Why am I being made to sign the FATCA declaration?
The Foreign Account Tax Compliance Act (FATCA) is an American act requiring all financial institutions to report the identities and assets of all American citizens currently not residing in America. This is to ensure that tax evasion does not take place.
India has entered an agreement with the US government to provide information related to FATCA. All financial institutions require their customers to declare whether they were born in the US, are residents or citizens of the US, or have a mailing address in the US which is then shared with the US government.
Can I create an account for a minor?
Yes, you can create an account for a Minor with Glide Invest. However, the setup needs to be done manually through our customer support team. Once the account is setup, all transactions can be done through the app just like a normal user. Step-1: ...
What is Tax Loss Harvesting?
Tax Loss Harvesting is the act of offsetting gains against losses to minimise taxes that need to be paid either for short term or long term. This allows investors to book profits for well performing funds and exit poor performing funds from their ...
What are the best tax savings options for salaried employees?
There are numerous ways in which salaries employees can utilise tax savings benefits. Here is a list of optimal tax savings options for them: Use EPF, Home Loans and/or ELSS Funds to max out the Sec 80C benefits. Note that the max total benefit ...
What are the applicable taxes on Mutual Funds?
Equity mutual funds are those funds that invest 65% or more in equity shares of listed Indian companies. All other funds are categorised as Non-equity mutual funds and include debt funds, gold funds, fund of funds and international funds. Taxation ...
What is indexation?
Indexation is the benefit provided on long-term capital gains in various assets, including debt mutual funds. It allows investors to increase their ‘cost of acquisition’, while calculating capital gains and, thus, reduces taxable capital ...