Sudhir Kaushik

ITD Drive against Tax Evasion: How to Avoid Penalty

by

View quick summary It is recommended that you file your tax return or revise it, stating all sources of income for the Financial Year 2009-10 and 2010-11 at the earliest. “Income Tax Department is watching you!” It’s the warning tag-line of the drive spearheaded by the I-T Department to verify high value transactions that took place during the financial years 2009-10 and … [Read more...] about ITD Drive against Tax Evasion: How to Avoid Penalty

Bulk PAN Validation

by

Solution to verify PAN of the employees against the database of the India Income Tax Department. Discrepancies found while income tax pan card verification are reported to the employer via automated MIS. To enable eligible Entities to verify Permanent Account Numbers (PANs), Income Tax Department (ITD) in India has authorized National Securities Depository Limited (NSDL) to … [Read more...] about Bulk PAN Validation

Retirement Planning through Reverse Mortgage

by

View quick summary Reverse mortgage your home for next 15 years after retirement and get tax free monthly cash flow from banks/Housing Finance Companies to cover regular expenses. This is the opposite of taking a home loan at the time of purchase or construction of home. You can live in the house for life. You need not repay the loan amount. The legal heir may get the house … [Read more...] about Retirement Planning through Reverse Mortgage

Tax Saving in haste can be detrimental later

by

View quick summary A salaried person gets a fair idea about his total income at the beginning of the financial year. That’s the best time to start planning your tax-saving investments. Unfortunately, people tend to procrastinate these crucial financial decisions till it is very late. In the process, they sacrifice returns or safety, or both, when they buy in a rush. Worse, they … [Read more...] about Tax Saving in haste can be detrimental later

Interest is fully taxable

by

View quick summary All income needs to be reported, whether exempt from income tax or not. Interest earned on bank accounts (savings and FD) are generally not reported due to misconception. Interest income, including accrued interest on NSC is taxable. Money received due to compulsory acquisition of land is also taxable. Even the rent received from cell phone tower on roof of … [Read more...] about Interest is fully taxable