FINANCE

If you do not file your original income tax return by 31st of July (Non-audit taxpayers) & 31st October (Audited taxpayers), you can still file a belated ITR by 31st December. If you do not file by 31st December also, you have these consequences mentioned ahead👇 1. UPDATED RETURN If you do not file by 31st Dec, There's a remedy to file an updated return with: ✅25% penalty if you file within 12 months from the end of the relevant assessment year ✅50% penalty if you file within 24 months from the end of the relevant assessment year Although, you can file an updated return only if it is favorable to the tax department which means if: 1. You have not filed or there's an error in filing the original/belated/revised return. + 2. The filing results in ADDITIONAL TAX LIABILITY + 3. The income is not decreased. 2. INQUIRY BEFORE ASSESSMENT The department will formally send a notice asking you to file your return after the time limit has expired. This can be initiated even after the...

Why is Tata paying ₹7,000cr for a brand that just made ₹100cr in profits in 2020? Does Tata ‘need’ Bisleri? Why is Bisleri on sale? Let’s answer these questions today's blog Bisleri, a brand synonymous with ‘packaged drinking water’ is on sale today! In 1969, Ramesh Chauhan (owner of Parle) bought Bisleri from an Italian company for ₹4 lakhs. Chauhan is the same businessman who successfully sold brands like Thums Up & Maaza to Coca Cola in 1993. Since 1969, Bisleri has expanded its business, distribution network, grew bigger & became synonymous with water in India. Today, it has achieved a 400% growth & captured 40% of the water bottle market. And yes, Bisleri is expected to generate a ₹2,500cr this year! Bisleri uses the 4Ps of marketing! Product - Bisleri has a product for every purpose, be it a wedding, for office, for gatherings or for domestic purpose. Pricing - Bisleri practised an area-specific pricing policy. Bisleri is available cheaper at stations than at airp...

If you’re a working professional, right around this time of the year, your HR will ask you to submit investment documents to assess tax on your income – a.k.a “Investment Proof Declarations”. Here’s a quick 101 to ensure you don’t shell out excessively on income taxes🚨 1. At the beginning of each financial year, your HR will ask you to fill out a tax declaration form. This determines your TDS (Tax Deducted at Source). And if you’ve meticulously planned your investments – you could reduce your taxable income & claim several tax deductions. 2. So, what can you declare to save taxes on your income? - Investments under Section 80C: You can claim upto ₹1.5L in deductions against investments like Equity-linked saving schemes (ELSS), life insurance premiums, employee’s provident fund, and more. - Section 80D: Here, you can save upto ₹75,000 on you & your family’s health insurance premiums based on the individuals covered under the policy. - Section 80CCD: You could claim an additiona...

Modus operandi of scamsters circulating unsolicited stock tips/recommendations in Stocks, F&O through various SM platforms like watsap, Instagram, telegram, SMS etc. One set of 50K people receive an SMS to buy XYZ co. Another set of 50K people told to sell XYZ co. One set makes profit.  Set of loss-making people abandoned. Out of remaining profit making 50K people, 25K again given Buy calls & other half given Sell calls. Again, one set makes profit & loss-making set abandoned. Out of remaining 25K, half set once more given Buy & other half set given Sell call. Same thing repeats.  One set of 12.5K people are in profit. Other half set abandoned. Do remember that all above calls are free till now. Finally, 12.5K people hv experienced 3 successive accurate calls & r impressed by now. They want to continue further.  But now the calls are chargeable! Suppose it’s 5K p.m. Even if 10% ppl subscribe to it, that tipster is making more than Rs 60L in a single mo...

Tax Planning should be an integral part of your overall Financial Planning, irrespective of your age. Starting a series on "Tax Planning for Different Age Groups". 🔸Here is a 🧵on Everything you need to know about Tax Planning in your 20s⤵️ 🔸Tax Planning in your 20s ▪️20s are the best time to start investing for your future - you are young and have lesser responsibilities. ▪️However, this is also a time when you have just begun earning and may know very little about investing.  ▪️Hence, it makes sense to stick to such Tax Saving Instruments that are simple yet effective. Let's take a look at a few such instruments⤵️ 🔹Equity Linked Savings Scheme (ELSS) ▪️ELSS Funds give you a dual benefit of Tax Saving with the growth potential of Equities. ▪️ELSS Funds have the shortest lock-in period of just 3 years. ▪️Eligible for deduction up to ₹1,50,000 under section 80C of the Income Tax Act,1961 🔹Health Insurance ▪️Health insurance plans do not stop with just helpi...

