Just like an Indian citizen, NRIs with taxable income that exceeds the threshold of Rs 2,50,000 have an obligation to file income tax returns. However, the rules and guidelines for NRI taxation differ widely from that of an Indian citizen, and thus the income tax returns guidelines differ too. For instance, unlike Indian citizens, NRIs do not have the obligation of filing tax returns that arise only from “investment income” or long term capital gains…
Every year, thousands of Indians migrate to foreign countries to explore better career opportunities. Over time, they settle abroad and attain the status of a non-resident Indian or NRI. However, the urge to invest in one’s homeland has been a perpetual quest for NRIs, and with good reason. Let’s consider some numbers to see why. What makes India an attractive destination Currently, India is the fifth largest economy at $2.7 trillion GDP. It is likely…
In the presentation of the Union Budget for the year 2019, Union Minister of Finance, Nirmala Sitharaman put forth the ambitious plan of taking India from the current $2.8 trillion economy to reach the $ 5 trillion mark by the year 2024. The Finance Minister acknowledged the role of non-resident Indians in uplifting the Indian economy. To woo further NRI investments, she announced a slew of benefits to woo NRI investors to enhance investments…
Here’s a simplified summary of the Union Budget 2019 for India (including the proposals from the Interim budget presented in February 2019) If you are a … Salaried Individual / Pensioner (no change since interim budget) Net taxable Income : upto 5 Lakhs – Tax liability zero above 5 lakhs – No change to previous tax liability calculations Standard Deduction increased by 10,000 Interest income on bank/post office deposits up to 40,000 will…
Welcome to Fintify ! By installing Fintify you have taken the first step towards getting control of your money. Fintify is a one of a kind all-in-one international money app which allows you to monitor all your financial accounts, across assets and liabilities in the UK and in India in a single application. Bank accounts (Savings, Current, ISA’s), Term Deposits (FD’s), Credit Cards, Loans and Mortgages, Investments (Mutual Funds, Equities, Bonds), Pension Funds, EPFO, NPS,…
Let’s not kid ourselves anymore that financial health isn’t important. Studies have shown that financial well-being ranks at par with personal health and the social interactions we have in determining our core quality of life. On an average, a financially responsible user has over 11 different accounts across bank accounts, credit cards, investments, insurance and loans. Add to that multiple cross border currency accounts and that number nearly doubles. We have developed Fintify as a…
The interim Union Budget 2019 has made some changes which could be beneficial for small tax payers, we try to summarize the changes in simple terms, hope this helps you understand the implications to your personal income tax liability Net taxable income up to ₹ 5 Lakh would have zero tax liability There is no increase in the exemption limit for Income tax, the benefit is being given by way of rebate under sec 87A,…
We, at Fintify, love people who love to be part of path-breaking inventions. Risk takers, people with flair, and having an unquenchable passion for creating solutions for a new world order. In our case, the financial world. Fintify is on course to become a world class Fintech product with elegantly designed, simple yet powerful tools to enable individuals to understand and interpret their finances in new light and mobilize them more effectively. The beta version…
Studies show that human behavior is changing due to the impact of social media – relationships, inter personal communications, aspirations and value systems have all been influenced by the exposure to social media platforms. In the age of the “connected human”, we are putting up more and more of our personal lives online. Everything about us has a digital footprint somewhere, our likes, shares, follows, tweets/re-tweets, mentions, pins, boards, and search history create a…
Over the last year we at Fintify spoke to hundreds of people – family members, friends and strangers about their approach to management (or lack thereof!) of their personal finances in a bid to understand their outlook towards money and personal finance management. This exercise helped us understand the factors which influence the average person’s attitude towards personal finance management – which is something that affects us all profoundly, but tends not to occupy proportional…
