Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

A lot of girls openly admit to being “daddy’s little girl.” In fact, it is encouraged for girls to hold this label. I’m sure I’ve said it a lot of times before myself. But at the end of the day, I'm very much a mama’s girl at heart. 
 To say that the bond between a <keyword id="21785" type="PERSON" weightage="100" keywordseo="mother">mother</keyword> and a daughter is special, is an understatement. A mother is a friend, a teacher and a spirit guide. She is the punching bag, the warm blanket, the personal cheerleader and the biggest fan. She is the only person in a girl's life who understands what it means to be a daughter, a wife, a professional and most importantly, a woman; without even having to explain. 
 
Mom, 
 
Your courage makes me who I am! I thank you for showing me that women can take control over their own lives and I thank you for teaching me in times of struggle, to not back down. Instead, go to war and fight! Mom, you are the strongest person I know. You are wise, nurturing, thoughtful and above all else, you are my biggest cheerleader. You support me in the pursuit of my dreams and are the rock that grounds me when I’m struggling. Your presence in my life makes me better. 
 You are the real <keyword id="144090" type="UNKNOWN" weightage="100" keywordseo="super-woman">Super Woman</keyword>. For every time that someone calls on my multi-tasking ability and time management skills and being super human on what I can achieve, I just always feel that my abilities are meagre compared to yours. Thank you for never failing to be my Superwoman. I love you more than words could ever express 
 
You are the epitome of forgiveness. When I acted superior because of my fancy education (that you provided), you forgave me. When I refused to understand your ideals and thoughts and called it old-school even though you were always willing to learn my ways, you forgave me. When I was too busy and impatient to teach you how to send an email, you forgave me. When I made you my default punching bag for every little frustration I had, you forgave me every single time. 
 
You just always know it. You set me free when I needed to be, and held me close whenever I felt lost- you just always knew how to make me feel right. Whenever self-doubt is not letting me move ahead, you give me that right amount of nudge that makes me take the next step without fear. Thank you for being my comfy warm blanket and comforting me whenever it feels like the whole world is against me. 
 
I may not remember most memories, but I’m sure you’ve managed to preserve all of them in your photo albums like you always do. When I look at these photos, I’m awestruck by you. You always put me in the forefront and take a back-stage role yourself. But even when you’re not in the frame, I can see you there, as a reflection in my eyes, standing in front of me with the most beautiful smile. 
 
As long as you are around, no matter where my journey takes me, without shame, embarrassment or fear, I will proudly declare it. And wear that label like the badge of honor it is. I am proud to be the daughter of a woman for whom wearing the label is worthy. 
 
As it turns out, I always was and still am a mama’s girl. 
 
Love, 
 <keyword id="3345458" type="PERSON" weightage="100" keywordseo="Komal-Agarwal">Komal Agarwal</keyword> 
 
(About the Author: This article has been contributed by Komal Agarwal, a top BTech graduate in electrical and electronic Engineering from NTU Singapore 2010 and IIM Alumnus 2013, always had a determination to be different and not just another brick in the wall. At IIM, where almost everyone had an inclination to join some MNC or other big corporate, Komal chose otherwise. Taking ahead the legacy of her father Ajay Agarwal, an industry veteran in Electronics Space, she founded <keyword id="1659938" type="COMPANY" weightage="100" keywordseo="Pebble">Pebble</keyword> in 2013, a brand that provides reliable and premium mobile accessories with high quality and safety standards at an affordable price.)

An open letter to my Mom: My Super Woman

There are people who do not buy benami properties and diligently files their <a href="http://www.businessinsider.in/searchresult.cms?query=tax+return+">tax return</a> before the last date. Yet they could get a notice by the <a href="http://www.businessinsider.in/searchresult.cms?query=Income+Tax+Department+">Income Tax Department</a> as they did not declare the interest from <a href="http://www.businessinsider.in/searchresult.cms?query=fixed+deposits+">fixed deposits</a> and tax saving <keyword id="130529" type="UNKNOWN" weightage="80" keywordseo="Infrastructure-bonds">infrastructure bonds</keyword> in their returns. 
 
These are various common misconceptions related to filling tax returns. They could be rejected due to wrong information filled by candidates, reported the Economic Times. 
 
Further, an online survey conducted by economictimes.com last week indicates an abysmal level of tax literacy among people in India. 
 
According to the survey, the tax returns of 66% of the 2,158 respondents could get rejected due to faulty information. Almost 34% could even get a scrutiny notice because of grave errors in their forms. 
 
Almost 30% of the respondents believe that interest of up to Rs 10,000 from bank FDs is tax free in a year. These people should know that the exemption under Section 80TTA is only for the interest on their savings bank accounts. What they earn on fixed deposits and recurring deposits is fully taxable. 
 