The RBI released a concept note on digital rupee (e-rupee) today. I think this marks a landmark in India's economic history. But what does it mean for you? A short explainer from a retail point of view. What is e-rupee (digital rupee)? Digital version of the Indian rupee. RBI has proposed to issue two versions - wholesale for interbank settlement and retail for the public. How will retail work? You will hold the digital rupee in a wallet with a bank or service provider. Can you mine it? No. RBI will issue it. It cannot be mined like bitcoin. So you don't have to worry about the energy use and environmental implications so much. How do you transfer e-rupee? The retail version of the digital rupee is token based. Broadly, this means, you find out the recipient’s public key (think of it like an email address) and transfer money to them using your private key (essentially, a password). Will it be anonymous? For e-rupee, the RBI concept note has proposed partial anonymity where smal...

ITR Refund: Many taxpayers may have got the refund but there will be such taxpayers who would have got the notice of Income Tax Department instead of refund. Here’s what to do when you get a tax notice. The time to file Income Tax Return is over now. The date fixed by the government i.e. 31st July was the deadline for filing income tax returns. In such a situation, now the returns are being scrutinized by the Income Tax Department and the taxpayers whose TDS has been deducted, their refund is being given by the department. Many taxpayers may have got the refund, but there will be such taxpayers who would have got the notice of the Income Tax Department instead of the refund. This happens when the calculation of income and tax is done wrong. Department is doing scrutiny through AI Let us tell you that this time the Income Tax Department is scrutinizing the returns through a software based on Artificial Intelligence. On the basis of this notice is being given to the taxpayer....

Income Tax Filing: ఆదాయపు పన్ను రిటర్న్స్ దాఖలుకు చివరి తేదీ సమీపిస్తోంది. ప్రస్తుతానికి జూలై 31 వరకు ఫైలింగ్ కు అనుమతి ఉంది. మరోవైపు అన్ని కంపెనీలు కూడా జూన్- 15 వరకు తమ ఉద్యోగులకు ఐటీఆర్ ఫారం-16 జారీ చేశాయి. దీని సహాయంతో ఉద్యోగులందరూ తమ టాక్స్ రిటర్న్స్ ఫైల్ చేయవచ్చు. చాలా కాలంగా ఐటీఆర్ ఫైల్ చేస్తున్న వారికి ఫారం-16 గురించి బాగా తెలుసే ఉంటుంది. కానీ.. ఇటీవల ఉద్యోగం ప్రారంభించిన వారు లేదా ఇప్పుడు పన్ను పరిధిలోకి వచ్చిన వారు ఫారం-16 కోసం దరఖాస్తు చేసుకోవాలి. దానిలో ఎలాంటి వివరాలు అందించాలి వంటి పూర్తి వివరాలు ఇప్పుడు తెలుసుకోండి.. అసలు ఈ ఫారం- 16 అంటే ఏమిటి..? కంపెనీలు తమ ఉద్యోగులకు ఫారం-16 జారీ చేస్తాయి. ఇది ఉద్యోగి జీతంపై మినహాయించబడిన పన్నుకు సంబంధించిన మొత్తం సమాచారాన్ని కలిగి ఉంటుంది. మరోవైపు.. ఉద్యోగి HRA లేదా అన్ని రకాల ఇన్వెస్ట్ మెంట్స్ చేయడం ద్వారా పన్ను ఆదా చేసినట్లయితే.. ఆ సమాచారం కూడా ఫారం-16లో ఇవ్వటం జరుగుతుంది. ఒక్క మాటలో చెప్పాలంటే.. ఫారం-16 అనేది ఉద్యోగి జీతంపై పన్ను లెక్కింపు సర్టిఫికేట్ అని చెప్పుకోవచ్చు. ఈ సర్టిఫికెట్‌ను కంపెనీలు ప్రభుత్వానికి కూడా సమర్పిస్తాయి. ఫారం...

