How will my salary arrears be taxed in India?

I worked for an Australian firm in that country from June 2012 to May 2022 and was thereafter transferred to its India office. The company has now decided to pay me some salary arrears. Will this amount be taxable in India?      —Name withheld on request     How your income will be taxed in India … Read more

What new norms for overseas investment imply

On 22 August, the finance ministry, in consultation with the Reserve Bank of India, took a significant step pertaining to the operationalization of a new overseas investment regime. This article covers the provisions of the new overseas investment framework. As per exchange control regulations, a resident individual may remit abroad up to $250,000 per financial … Read more

ICICI Lombard, AU Small Finance Bank announce bancassurance tie-up

NEW DELHI: ICICI Lombard General Insurance is entering into a bancassurance tie-up with AU Small Finance Bank. The partnership will provide the bank’s diverse customers access to the Non-life insurer’s portfolio and enhance penetration across India. AU Small Finance Bank has been expanding its distribution footprints across India and this tie-up aims to enrich its … Read more

How to encash your discontinued National Savings Certificates (IX Issue)?

After the decision was authorised and made public on December 1, 2015, the Department of Posts (DoP), which is under the direction of the Ministry of Communications, discontinued issuing National Savings Certificates (IX Issue) on December 20, 2015. DoP said in a notification dated 30.11.2022 said that earlier closing of any discontinued scheme account/certificate including … Read more

FCNR deposits are an attractive option for NRIs

Today, non-resident Indians (NRIs) are facing the most uncertainty ever since the 2008 crisis, especially with the evergreen tech sector also being under pressure. Coupled with the recent fall in global equity and fixed-income markets, it is only prudent that NRIs look for safer investment options. NRIs are well-positioned to benefit from the interest rate … Read more

What is the tax liability for a senior citizen?

My last year’s income from pension was ₹5,31,910 and the interest from bank accounts was ₹2,16,883. As for exemptions under the income-tax Act, I am eligible for the following deductions: ₹3 lakh exempt limit for senior citizens, ₹1.5 lakh for investing in public provident fund (PPF), ₹50,000 for mediclaim, and ₹50,000 under Section 80TTB, besides … Read more