Discover and read the best of Twitter Threads about #taxplanning
Most recents (14)
Are you tired of paying too much tax? If so, you're not alone.
Check out this comprehensive list of available deductions to taxpayers! 🧵
#TaxPlanning #Taxsavings
All in one Page!
Retweet if you like it and share it with others!
Check out this comprehensive list of available deductions to taxpayers! 🧵
#TaxPlanning #Taxsavings
All in one Page!
Retweet if you like it and share it with others!
It is crucial that individuals plan their finances ahead keeping these options open so that they do not end up paying more taxes than necessary every year.
The majority of these deductions are allowed if you choose Old Tax Regime!
Let's start👇
The majority of these deductions are allowed if you choose Old Tax Regime!
Let's start👇
▶️ 80C:
Most popular tax deduction. Taxpayers can claim deductions of up to Rs. 1.5 lakh (Including all) :
- Employee Provident Fund (EPF)
- PPF, NSC
- Equity Linked Saving Scheme (ELSS)
- Life Insurance Premiums
- Home Loan Premium
- Tuition Fees
- Sukanya Samriddhi
Most popular tax deduction. Taxpayers can claim deductions of up to Rs. 1.5 lakh (Including all) :
- Employee Provident Fund (EPF)
- PPF, NSC
- Equity Linked Saving Scheme (ELSS)
- Life Insurance Premiums
- Home Loan Premium
- Tuition Fees
- Sukanya Samriddhi
Here is this Week’s Market Wrap
'The Times Get Taxing' written by @shyamsek
A Thread (1/n)
#tax #investing #taxbenefits #marketwrap
'The Times Get Taxing' written by @shyamsek
A Thread (1/n)
#tax #investing #taxbenefits #marketwrap
Investment decisions can be taken based on tax implications. There is a natural tendency among investors to be drawn to investments where they feel taxes are lower. (2/n)
#taxes #investments #investors
#taxes #investments #investors
When the tax concessions are withdrawn for certain investments, they tend to look less attractive to investors. (3/n)
#taxconcession #investing
#taxconcession #investing
Confused about tax filing in India?
Don't worry, you're not alone!
Here are some essential Do's and Don'ts to help you file your taxes with ease!
A thread! (1/n)
#taxfiliing #tax #deductions #personalfinance #thread
Don't worry, you're not alone!
Here are some essential Do's and Don'ts to help you file your taxes with ease!
A thread! (1/n)
#taxfiliing #tax #deductions #personalfinance #thread
#1 Be On Time
Remember to file your tax returns on time. This can help you avoid penalties and legal issues with the Income Tax Department.
The deadline for filing taxes in India is usually July 31st. (2/n)
#taxreturns #taxes #incometax #directtax
Remember to file your tax returns on time. This can help you avoid penalties and legal issues with the Income Tax Department.
The deadline for filing taxes in India is usually July 31st. (2/n)
#taxreturns #taxes #incometax #directtax
#2 Disclose Necessary Infomation
Remember to disclose all your sources of income, including salary, rental income, interest, and capital gains while filing your tax returns to avoid penalties. (3/n)
#tax #salary #rentalincome #interest #capitalgains
Remember to disclose all your sources of income, including salary, rental income, interest, and capital gains while filing your tax returns to avoid penalties. (3/n)
#tax #salary #rentalincome #interest #capitalgains
#1 Decide Your Tax Regime
The new regime is no fuss and works well.
The old regime allows you to claim deductions and exemptions
If you choose the old regime finalise your tax planning strategy now! (2/7)
#tax #deductions #taxplanning #taxregime
The new regime is no fuss and works well.
The old regime allows you to claim deductions and exemptions
If you choose the old regime finalise your tax planning strategy now! (2/7)
#tax #deductions #taxplanning #taxregime
#2 Restructure Your Payslip
Study your pay slip and optimise your EPF contributions. If you choose the old tax regime structure your allowances properly.
Talk to our financial planning team today if you’d like assistance. (3/7)
#salary #CTC #payslip #epf #providentfund
Study your pay slip and optimise your EPF contributions. If you choose the old tax regime structure your allowances properly.
Talk to our financial planning team today if you’d like assistance. (3/7)
#salary #CTC #payslip #epf #providentfund
#3 Review Your Investments
2023 is a year that belongs to savers!
You will be spoilt for choice. And there’s no better way to take advantage of this than reviewing and restructuring your investment portfolio. (4/7)
#investmentreview #investing #portfolio
2023 is a year that belongs to savers!
