NRI Property Investment is the most discussed but least understood topic. The reason being, it is perceived to be too complex. The rules and regulations governing NRI Property Investment are different. In this post, a reference to NRI includes PIO (Person of Indian Origin) and OCI (Overseas Citizenship of India) until unless specified. Till date, i have observed two key reasons for NRI Property Investment. The primary reason is NRI's would like to settle in India after retirement. Secondly, they still feel safe and secure to invest their hard earned money in India compared to the country of ... Read More
NRI Property – 7 Mistakes to Avoid by a Resident Indian Buyer
Are you planning to buy an NRI property? & if you are a resident Indian buyer then you should go through this post :). Usually buyers don't prefer to buy NRI Property. The reason being rules and regulations are bit complex in nature. Another reason is that the onus of compliance rests on buyers shoulder. It is little unfair as buyers cannot buy NRI Property without professional help. The biggest hassle is of TDS deduction and filing of TDS return. A buyer also needs TAN for TDS deduction. I discussed the same in my post, How to deduct TDS u/s 195?. I do agree that rules should be ... Read More
26QB Challan Correction – 7 Imp Points
26QB Challan Correction is one of the most frequently asked queries on my blog. There is a lot of confusion related to 26QB Challan Correction process. In fact, the readers who called helpline of Income Tax department could not get a proper response in this regard. A property buyer is left in a lurch. Before you go through this post, i suggest you to check my post How to deduct TDS u/s 194IA?. Reason being, it will help to understand the background. Also, it is always advisable to file the correct details in challan. You can collect the information beforehand. The form 26QB challan is not that ... Read More
Income Tax – 51 Important Points
Last date of Income Tax Return filing is approaching. All taxpayers have a lot of doubts and queries related to income tax. Though each query is different and unique but there are some common points which are useful for all taxpayers. Over last 10 years, the return filing process has simplified. Once it was unthinkable to file the return on your own. I used to pay Rs 4,000 for return filing in Mumbai. TRP was 1st major reform and max fees of a TRP was capped. Online tax filing turned the table upside down and completely simplified the entire process. In case, you have income only from salary, ... Read More
Major Tax Changes and its Impact
Tax Changes impact the common man both financially and from the compliance perspective. In these dynamic times, Tax changes are more frequent compared to the past. Moreover, it is important to overhaul the tax system as per current requirement. Another reason is to nail tax evaders who are smarter due to easy access of information. As i mentioned in my previous posts that less than 3% of India's population pay direct tax. As per my calculation, 110 mn individuals are still out of tax net. In order to bring these people in tax net, Income tax department has no other option but to follow these ... Read More
7 Changes from Current Financial Year
This is my first post of current Financial Year :). I never celebrate New Year but being in a Personal Finance space, Financial Year is the New Beginning. Many readers asked me why i have not shared my inputs on Budget 2015. There was a mad race in the financial world to interpret the budget. I thought of sharing my views at the right time. In this economically liberalized era, the impact of a budget is negligible. Most of the provisions of the budget are Pro-Poor and Pro Farmer. The Budget does not make a much financial impact on the lives of a middle class & rich due to economic ... Read More