Typically, i keep sharing posts related to most frequently asked queries on my blog. Today's post is dedicated to queries related to income tax assessing officer. Normally an income tax payer approaches his/her Income Tax Assessing Officer in the case of any clarification or error related to the tax filing/tax notice/ITR/TDS etc. Most of the times these situations arise when you are on income tax radar. Personally, I observed that taxpayer struggle to find out the details of his/her income tax assessing officer. Please note that if you would like to expedite your case then you should connect ... Read More
Mobile Wallets – Is Your Transaction Reported Twice to Income Tax
Demonetization proved to be a boom for mobile wallets. Cashless is the new buzzword in India. It will not be an exaggeration that mobile wallets are one of the synonyms to become Cashless. In my post, Cashless Payments - 15 ways to become a cashless person i shared that mobile wallets are one of the convenient ways to go cashless. To be very honest with the readers, till date i have not come across a single post discussing mobile wallets and income tax angle. Though it might not be relevant in all the cases that we will discuss later in the post. I thought of sharing my views on the same ... Read More
5 Habits That May Put Taxpayer On Income Tax Radar
As a taxpayer to be on an income tax radar is the last thing that I expect in my life :). It is not the case that I am not paying my taxes honestly or has something to hide. To be fair and logical as a taxpayer, even though my slate is clean still, it is practically impossible for a taxpayer to explain each and every financial detail/transaction. To err is human and sometimes it is unintentional. Before I proceed, let me clarify that all the details shared in this post are based on my personal understanding of the subject. It is my own interpretation that may or may not be right. Therefore, I ... Read More
Is Your Property Income a Business Income from Tax Perspective
The calculation of income from house property or property income is very simple and standard. I shared a dedicated post on this subject i.e. How to calculate income from House Property. While answering a query on the open forum, the readers share their queries in a summarized form. Therefore, all the details are not mentioned in a query. Please note that property income can be treated as a business income, depending on your main business. Recently one of the regular readers of this blog Mr. Rajesh Sharma posted a similar query. He took retirement under VRS at the age of 48 from a PSU and ... Read More
Why Demonetization Is A Good News for Income Taxpayer
Income Taxpayer in India is a typical salaried class individual who does not have any choice but to pay income tax :). Only 5 Crore people in India are Income Taxpayer rather who file Income Tax Return. Max concentration is in the Income bracket of 5L to 9L per annum. This also explains the reason for the high-income tax rate in India. It is important to bring more and more people under tax net to reduce the income tax rate. I discussed it in detail in my post, Income Tax - A myopic view. Besides high-income tax rate, the income tax refund is another major issue/pain area for income taxpayer. ... Read More
Demonetisation – Beware of 7 Most Common MYTHS and Misconceptions
Post Demonetisation, i received numerous queries on how it will impact the property and other investment options. I discussed it in brief in my earlier posts. Besides genuine concerns, there is a lot of confusion, doubts, myths, rumors, and misconceptions among people with large cash holding. Though it is not possible to cover all these points in a single post. I will try to cover 7 most common myths and misconceptions about demonetisation. Demonetisation - Beware of 7 Most Common MYTHS and Misconceptions 1. Demonetisation is Black Money Amnesty Scheme: This is most common misconception ... Read More
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