Tax Planning

Forums Tax Planning


Question Category : Tax Planning

    • questions about NRE and NRO account

      Hi, I have been living abroad for over 8 years now and I have a few questions that I need to clarify. I am a Canadian citizen now and about to surrender my Indian passport. 1. I am still maintaining the savings accounts in India. Shall I close them or I can maintain them? 2. NRE – it is my understanding that deposits cannot be made in India and I can only transfer money into this account from here. Are there any taxes if I deposit large sums of money? 3. NRO – it is my understanding that deposits can only be made from India. How much can I deposit before I am asked questions from the tax department? If I give money to my friend here and his parents deposit cash into my NRO account, am I liable for anything? If I transfer money to my relatives in India and if they want to deposit that money (when they return my money) into NRO account, can they do that? How much can they deposit?

      Profile photo of Anish Singla Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 7 months, 1 week ago
    • Nri son gifting to father by money transfer.

      NRI son gifting his father by money transfer from Geneva to Hyderabad India. Rs. 2L & Rs. 4L by separate transfers. Can Two Cash Gifts be made in one financial year? Also, can Gifts be given every year by son to father? Father is Retired Engineer, & his taxable income is below 2.5L.

      Profile photo of Vepa Samba Siva Rao Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 7 months, 2 weeks ago
    • Lease Car Rental & Sold after lease expiry

      Hi-I took Ford Car under lease rental Option @10900/-PM. I have paid 3 year lease (means total amount of Rs.3.92 Lacs) and this option eligible for tax benefit. After 3 years, the company offered me a price of Rs.4.05 Lac and I opted for that. They also deducted Rs.50K as Perks.Tax and the car was owned by me. I later sold the car for Rs.5.40 Lacs. So please advise me how much Tax is payable/refundable to me in this

      Profile photo of Kolluru Murthy Asked By: Kolluru 2 replies 0 helpful answers Last Updated: 1 year, 2 months ago
    • Tax on PF withdrawal before 5 yrs of service

      I want to withdraw my PF- just want to know whether do I need to pay tax. Summary last Organization worked for 3.5 years ( Oct 2012 to Aug 2015). After Aug 2015 I am working outside india and no income from india. Pls advice

      Profile photo of Sudheer Asked By: Sudheer 1 replies 0 helpful answers Last Updated: 1 year, 4 months ago
    • Tax treatment of interest on Minor FD…

      My “in laws” have gifted a fixed deposit to my minor daughter. The FD is made in the name of “Suhani Gupta u/g Parmod Gupta ( Suhani is my daughter – age 12 years and Parmod is my mother in law ) . The interest is cumulative receivable on maturity in the year 2023.
      Now the query is – Annual Interest due from this FD should be shown annually in the income tax return of parents – throughout the tenure of FD ( based on the concept of Accrual basis ) OR it can be shown in the income tax return of Suhani Gupta in the year 2023 when the entire interest is received and she will be above 18 years ( based on the concept of Cash basis ) ……!!!!!!

      Profile photo of Tarun Gupta Asked By: Tarun Gupta 1 replies 1 helpful answers Last Updated: 1 year, 4 months ago
    • Plz clear the query on interest income of fixed deposit in t

      My “in laws” have gifted a fixed deposit to my minor daughter. The fixed deposit is made in the name of “Suhani Gupta u/g Parmod Gupta ( Suhani is my daughter – age 12 years and Parmod is my mother in law ) The source of the funds are retiral benefits of my father in law.
      Now the query is – Annual Interest income generated from this fixed deposit will be added to whose income ( parents income , father in law’s income or mother in law’s income ) plz be aware that parents have neither funded this FD nor drawing any benefit out of it.

      Profile photo of Tarun Gupta Asked By: Tarun Gupta 1 replies 0 helpful answers Last Updated: 1 year, 5 months ago
    • Income tax saving method for a salaried person

      I have recently joined a job with a package of 4.2 lacs pa. I need to know how much tax will be deducted from my salary and what are the ways I can save my tax? I would like to invest at an early stage so that I get both tax saving and returns.

      Profile photo of Monika Asked By: Monika 1 replies 1 helpful answers Last Updated: 1 year, 6 months ago
    • I need to know calculation of TDS on salary

      I earn a salary of Rs. 6,60,000 and I also earn a bonus each year based on performance up to 10% of my salary. I recently faced a very heavy TDS cut in my salary since my tax declarations and actual investment proofs didn’t match as explained by accounts department. Can You please help me with the calculations of TDS.

      Profile photo of pooja Asked By: pooja 1 replies 0 helpful answers Last Updated: 1 year, 6 months ago