The first quarter of a financial year is the time for ‘Investment Declaration’. In the period of April to June, your employer asks you to declare your tax-saving investments for the year to be able to deduct tax accordingly from your monthly salary. Investment declaration at the right time is important for you because it can lead to higher in-hand salary.   The important thing to note is that, in the beginning of the financial year, you just have to make an estimate of the investments that you intend to make in the coming months. These declarations are generally required to be made on the employer’s HR portal. You don’t need to submit actual proofs till the end of the financial year. You can actually invest less or more.   Investment Declaration is made on Form 12BB that has to be submitted at the end of the financial year. Please note that this form is NOT to be submitted to Income Tax Department, but has to be submitted to your employer. It applies to all salaried taxpayers ...

In the New Annual Information Statement, there will be 50 transactions to disclose in Annual Information Statement(AIS) So, if you’re going to use your PAN number, be aware of what you’re doing. The IRS has announced the launch of a new statement called the Annual Information Statement (AIS), which will give you practically all information about your financial transactions throughout the year. The Income Tax Department has been producing Form 26AS to provide information on taxable income and tax deducted at source (TDS) for the past few years, but it will soon be replaced by the Annual Information Statement (AIS). The new AIS statement will provide detailed information on the taxpayer and will be quite helpful when completing a tax return. The data will be available in AIS when duplicate data has been removed, and taxpayers will be able to download it in PDF, JSON, and CSV forms. If the information is incorrect, refers to another person/year, or is duplicated, a taxpayer can offer feed...

Power of Investing Interesting history of Adani Enterprises 1995 September IPO in name of ADANI EXPORTS LTD. PRICE OF  RS. 150 WITH FV RS. 10 100 Shares Allotted. As an example..  1996...  Bonus.. 1:1. ( 100 = 200) Year 1999 Bonus.. 1:1. (200 = 400).   (At that time, shares all time high was 848) Year 2004.  Split into RS. 1 from RS. 10 F.V. (Meaning 400 = 4000.).. Year 2009.. Bonus 1:1. (4000 = 8000). 2015. Demerger into : 1) Adani Port (141:100)  Those has 100 Adani Ent got 141 Shares of Adani Port 2) Adani Power ( 185:100) 3) Adani Transmission ( 100:100) Means , Now latest situation is..👇🏻 1) ADANI ENT.. - 8000  2) ADANI PORT - 11,280 3) Adani Power - 14,800 4) Adani Transmisn - 8000.. 5) Adani Gas - 8000.. 6) Adani Green - 6088.. 25 years of journey and a deposit of Rs 15,000 in 1995 would reward (as on 04/04/2022) Adani Ent. (2066) - 1,65,28,,000 Adani Port(818) - 92,27,040 Adani Power(212)- 31,37,600 Adani Transmsn(2454)-1,96,32,000 AT...

The income tax department has asked taxpayers to check their Annual Information Statement (AIS) or Form 26AS (Tax Credit) to see whether they need to file Income Tax Returns (ITR) or not. “Don’t delay, file a belated ITR no,” the Income Tax department said. ITR LAST DATE The last date to file ITR for AY 2021-22 is March 31, 2022. “Dear taxpayers, Pl check your AIS or 26AS & file your ITR for AY 2021-22. The last date to file ITR for AY 2021-22 is 31st March, 2022,” Income Tax India tweeted. ITR LATE FEE If a taxpayer fails to file ITR for AY 2021-22 before March 31, 2022, then he or she needs to pay a late fee of Rs 1,000 or Rs 5,000. The late fee will be applicable as per section 234F of the Income Tax Act, 1961. AADHAAR-PAN LINK Taxpayers need to link Aadhaar and PAN under the Income Tax Act, 1961. “Link your PAN & Aadhaar to enable quick & easy e-verification of ITRs. The due date to link your Aadhaar & PAN is 31st March, 2022,” Income Tax India tweeted. ...

4 most important things you should finish before 31st March’22 1️⃣ Planning your #TaxSavingInvestments u/s 80C - 80U 2️⃣ Filing Belated or Revised ITR for AY 21-22 3️⃣ Aadhar & PAN linking  4️⃣ Updating #BankAccount KYC 1️⃣ Planning your Tax Saving investments u/s 80C - 80U Action: Invest/spend before this March’22 to become eligible for claiming deductions under respective sections. Consequence for default: Deductions cannot be claimed. 2️⃣ Filing Belated or Revised ITR for AY 21-22 Action: Use this last opportunity to file your belated or revised ITR. Consequence for default: ITR for AY 21-22 CANNOT be filed, unless you show genuine reasons for such default. 3️⃣ Aadhar & PAN linking  Action: Make sure to link them to avoid PAN becoming invalid.  Consequences for default: PAN becomes Invalid, Penalty upto Rs. 10,000 u/s 272B & late fee u/s 234H upto Rs. 1,000 4️⃣ Updating Bank Account KYC Action: Make use of this extended due date by RBI Consequences for defa...

