Whether interest income is taxable .... | Explaination of such questions/ topics at AskMyGroup

Economy and Business-2

Q.Whether interest income is taxable? Asked by:Reena Gaur on 19/08/2015
Interest Income is chargeable as per the Indian Income Tax Rules. However, a deduction up to Rupees 10,000 against interest received on saving bank accounts can be claimed under section 80TTA. It may please be noted that Interest income from fixed deposits is fully taxable. If bank has already deducted Tax Deductible at Source (TDS) on it (please check with the bank, probably you may not be aware of this), you can report the same and pay the differential income tax after adjusting the TDS.	M. Manohar
Q.How much a Mercedes-Benz top line car costs in India? Asked by:Sanjeev Jain on 12/08/2015
Mercedes-Benz India has launched the S 63 AMG sedan on 12th August 2015 at ₹ 2.53 Crore, ex-Bengaluru. The Mercedes-AMG S 63 is powered by a 5.5-litre bi-turbo V8 engine that makes 585PS and 900Nm. The 0-100kmph run takes 4.4s while the claimed top speed is 250kmph, with the help of the AMG Speedshift MCT 7-speed transmission. Additionally it comes with massaging seats, climate control front seats, a memory package for the seat adjustment, a chauffeur package which helps move the front seat by a good 77mm and powered rear seats, which are some of the notable features. Readmore about Mercedes-Benz at OverDrive	Ajay Sharma
Q.What is Indian Financial Code, and how it affects the people in general? Asked by:Reena Gaur on 25/07/2015
The Financial Sector Legislative Reforms Commission (FSLRC) set up on 24th March 2011, for re-writing the financial sector laws to bring them in harmony with the current requirements, submitted its Report to the Government on March 22, 2013. The Commission inter alia recommended a non-sectoral, principle-based legislative architecture for the financial sector, by restructuring existing regulatory agencies and creating new agencies, wherever needed for better governance and accountability. Accordingly, Government has prepared revised draft Indian Financial Code, after receiving comments/ feedbacks on the Draft IFC and the Report were invited from the public at large and all stakeholders through a Press Release on 6th June 2013. The second draft of the Indian Financial Code has been put once again for inviting comments/ feedback from all stakeholders concerned to forward comments/ suggestions by 8th August 2015.(Follow the link to provide your comments on Finance Ministry Website).The modifications incorporated in the revised draft mainly relate to : strengthening the regulatory accountability of financial agencies, removing the provision empowering FSAT to review Regulations, rule making and operational aspects of capital controls, monetary policy framework and composition of the Monetary Policy Committee (MPC), regulation of systematically important payment system and others, removing the provision of special guidance etc. If indeed the second draft of the Indian Financial Code, released on 24th July 2015 for public comments, is implemented in its entirety, Reserve Bank of India (RBI) Governor will have no veto power in the proposed seven-member Monetary Policy Committee (MPC) that will have a dominant say in setting interest rates and that is not good news for the economy, as analyzed and reported by the First Post. The matter of veto power is considered highly critical given the proposal is that four out of the seven members in the MPC should be from the government’s side. This means the full control to chart the course of monetary policy will be with the government on account of majority, and not with the RBI. The monetary policy, as we know it today, will cease to exist.	M. Manohar
Q.How much Service Tax is chargeable on food served in Hotels and Restaurants? Asked by:Reena Gaur on 15/07/2015
Hotels and Restaurants put Service Charge (in the order of 8% to 20%) in their food and beverages bills, which primarily claimed to on be account of the Government Taxes. However, the Service Tax is actually chargeable @14% but only on 40% of the bill amount if the food and beverages are served in air-conditioned environment. Therefore, the service tax component over the bill amount is only 5.6%. Any additional money charged by Hotels and Restaurants is not paid to the Government.	Pooja Sharma
Q.Which Indian Movie has first crossed Rupees 100 Crores Collection? Asked by:Reena Gaur on 27/05/2015
Q.How Gold Jewelry can be invested to earn profits/ interests? Asked by:Reena Gaur on 20/05/2015
Q.What is crowd funding, and how easy is to get it in India? Asked by:Reena Gaur on 12/05/2015
Crowd-funding is an approach for raising small amounts for money from large section of people for business ventures. Crowd-funding is normally carried out by using internet which helps the business entity to reach very large number of small investors. Raising of money for business is regulated according to rule of lands in each country. This also requires the money should be raised by following a strictly defined process. However, when money is raised through internet, the investment received is from multiple countries, which may not be having similar norms. Raising of money for business in India is controlled by SEBI, which now has realized crowd-funding as one of the viable means for inviting investments for business. SEBI is now working towards making crowd funding rules simpler and easier to comply for business entities operating in India and want to avail the opportunity.	Pooja Sharma
Q.What actions have been taken by FIU to check the black money? Asked by:Reena Gaur on 28/04/2015
Financial Intelligence Unit (FIU) (under Finance Ministry) has started examining information on all suspicious cross-border fund transfers made from India to offshore destinations. All banking and financial institutions are mandated to file formatted Cross Border Wire Transfer Reports (CBTRs) exceeding Rs 5 lakh to it under the provisions of anti-money laundering laws. Cases where the funds movement are below the stipulated benchmark of Rs 5 lakh but look to be suspicious or inter-related are also being investigated.	Pooja Sharma
Q.Is there any plan of Google to launch Google Glass once again? Asked by:Reena Gaur on 25/04/2015
The news released by Luxottica has given an enough indication that Google may come out with a new version of Google glass product shortly. Luxottica, the company behind Ray-Ban and Oakley, has partnered with Google since May 2014 to make frames for the device. The earlier device, which overlays images and graphics on what a wearer already sees, has had a rocky development since it was unveiled in 2012. Privacy advocates have criticized the built-in camera and people have derided the device for being nerdy. Early users of the product earned the nickname "Glassholes." Google has discontinued the product in January 2015 and putting the product development for review under Mr. Tony Fadell, co-founder of Nest, the smart-home device company that Google acquired in February 2014. Mr. Fadell is a former Apple executive and the hardware guru behind the original iPod music player. Read in details: cnet.com	Raginee
Q.Do we need to make our website mobile friendly? Asked by:Reena Gaur on 21/04/2015
Yes, if you do not want to loose the organic traffic coming from Google Search. Google has announced that mobile friendliness will affect how prominently websites appear in Google search results pages from 21 April 2015. Mobile friendliness has been one of the many factors used by the search engine to rank results, but in a blog post it would have "a significant impact" on search results. Mobile friendliness Criteria includes text size, the amount of space between links and whether the content fits across a mobile screen. Google is also providing help to developers to make websites mobile friendly.	Pooja Sharma
Q.What is Affiliate Marketing? Asked by:Raginee on 19/04/2015