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 […]
Tax Planning
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 – […]
