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Nishant Kumar
I am an NRI at United States. I make some saving on monthly basis (after paying all taxes). On yearly basis, what amount (in INR at max.) can I send to my family in India?
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Dear Nishant Sir, there is no limit on transfer of funds in India. The limitation is when funds go out of India.
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Nishant Kumar
I am an NRI at United States. I make some saving on monthly basis (after paying all taxes). I understand that I can send this amount back to my family in India, and that would be non-taxable. Any interests availed on that amount will be taxable. While filing India ITR, under what conditions am I required to declare my US savings? If I need to declare my savings, what section should I select for tax relief? what would be the relevant article for DTAA?
No you are an NRI and if you send some amount to your family in India it would be a gift for them and then the interest they earn would be taxable in their hand and not your hand and also you don't have to show any savings of your in ITR even if you file return.
If you need further assistance feel free to contact me at canamanmaloo@gmail.com
As you are a Non resident in India, you only need to report Indian Income here.
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Sahil
Hi, I have change the company and the old company asked me to pay the notice period amount. My current company has credited notice period amount into my account which i have paid to my old company. Since this amount was credited and debited from my account, how can i file the same in ITR.
Since you haven't paid anything as notice pay don't reduce it from your salary and no need for any separate representation.
If you need any further assistance feel free to contact me at canamanmaloo@gmail.com
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Archana Kumari
HOW CAN I 10E FORM AT THE TIME OF ONLINE INCOME TAX RETURN.
You can hire me and i can help you file form 10E and claim arrears.
You can even file it from e file tab in the e filing website.
For further consultation you can mail me at canamanmaloo@gmail.com
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Varun Thambi
After 13+ years of service, I was laid of (forced resignation) in January 2017 as part of company’s workforce trimming exercise. I did not withdraw my EPF (Employee Provident Fund) corpus then, thinking it’s my savings for retirement. Meanwhile, EPFO has credited interest for FY16-17 and FY17-18 in December 2018 with transaction date as 31-March-2018. For FY18-19 they are yet to process interest). I understand, this interest is taxable, since I am not contributing to EPF for last 2 years. My questions are;
(1) Do I need to pay tax on interest accumulated for FY16/17 and FY17/18 now OR at the time of withdrawal?
(2) If I have to pay tax now, Should I show the EPF interest earned for FY16/17 and FY17/18 in this year’s ITR (as the amount was actually credited for both years in December 2018)? If not, how should I handle this now?
(3) Under what head do I need to disclose this income in ITR-1?
(4) Would the EPFO office deduct 10% TDS at the time of withdrawal when I do it in future? If yes, wouldn't be it double taxation on me (if I pay tax on it now)?
(5) In case if EPFO account becomes Inoperative after 3 years of non-contributing period, do EPFO continue to pay interest?
I would appreciate your guidance as early as possible. Awaiting your response.
Thank You.
