Nine reasons for getting a tax notice

By: Sudhir Kaushik The Income Tax Department has launched a drive to ensure greater tax compliance. In recent months, thousands of taxpayers have been served notices after discrepancies were noted in their tax returns or their TDS details. This sudden rise in the number of tax notices is not because people have stopped paying tax or filing their returns. It's just that the tax authorities now have an integrated database on taxpayers and can track almost all financial transactions of an individual. The 10-digit alphanumeric PAN, which...

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online scams & ways to avoid them

Internet fraud can take many forms: identity theft, injecting malware, fraudulent transactions. It can occur through e-mail, smartphones, websites, and chat rooms. Here are some such scams and ways to avoid them. Infected sites These are the sites that are not legitimate and have malicious software to hack your personal information. A lot of such infected sites come up during festive season, when people are buying gifts online, and hackers build these using popular search items. Another variation of infection is legitimate sites that...

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Guava as an best medicine

अमरूद है एक बेहतरीन औषधि, इन रोगों में करता है दवा का काम अमरूद एक बेहतरीन स्वादिष्ट फल है। अमरूद कई गुणों से भरपूर है। अमरूद में प्रोटीन 10.5 प्रतिशत, वसा 0. 2 कैल्शियम 1.01 प्रतिशत बी पाया जाता है। अमरूद का फलों में तीसरा स्थान है। पहले दो नम्बर पर आंवला और चेरी हैं। इन फलों का उपयोग ताजे खा फलों की तरह नहीं किया जाता, इसलिए अमरूद विटामिन सी पूर्ति के लिए सर्वोत्तम है। विटामिन सी छिलके में और उसके ठीक नीचे होता है तथा भीतरी भाग में यह मात्रा...

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Tax Saving on Home Loan

 The principal amount in the repayment of a home loan can be added to the 80C limit of Rs1 lakh for tax savings. The interest component of home loans is allowed as deduction under Section 24 B for up to Rs1.5 lakh in case of a self-occupied house. In case the house is in the joint name of your spouse and you (joint loan), each one can avail of Rs1.5 lakh interest component deduction. The best part is that this limit is only for self-occupied house. If you have property which is rented out, you can deduct the full interest paid on the home...

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Buying Second Home -- Tax implications

Are you planning to buy a second house? While you need to happy that you are adding another asset in your portfolio, you also need to do lots of home work. While you need to check your expenses and the long term payment obligations that would get created from this transaction, it is equally important to understand tax implication of the second house that you decide to buy. Let us understand certain concepts before we get a feel of what is the tax implication of second house that you decided to buy. Self Occupied Property: As per Section...

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How to know my mobile balance

Network Provider Dial Code Idea *130# Vodafone *123*1# or 1231 for IVR facility Airtel *123# or 123 for IVR facility Aircel *125# or 123 for IVR facility Reliance *367# Videocon*123*1# or 1231 for IVR facility Virgin225 for IVR facility Tata Docomo12527 or 12525 ...

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How to know my mobile no.

Network Provider Dial Code Idea *789# or *100# or *1# *147# *131# or *131*1# Vodafone *555# or *555*0# or *111*2# or *777*0# or *131*0# Airtel *140*175 or*140*1600# or *121*9# or *282#  *141*123# Aircel *1# or *234*4# or *888# or *122*131# or *131# Reliance *1# *111# Bsnl*1# or *99# Videocon*1#  Virgin*1#  Tata Docomo*1#  or *580# or *124# Uninor*444# *555# *1# BPL or Loop*222# *1# *001# MTNL*8888# Smart*1# *111*2# VirginSMS:  NUM to 51230 or *1#...

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कहीं किरायेदार न कर लें घर पर कब्ज़ा

घर किराये पर देना आजकल आमदनी का एक हिट ज़रिया बन चुका है। लेकिन जितना इसमें फायदा है उतना ही जोखिम भी है। ऐसे कई मामले देखने में आए हैं जब किरायेदार मकानों में जम बैठे और मकान मालिक सिर धुनते रह गए। आपके साथ ऐसा कुछ न हो, यह सुनिश्चित करने के लिए क्या-क्या कदम उठाने ज़रूरी हैं किरायेदार का बैकग्राउंड जांचेंकागज़ी  कार्रवाई करने से पहले किरायेदारों का पूरा आगा-पीछा जान लेना बेहद ज़रूरी है। चाहें तो अपने स्तर पर पता करवाएं या उनसे उनका कोई रेफरेंस सर्टिफिकेट मांगें। हो सके तो उनके पुराने मकान मालिक से भी मिलें। उनका वैध पर्मानेंट पता लेकर...

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PPF - Public Provident Fund

Returns Interest 8.6% p.a. (compounded annually), w.e.f. 01-Dec-2011, is credited to the PPF account at the end of each financial year. Investment Limitation Min Amount :Rs. 500/- and additional investment in multiples of Rs 5/- Max Amount Rs. 1,00,000/-   Scheme Availability A PPF account can be opened at anytime during the year. It is open all through the year.   Mode of Operation     * Single     * Joint (Two or more)     * Minor with parent/guardian An individual cannot invest on behalf...

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Reasons for delay in getting tax refunds

Delay in tax refunds is a malady more widespread than the common cold. For many taxpayers, it is an endless wait for the government to return the excess tax that has been deducted. Nearly 57% of the respondents in our survey said they had faced this problem. The excess tax is like an interest-free loan to the government because you are entitled to the interest only after you file your return. “The government pays only 6% interest but charges 12% for late payment. With proper tax planning, a taxpayer should not have any refund at all,” says Sudhir...

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MICR code in a cheque

All of us have heard about the MICR code – it is present on all our cheque leaves. The MICR code is also essential for online money transfers. But what does MICR stand for? What is its full form? How is it useful? Let’s find out. Full form of MICR MICR is an abbreviation for “Magnetic Ink Character Recognition”. MICR on your cheques The MICR code is a 9 digit code, which is printed at the bottom of a cheque. Here’s how it looks: Composition...

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Bits to Bytes

In the computing world we generally use bytes to indicate Disk Space or data storage capacity as well as memory. These are widely used for memory capacity of USB drive, Hard Disk or RAM of the computer system. Virtual StorageDisk Capacity 4 Bits = 1 Nibble4 Bits = 1 Nibble 8 Bits = 1 Byte8 Bits = 1 Byte 1024 Bytes = 1 Kilobyte1000 Bytes = 1 Kilobyte 1024 Kilobytes = 1 Megabyte1000 Kilobytes = 1 Megabyte 1024 Gigabytes = 1 Terabyte1000 Gigabytes = 1 Terabyte 1024 Terabytes = 1 Petabyte1000 Terabytes = 1 Petabyte 1024 Petabytes = 1 Exabyte1000...

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