Union Budget 2016 [New]

Finance Minister ArunJaitley on Monday, 29th February’ 2016 presented union budget. While there is no change in personal Income Tax slabs in the Union Budget 2016-17, he announced deduction for additional interests of Rs 50,000 per annum for loans up to Rs 35 lakh sanctioned in 2016-17 for first time home buyers, where house costs does not exceed Rs 50 lakh. More »

Railway Budget 2016 [New]

Railway budget was presented by Railway Minister, Suresh Prabhu on 25th February' 2016. Basic theme of the budget was to overcome challenges and reorganize, restructure, revitalise Indian Railways system...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

British lawmakers to debate Kashmir issue

    Updated On : Jan 19,2017   7:58 pm
Islamabad, Jan 19 (IANS) British parliamentarians were slated on Thursday to debate a motion on the Kashmir issue, which will call upon 10 Downing Street to raise the long-standing issue with the United Nations, an official said. View More..

Nothing could be more British than Tata's Jaguar, says May

    Updated On : Jan 19,2017   7:54 pm
Davos, Jan 19 (IANS) Indian industrial behemoth Tata is Britain's biggest manufacturer, but there cannot be anything more British than its products like the Jaguar and Land Rover luxury cars, UK Prime Minister Theresa May said on Thursday here. View More..

Archer's books among bestsellers, Bhagat's among most borrowed: Kindle

    Updated On : Jan 19,2017   7:40 pm
New Delhi, Jan 19 (IANS) English author Jeffrey Archer's "Cometh The Hour" and "This Was A Man" have been listed among the five bestsellers while Indian Chetan Bhagat's "One Indian Girl" tops the 'most borrowed' and 'most wished for' categories, according to a survey by Kindle e-book. View More..

Coca-Cola India announces new organisation structure

    Updated On : Jan 19,2017   7:02 pm
New Delhi, Jan 19 (IANS) Beverages multinational Coca-Cola's Indian arm on Thursday said it will introduce a new organisation structure in keeping with the economic reforms being undertaken in India. View More..

Boris Johnson learns why England cricketers should be wary of India in future

    Updated On : Jan 19,2017   6:18 pm
Kolkata, Jan 19 (IANS) Impressed by the enthusiasm of budding cricketers at an academy here, United Kingdom Secretary of State for Foreign and Commonwealth Affairs Boris Johnson on Thursday told former India batsman Arun Lal it was a firm indicator that England needed to be wary of India in the future. View More..

'The Founder': Michael Keaton shines as burger magnate (IANS Review, Rating: ***1/2)

    Updated On : Jan 19,2017   6:14 pm
Film: "The Founder"; Director: John Lee Hancock; Cast: Michael Keaton, Nick Offerman, John Carroll Lynch, Laura Dern, Linda Cardellini, Patrick Wilson, B.J. Novak and Justin Randell Brooke; Rating: ***1/2 View More..

Peace will return only after resolution of Kashmir issue: Raheel Sharif

    Updated On : Jan 19,2017   5:52 pm
Davos, Jan 19 (IANS) Describing Kashmir as the unfinished agenda of Partition, Pakistan's ex-army chief General Raheel Sharif on Thursday said normalcy will return to the region only after the long-standing dispute is resolved. View More..

India to work closely with Asean for regional cooperation: V.K. Singh

    Updated On : Jan 19,2017   5:40 pm
New Delhi, Jan 19 (IANS) Observing that Asean has evolved into a role model for regional cooperation, India on Thursday said it was working closely with it for building regional cooperation. View More..

MobiKwik appoints Daman Soni as VP for Growth

    Updated On : Jan 19,2017   5:04 pm
New Delhi, Jan 19 (IANS) Domestic mobile wallet platform MobiKwik on Thursday appointed Daman Soni, former head of instant messaging app LINE India, as Vice President for Growth. View More..

SpiceJet to reintroduce services on Delhi-Surat route

    Updated On : Jan 19,2017   4:54 pm
New Delhi, Jan 19 (IANS) Budget passenger carrier SpiceJet on Thursday said it will relaunch its twin daily direct flights on the Delhi-Surat route effective from March 26 next. View More..

Alibaba's UCWeb to invest Rs 2 bn in India, Indonesia

    Updated On : Jan 19,2017   4:20 pm
Beijing, Jan 19 (IANS) UCWeb, part of Alibaba Mobile Business Group, on Thursday announced plans to invest Rs 2 billion over the next two years in the Indian and Indonesian market with a focus on enhancing content. View More..

UK will be a global leader on trade: PM

    Updated On : Jan 19,2017   4:16 pm
Davos, Jan 19 (IANS) British Prime Minister Theresa May on Thursday told leaders at the World Economic Forum here that the UK will be a "world leader" on trade. View More..

Bengal global business summit to see mega participation (Preview)

    Updated On : Jan 19,2017   3:58 pm
Kolkata, Jan 19 (IANS) In the shadow of demonetisation and a violent anti-land acquisition protest in Bhangar, the Mamata Banerjee-led West Bengal government is to inaugurate the third edition of its annual two-day business summit on Friday that will see participation from 25 countries. View More..

Retailers missing $187 bn digital opportunity: Cisco

    Updated On : Jan 19,2017   3:56 pm
San Francisco, Jan 19 (IANS) Retailers remain in the early phases of digital transformation and are missing a $187 billion opportunity by not prioritising investments in employee productivity, global networking giant Cisco said on Thursday. View More..

Flock team messenger unveils fake news detector

    Updated On : Jan 19,2017   2:46 pm
New Delhi, Jan 19 (IANS) In its bid to stop proliferation of fake news and misinformation on Internet, Flock, a team messenger for businesses, on Thursday launched Fake News Detector (FND), allowing users to stop the flow of false information into the messaging app. View More..

Nick Kyrgios: The erratic genius (Profile)

    Updated On : Jan 19,2017   2:30 pm
Melbourne, Jan 19 (IANS) The unexpected first-round fall of Nick Kyrgios, the 14th-ranked erratic Australian genius who plays more with pique than passion, has created a pall of gloom in this sport-loving country where to win is everything. View More..

Google acquires Twitter's Fabric mobile app developer platform

    Updated On : Jan 19,2017   2:24 pm
New York, Jan 19 (IANS) In a bid to help developers build better apps and grow their business, Google has acquired micro-blogging platform Twitter's mobile app developer platform called Fabric. View More..

Post-note ban, mixed bag for consumer sector in 2017: Jefferies

    Updated On : Jan 19,2017   2:14 pm
Mumbai, Jan 19 (IANS) An interesting dichotomy in consumer spending space has emerged for this year as a result of demonetisation where a shift from unorganised to organised trade will be confronted by a weak macro-environment, says a top investment banker. View More..

Manipur CM's son to push modern tech, digitisation if elected

    Updated On : Jan 19,2017   12:44 pm
Imphal, Jan 19 (IANS) Manipur Chief Minister Okram Ibobi Singh's son, Surajkumar, 29, who is fighting the state assembly elections from the Khangabok constituency, plans to stress on modern technology and digitisation in the northeastern state if elected. View More..

DigitalOcean, Hasura to help students build apps on cloud

    Updated On : Jan 19,2017   12:22 pm
Bengaluru, Jan 19 (IANS) To encourage students build solutions and launch business ventures, US-based cloud platform DigitalOcean and app building platform Hasura on Thursday partnered with IIT-Madras to launch the second edition of "Introduction to Modern Application Development" (IMAD). View More..