
Amid Turkey boycott demands, PM Modi makes a big statement during..., set to affect Pakistan supporter Turkey due to...
Amid Turkey boycott demands, PM Modi makes a big statement during…, set to affect Pakistan supporter Turkey due to...
New Delhi: Amid India-Pakistan tension, there is a rising demand for boycott of Turkey as it supported Islamabad during the faceoff. On Sunday, PM Modi said that after Operation Sindoor, many families have resolved to spend their holidays in India under Vocal for Local.
During his monthly radio program, Mann Ki Baat, the Prime Minister said that a new energy is visible in the entire country regarding Vocal for Local. The Prime Minister expressed that several things have touched his heart recently. Speaking about people's emotions, he talked about parents who now buy only 'Made in India' toys for their children. This will instil patriotism in children from childhood.
Most of the families have decided that they will spend their next holidays at some beautiful place in the country itself rather going abroad. Apart from this, several youths have decided to get married in India itself. Notably, Indian citizens have decided to avoid travelling to Turkey and Azerbaijan as both countries helped Pakistan during Operation Sindoor. Islamabad had used Turkey's drones extensively during the military conflict with India.
'60% Visa Applications Cancelled In Just 36 Hours'
News agency PTI quoted Mohak Nahta, founder and CEO of visa processing company Atlis, as saying that earlier this week Indian travellers had decided not to travel to Turkey and Azerbaijan. He said that 60 percent visa applications were cancelled in just 36 hours.
The CEO of Atlis added that his company has also stopped all marketing work of Turkey and Azerbaijan to stand with India and to show solidarity with the national sentiment.
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Mint
36 minutes ago
- Mint
NRI taxation: How to claim special tax concessions
MUMBAI : Non-resident Indians (NRIs) and Persons of Indian Origin (PIOs) often maintain a financial footprint in India through shares, deposits, or other financial instruments. However, many are unaware of the benefits of the Income Tax Act's sections 115C and 115I, which provide concessional tax treatment on certain incomes. Mint explains who can claim these benefits on which assets and when. The types of income that qualify for concessions The concessions apply to two specific types of income. 'The special tax provisions apply to income from foreign exchange assets such as interest, dividends, etc., or anything derived from specified foreign exchange assets. Long-term capital gains (LTCG) from the sale of foreign exchange assets are also covered," said Hardik Mehta, managing committee member, Bombay Chartered Accountants Society. Also Read: Golden tax window for NRIs: What RNOR means and how to use it However, Laxmi Ahirwar, director at chartered accountant firm P.R. Bhuta & Co, clarified that NRIs can not claim any deduction under Chapter VI-A (sections 80C to 80U), adding that even the indexation benefit on LTCG is not available. Foreign exchange assets The definition of a foreign exchange asset is strictly linked to the source of funds. 'Specific assets acquired or purchased with, or subscribed, using convertible foreign exchange are classified as foreign exchange assets. These are: shares in a private or public limited Indian company, debentures issued by a public limited Indian company, deposits with a public limited Indian company, any security issued by the central government, or any other security that the central government may specify by issuing a notification," explained Ahirwar. Mehta added: 'When you transfer US dollars from your foreign bank account to your non-resident external (NRE) account, these funds are initially converted into INR before being deposited into the NRE account. Consequently, if equity shares are bought utilising funds from the NRE account, they are considered as foreign exchange assets. However, if the same shares are acquired using domestic funds from the non-resident ordinary (NRO) account, they will not qualify for the preferential tax rate under the special tax provisions." Funds transferred from NRO to NRE According to Ahirwar, funds routed through NRE accounts are generally eligible for concessional tax treatment under sections 115C to 115I of the Income Tax Act, provided the investment is made using foreign exchange remitted into India. In contrast, investments made using funds from NRO accounts are not eligible, as these typically consist of income earned or accumulated within India. A frequent point of confusion arises when funds are transferred from an NRO to an NRE account using Forms 15CA and 15CB, a process permitted under the Foreign Exchange Management Act (FEMA). However, Ahirwar clarified that simply moving funds in this manner does not automatically qualify them for tax concessions. The key factor remains the original source of the money—it must have been inwardly remitted in convertible foreign exchange, not generated or retained domestically. 