Questions tagged [india]
For questions that relate to the laws, practices, and products of India
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Can a teenager open an account without UPI?
Can a 16-17-year-old establish a PayPal/Paytm/Google Pay account in the absence of UPI? I'm under the age of 18. I am originally from India. I don't have a checking account. All I have is a phone ...
user108996
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2
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What are non-banking financial companies?
I read in the book Indian Economy by Ramesh Singh that,
NBFCs are fast emerging as an important segment of Indian financial system. It is an heterogeneous group of institutions performing financial ...
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1
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Is Foreign Income taxable In India
I was abroad from 2 years(so NRI currently), Now returned to India in April and working for Portuguese company individually and they need me to send invoices monthly for the payment.
Now this company ...
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Gift deed of property from British citizen to Indian father
I have a British passport and would like to gift a property in India to my Indian father ( I bought in 2010 while I was an Indian citizen). I am mobilsing funds to buy my first property in the UK. ...
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Request for switch from existing spread over RPLR to higher spread loan
I am currently paying monthly EMI's towards my home loan. The current rate of interest being charged from me is 8.5% whereas the prevailing market rate is 6.75%. Upon request to the bank to consider a ...
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Why is mandatory vehicle test and vehicle lifetime a part of the union budget? [closed]
Why is the vehicle test and vehicle lifetime included here. What has the vehicle to do with the Union Budget?
https://thedailyguardian.com/union-budget-2021-voluntary-vehicle-scrapping-policy-and-its-...
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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 ...
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What is so special about "NIFTY bank"?
What is so special about "NIFTY Bank"? I have heard the name of this bank occurring when the Share Index shows up on any screen. Firstly what are the indices present there and what do we ...
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What is this index all about? [closed]
Why did this index touch so high when our finance minister annouce the privatisation of 2 PSBs and one insurance bank?A detailed answer to this will be most welcome. She did not name any but why would ...
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Why is a separate fiscal year needed different from that of a calendar year? [duplicate]
What is even a separate fiscal year different from that of a calendar year? A detailed answer to this is most welcome. I am asking this particularly in Indian context.
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What is the meaning of the phrase "National Asset Monetisation Pipeline"?
Tabling the Union Budget for 2021-22, Ms. Sitharaman said:
Monetising operating public infrastructure assets is a very important financing option for new infrastructure construction.
This has been ...
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What does this mean,"Reinvigorating Human Capital"?
This was one of the six pillars of the Union Budget for the year 2021 for my country.It would be great if someone can explain me this.
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What are "G-secs"?
I am having a slight trouble in understanding this. I seriously do not know what it means by "G-secs". I have heard this word in the article posted below. What does it mean when someone says ...
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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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How do I get tds refund when the processed ITR mentions 0 as tds refund? (India)
While filing itr the auto populated information showed that I am eligible for a refund but after the itr has been processed by the officer there is no indication of tax refund in the processed ITR.
...
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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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Taxes on PPF Interest Amount [duplicate]
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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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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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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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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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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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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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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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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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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3
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235
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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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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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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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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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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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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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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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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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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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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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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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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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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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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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answer
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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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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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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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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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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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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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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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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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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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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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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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