As FY21-22 comes to an end, here’s a checklist of financial tasks you need to get done Invest to save tax If you haven’t made tax-saving investments so far, there is no option for you but to do it now Find time to assess your income for the year and figure out how much you will need to invest in the tax saving instruments. Collect all the documents related to your big purchases, such as a house, during the year, as well as any investments you might have made, then calculate how much more you need to invest. Once you have a number, you can figure out where to invest. It is important to avoid falling prey to mis-selling and investing in products which are not in line with their asset allocation, risk appetite or goals. So before buying that life insurance policy, investing in that five-year fixed deposit or equity-linked savings scheme, check their suitability to your needs and risk appetite. “Detailed suitability and risk profiling will help investors find out their tolerance and select...

This just happened to me. INSANE. Some idiot used my Pan to take a 2000 RS loan and FCK’d my CIBIL score and @IVLSecurities did nothing to help sort. HOW DOES INDIA BULLS ALLOW THIS @ibhomeloans @CIBIL_Official” That was a tweet from Sunny Leone (later deleted) posted on the 17th of February Wait, why are we talking about Sunny Leone? Well, in case you haven’t heard, a loan fraud is doing the rounds in India. And it’s wreaking havoc on credit scores. It has all the markings of identity theft. You know when some dubious individual gets his hands on an unsuspecting person’s unique identity number and then uses the information to commit financial frauds. For instance, take Sunny Leone’s case. Someone used her identity, took out a loan of about ₹2,000 and then defaulted on payments. When you default on payments your credit score goes for a toss. And that can impact so many things. Banks may refuse to dole out new loans. You may be asked to pay a higher interest rate. And you may even have...

The complexities of the tax framework are something that many books have been expounded on. The tax deductions and tax exemptions support the notion. In case there's a detract from it, it is this: with regards to taxes, we discharge our tax liabilities on our taxable income and are able to save with the interest earned in our kitty.  All residents including senior citizens need to make online payment of income tax precisely and dependably. Long term investment plans should be designed in a reasonable manner and assists them with meeting life objectives.  There are different sections and subsections under the Income Tax Act of 1961. These sections empower to save money or at least make tax free investments.  A new portal has been launched this financial year by the income tax department. The new website as income tax India e-filing gov.in portal for the ease of filing returns and tax payments. To comprehend why we ought to be saving money on taxes, it's maybe import...

If you're a speed reader like ROBO Otherwise it's going to take a little bit more time... Cryptos ! That’s what dominated the discussion yesterday. You’ve probably seen it already. News media is talking about it. Twitter is going bonkers over this story. Even international media houses are reporting on the matter with one tweet reading — “Crypto just became legal in India with a 30% tax on income from the sale of digital assets.” Yes, it’s big news — Knowing that gains from cryptos and other digital assets (of its kind) will be taxed at 30%. But the tweet is a bit dubious because there’s always been a tacit assumption that gains from crypto-assets are subject to taxation. Government officials have also indicated in the past that they expect people to report all income generated from the sale or transfer of cryptos. It’s just that they never codified it. We didn’t have specific guidelines or provisions in the Income Tax Act on taxing digital assets. So to assume that cryptos are...

Here are a few tax saving options other than Section 80C that can help you to bring down the tax liability for FY 2021-22. The last date to save tax for the financial year 2021-22 is March 31, 2022. With a little more than three months away from completing your tax planning exercise for the assessment year 2022-23, you should get going if you haven’t yet started the tax saving process. While there are several options to save tax under the existing tax regime, there is also the new tax regime (NTR) that you might have already opted for. If you have opted for NTR for FY 2021-22, even though tax concessions are not allowed, you may still save tax, which we will look at later on. Meanwhile, if you are sticking with the old or the existing tax regime, the most common tax saving options fall under Section 80C of the Income Tax Act. Some tax savers or expenses such as investment in PPF, NSC, ELSS, Life insurance including tuition fees for children or principal payments of home loan EMI are th...