How Exchange rate is Determined?

There is nothing extravagant to tell you as the rate is determined by market forces just like the price of goods and commodities is fixed. The value of any currency is based on the demand for it. If the people buy more of particular currency, value of that currency increases and vice versa. There are few other factors that play a role in determining the exchange rate when you leave the currency value to the market forces & the list is as follows:
Growth of the Economy
Inflation
Strength of the Economy including export & import
Employment/Unemployment
Government
Public Debt
Interest Rates
Speculation & fear

If all […] Read more

Income Tax Amendments for Assessment Year 2013-14

1.  The new amendment makes it very clear that the provisions relating to filing of Income-tax Return by the individuals in Form SAHAJ (ITR1) shall not be applicable to a person who is resident, other than not ordinarily resident in India specially if such person has assets (including financial interest in any entity) located outside India or such person has signing authority in any account located outside India.

2.  The SAHAJ Income-tax Return form also cannot be used by an individual claiming any double taxation tax relief under sections 90 or 90 A or 91 of the Income-tax Act, 1961.

3.  It is provided in […] Read more

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