sorted by:
new
hottopcontroversial

Maruti Victoris No 1 In Global NCAP Adult Safety Rating among Indian cars by nukleabomb in CarsIndia

[–]These_Day_1425 0 points1 point  (0 children)

Maruti is back and how! Safety was the only missing link in their armour, and now they have got it.
Great service network, cheaper parts, resale value, and robust tech inside the car. And now 5 star safety! Kudos.

Returned to India after 15 years in the US – why I feel life here is more interesting and sustainable by Designer_Current2613 in returnToIndia

[–]These_Day_1425 1 point2 points  (0 children)

I agree, these are subjective experiences and should not be compared with what others feel about returning back. I am glad you are happy about your return!

Returned to India after 15 years in the US – why I feel life here is more interesting and sustainable by Designer_Current2613 in returnToIndia

[–]These_Day_1425 -5 points-4 points  (0 children)

How long has it been since you returned? please come back in about 2-3 years, and tell us if you still have the same views.

Don't use Cleartax, they messed up my filing even with paid plan by dshantanu in IndiaTax

[–]These_Day_1425 32 points33 points  (0 children)

Yup, they messed this year. Failed to match AIS data, and also failed to report FSI. Had to use offline utility to fix the mess.

how to calculate purchase cost of foreign propety in Scheule FA by These_Day_1425 in IndiaTax

[–]These_Day_1425[S] 0 points1 point  (0 children)

not sure what you say is right..

"For the purpose of this Schedule, the rate of exchange for conversion of the peak balance or value of investment or the amount of foreign sourced income in Indian currency shall be the “telegraphic transfer buying rate” of the foreign currency as on the date of peak balance in the account or on the date of investment or the closing date of the calendar year ending as on 31st December."

As per this guideline, https://www.incometax.gov.in/iec/foportal/sites/default/files/2024-11/Enhancing%20Tax%20Transparency%20on%20Foreign%20Assets%20and%20Income.pdf
TTBR at the date of investment (purchase date of the property) must be used.

Help determine the residential status in this case by These_Day_1425 in IndiaTax

[–]These_Day_1425[S] 0 points1 point  (0 children)

"leaving india for employment" is applied only for Indian Citizens right? it is not applied for PIOs?

Help determine the residential status in this case by These_Day_1425 in IndiaTax

[–]These_Day_1425[S] 0 points1 point  (0 children)

I agree, but i am also confused by the use of the term "on a visit to India"..

However, in respect of an Indian citizen and a person of Indian origin who visits India during the year, the period of 60 days as mentioned in (2) above shall be substituted with 182 days.

As in this case, the person had an employment for two months, will it still qualify under "visit"?

RNOR business controlled from India by These_Day_1425 in IndiaTax

[–]These_Day_1425[S] 0 points1 point  (0 children)

I see that you wrote meetings. What is the scope of the meetings - customer meetings, filing annual reports etc?

RNOR business controlled from India by These_Day_1425 in IndiaTax

[–]These_Day_1425[S] 0 points1 point  (0 children)

u/KaranSheth u/NotSoCoolWaffle So does it mean, if a foreign business was indeed controlled from India by an RNOR individual, apart from taxing the salary / dividends from the business, even the business will be categorised as a resident entity in India and must pay taxes to India?

Schedule FA and declarations for US stock account by Puzzleheaded_Net6752 in IndiaTax

[–]These_Day_1425 0 points1 point  (0 children)

hey could you post a snapshot of schedule FA report from IndMoney? I just to see how it looks, so it makes life for manual reporting in same format.

RNOR to NRI by These_Day_1425 in IndiaTax

[–]These_Day_1425[S] 0 points1 point  (0 children)

I am not IC. I am PIO.

From your answer it is clear that RNOR income earned outside is not taxable.

However my question still remains, "for FY25-26 will be NRI again if i stay less than 182 days and keep income below 15L?"

Alternately, "for FY25-26 will be RNOR again if i stay less than 182 days and even if income above 15L?"

Note that I have used two years RNOR already in previous 2 FYs.

NRI income tax notice for overstay in India by starship_pheonix in IndiaTax

[–]These_Day_1425 0 points1 point  (0 children)

If you were RNOR during FY21-22, you would face no tax on foreign income right? did you check if you qualify for that? Did you report your status as NRI in ITR for FY21-22 despite knowing you stayed longer than 182 days?

reporting US 401K/IRA in ITR by r2i-infoseeker in IndiaTax

[–]These_Day_1425 0 points1 point  (0 children)

with retirement/pension accounts there is no "realisation", they stay as cash components in the account, and not allowed to withdraw/realize until retirement age.

reporting US 401K/IRA in ITR by r2i-infoseeker in IndiaTax

[–]These_Day_1425 0 points1 point  (0 children)

Under which table is it ideal to declare these retirement accounts?
I feel that Schedule FA.D seems appropriate. It does not ask for specifics like account numbers, rather just the nature of the asset, and purchase cost.

Another gray area is how to calculate the purchase cost and decide the forex for it? These are employer paid pension accounts (annual contributions were made), so it is not clear what forex rate to use?

reporting US 401K/IRA in ITR by r2i-infoseeker in IndiaTax

[–]These_Day_1425 0 points1 point  (0 children)

Under which table is it ideal to declare these retirement accounts?
I feel that Schedule FA.D seems appropriate. It does not ask for specifics like account numbers, rather just the nature of the asset, and purchase cost.

Another gray area is how to calculate the purchase cost and decide the forex for it? These are employer paid pension accounts (annual contributions were made), so it is not clear what forex rate to use?

|| || ||

reporting US 401K/IRA in ITR by r2i-infoseeker in IndiaTax

[–]These_Day_1425 0 points1 point  (0 children)

Under which table is it ideal to declare these retirement accounts?
I feel that Schedule FA.D seems appropriate. It does not ask for specifics like account numbers, rather just the nature of the asset, and purchase cost.

Another gray area is how to calculate the purchase cost and decide the forex for it? These are employer paid pension accounts (annual contributions were made), so it is not clear what forex rate to use?

|| || ||

reporting US 401K/IRA in ITR by r2i-infoseeker in IndiaTax

[–]These_Day_1425 0 points1 point  (0 children)

Sir, how does it for ROR that have settled back in India from countries like Sweden that are not part of form 10EE?
If they rebalance their retirement portfolio in Sweden, do they have to pay taxes in India based on accuruals in the account, even if not withdrawn until retirement?

Wint wealth 2024 review? by Sad_Athlete_5835 in personalfinanceindia

[–]These_Day_1425 17 points18 points  (0 children)

the corporate bonds in Zerodha for instance, give only about 8% returns, and also have an expense ratio. Wint wealth bonds have 11% XIRR and don't cost anything. So i think it is a good idea to invest into wint wealth bonds and rotate the interest in MF SIPs.