'This area is often subject to litigation," Ahirwar noted, 'as tax authorities may ask for proof that the investment was made from genuine foreign exchange inflows and not converted from Indian income." Even if the funds sit in an NRE account, the origin trail must be clearly established. Also Read: Do NRIs have to pay tax on mutual fund gains in India? Ahirwar added that case laws have consistently emphasized that the source of funds takes precedence over the type of bank account used. Therefore, taxpayers must maintain proper documentation, such as bank remittance advice or foreign inward remittance certificates, to demonstrate compliance and claim concessional tax treatment with confidence. Under Section 115E, the tax rates are fixed and applied on a gross basis. Mehta shared that 'as per Section 115E, the special tax rate on investment income is 20% and on LTCG 12.5%. The above taxation is on a gross basis, and no deductions or indexation benefits are available to the assessee. For those reinvesting their LTCG, Mehta added, 'LTCG is exempted from tax if net consideration is invested within six months from the date of sale in another foreign exchange asset or a savings certificate." If the price of a new foreign exchange asset is less than the net sale consideration, the exemption would be computed proportionately. A three-year lock-in would be applicable to the new foreign exchange asset purchased. 'If the new asset is transferred or sold within three years of purchase, then the exemption claimed earlier will be taxable in the year in which the new asset was transferred or sold," he explained further. For example, Mr A sells shares that qualify as foreign exchange assets for ₹10 lakh and earns LTCG of ₹2 lakh on the sale. Per Section 115E, this LTCG would typically be taxed at 12.5% on a gross basis. However, if the NRI reinvests the entire net sale proceeds within six months in any specified asset or any other assets as the central government may specify, the LTCG can be exempted from tax. But Mr A reinvests only ₹8 lakh out of the ₹10 lakh net sale consideration into a specified asset. Because the reinvestment is less than the net sale consideration, the exemption on the LTCG will be computed proportionately. This means the exempted LTCG will be calculated as (LTCG/net sale consideration) multiplied by the amount reinvested. In this case, ( ₹2 lakh/ ₹10 lakh × ₹8 lakh) ₹1.6 lakh would be exempt from tax. The remaining ₹40,000 would be taxable. Furthermore, the new foreign exchange asset bought with the reinvested amount will have a mandatory lock-in period of three years. If the NRI sells or transfers this new asset before the completion of three years, the earlier exemption claimed on the LTCG will be reversed and taxed in the year of such transfer or sale. This rule ensures that the reinvestment is maintained for a minimum period to qualify for the exemption. Continuous tax exemption Even after the initial three-year lock-in period, NRIs can continue to enjoy exemptions on LTCG, provided the proceeds from the sale are reinvested into eligible foreign exchange assets within the stipulated time. 'The tax exemption on LTCG doesn't have to be a one-time benefit," said Gautam Nayak, a chartered accountant. 'If the sale proceeds are reinvested into qualifying assets within six months, and those assets are held for the required period, the exemption can be carried forward indefinitely with each reinvestment cycle." This reinvestment must occur within six months of the sale of specified assets. Nayak explained that maintaining a proper documentary trail is critical in such cases. 'NRIs must be able to demonstrate that the original investment was made using convertible foreign exchange and that each subsequent reinvestment complied with the conditions specified under the Income Tax Act." Without clear proof of the source of funds and asset eligibility, claims for exemption may not hold up during assessment or scrutiny. For example, an NRI invests ₹20 lakh in shares using funds from their NRE account. After one year, the investment grows to ₹40 lakh. To claim the capital gains exemption, the entire ₹40 lakh must be reinvested within six months into another qualifying foreign exchange asset. After holding the new asset for the required three years, if its value increases to ₹60 lakh and is sold again, the exemption can still be preserved, provided the ₹60 lakh is reinvested once more into an eligible asset within six months. This cycle of reinvestment and exemption can continue as long as the NRI complies with the reinvestment timeline, asset eligibility, and documentation requirements. Even after an NRI returns to India and becomes a resident, they may continue to enjoy these concessions under certain conditions. 'NRIs returning to India can continue being governed under these special provisions for their investment income (except interest, dividend income on shares in an Indian company) by furnishing a declaration to the assessing officer, along with their income tax return (ITR)," Mehta explained. Also Read: EPF nightmare for NRIs: Service gaps, missing UANs, and frozen funds 'If an NRI becomes a resident in India in any subsequent year, he may submit a return of income along with a written declaration to the assessing officer stating that the special tax provisions should continue to apply to their investment income from foreign exchange assets," Ahirwar added.


