We all want to make profits on our investments. No one wants losses. Investments, especially in stocks or equity mutual funds attract lot of risk. So sometimes, we may end up making losses on these investments. These can be short term capital losses or long term capital losses. Is there any option to turn these […]
Tax Planning
How to pay Outstanding Income Tax Demand online?
The various steps of Income Tax filing are – Filing Income Tax Returns, Mailing ITR V form to Centralized Processing Cell (CPC- Bangalore) and Receiving acknowledgment for ITR V. After receiving the ITR V acknowledgment, sometimes you may receive an email from Income Tax Department within one year of Filing the Tax Returns. This email […]
Reselling Property within 3 years of buying? – Watch out for charges & Tax liability
When I met one of my friends last week, he was very happy that he is making a huge profit on one of his property investments. He bought a 3BHK Flat in Bangalore in 2012. He purchased the property for Rs 50 Lakhs (including registration & brokerage charges). Now, he is reselling it for Rs […]
Residential Status – NRI or Resident? & NRI Taxation
The residential status of an individual is based on the duration for which he/she is present in India.There are 3 types of Residential status. 1. Resident & Ordinary Resident (ROR) 2. Resident But not Ordinary Resident (RNOR) 3. Non –Resident (NRI) In this post let us understand how to determine the residential status of an […]
Tax filing : common reasons for getting a tax notice
Tax filing season is on. The last date for filing your tax return is July 31st for Financial Year 2013-2014 (Assessment Year 2014-215). Below are the common mistakes committed by tax assessees with respect to tax filing. Do not commit these mistakes. Else you may receive tax notice from the Income Tax Department. 1 – […]
