FINANCE

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...