Hindustan Times
40 minutes ago
- Hindustan Times
‘People are too afraid… of danger, death, discomfort': Lessons in life from a young mountaineer
Keval Kakka was a 17-year-old student of automobile engineering, sitting in his college canteen sipping tea with his friends, when he realised he was doing it all wrong. This wasn't the path he was meant to be on. He was meant to be a mountaineer. It was an unusual calling for a boy from Mumbai. But as he and his friends talked about what they were looking forward to most, he couldn't see it any other way. Some talked about wanting to work with a particular car giant, others talked about wanting to study further. When they turned to him, he remembers saying, 'I want to be in the mountains.' Soon after that day in the canteen, he announced to his family that he was dropping out. He couldn't take the idea of sitting at an endless series of desks. 'Had I finished the degree, I would have jumped into a regular job. I had already found joy in the mountains. I wanted to explore that further,' Kakka says. 'It wasn't conventional and I didn't know anybody who had made a career of it. But the only way to learn more was to take the first step towards what I wanted.' Kakka had grown up spending summers in the Himalayas. His father Hiren Kakka, a businessman, had introduced him to high-altitude treks early on. The deep connection with nature that he felt on those walks, 'the sounds as well as the solitude', felt like something he wanted to build his life around. Kakka, 34, has done exactly that. And recently, he made history of a kind. He is now the first Indian to have scaled eight of the world's fourteen 8,000-metre-plus peaks. (Two other Indians, Arjun Vajpai and Bharath Thammineni, have come close, reaching the eight-summit mark, but with climbs that required rescue attempts.) Kakka reached his milestone with a summit of Kangchenjunga, the world's third-highest mountain, and a peak that had tested him severely before. In his first attempt, in 2022, severe frostbite and a broken toenail meant he had to retreat, just 100 metres from the top. Back at ground level, it turned out he needed a partial amputation of the toe, a procedure from which it took him four months to recover. 'The mountains are my school. They are where I shape myself as a human being. Each time I go to them, I gain something new. The syllabus is vast, and you can proceed at a pace you are comfortable with,' he says. Then again, make a mistake and the mountains will fail you and force you back down, he adds laughing. *** Perhaps his greatest lesson, Kakka says, has been that ambition must coexist with humility. 'The mountain is no place to satisfy one's ego,' he adds. One can plan, prepare, train. But eventually, as with so much of life, how the road unfolds is forever beyond one's control. In the motivational lectures and TEDx talks that he is now invited to deliver, from time to time, he uses this principle as the basis of what has become a core belief: that mountaineering is really just life, taken to its extreme. His Everest happened to be Everest, he says, but everyone has a mountain they hope to climb, and everyone knows the sense of fear, self-doubt and uncertainty that can keep them from chasing that big dream. We are too afraid… of danger, of death, of discomfort, Kakka says. 'The truth is that, to scale any new peak, you have to know how to fail.' Do the research. Acknowledge the risks. Feel the fear. Just don't let it take over. He knows, for instance, that he risks death each time he begins to climb an 8000er. He knows the storms he faces on these peaks are like nothing most humans will ever know. But being too afraid to face such a storm… that is scarier to him, he says. 'Death is inevitable. What do you want to do while you're here? What fears are you willing to face? What are you willing to lose?' *** Of course, losing is not the goal. Learning is. 'Be a good observer, because there are lessons all around,' Kakka says. He began training in the Sahyadris, after that day in the canteen in 2008, learning how to support his body through increasingly strenuous climbs. He didn't make his first Himalayan ascent until 2016. He was 25 that year, when bad weather left him stranded at 6,200 metres for three days, on the mountain of Kun in Ladakh. It was his first lesson in setbacks, patience and survival, he says. The following year, he summited his first 8,000er, Manaslu, in Nepal. The year after that, Cho Oyu, the sixth-highest mountain in the world, on the Nepal-Tibet border. He scaled this one without the help of a high-altitude guide. He learnt on these climbs that he really did flourish at high altitudes, in his own company, the exhaustion of the day rewarded with unbelievable sunrises and spectacular snowscapes. In order to continue evolving as a mountaineer, in 2019, he completed a double ascent of Everest and its neighbour, Lhotse, summiting both over six days. He won the Tenzing Norgay award after that feat, a prize handed out by the President. Then came Annapurna I, Dhaulagiri and Makalu, between 2021 and 2023. *** Fear is still the first thing he feels when he begins each climb, he says. But exhilaration is the other. The promise of a new peak looms ahead of him, as he goes about his daily routine, running his outdoor-equipment store in Mumbai and leading trekking groups around the Sahyadris. He isn't trying to glorify the danger, he adds. The goal is to come back down; to plan and prepare and proceed so carefully, that one does not die in one's youth but rather lives well past the age at which climbing is possible. 'This is not a battlefield where you have to give your everything,' Kakka says. 'The aim is to reach the peak with enough reserves to walk back down to base camp. That's success.'


Time of India
43 minutes ago
- Time of India
2025 Suzuki V-Strom 800 DE launched in India: Price, what's new
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