You will be spoilt for choice. And there’s no better way to take advantage of this than reviewing and restructuring your investment portfolio. (4/7)
#investmentreview #investing #portfolio
1/14
It's that time of the year when your company HR asks for your investment proofs.
Does this tax planning stress you?🥵
It won't any more😌
10 powerful tax saving tips for salaried employees. A thread🧵👇
#taxplanning #icicidirect
It's that time of the year when your company HR asks for your investment proofs.
Does this tax planning stress you?🥵
It won't any more😌
10 powerful tax saving tips for salaried employees. A thread🧵👇
#taxplanning #icicidirect
2/14
First get basics in place before you think of exotic solutions.
A. 80C investment upto ₹1.5L can save up to 46,800/-
🔶 PPF
🔶 Employee's Contribution to PF
🔶 Equity Linked Savings Scheme (Tax Saver MF)
🔶 Endowment/Term /ULIP Insurance Policies
🔶 Home Loan Principal etc
First get basics in place before you think of exotic solutions.
A. 80C investment upto ₹1.5L can save up to 46,800/-
🔶 PPF
🔶 Employee's Contribution to PF
🔶 Equity Linked Savings Scheme (Tax Saver MF)
🔶 Endowment/Term /ULIP Insurance Policies
🔶 Home Loan Principal etc
3/14
80C/ What to choose for investment?
Here are basic differences b/w ULIP policies, PPF, ELSS to know👇
Factors you should consider are return expectation, variability of return, lock-in period and tax implication.
🟢 Good; 🔴 Not so good
80C/ What to choose for investment?
Here are basic differences b/w ULIP policies, PPF, ELSS to know👇
Factors you should consider are return expectation, variability of return, lock-in period and tax implication.
🟢 Good; 🔴 Not so good
Have you ever wondered how much you need to save for your retirement? Ever wonder if you will make it or fall short?
Over 600+ clients have benefited from our Financial Planning engagement!
Here are FIVE ways financial planning can help you! (1/13)
#financialindependence
Over 600+ clients have benefited from our Financial Planning engagement!
Here are FIVE ways financial planning can help you! (1/13)
#financialindependence
Before we begin, financial planning is a very personalised process. Every person's need is different. That is why we aim to craft tailor-made financial plans to meet each individual's needs. (2/13)
#financialplanning #personalfinance #savingstips
#financialplanning #personalfinance #savingstips
#1 Achieving Your Goals
Managing your finances in a way through which we can help you meet your goals is the crux of the planning process.
Proper planning can help you accomplish goals that you thought were far out of reach! (3/13)
#financialplanning #financialgoals
Managing your finances in a way through which we can help you meet your goals is the crux of the planning process.
Proper planning can help you accomplish goals that you thought were far out of reach! (3/13)
#financialplanning #financialgoals
Thread on Taxation and Tax Planning through Minor’s Income
We will see:
👉🏻PAN & ITR filing of Minor
👉🏻How Clubbing of Income happens?
👉🏻Taxation of Minor Income
👉🏻Tax Planning
@Spaysocial @investyadnya @AdeParimal @gaurav28jain #minor #TaxTwitter #taxplanning
We will see:
👉🏻PAN & ITR filing of Minor
👉🏻How Clubbing of Income happens?
👉🏻Taxation of Minor Income
👉🏻Tax Planning
@Spaysocial @investyadnya @AdeParimal @gaurav28jain #minor #TaxTwitter #taxplanning
Q. Can minor apply for PAN?
Absolutely yes, Income Tax Act does not bar minors from applying to PAN. Even today’s born baby can also apply for PAN.
There is no age limit for applying for PAN.
Absolutely yes, Income Tax Act does not bar minors from applying to PAN. Even today’s born baby can also apply for PAN.
There is no age limit for applying for PAN.
Q. Can Minor file his ITR?
Yes again. There is no provision in income tax act which says minor cannot file his ITR.
Income tax return can be filed by his representative also.
#incometax #IncomeTaxReturns
Yes again. There is no provision in income tax act which says minor cannot file his ITR.
Income tax return can be filed by his representative also.
#incometax #IncomeTaxReturns
Thread 🧵 on HUF ( Hindu Undivided Family)
HUF is a big concept, will create 2-3 threads for your understanding.
In this thread :
What is HUF?
Formation of HUF
Tax Planning through HUF
How to generate corpus for HUF? @Spaysocial @investyadnya @AdeParimal @gaurav28jain #HUF
HUF is a big concept, will create 2-3 threads for your understanding.
In this thread :
What is HUF?
