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Indian freelancers working for US-based IT companies need to understand how their income should be classified, converted into rupees, and reported in the income tax return. Isha Sekhri, Founder, Isha Sekhri & Associates LLP, explains the key tax, ITR, GST, and foreign-income compliance requirements. How is freelance income from a US IT company reported? Sekhri…
If a husband has already disclosed income and paid tax on it, can the tax department later treat the same money as unexplained income in the wife’s hands after he gives it to her? The Pune bench of the Income Tax Appellate Tribunal (ITAT) has ruled that the same amount cannot be taxed again when…
The Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS), 2026, is a one-time voluntary scheme that allows eligible taxpayers to disclose specified foreign assets and income that were not previously reported. The scheme opened on 16 August, with 31 December 2026 as the deadline for making a declaration. One of the key steps is determining…
Cash in public hands is increasing over the past five years, according to data analysis by The Hindu. It further found that the margin between cash and UPI transactions is decreasing and charges on online transactions could act as a nudge towards more cash focused economy for customers. Earlier this month, Parliament passed the Taxation…
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The Bharatiya Mazdoor Sangh protested in Delhi today, urging the government to address long-standing demands for employees, pensioners, and unorganised workers, including a minimum wage of ₹30,000 and job security for contract workers.
Income plus arbitrage funds have expanded rapidly since their launch, with the category now comprising 22 schemes in less than two years. Major fund houses, including HDFC Mutual Fund and Sundaram Mutual Fund, have also entered the segment this year. These debt-oriented mutual fund schemes were introduced with the aim of providing investors with potentially…
Acting as a loan guarantor might be a straightforward way to help a friend, colleague, or relative secure financing during challenging economic times. However, this simple favour carries major financial implications. It is vital to keep in mind that becoming a loan guarantor entails its own set of challenges and is far more than a…
I am an NRI living in the UK and a member of my father’s Hindu Undivided Family (HUF). I have accumulated certain savings in my NRO bank account and want to transfer them as a gift to the HUF. Will it have any adverse tax implications for me or HUF? – Name withheld on request…
The election affidavit of Prashant Kishor, the founder of the Jan Suraaj Party, offers a crucial personal finance lesson: the significance of having a well-diversified asset allocation strategy. Without a proper investment strategy, ensuring growth is difficult. His portfolio also raises a fundamental question—how much is too much when it comes to property, and how…