I am a senior citizen and my income is between ₹3 lakh and ₹5 lakh. Will form 15H help me avoid tax deducted at source (TDS)? —Name withheld on request Form 15H is a self-declaration for non-deduction of taxes at source which can be submitted by an eligible person to the payor of specified incomes. …
My son was employed in the US before moving back to India in October. He had invested in bank NRE deposits with terms ranging from one to three years while he was in the US. He is now working with an Indian company. The NRE deposits are yet to mature. Will the interest accrued in …
My paternal grandfather bought a residential plot in 1972 for ₹6 lakh in Delhi. He died in 1991 and the land was inherited by my father. My father built a house on the land in 1995 and gifted the house (and land on which it is built) to me in 2011. I sold the house …
ICRA Analytics anticipates several potential changes in the upcoming Interim Union Budget for the fiscal year 2025. The Budget will be announced on February 1, 2024. Since the general elections will be held in May, this will be the Interim Budget and a new Budget will be presented in July. Here’s a list of changes …
My three siblings and I inherited an apartment from my father after his death. Since both our parents are no more, we intend to sell this flat and distribute the money among the four of us. Is there a way to avoid tax on this? It is not written anywhere in my father’s will that …
I am a 62-year-old retiree and my employee’s provident fund (EPF) contributions from five different employers over the years have been linked to one universal account number (UAN) since January 2010. Will the accumulated credit in my EPF account attract income tax on withdrawal? —Name withheld on request As per the relevant provisions of the …
I am a senior citizen living in the UK for some years now and earn interest income from NRO (non-resident ordinary) and NRE (non-resident external) deposits in India, rental income from property at Bengaluru, as well as capital gains on sale of some old shares in August. Is it true that a senior citizen is …
In a bid to simplify compliance and provide better visibility to the regulator, the Goods and Services Tax Network (GSTN) has introduced an all-new ledger to track the reversal and reclamation of the Input Tax Credit (ITC). Known as Electronic Credit and Re-claimed Statement (ECRS), it will provide taxpayers with the balance of all input …
When I convert my ICICI Bank savings account into NRO (non-resident ordinary) and NRE (non-resident external) accounts, what will happen to my existing funds? Will that move into the NRE or NRO account? From which account will my ongoing loan payments be deducted? If it is going to be through NRO account, then do I …
As per the Liberalized Remittance Scheme (LRS), an Indian citizen can send $250,000 per year. Can this amount be used for investments in futures & options (F&O) trading on international listed derivatives. For example, can a trading account be opened with an international broker in foreign geography to trade exchange products such as S&P 500 …