Formation of HUF
Tax Planning through HUF
How to generate corpus for HUF? @Spaysocial @investyadnya @AdeParimal @gaurav28jain #HUF
What is HUF?
As the name suggests it’s an Hindu Undivided Family. It’s a separate entity recognised like Individual, Companies etc.
Who all covered under HUF?
Hindu’s, Buddhist, Jains and Sikh’s. It means only these people can form HUF.
As the name suggests it’s an Hindu Undivided Family. It’s a separate entity recognised like Individual, Companies etc.
Who all covered under HUF?
Hindu’s, Buddhist, Jains and Sikh’s. It means only these people can form HUF.
HUF governed by which Law?
There is no codified law for HUF.
It’s a customary law based on Hindu Law. Hindu law defines major clauses of HUF.
Also governed by Income Tax Act, 1961 as income is in question. So taxation governed by the Income Tax Act.
There is no codified law for HUF.
It’s a customary law based on Hindu Law. Hindu law defines major clauses of HUF.
Also governed by Income Tax Act, 1961 as income is in question. So taxation governed by the Income Tax Act.
Are you buying Insurance this year just to save taxes?
DON'T. 🤫
It could cost you more than it saves in taxes!
Here's how ⤵️
DON'T. 🤫
It could cost you more than it saves in taxes!
Here's how ⤵️
Suppose there is a Mr Rahul who gets Rs 7.5 Lakh a year as his salary (with no other sources of income).
➡️ In India, if you earn more than 5 Lakh, you have to pay taxes.
#taxpayers
➡️ In India, if you earn more than 5 Lakh, you have to pay taxes.
#taxpayers
But there are ways by which you can reduce your Taxable income. Some of them are:
° By investing up to 1.5 Lakh in PF, NSC, ELSS, Insurance, etc (80C)
° By investing up to 50 Thousand in NPS (80CCD)
° By investing up to 1.5 Lakh in PF, NSC, ELSS, Insurance, etc (80C)
° By investing up to 50 Thousand in NPS (80CCD)
Returning from USA? Reset your cost basis!
We thought it's time to write about something we do with a lot of our clients who are returning to India from the US.
This is almost always a once in a lifetime opportunity and can save you a ton of tax. Don't miss out!
1/n
We thought it's time to write about something we do with a lot of our clients who are returning to India from the US.
This is almost always a once in a lifetime opportunity and can save you a ton of tax. Don't miss out!
1/n
What benefit can I get from resetting my cost basis?
1. Let's say you purchased stock of Alphabet at a price of USD 2,000 per share while you were in the US.
2. You move back to India and the price of Alphabet share sky rockets to USD 3,000.
2/n
1. Let's say you purchased stock of Alphabet at a price of USD 2,000 per share while you were in the US.
2. You move back to India and the price of Alphabet share sky rockets to USD 3,000.
2/n
3. You could sell these shares at USD 3,000 and pay no capital gains tax.
How? The rest of the article covers this in detail!
You can simply repurchase the shares at the current cost. You would have reset your cost basis to USD 3,000 per share without incurring any tax.
3/n
How? The rest of the article covers this in detail!
You can simply repurchase the shares at the current cost. You would have reset your cost basis to USD 3,000 per share without incurring any tax.
3/n
#TaxPlanning
ஏப்ரல் மாதத்தில் நீங்கள் செய்யவேண்டிய மற்றுமொரு முக்கிய கடமை - Tax Planning.
இதற்கான வழிமுறைகள் என்ன?
எப்படி செய்வது?
எந்தெந்த வழிகளில் முதலீடு செய்வது?
மேற்கண்ட கேள்விகளுக்கான விடைகள் - இந்த இழையில்.
ஏப்ரல் மாதத்தில் நீங்கள் செய்யவேண்டிய மற்றுமொரு முக்கிய கடமை - Tax Planning.
இதற்கான வழிமுறைகள் என்ன?
எப்படி செய்வது?
எந்தெந்த வழிகளில் முதலீடு செய்வது?
மேற்கண்ட கேள்விகளுக்கான விடைகள் - இந்த இழையில்.
To begin, நீங்கள் செய்யவேண்டியது - உங்கள் அலுவலகத்தில்.
