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
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
5 Types of Advance Payment In A Property Deal A Buyer Should Avoid
Advance Payment in a property deal is very common. Just to clarify that here i am not referring to advance payment or token money to initiate a property deal. It is must pay a token money or advance else there is no financial commitment from buyer's end to close the property deal. The quantum of token money, i discussed in my post on the same topic and may vary from case to case basis. In the idealistic scenario, after the payment of token money, the buyer should make balance payment only at the time of property registration. Unfortunately, we don't live in the idealistic world. Besides the ... Read More
How to Claim Tax Refund of Excess Tax Paid by the Taxpayer
To claim Tax Refund of excess tax paid by the taxpayer is both easy and difficult. It is easy if you claim tax refund at the time of filing of Income tax Return i.e. ITR. For example, the last date of filing of Income Tax Return for FY 2015-16 or AY 2016-17 is 31st July 2016. The tax refund for excess tax paid by me for FY 2015-16 can be claimed at the time of filing of ITR i.e. on or before 31st July 2016. In fact, the system automatically calculates the Tax Due and Tax Paid. Any excess amount is shown as a tax refund in the ITR and can be claimed provided all other details are correct. ... Read More
Income Tax Investment Proof Submission – Avoid 5 Mistakes
For salaried employees, it is the time of the year to submit Income Tax Investment Proof. I know that we don't like this exercise as it is tedious depending on length and breadth of investments. In this post, i will not discuss nitty gritty of tax savings or whether you availed all the deductions or not. This post will discuss being a salaried taxpayer what all points to check or taken care of to avoid mistakes before submission of Income Tax Investment Proof. Always remember that your employer is only responsible for TDS deduction based on your Income Tax Investment Proof submission. The ... 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
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