Union Budget 2017-18 [New]


Union Finance Minister Arun Jaitley presented India's national budget in the Lok Sabha amid hopes that the proposals will help revive a slowing economy, hit further by demonetisation of high value currency. This is his fourth budget as Finance Minister. Read More »






Indian Economy

Indian economy is ranked as the ninth(9th) largest in the world in terms of currency conversion and fourth largest in terms of purchasing power parity. The country is one of the G-20 major economies and a member of BRICS, and ASEAN. India is the seventeenth largest exporter and eleventh largest importer in the world.

A Hundred Rupee NoteThe Indian economy depends much on agriculture, which now contributes to less than 25% of the GDP. Other important industries are mining, petroleum, diamond polishing, films, textiles, information technology services, and handicrafts. Most of India's industrial regions are centred around major cities. Now India has emerged as one of the largest players in software and business process outsourcing services. There are also a lot of small-scale industries that provide steady employment to many of its citizens in small towns and villages. Tourism Sector is also an important contributor to the Indian Economy.

India's major trading partners are the United States, Japan, China and the United Arab Emirates. India's main exports items include agricultural products, textile goods, gems and jewellery, software services and technology, engineering goods, chemicals and leather products while its main import commodities are crude oil, machinery, gems, fertiliser, chemicals.



Tax saving on HRA when living with Parents

Saving Income tax is main concern of all taxpayers. House rent allowance is the most effectualpart of tax saving.House Rent Allowance is a constituent of employee's salary package. This allowance is given by an employer to an employee to meet the cost of renting an accommodation. House Rent Allowance is exempted from Income Tax under section 10(13A) of the Income tax Act, 1961 and Rule 2 of Income Tax Rules.

In fact, the simplest way of saving tax is by investing through parents and children. If employee invest in correct way, the rate of return may be higher as well. Employee's parents can also help bring down his tax liability in numerous ways.

Employees generally receive a house rent allowance from their employers. This is a part of the salary package, in agreement with the terms and conditions of employment. House Rent Allowance is given to meet the cost of a rented house taken by the employee for his stay.

The Income Tax Act allows for deduction in respect of the HRA paid to employees. It is established that the total HRA is not deductible. HRA is an allowance and is subject to income tax.

There are some minimum conditions to claim tax rebate from HRA:

  1. Employee should be staying in a rented accommodation.
  2. The house should not be owned by employee.
  3. Employee should be paying the rent.
  4. This rent must be in excess of 10% of salary (salary, in this case, includes Employee's basic salary + dearness allowance).
  5. 50% of your basic salary if you live in a metro or 40% of your basic salary if you live in a non-metro

If these conditions are fulfilled, the HRA will be beneficial for employees.

The rented premises must not be owned by him. In case one stays in an own house, nothing is deductible and the entire amount of HRA received is subject to tax.

Salary means basic salary which includes dearness allowance if the terms of employment provide for it, and commission based on a fixed percentage of turnover achieved by the employee. The deduction will be available only for the period during which the rented house is occupied by the employee and not for any period after that.

Meaning of Salary for calculation the tax exemption of HRA.

Salary means (Basic + D.A + Commission based on fixed percentage on turnover).

Salary is to be taken on due basis in respect of the period during which accommodation is occupied by the employee in the previous year.

When employee staying with parents, it is very much permissible under Income Tax Act provided property is registered in the name of parent/s.If individual is residing in a house owned by his parents and he is paying rent to them, technically, they are the landlords. Therefore, employee could, thus, claim an exemption, provided they show the same transaction in their income tax returns.

Rent to spouse is not permissible, as a husband and wife relationship is not considered moneymaking. Spouses are intended to stay together.

Tips for making budget in Indian wedding

Indian wedding has too many celebrations from start to finish.Indian weddings are usually big because of large families, and lots of family friends. It can be said that Marriages in India are fullof ritual and celebration that continue for several days.... More »

Tips to avoid credit card frauds

We are breathing in an environment where fraudulent can attack any time whether it is the virtual or the physical world. People must be aware of these frauds and take precautions specially when making financial transactions through credit card... More »

What is virtual credit card and how to create it?

