Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
RNOR status is a sub-set of the Resident Status.
Tax experts answer your budget-related queries
Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance.
The Reserve Bank of India's (RBI's) state of the economy report observed that any durable alignment of headline retail inflation with the target of 4 per cent could recommence in the second half of FY25 and sustain until numbers closer to the target are seen during the course of FY26, dashing hopes of any reduction in the policy repo rate in the current financial year. The report, authored by RBI staffers, including Deputy Governor in charge of monetary policy Michael Patra, said though headline numbers may fall in July and August due to base effect, it is likely to reverse in September.
rediffGURU Mihir Tanna answers your income tax queries.
Failure to disclose any income can lead to penalties and legal issues.
This amount transferred to your father will be treated as gift and since tax is not applicable on gifts, received from close relatives, there will be no India tax incidence on either you or your father, irrespective of the amount transferred.
A N Shanbhag, investment guru, and his son Sandeep Shanbhag, answer questions on NRI investment.
As protectionism grows from the United States to Australia, Sanjay Kumar Singh draws up a comprehensive financial checklist for those shifting to India.
The Budget has changed the rules for Indian citizens and persons of Indian origin visiting India. Instead of 182 days, the number of days has been reduced to 120. You will be treated as a resident of India for tax purposes if you stay in the country for more than 120 days in a financial year and 365 days in the past four years. One consequence of the change will be that people of Indian origin who reside outside India will be able to spend a smaller number of days in the country if they wish to keep their non-resident status intact, points out Sanjay Kumar Singh.
A N Shanbhag, the highly respected investment guru, and his son Sandeep Shanbhag, answer your questions on NRI investment.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
'The government believes there is still significant scope to bring more people under the tax net and collect the right amount of taxes, in cases where taxpayers are underpaying,' says Kuldip Kumar, partner and leader personal tax, PwC.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Some of the disclosures in the ITR form, under review at present, increases procedural hassles for expats
Disclose foreign assets, redesignate NRO a/c and open a Resident Foreign Currency a/c to park forex earnings
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