Similarly, almost 30% believe that the interest earned on the <a href="http://www.businessinsider.in/searchresult.cms?query=tax-saving+infrastructure+">tax-saving infrastructure</a> bonds bought a few years ago under Section 80CCF is not taxable because they were tax saving instruments. You are again wrong! 
 
The bonds may have helped them save tax, but the interest is fully taxable and has to be reported. Nearly 45% of the 637 respondents who said so earn over Rs 12 lakh a year and should be paying 30% on the income they think is tax free. 
 “Our research shows that 9 out of 10 taxpayers go wrong in reporting their interest income," says Sudhir Kaushik, Co-founder and CFO of <keyword id="509093" type="COMPANY" weightage="80" keywordseo="TaxSpanner-com">Taxspanner.com</keyword>. 
 
There is also a misconception that you need not report the income if the bank has deducted <a href="http://www.businessinsider.in/searchresult.cms?query=tax-saving+infrastructure+">TDS</a>. But TDS is only 10%, and if your income puts you in the 20% or 30% tax bracket, you have to pay additional tax. Of course, if the income is below the basic exemption limit, the TDS will be refunded when the investor files his return. 
 
To be sure, not reporting a small amount of interest income or claiming a deduction incorrectly rank very low in the hierarchy of tax offences. At most you will get a notice with an additional tax demand. There may even be a penalty under Section 271 (c) for concealment, but it depends on how the assessing officer views the transgression. 
 
Fool's paradise 
On the other hand, if the intention is clearly to conceal the income, the taxpayer can be in hot water. From this year, the tax forms have a separate column for declaration of property. If you have more than one property, you have to mention it in the return. If it has been rented out, the rental income will have to be declared in the return and tax paid on it. Even if the property is lying vacant, the owner has to pay tax on the notional rent from the property. This notional rent is the prevailing market rate in that location. 
 
If you don't declare the second property, it amounts to concealment of income and could attract a severe penalty. Shockingly, nearly 20% of the survey respondents fall in this category. They believe that there is no tax implication of a house lying vacant. One out of three such taxpayers are in the highest 30% tax bracket. 
 
Declaration of foreign assets This is one area where taxpayers need to really be very careful this year. Uncovering black money is high on the government's agenda, and any slippage on reporting of foreign assets immediately puts you in the dock. "The logic used by the tax department is that anyone with foreign assets has high income and should not be spared if he has concealed income," says Komal Agarwal, Partner in <keyword id="3004662" type="COMPANY" weightage="80" keywordseo="Mahesh-K-Agarwal-Company">Mahesh K. Agarwal &amp; Company</keyword>. Thankfully, almost 89% of the respondents got this right. 
 
TDS gives you away 
For many taxpayers, TDS is a four-letter word. Over 15% respondents said they would spread their investments across bank branches to avoid TDS. This might help them avoid TDS, but it's a ticking time bomb. Till now, TDS kicked in only if the income from FDs made in a particular bank branch exceeded the threshold of Rs 10,000 in a financial year. 
But this year's budget has changed the rules and TDS will now apply if the combined income from FDs in all branches of a bank exceeds the threshold. Another significant change is that TDS will apply to recurring deposits if the interest during a financial year exceeds Rs 10,000. "The tax department is increasingly connecting the dots. An individual's financial life can no longer remain hidden," says Vikram Ramchand, Co-founder of makemyreturns.com. 
 
Clubbing of income 
Another way taxpayers are falling through the cracks is clubbing of income. Tax rules say that if you invest on behalf of your spouse or minor child, the income from the investment will be treated as yours. But more than 30% of the respondents believe that there is no tax implication if they invest in a recurring deposit in their wife's name or open a fixed deposit in the name of a minor child. This could prove to be a problem if the amount invested in the name of the spouse is significantly large and not commensurate with her known sources of income. Of the 668 respondents who believe this, more than 30% are in the highest tax bracket. Another 50% earn more than Rs 5 lakh a year, which puts them in the 20% tax bracket. 
 
Missing out on deductions 
 Not all of the mistakes that taxpayers make raise the hackles of the taxman. Some also cost the taxpayer. More than 40% of the respondents did not know that along with the interest on a home loan for a self-occupied house, even the processing fees for the loan is also eligible for deduction under Section 24. 
 
Another 15% was blissfully unaware that the fees paid for a preventive health checkup of the taxpayer and his family is eligible for deduction under Section 80D. A small but significant 7% were not aware that tuition fees of up to two children can be claimed as a deduction under Section 80C. 
 
(Image: Indiatimes)

You Searched For "Komal Agarwal" and got 2 results

An open letter to my Mom: My Super Woman

Guest Author

Are you filing a faulty tax return? Know how to avoid getting it rejected

BI India Bureau

Popular Keywords

Buying Guides