1. New/Old Regime - Select
2. Declaration - எந்தெந்த இடங்களில், எவ்வளவு முதலீடு செய்யப்போகிறீர்கள் என்கிற விவரங்கள் பதியப்பட வேண்டும்
Declaration செய்வதற்கு எந்தெந்த section உங்களுக்கு exemptions அளிக்கும் என்கிற விவரங்கள்:
1. New/Old Regime - Select
2. Declaration - எந்தெந்த இடங்களில், எவ்வளவு முதலீடு செய்யப்போகிறீர்கள் என்கிற விவரங்கள் பதியப்பட வேண்டும்
Declaration செய்வதற்கு எந்தெந்த section உங்களுக்கு exemptions அளிக்கும் என்கிற விவரங்கள்:
Exemption category யில், அனைவருக்கும் மிக பரிச்சயமான ஒன்று Section 80C (முதலீடுகள்).
என்னென்ன முதலீட்டு வாய்ப்புகள் உள்ளன?
அவைகளில் எவ்வளவு முதலீடு செய்யலாம்?
படத்தில் காண்க.
இந்த sectionல் உங்களுக்கு அதிகப்படியாக ஒன்றரை லட்சம் வரையில் exemption கிடைக்கும்.
என்னென்ன முதலீட்டு வாய்ப்புகள் உள்ளன?
அவைகளில் எவ்வளவு முதலீடு செய்யலாம்?
படத்தில் காண்க.
இந்த sectionல் உங்களுக்கு அதிகப்படியாக ஒன்றரை லட்சம் வரையில் exemption கிடைக்கும்.
A Thread🧵on various #IncomeTax #Deductions.
Must read for everyone.
A simple & legitimate way to to save taxes every year!
(RT to maximize reach.)
Money Saved is Money Earned !
#IncomeTax #Tax #ELSS #TaxSaving #Investing #TaxPlanning
Images Courtesy : Internet.
Must read for everyone.
A simple & legitimate way to to save taxes every year!
(RT to maximize reach.)
Money Saved is Money Earned !
#IncomeTax #Tax #ELSS #TaxSaving #Investing #TaxPlanning
Images Courtesy : Internet.
When the month of March starts or is about to end suddenly everyone remembers one thing #TaxSaving ...
This is where #TaxDeductions come into picture.
Deductions allowed under #IncomeTax act help you reduce your taxable income.
This is where #TaxDeductions come into picture.
Deductions allowed under #IncomeTax act help you reduce your taxable income.
People normally know a bit about Section 80C Deduction which allows a person to claim a deduction of Rs 1.5 lakh on total income.
But there are various other common deductions which anyone can claim.
This thread is about such common deductions.
But there are various other common deductions which anyone can claim.
This thread is about such common deductions.
A Thread 🧵80 C Deduction of Income Tax.
Must read for everyone.
A Simple way to to save tax upto Rs. 46,800 each year!
(RT to maximize reach.)
@caniravkaria @CAPratik_INDIAN views welcome 🙏
#IncomeTax #Tax #ELSS #TaxSaving #Investing #TaxPlanning
Must read for everyone.
A Simple way to to save tax upto Rs. 46,800 each year!
(RT to maximize reach.)
@caniravkaria @CAPratik_INDIAN views welcome 🙏
#IncomeTax #Tax #ELSS #TaxSaving #Investing #TaxPlanning
When the month of March starts or is about to end suddenly everyone remembers one thing #TaxSaving ...
This is where #TaxDeductions come into picture.
Deductions allowed under the #IncomeTax act help you reduce your taxable income.
This is where #TaxDeductions come into picture.
Deductions allowed under the #IncomeTax act help you reduce your taxable income.
Deduction under Section 80 C is a popular tax deduction section which allows you to claim a deduction of Rs 1.5 lakh on your total income.
By completely utilizing this deduction limit, a person can save tax upto Rs. 46,800 each year! (For person
falling in tax bracket of 30%).
By completely utilizing this deduction limit, a person can save tax upto Rs. 46,800 each year! (For person
falling in tax bracket of 30%).
As the FY 2020-21 is closing, I decided to write a simple thread on how equities are taxed in India and how you can save income tax by following simple logical steps.
Here’s a thread for the same. 🧵👇
Do retweet for better reach and help others save taxes.
#taxplanning
Here’s a thread for the same. 🧵👇
Do retweet for better reach and help others save taxes.
#taxplanning
Firstly, let us understand the types of capital gains that are taxed in equities. These are,
a.Short term capital gains
b.Long term capital gains (1/n)
a.Short term capital gains
b.Long term capital gains (1/n)
If an investor is holding shares listed on a recognized stock exchange (NSE, BSE) for more than 12 months, the gain/loss arising from the sale shall be ‘Long’ term. Else, it shall be ‘Short’ term. (2/n)