In technological advancement era, virtual credit cards are the best alternatives for credit and debit card holders to prevent from phishing and other internet frauds... More »

Safety measures for internet banking

The Internet has made revolutionary changes in the life of people around the world, this witnesses the waythey interact with other people and conduct business... More »

Trends in Two Wheeler market in India

India is ranked second in manufacturing and producing of two-wheelers in the world. There is high demand of two wheeler vehicles... More »

Trends in Indian Car Market

The automotive industry in India is expanding due to huge demand of passenger cars. The car makers do survey to know the needs of customer and accordingly introduce new features in cars... More »

Retirement Schemes for Working Indians

Retired population is growing at a rapid pace in India. Such people are worried about their future after retirement.... More »

Short Term and Long-Term Investment Options

India is emerging as the fastest economy in the world. Financial experts say that investment is directly linked with the financial system of the country. So investors are always searching for rising markets where the growth rate is high... More »

Wise Planning of EMI

People have big plans for purchasing house. They do everything to get good accommodation for modern living.... More »

Pollution disrupts the economic growth

Pollution in India is high as compared to other nations and is a serious concern for the environmentalists in the country.... More »

Growing property market of Bhopal, Madhya Pradesh enhances the economy of state

People from all over the world invest in property to increase their wealth and secure life for future. Property market of Bhopal is emerging rapidly... More »

Inflation worry in India

The Indian economy is severely threatened by the price rise of most of the commodities in the current year of 2013 which put a heavy financial burden on the consumers.... More »

Variables nature of gold Price in 2013

Indian populace has more inclination towards the gold metal than any other nationals on this planet. The purpose is mainly to buy jewellery or to buy for investment purpose or many times.... More »

Elements of Foreign Exchange method for trading

In a competitive global business environment, everyone must know the basic process of foreign exchange..... More »

Rupee fall: threat to Indian economy

Indian economy is endangered by sudden fall of rupee per dollar. This decrement trend is not the western policies or some international pressures but it the outcome of monetary... More »





 

Business News

Three killed, two injured in Maryland 'targetted attack'

    Updated On : Oct 18,2017   9:26 pm
Maryland, Oct 18 (IANS) Three people were killed and two were in critical condition after a "targeted attack" by a gunman at a business establishment in Maryland in the US early on Wednesday, officials said. View More..

Explain Modi's chartered air travels as CM: Congress

    Updated On : Oct 18,2017   8:52 pm
New Delhi, Oct 18 (IANS) Countering the BJP's attack on Congress President Sonia Gandhi's son-in-law Robert Vadra and terming it a 'witch hunt', the Congress on Wednesday demanded to know who paid for over 100 trips Prime Minister Narendra Modi made by chartered plane across India and abroad when he was the Gujarat Chief Minister between 2003 and 2007. View More..

NIIT Technologies net up 14% in Q2

    Updated On : Oct 18,2017   8:34 pm
New Delhi, Oct 18 (IANS) Global IT solutions provider NIIT Technologies Ltd on Wednesday reported Rs 67-crore net profit for the second quarter (Q2) of fiscal 2017-18, posting 14 per cent growth from Rs 59 crore in the same period year ago. View More..

Draft rules issued on trusts re-registering if aims modified

    Updated On : Oct 18,2017   6:46 pm
New Delhi, Oct 18 (IANS) Indian income tax rules are proposed to be amended after Parliament passed legislation earlier this year requiring charitable and religious trusts, which have deviated from their original objectives, to again apply for registration for tax exmption purposes, the government said on Wednesday. View More..

Intel to soon introduce AI-enabled Nervana Neural Network chips

    Updated On : Oct 18,2017   6:28 pm
San Francisco, Oct 18 (IANS) Catching up with the emerging Machine Learning (ML) and Deep Learning (DL) technologies, Intel will soon introduce the world's first family of purpose-built Artificial Intelligence (AI)-enabled "Nervana Neural Network Processor" (NNP). View More..

Kerala opposition demands special assembly session to table solar report

    Updated On : Oct 18,2017   6:16 pm
Kozhikode (Kerala), Oct 18 (IANS) With Kerala Chief Minister Pinarayi Vijayan rejecting the demand for making public the report of the Justice G. Sivarajan Commission in the solar scam, the Congress-led UDF on Wednesday demanded that a special assembly session be called to table the report. View More..

Explain Modi's chartered air travels as CM: Congress

    Updated On : Oct 18,2017   5:26 pm
New Delhi, Oct 18 (IANS) The Congress on Wednesday demanded to know who paid for over 100 trips Narendra Modi made by chartered planes across India and abroad when he was the Gujarat Chief Minister between 2003 and 2007. View More..

Artificiality in film makes it redundant: Imtiaz Ali

    Updated On : Oct 18,2017   4:32 pm
Mumbai, Oct 18 (IANS) October 26 will mark a decade since "Jab We Met" released, but to many Bollywood buffs, it feels as fresh as ever. Director Imtiaz Ali says keeping a movie "pure" is important for it to be remembered. View More..

