Tax Planning

Tax Planning for NRIs

Income tax planning for NRIs is different in India. I am sharing some important information that can be helpful for you Who is an NRI - for Tax Purpose Tax Planning for NRI Taxable income for NRIs Tax-free income for NRIs DTAA Simplified NRI Tax [...]

Ask Tax Saving Questions & Get their Answers

Let's accept Taxation is the most confusing topic in personal finance - there are a couple of reason for the same: many tax laws are ambiguous in India, new sections introduced every year & the biggest is a blurred line between tax saving, vs tax [...]

How Does 2017-18 Budget Affect You

The Union Budget, 2017 was presented on February 1st unlike the past when it was presented at the end of February. This time the Railway Budget is merged with the Union Budget. The finance minister, Arun Jaitley presented the Union Budget. The FM said that [...]

TDS for NRIs – All You want to Know

Income earned or accrued by NRIs in India is subject to tax in India. Section 195 of the Income Tax Act covers Tax Deducted at Source (TDS) on payments made by non-resident Indians. The rates and conditions for TDS are different for Non Resident Indians [...]

NRI can use DTAA as a Tax Planning tool – India

What is double taxation? If you are an Indian and a resident in another country ( NRI)  with multiple sources of income across both the countries, you can get taxed twice – once in your resident country and once in India. There are other ways to [...]

Let’s look at LTA Rules, Exclusions & Tax Exemption

Leave Travel Allowance (LTA) is a component of one's gross salary. If you take leave from office and travel, you can claim LTA amount to the extent used for the journey without it being subject to taxation. If there is any portion of LTA left [...]

When not to invest in Equity Linked Saving Schemes (ELSS)

Equity Linked Saving Schemes popularly known as ELSS funds are still struggling in the Indian market to establish themselves. Many investors, who are afraid of the equity market, choose life insurance or Provident fund to save tax.  These products are few decades old and are very popular [...]

7 reasons you can get an Income Tax Notice

You have paid all your taxes. You have filed your income tax returns diligently. Even then you get an income tax notice?! Before you cry foul, let us look at the reasons that you might have got one - Image courtesy of Sira Anamwong at [...]