The short answer is No, you don't need to file the income tax returns in India if you have no income, but, rarely, you don't have income. You might not have a salary income because you are employed overseas, but you could have income as interest generated by bank fixed deposit, rental income generate by your flats in India, a royalty paid to you by your book published and sold in India, the dividend paid on your stock market investment in India. Many people think that they don't have income in India because they are working overseas but most of them have fixed deposits in India which they have made before moving to Overseas.
7 Tips to Save Your Money and Reduce Expenditure and Expenses
A wise man have said that "one penny saved is one penny earned" while I also believe that one should not compromise on things that they love e.g. spending on family, holidays or smartphones, you can still save a lot of money by following these saving tips. People often say that inflation will eat your money, but there is a bigger threat to your money than inflation, it's unnecessary expenditure. Inflation will take years to erode your money value, but spending can take your money in seconds. Humans are very fickle by nature and given today aggressive advertising campaign then often end up buying stuff, they don't really need. Our focus is to minimize that expenditure to boost your savings.
10 Ways to Send Money to NRE account in India
One of the frequently asked questions from NRIs, who has just opened an NRE (Non Resident External) account is how to fund their NRE accounts In India? Since you cannot transfer Indian rupees from your normal savings account in India to your NRE account, this question is common to arise. The simplest way to deposit money in your NRE account is remittance or wired transfer like sending money from your overseas bank account, but that's not the only way to transfer money to your NRE account. There are many more ways you can send money to your NRE account in India and choosing the right way matters because you want the best exchange rate for your dollars and you also want safety so that your money should reach safely and preferably instantly or within few days in your account.
Is Laptop, Tablets, and Mobile Phones allowed in Checked-In or Cabin baggage?
Yes, Laptop, Mobile Phones, Smartphones or any other Personal Electronic device, also known as PEDs are allowed in both check-in luggage and in cabin luggage in most of the countries. Though, it's general practice to carry mobile phones, laptops, tablets or any other personal electronic device in cabin luggage due to security reasons. Since these devices have a battery which may spark the fire and if they are in check-in luggage it will not be handled properly and in the worst case, it may result in loss of Aircraft. Hence its advised to always carry electronic devices with the battery in cabin luggage.
Is it best time to Send Money to India from USA?
In 2016, After Donald trump's victory and historic decision on Rupee demonetization in India, many of my friends working in living me asked the question whether now is the best time to send money to India from the USA? Well, it certainly looks so at that time. The USD/INR exchange rate was at an all-time high of 68.34 and very likely to go to 70, so it definitely sounds like the best time to send money from India to the USA but look at now? Where are we? Rupee is now close to 83, I mean USD INR rate is close to 83, which means 1 USD is equal to almost 83 INR which is highest so far and that's why I think now is probably the best time to send USD to India.
Can You Withdraw Money from PPF account before Maturity?
Can we withdraw money from the PPF account before maturity?
One of the most common questions people ask before opening a PPF account is "can we withdraw money from a PPF account before maturity?". One reason for this question is the long tenure of the PPF account (15 years). The short answer to this question is Yes, you can withdraw money from PPF before 15 years but you can only withdraw a maximum of 50% of the balance at the end of the fourth year, and that too only after completing 5 years. This means for the first 5 years you cannot withdraw any amount from PPF.
One of the most common questions people ask before opening a PPF account is "can we withdraw money from a PPF account before maturity?". One reason for this question is the long tenure of the PPF account (15 years). The short answer to this question is Yes, you can withdraw money from PPF before 15 years but you can only withdraw a maximum of 50% of the balance at the end of the fourth year, and that too only after completing 5 years. This means for the first 5 years you cannot withdraw any amount from PPF.
10 Benefits of NRE Bank Account and Fixed Deposits
If you are an NRI (Non-Resident Indian) then you have access to a unique bank account called NRE (Non-Resident External) account which allows you to keep your money in Indian rupees. This account then further allows you one of the best, fixed deposit investment options known as NRE fixed deposit, which currently provides fixed and interest rate e.g. 8.75% from Deutsche bank, resulting in a cumulative yield of 10.3% for a 5 years NRE fixed deposit. It's not just the Deutsche bank but other private and public sector banks like SBI, ICICI, HDFC, Kotak Mahindra, YES Bank they all provide very good returns on NRE fixed deposits.
5 Difference between ELSS vs PPF vs NSC vs Tax Saving Fixed Deposit
ELSS (Equity Linked Saving Scheme), PPF (Public Provident Fund), NSC (National Saving Certificate), and Tax-saving fixed deposits with banks are four of the most popular way to save tax under section 80C, but which one is the best among these four? How do you choose whether to invest your 1.5 lakh rupees, the maximum amount allowed to invest under section 80C qualified for deduction from taxable income? In this article, I am going to share key differences between ELSS vs. PPF vs. NSC, and Tax Saving Fixed deposits with both private and public sector banks. Once you know the differences, you can make an informed decision where to put your money depending upon your goals and risk appetite.
Selling Properties in India? Rules Every NRI should Know
NRIs are allowed to buy and sell properties in India, and they can also bring the profit post-sale of their property abroad, but there are a couple of things which you need to learn and remember. For example, you need to know that the sale proceeds amount can only be deposited into your NRO account and not on your NRE account. There are many similar points that every NRI should know and remember before selling their ancestral or self-bought properties in India. I have tried to list a couple of them in this article. If you have any suggestion or any other essential things which are not on this list, please suggest in comments.
Can NRIs Open NPS (National Pension Scheme) Account in India - Tax Saving Investment
Yes, NRI can now invest in NPS or National Pension Scheme in India. Recently, on July 2015, PFRDA, the Pension Regulator has clarified that Non Resident Indians (NRIs) can invest in National Pension Scheme (NPS) to save for their retirement and get a social security cover. Earlier, there was some confusion whether NRIs are allowed to put money on NPS or not, but given that NRIs are allowed to invest in mutual fund and insurance, RBI and PFRDA give clarification that NPS is also an eligible investment for NRIs.
Should you take personal loan/ balance transfer Overseas and Pay off a home loan in India?
This is one of the most frequently asked questions among Singapore NRI community. I often receive queries from IT professionals working in the city-state who have home loans back in India and thinking to pay off in full or a portion of them by taking a personal loan or credit card balance transfer in Singapore. Well, the idea to take a loan to pay off another loan only make sense if you are getting a cheaper loan and paying off a higher interest loan. Since most of the home loans in India charges around 9.5 to 11% in INR and you can get personal loan on credit card also known as balance transfer in Singapore for as low as 2.5% for 6 month it make a lot of sense to take a personal loan in Singapore and pay off your home loan in India, though there are some risk which you need to consider. For examples, this only make sense if you have the visibility that you will be in Singapore for next 6 month or more.
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