Jobs in US, UK no longer lure Indians: Indeed survey

    Updated On : Oct 18,2017   4:26 pm
Mumbai, Oct 18 (IANS) There has been a sharp decline among Indians seeking jobs in two top destinations -- the United Kingdom by 42 per cent and US by 38 per cent - attributed mainly to the political situations there, a new survey by top global jobs portal Indeed has revealed. View More..

GST 'killing' Kerala's booming tourism industry: Stakeholders

    Updated On : Oct 18,2017   4:18 pm
Thiruvananthapuram, Oct 18 (IANS) Kerala's money-spinning tourism industry has been hit hard by the GST regime, with taxes shooting to as high as 33 per cent and affecting five-star resorts, industry players say. View More..

Don't know how to dance: Kalki Koechlin

    Updated On : Oct 18,2017   2:42 pm
Mumbai, Oct 18 (IANS) Actress Kalki Koechlin, best known for her roles in films like "Dev.D", "Margarita with a Straw" and "Waiting", says she doesnt know dancing and had to do a lot of practice for the song "Nach Basanti" in her upcoming film "Jia aur Jia". View More..

Corporate India cuts gifting budget by 35-40% this Diwali

    Updated On : Oct 18,2017   2:30 pm
New Delhi, Oct 18 (IANS) Concerned about slowdown and pressure on balance sheets, corporate India is going slow on Diwali gifts to its associates, networked partners and others, slashing the budget by at least 35-40 per cent, an Assocham survey said on Wednesday. View More..

In Kashmir, two women combat menstrual taboo, unhygienic practices (IANS Special Series)

    Updated On : Oct 18,2017   2:26 pm
Kupwara, (Jammu and Kashmir), Oct 18 (IANS) Growing up in a society that stigmatises menstruation, two women social entrepreneurs in this border village of Jammu and Kashmir are battling the taboos attached to what is a routine biological process. They are not only creating awareness but also manufacturing and selling sanitary napkins to help poorer women who cannot afford branded products. View More..

Amazon executive quits over sexual harassment claim

    Updated On : Oct 18,2017   1:50 pm
New York, Oct 18 (IANS) In yet another high-profile exit over sexual harrasment at work, Amazon Studios head Roy Price has quit following allegations that he sexually harassed Isa Hackett, a producer in Amazon series "Man in the High Castle," in 2015. View More..

Media obsessed with link-up rumours: Jacqueline Fernandez

    Updated On : Oct 18,2017   1:48 pm
New Delhi, Oct 18 (IANS) Actress Jacqueline Fernandez, who was romantically linked to her "A Gentleman..." co-star Sidharth Malhotra, is unfazed by link-up rumours and says media is obsessed with it. View More..

Trump celebrates Diwali, hails relationship with Modi

    Updated On : Oct 18,2017   1:38 pm
Washington, Oct 18 (IANS) US President Donald Trump celebrated Diwali at the White House by lighting a diya amid a gathering of leading members of the Indian American community and said he greatly valued his relationship with Indian Prime Minister Narendra Modi. View More..

Widespread use of unapproved GM cotton shows official tolerance of illegality (Comment: Special to IANS)

    Updated On : Oct 18,2017   1:28 pm
New Delhi, Oct 18 (IANS) The Andhra governments flip-flop on extensive cultivation of unapproved genetically-modified (GM) herbicide-tolerant (HT) cotton seems to be symptomatic of the complacency which has infected even regulatory bodies and research institutions. View More..

Know the food choices of Brad Pitt, Angelina Jolie in new show

    Updated On : Oct 18,2017   12:18 pm
Mumbai, Oct 18 (IANS) Have you ever wondered what your favourite Hollywood celebrities gorge on when they visit India? Culinary legend and renowned restaurateur Chef Hemant Oberoi will spill the beans on the signature recipes that he curated for Hollywood stars Brad Pitt, Angelina Jolie and many more on his show "Food Memoirs with Hemant Oberoi". View More..

Kaspersky Lab names Bhayani new General Manager for South Asia

    Updated On : Oct 18,2017   12:10 pm
New Delhi, Oct 18 (IANS) Global cyber security company Kaspersky Lab on Wednesday announced the appointment of Shrenik Bhayani as its new General Manager for the South Asia region, covering India, Sri Lanka, Bangladesh, Nepal, Bhutan and the Maldives. View More..

Google introduces physical security key

    Updated On : Oct 18,2017   11:18 am
San Francisco, Oct 18 (IANS) In order to protect journalists, business leaders and member of political campaign teams at higher risk of being targetted by hackers, Google has rolled out an Advanced Protection Programme. View More..