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
Imp points on Power of Attorney by NRI
A property transaction through Power of Attorney executed by NRI calls for extra checks/scrutiny. A sale deed can be declared NULL and VOID because of a small mistake or error in the execution of Power of Attorney by NRI. Sometimes these errors/mistakes are intentional and most of the times unintentional. In recent past, i came across multiple cases wherein a property transaction was challenged based on error/mistake in the execution of Power of Attorney (POA) by NRI. In many cases, the status of NRI is being concealed by his lawyer/CA in POA to avoid TDS. An NRI executing POA in India cannot ... 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
How the changes in TDS Rules will impact you?
There is a change in TDS Rules for RD (Recurring Deposit) and FD (Fixed Deposit) from 1st June, 2015. Not many people are aware of the change in TDS rules. It's a biggest misconception in India that if the TDS (Tax Deducted at Source) is not deducted then the tax liability is NIL. It's a huge tax leakage for Income Tax Department. The second misconception is contrary to 1st i.e. if the TDS is deducted then there is no further tax liability. This is true for taxpayers in 10% income tax bracket but not for taxpayers in 20% and 30% tax bracket. The third misconception is that interest from Fixed ... 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
7 Risks Associated with Subvention Scheme
Last week, 3 Big Hoardings caught my attention "NO EMI For 24 Months", "Book Your Dream Home at Just 8% Interest Rate" and "Book Now Pay Later". It seems to be some divine intervention which is helping / supporting me to fulfill my dream of owning a flat. "HOLD ON" signals my mind to my heart. Remember the Golden Rule of Finance "There are No Free Lunches in this World". This divine intervention is named as "Subvention Scheme". Word Subvention is derived from Latin word "Subventus". It means Monetary Help or Support. Subvention Schemes were banned by RBI on 3rd September, 2013. These schemes ... Read More