Friday, October 31, 2014

Pay tax on income earned outside India if...

Yesterday, I had explained how to quickly ascertain whether, as per the Income Tax Act in India, your residential status is NR, ROR or RNOR.

This is important as it then determines on what incomes you have to pay tax in India and what incomes are exempt from income tax in India.

In this post, we explore precisely this aspect.


Thursday, October 30, 2014

Is your India income tax status NR, ROR or RNOR?

Whether you are an Indian or a foreigner, Income Tax laws of India stipulate that you must pay tax on the income that you earn or receive in India. But, more importantly, you "may" be liable to pay tax even on the income that you earn "outside" India.

However, before you get to know how much tax you have to pay or even which incomes are taxable and which exempt, you must find out your "residential status".

In the eyes of Income Tax Act, you can be one of the following:

Tuesday, October 28, 2014

Five Forbidden Rules of Fixed Deposits

Do's and don'ts apply to practically everything that we do. The idea being that we should be able to derive the maximum benefits besides protecting ourselves from the pitfalls, if any.

And, in this respect, our personal finances are no different. Various facets of our day-to-day money matters — loans, credit cards, investments, insurance, taxation, etc. — too are guided by certain principles.

In this particular article we look at the what we mustn't do when we make any fixed deposits.

Monday, October 27, 2014

How Credit Cards cause Global Warming

Global warming, as you may be aware, is a serious threat to the only place in this vast universe where we can exist.

We are, in fact, steadily heating up our "home" Centigrade by Centigrade, Fahrenheit by Fahrenheit. So, when the tipping point comes, it will literally go up in flames... and our earth would become an inhabitable mass of dust and rocks.

The primary reason for being roasted alive, slowly but surely, is our excessive use of the natural resources. Millions of tons of coal, oil and minerals are devoured year after year to meet our insatiable demand for energy and countless goods and merchandise. 

Friday, October 24, 2014

Compute EFFECTIVE Interest Rate in excel instantly

What does it exactly mean when we say that a bank fixed deposit, or say any investment, gives 10% interest?

It means that if I invest Rs.1000 in this scheme, I will get an interest income of Rs.100 after one year.

Now suppose there is another scheme, which also offers 10% interest... with only one small difference... it pays out interest after every 3 months. In other words, I now get Rs.25 after every 3 months. So in a year, I again receive a total interest income of Rs.100.

Even though I earn same money from both schemes, 2nd scheme is naturally a better one. Why?

Wednesday, October 22, 2014

Are you financially FIT or FAT, check out now!

Nowadays, far too many people suffer from food and debt overindulgence. Obesity, both physical and financial, has assumed epidemic proportions. While excessive fat is bad for your physical health, excessive debt is bad for your financial health.

When you are physically obese...
... extra fat in your body quickly saps your energy and you feel tired too soon
... risk of hypertension, heart trouble, diabetes etc. increase manifold

Tuesday, October 21, 2014

Now your Will too can be made online

After banking, insurance, investing, shopping, ticketing and many more things that you can nowadays do online, even writing your Will goes electronic. A couple of companies have recently launched online Will-preparing facility.

Many people in India are still ignorant of the fact that nomination is not a Will. Therefore, once they have completed the nomination formalities for the various assets that they own, such as property, fixed deposits, insurance policies, shares, mutual funds, etc., they believe that their job is done.

Given the importance of Will in ensuring that your loved ones do not face any serious difficulties and delays in your absence, you must write one... immediately. 


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