Recently, Prime Minister Sh. Narendra Modi said that "Indian Taxpayers are Honest". I completely agree with him. My conviction is based on the queries posted by the readers of this blog. The intent of most of the income taxpayers is not to hide any information or underpay tax. Any discrepancy observed during the Income Tax Return Assessment is mostly because of mistake or oversight from the taxpayer. In some cases, taxpayer realizes the mistake after filing ITR. To avoid any adverse observation in Income Tax Return Assessment, he/she is willing to correct the same through revised ITR. Large no ... Read More
7 Types of Income Tax Notice – Understand the Reason Before You Reply
Income tax notice is a very loosely defined term in India. The taxpayer gets scared without understanding the type of income tax notice and reason/s for the same. The readers of this blog keep sharing their queries related to Income Tax Notice under my posts on the similar topic. Trust me from quite long i was planning to write a dedicated post on Income Tax Notice but somehow it never made to my calendar. Recently, i myself received Income Tax Notice :) . Therefore, i thought it's high time to share a post on Income Tax Notice. In past also, i received Income Tax Notice but every time i ... Read More
5 Risky Places You Should Avoid To Swipe or Use Your Debit Card
Debit Card payment or ATM cash withdrawal is very common these days. Trust me the payment systems in India is one of the securest in the world. Thanks to the Govt and RBI for the steps taken. In India, we have two step authentication for online payment, unlike outside India therefore it is more secure. As i shared in previous posts that the payment through debit card is same as a cash payment from your savings account. There is a big debate whether to use a credit card or debit card for online transactions. I discussed the same in my post, Why I Prefer Credit Card Payment over Debit ... Read More
5 Reasons Why I Prefer Credit Card Payment over Debit Card
Circa 2004, when i received my first credit card the most worried person was my father. I was fresh out of college in my first job. Moreover, during those days it was very easy to avail credit card. My father believed that it's too early for me to use a credit card. Though back of the mind his key concern was that if i will spend more on credit card beyond repayment capacity then the bill will be on him :) . Though from day 1, i ensured credit card payment or usage within my means to avoid Debt Trap. There was a study done by FMCG company on the shopping behavior of buyers. The same buyer ... Read More
When is the BEST Time To Shop To Get Discounts and Great Deals
A few years back, the board of SALE was rare outside retail stores. In recent times, i observed that retail store owners have permanently FIXED the board of SALE outside the store. The discounts offered under the sale are mostly fake. I shared my personal experience of one such sale in my post, The real truth behind the sale. The higher the discounts offered, the higher is the probability of sale. But always remember that there are NO FREE lunches in this world. In past, i have shared posts cautioning buyers on the pricing and tricks associated with the same. You may check following ... Read More
Why Is Diwali Considered As Annual Shopping Season In India
When i was a kid we used to eagerly wait for Diwali. The reason being, Diwali was the time for annual shopping. For the whole year, whenever we used to ask for any big ticket purchase, the parents used to reply "We will buy at Diwali" :) Even today up to 40% of the annual sale of consumer goods/auto companies is achieved during the Diwali shopping season. In other words, Diwali is the annual shopping season for India :) From my childhood days, i was always curious to know why only Diwali is the shopping season. I asked my parents, grandparents, teachers, friends etc but unfortunately no one ... Read More
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