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
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
TAN or Tax Deduction Account Number – All You Want To Know
The readers of this blog must have come across "TAN" or Tax Deduction Account Number multiple times in my posts on NRI's and TDS on Sale of Property. It is also known as Tax Collection Account Number. Similar to PAN, it is also a 10-digit alphanumeric number issued by the department of Income Tax. There is a misconception that if the buyer has PAN for property transaction in case of NRI seller then TAN is not required. It is not a correct understanding. It is mandatory for a buyer to obtain TAN in case the seller is NRI and TDS will be deducted u/s 195. Another misconception is that if the ... Read More
3 Fraudulent Ways To Repair CIBIL Score You Should Avoid
"My CIBIL Score is 523 and one of the agencies is promising me to repair CIBIL Score in just 60 days. Should i go ahead?". This was one of the queries posted by one of the readers of the blog. This individual i.e. Person A dropped a mail to me and mentioned that agency is demanding Rs 30,000 to repair CIBIL Score. His problem was that he bought a flat of Rs 1 Cr in Mumbai and paid booking amount of 20% i.e. 20L to the builder. The builder threatened to forfeit the booking amount if he is unable to arrange a home loan. He informed the builder the at the time of paying booking amount that his ... Read More
Benami Property Holders – Beware You May Lose Your Property
Benami Property is one of the first real estate jargon i learned in my childhood. Unfortunately, even after 25 years, the benami property still exists. In my childhood, i used to wonder what is meant by benami property. I concluded, a property that is not in anyone's name is benami property :). One fine day, i asked my father and he shared real life example to explain the concept in easy to understand language. Let's check out with the same example What is Benami Property? In my hometown, there was a very big single screen theater. My father knew it's owner i.e. Person A. One fine day, ... Read More