The FinTech Hub
Source: Live Mint The Income-Tax (I-T) department has today (November 17) launched a new campaign warning taxpayers of ₹10 lakh penalty if they fail to disclose foreign held assets or income earned from abroad in their ITR, according to a PTI report. The “compliance-cum-awareness campaign” aims to ensure that taxpayers report all information in their…
Source: Live Mint A recent government notification, however, stumped him. The government said it would stop paying interest on NSS accounts from October 1. For the period from 1 March 2003 to 30 September 2024, the NSS interest rate was 7.5% per annum. The government’s decision left Shah and other investors in the small savings…
Source: Live Mint What is the TDS rate for purchasing property from an NRI after 23 July 2024? -Name withheld on request If you purchase immovable property from a non-resident Indian (NRI) after 23 July 2024, the applicable TDS rate depends on the duration the seller held the property: For property held more than 2…
Source: Live Mint Among the many other provisions and laws of the land, Section 80DD of the Income Tax Act, 1961, (the Act) is a vital provision aimed at offering relief to those caring for disabled dependents. This section allows tax deductions for expenses related to medical treatment, training, and rehabilitation of dependents, as well…
Source: Business Standard 5 min read Last Updated : Oct 09 2024 | 10:10 AM IST As Indian students transition from F-1 student visas to H-1B work visas in the United States, many are encountering unexpected complications related to US tax residency rules. This situation arises primarily after the five-year exemption period granted to F-1…
Source: Business Standard 4 min read Last Updated : Oct 02 2024 | 8:10 PM IST The Ministry of Finance has released new guidelines for handling delayed tax refund claims and loss carry forward applications. The new guidelines issued on Tuesday increase the limit of tax refund claim amount in condonation of delay cases…
Source: Live Mint I am the promoter of a Belgian company, and I’ve been a Belgian citizen for many years now. I’m planning to retire in India next year. Before coming to India, the company’s operations will cease. I have been advised that for the first year, I will be treated as RNOR (resident but…
Source: Live Mint A systematic withdrawal plan (SWP) from a mutual fund can deliver regular income with tax efficiency. An SWP is the mirror image of a systematic investment plan (through which investments are made regularly). With an SWP, one can withdraw a fixed amount every year from a mutual fund. An SWP can be…
Source: Live Mint “I couldn’t breathe from one side of the nose. The surgery would have cost me S$17,000 in Singapore (nearly ₹10 lakh). When I discussed the issue with a doctor in India based in Bhopal, he told me he would do it for ₹50,000,” he says.“Even though I had a private health plan…
Source: Live Mint I’ve taken a two-year leave of absence from my job to travel and indulge in my interests. My revenue from mutual fund redemptions last year was ₹5.1 lakh; all of these were long-term holdings. The approximate long term capital gain was ₹2 lakh. Is there going to be any tax due this…
