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
To Buy Insurance or Not – The Probability of an Event Can Help To Decide
Recently I was booking an air ticket for myself. My wife insisted me to buy insurance cover for travel. I politely refused and here comes the googly. She told me "You only keep suggesting everyone buy insurance". Ohh God!! I was trapped :). I replied that if start buying each and every insurance cover under the sun then my entire income will go towards payment of insurance premium. I covered this point briefly in the post, Critical Illness Plan - Do I need it? Normally the financial planners suggest that insurance should be need based. The biggest problem is how to arrive at logical and ... Read More
Demonetization Scheme – How It Will Impact The Gold Price
Post Demonetization Scheme the maximum rumor mongering is related to the fate of Property and Gold Price. The reason being that these 2 were the most popular avenues to park the black money :). There was strong rumor that Govt is planning to limit the Gold holding per person. Later govt clarified that there is no such plan to limit the gold holding. Based on my understanding I can assure the readers that if you are holding legitimate gold then you need not worry. The only concern of gold investors is on Gold Price. Even if you are not a hardcore gold investor, financial planners always suggest ... 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
Cashless Payments – 15 Ways to Become A Cashless Person
Cashless Payments is the new buzzword in India post demonetization. It will be a major shift in the way we transact. In my opinion, it requires tectonic mind shift for the majority of the people. There are few critics of Cashless Payments. They are of the opinion that India is not ready for Cashless Payments. They give their own excuses in favor of CASH payments because of obvious reasons. Though i might be wrong but in my opinion, only the people who have something to hide from IT department are staunch supporters of cash usage. It might be a harsh statement but it is based on my personal ... Read More
The Most Appropriate NRI Bank Account Based On Your Requirement
In my opinion, NRI bank account is one subject wherein the NRI's are not able to comprehend the need and requirement. Typically an NRI bank account is opened based on the recommendation of a bank staff. The bank executive depending on branch's monthly targets suggest an account without accessing the need or requirement of an NRI. I touched this topic briefly in my previous post on 5 Financial Points to consider when you become a Non Resident Indian. As i mentioned that it is very critical to understand the requirement before you decide on the type of NRI bank account. Before i proceed, i ... Read More
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