TDS Filing in India is considered to be very tedious task. Trust me it is not. With the introduction of section 194IA w.e.f 1st June, 2013, now it is mandatory to deduct and deposit TDS for any property transaction over Rs 50 lakh. I shared the process of TDS filing in my post How to deduct TDS on Property Sale u/s 194IA. It is also mandatory to deduct TDS u/s 195, in case of NRI Seller. You may check my post, How to deduct TDS on NRI u/s 195? for more details. With reference to my these posts on TDS filing, i receive lot of queries on error / mistake in TDS filing. Main reason is people are ... Read More
7 Important Points about Joint Property
The concept of "Joint Property Purchase" is being popularized by Home Loan Providers and the Govt. The objective to promote Joint Property Ownership is different for both Govt and the Home Loan Providers. State Govt's are providing incentives in stamp duty and registration charges to empower women through Joint Ownership. In many cases, i observed that Husband is willing to include Wife as a Joint Owner only to save stamp duty. Whereas from Home Loan provider perspective, they have selfish motive to safeguard their business interest which is not wrong also. Home Loan provider first push for ... Read More
Senior Citizen Savings Scheme
"Senior Citizen Savings Scheme" as my father searched this phrase on internet today morning, he found numerous posts on this subject. All the posts were more or less. In short Cut, Copy and Paste of each other. He told me that if i read one, it means i read all. Its quite unfortunate that non-finance person is left in a lurch. All articles on Senior Citizen Savings Scheme only highlighted the features of scheme. There is no guidance available whether to invest or not?. What are the pros and cons of the Senior Citizen Savings Scheme?. It inspired me to write today's post on "Senior Citizen ... Read More
How to Deduct TDS on NRI Under Section 195?
In continuation of our discussion on TDS under section 195. In this post, we will understand How to Deduct TDS on NRI Under Section 195 by resident Indians?. As per Income Tax Act 1961, Any person responsible for paying to Non Resident or Non Resident Indian, neither being a company nor being a foreign company, of any interest or any other sum chargeable under the provisions of Income Tax Act, 1961 (Excluding income chargeable under the head "Salaries"). Any such payment shall at the time of credit of such income to the account of payee or at the time of payment through any mode i.e. Cash, ... Read More
How to buy a Property without Home Loan?
Buying a Property is quite tedious and cumbersome process in India. Normally its a big hassle to buy a property due to complex legal processes and absence of Real Estate Regulator. Besides this there is no centralized database of housing units in India and due to corruption large no of projects are in legal tangle. Though majority of property transactions are through Home Loan but considerable no of property transactions are executed without Home Loan. In my post on How to buy House with Home Loan i discussed steps relevant to property purchase by availing Home Loan. In this post, we will ... Read More
7 Common Mistakes in Income Tax Return
Every year, 31st July is the last date to file your Income Tax Return for previous Financial Year. It is equally important as your birthday or anniversary date. I remember 10 year ago it was next to impossible to file Income Tax return without any help but Income Tax Department has done a commendable job to simplify the Income Tax Return Process. E-filing of income tax return through official portal of Income Tax Department is very easy, convenient & most important it's FREE. To avoid last minute rush, i always file my income tax return in the month of May or June. I keep receiving ... Read More