Posted at 3:42 PM , on July 27, 2015
That is a lot of money stashed away abroad
Most readers may be surprised to know that the US-based companies have kept cash profits to the tune of $2 trillion abroad. That is roughly equivalent to the GDP of India and roughly half the market capitalization of the UK stock market. Close to 9% of this stash belongs to Apple. In fact Apple has a cash chest of $200 billion of which $180 billion is held abroad. If you are wondering about the reasons for the same, it is all about taxes. Continue reading
Posted at 2:18 PM , on February 26, 2015
We expect the Union Budget 2015 to take a small step in making life easier for the bank depositors, especially senior citizens, with respect to deduction of TDS on interest.
Today banks are not required to deduct TDS (Tax deducted at Source) on interest paid on savings accounts but if the interest paid exceeds Rs.10,000/- per annum on an FD, then the bank is obligated to deduct TDS. While it is a reasonable measure to front-end the collection of taxes, it would be a lot better if the budget tried to simplify this process. It will reduce the burden on banks and also save senior citizens living on interest income from the procedural hassles. Continue reading