it back in weirdly, looked much like it never ...
- 83
8
votes
3
answers
2k
views
Are U.S. Social Security payroll contributions and state taxes deductible from taxable income for India?
I moved to USA during the financial year Apr 2014 - Mar 2015, in which I was resident in India for more than 182 days due to which my status is "resident" in India for the tax year concerned. I ...
- 183
8
votes
1
answer
3k
views
Best way to transfer abroad loan amount to Indian parents Savings Account
Can you please advise:
I am working in Dubai, and applied for a loan of 25 lakhs, I would like to use this funds to repay my personal loan (to relatives) and want to buy a land with left out money. ...
- 81
8
votes
2
answers
3k
views
Buying house on a loan when you're just starting a career
I am 25 year old Indian in the beginning of my career i.e this is my second year after entering the workforce. I am working in Japan.
My salary does not leave much extra after my personal ...
user55417
8
votes
1
answer
92k
views
Money transfer from India to USA
My daughter is a US Citizen. We (parents)are also planning to permanently settle in US. We will go their as Permanent Resident,as per US Law. We have a house here in India worth Rs.2 Crores. We want ...
8
votes
1
answer
178
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 ...
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
7
votes
2
answers
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 ...
- 189
7
votes
2
answers
3k
views
Double entry bookkeeping - Record incoming money which I would hold temporarily as a custodian
My dad's clients often transfer payments, which they owe to my dad, into my bank account [for technical reasons, some payment types into my account are not currently available in my dad's]. After a ...
- 181
7
votes
3
answers
2k
views
Is my credit score affected by making payments in parts?
On a bank's website, I read that part payments affect credit score.
Avoid part payments. It doesn’t really help and affects your score.
There are times when amount due on my card is 20k, and I pay ...
- 181
7
votes
4
answers
2k
views
In India, what is the difference between Dividend and Growth mutual fund types?
I've always seen a mutual fund with two types (specifically pointing to Indian mutual funds) that are XYZ - Dividend/XYZ - Growth mutual fund? What exactly they mean here?
Which is the best to buy?
- 767
7
votes
3
answers
51k
views
Indian working in US on H1B - Do I have to pay taxes on interest earned from Savings Bank Account in India
I am an Indian citizen, currently living in US. I am on H1-B visa and employed in a company. I stay there pretty much all year long. This means I will be classified as an RA (Resident Alien).
...
- 283
7
votes
2
answers
4k
views
What is the difference between PPF and NSC saving schemes?
I want to invest money in either a PPF (Public Provident Fund) or NSC (National Savings Certificate) scheme, but I would like to understand the differences between them.
jeevan
7
votes
5
answers
3k
views
Is there a total stock market index fund in India, like the one offered by Vanguard in the US?
I have been reading 'The simple path to wealth' by Jim Collins which advances the indexing philosophy to investment.
The issue is that the book is written from the perspective of a US citizen, and ...
- 171
7
votes
2
answers
34k
views
What does paying by invoice mean?
I was trying to buy a book from Springer in the Yellow Sale 2012. I chose to pay by invoice, without knowing what it means!?!
Further, if it matters -- I filled in: Billing address, Shipping address ...
anon
7
votes
2
answers
26k
views
Cashing a foreign check in US
Is it possible to deposit a check issued by a foreign bank in a US bank?
To be specific, I would like to know if I can deposit a check issued by a bank in India in INR in my bank in US. I was able to ...
- 437
7
votes
1
answer
599
views
Working as freelancer with two partners. How do I report the income for tax purposes in India?
I am a software engineer working in a IT company. Apart from this, I am also working as a freelancer with a U.S. client. Money comes in USD to my Indian bank account. I have two partners with an ...
- 71
6
votes
3
answers
26k
views
If a stock has only buyers and no sellers how does its price go up?
I have been watching a stock for the past month. Nobody has been selling it, but every day the price has increased. If there are no sellers, it means there is no trading happening, so how can the ...
- 77
6
votes
4
answers
3k
views
Buying life insurance at the age of 25
Given that, the person is unmarried and without any dependent, is it advisable to buy life insurance (which is not a term insurance) at the age of 25?
Considering it as an investment tool plus a ...
- 163
6
votes
1
answer
2k
views
What do we mean by Over Payment in Payslip
i just got my salary and noticed that there is deduction of some amount under Over Payment. The salary slip is given in the form of a table. The table has 4 columns and many rows. For the purpose of ...
- 171
6
votes
2
answers
2k
views
Should/How I pay tax return in US for last year even after I moved permanently to India?
I'm in a situation where I left the U.S. last year in April, 2015. I worked in the U.S. until March 2015, so I received a W2 for the year 2015 from my US employer.
But since April 2015, I'm back in ...
- 161
6
votes
3
answers
63k
views
Can I get a housing loan for my father's property?
I want to apply for a home loan, but the property is registered in my father's name. Is it possible? Can anybody help clarify my understanding of home loans?
- 215
6
votes
1
answer
570
views
What is Chit funds. And how to invest in it?
I have heard a lot about this northern part of India, but no idea about this type of investment please share your views about this type of investment.
- 87
6
votes
1
answer
187
views
Would investing in commodities help me build my home?
I am from India and I plan to build a new own home next year. The present price of steel is lower than in past years. Is it worthwhile to buy steel from commodity exchanges now and then switch to ...
- 193
6
votes
3
answers
15k
views
Tax considerations for outsourcing freelance work to foreign country
I've seen this asked a few different ways (closest was here), but I am looking to find out from the business's perspective, how to report (if necessary) the amount paid to a foreign contractor.
My ...
- 211
6
votes
2
answers
21k
views
Do I have to pay tax in US when my stay extends 183 days. I don't earn in US
I'm in US working with the parent company, my stay is about to extend 183 days. I don't get paid in US. My company in India under whose payroll I'm listed credits my Indian salary after deducting tax ...
- 61