Being a Non Resident Indian is a premium tag for the majority of Indians. I have seen that many people are so passionate to go abroad that they are willing to spend the savings of their life. Most common opportunities to become an NRI is either due to employment or education abroad. In some instances, i observed that people move abroad if any of their close relatives is staying there. A few countries have very friendly policies in this regard i.e. you can very easily become Non Resident Indian. One such country is Australia. This post is not about residency status or how to become a Non ... Read More
UPI or Unified Payment Interface – 15 Imp Points You Should Know
Finally a post on UPI or Unified Payment Interface :). In last 3 months, i received numerous requests from the readers of the blog to share my views on UPI. Honestly, i was waiting for the dust to settle down and launch of HDFC Bank's and SBI's UPI App. As i mentioned in my "About" page that i will share what you don't know. Therefore, i took some time to came up with a dedicated post on UPI. In my opinion, UPI is sort of financial revolution. Wherein you need to remember only a virtual private address to make or receive payment. It is truly a step forward towards a cashless economy. You need ... 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
Demonetisation Scheme – How It Will Impact Your Money Matters
Demonetisation Scheme is a sort of surgical strike on the black money. As a taxpayer, i can say that people should not complain short term pain for the long term gain. There is a lot of uncertainty on how the things will shape up. Let me assure that if you have nothing to hide from income tax department then you need not worry at all. Just relax, take a deep breath and chill. You can deposit cash in hand i.e. currency notes of Rs 500 and Rs 1000 once the initial knee-jerk reaction is over. Don't forget to quote your permanent account number. One of my clients called me from Lucknow. He ... Read More
Gift Tax – What Is The Tax Implication For An Individual And HUF
Everyone loves to receive gifts but hates to pay gift tax or tax on gifts. The basic definition of gift is an asset received by you without consideration. The definition of asset covers both productive and non-productive asset. Productive assets are those which fundamentally appreciates in value and provide returns like property or flat. A non-productive asset is depreciating in nature like a car. Today a car bought for 6L will be worth only 4L after 1 year. In my opinion, idle cash lying in the locker is also a non-productive asset as inflation depreciates the value of cash. All the assets ... Read More
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