FINANCE

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...