FINANCE

People are always get confused as to who all are require to file Income tax Return mandatorily. Since our assessment year 2020-21 has been started and now all will be geared up for filing their income tax return. Hence today I am covering this topic. Following taxpayers shall file their return of income only through e-filing mode: (1) Individual/HUF who is less than 60 years of age and has an annual income more than Rs 2.5 lakh i.e. above basic exemption limit has to file income tax returns, according to the Income Tax Act.  For senior citizens, the basic exemption limit is Rs 3 lakh, and for those who are more than 80 years old, the basic exemption limit is Rs 5 lakh. (2) For companies it is mandatory to file income tax return irrespective of profit or loss. Further in case of company E -filing is mandatory. (3) A firm or an individual or a  Hindu Undivided Family (HUF)  whose books of account are required to be audited under  section 44AB  shall furnish the re...

Ramesh Damani's Advice to New Investors Understanding the power to compounding early in the life is v imp It is very important to hav independent thinking with integrity One should have their own thought process Make investment decision based on your own investment decision Making money is more enjoyable than actually spending it. One should maintain individual frugality. You don’t need a 180 I.Q. in the stock market, it is fine to have I.Q. of 110-120. (Warren Buffett) People try to be super smart, time the market, & stumble along the way. You should approach it the right way. The market values Integrity, Intellectual independence, & Patience. Too clever by half people lose more than what they bargain for, by trying to be very smart. The market is graveyard, with tombstones of people who failed. The successful people are those who buy good business & keep them. It is not a place to get rich quick – one in a million might do it. Market is a place to creat...

A Teacher was writing table of 5 on the board: 5X1=3 5X2=10 5X3=15 5X4=20 5X5=25 5X6=30 5X7=35 5X8=40 5X9=45 5X10=50 After writing she turned back towards students and found that everybody was laughing at her. On asking the reason for laugh, couple of  students got up and told: Ma’am- first line of the table is wrong…It should be 5 Hearing this Teacher (smiling) explained I wrote the first line wrong on purpose, because I wanted u to learn something important. This was for u to learn how the real world will treat u. I wrote 9 correct lines but nobody congratulated me but 1 mistake & everybody pointed at it. Moral: The world will never appreciate billion right things you do but will criticize for one wrong doing. Therefore, never ever get disheartened if somebody criticizes you. Take it positive and rise above all criticisms. Thanks for reading ... ✍️ SIVASANKARREDDY. 📧  sankarasr9@gmail.com