ITR Forms for Stock Market Income📈
A lot of people have been asking about which ITR form to use for stock market income. Here's a quick guide to clear up any confusion 👇
1. Salary + Capital Gains: ITR-2
2. Salary + Capital Gains + Intraday Trading: ITR-3
3. Salary + Capital
A little life update .
Bought my First Car today ✨
Cheers to all the long days at the office and the sleepless nights spent staring at balance-sheets. It all paid up in the end😃.
I don't know if Kunal's tweet is paid or not. But I sure know that your PR agency is investing heavily on paid tweets.
Have received multiple requests to say good things about your company for money. Unfortunately for you, no money is sufficient enough for us to lie through our
Since you care so much
@kunalkamra88
, come and help us out! I’ll even pay more than you earned for this paid tweet or from your failed comedy career.
Or else sit quiet and let us focus on fixing the issues for the real customers. We’re expanding service network fast and backlogs
Confused about which Tax Regime to choose? 🤔
🧾Old Regime with Deductions and Exemptions, or
📉New Regime with Lower Slab Rates, but Fewer Exemptions
Don't worry, this🧵will help you Decide Which Regime will be More Beneficial to You and Help you Save the Most Taxes💰
80% of the ITRs I've filed this year show F&O losses. Ho kya raha hai????
This needs to stop. People are wasting their hard-earned money on this. SEBI needs to take urgent action against platforms and individuals promoting F&O trading.
🔸New (Revised) vs Old Tax Regime - Which one to chose??
Wondering which would be more beneficial for you - New or Old?? 🤔
Let's answer that in a Simple, Easy to Understand way!!
NO Jargon, NO Complex Excel sheets👇
On Feb 10th,I will complete my 1st year as a CA.Starting my own practice as a female CA, with no background, wasn't easy!!
I faced discouragement from a lot of people, including my own family.
But I Persevered...
How to Save Tax on Capital Gains💰
Most of the ITRs I filed this year show a Major Tax Liability due to Capital Gains from Selling Shares or Property📈🏠.
Not a lot of people know how to save on capital gains!
Let's explore key ways to save taxes on capital gains in India👇
🔸 Public Provident Fund (PPF)
▪️ PPF is one of the most popular Long-Term Investment schemes,primarily because of its Low-Risk features and Major Tax Exemptions.
▪️ Only Resident Indians are eligible to open a PPF account.
NRIs and HUFs are not permitted to open a PPF account
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⤵️
To marrying my best friend, my confidant, and my greatest adventure. 🥂
Grateful for every moment that led us here, and excited for the countless memories we have yet to create together. ♥️
Here’s to love, laughter, and the dreams yet to unfold! 💫
30-DAY INCOME TAX SERIES
Tax Deductions for Salaried Individuals- Part 1
Most people only consider Sec 80C for tax saving. However, you can reduce your tax liability further by claiming deductions on rent, medical expenses, etc.
key Sections to Maximize Your Tax Savings👇
You will now have to Pay 20% Tax on your Income from Equities and Equity Oriented Mutual Funds if you sell them before 1 year and 12.5% if you sell them after 1 year.
Earlier the Tax Rates were 15% and 10% respectively.
This is just really bad policy making. Really unhappy
📢ITR Filing AY 2024-25 - Form 16
Salaried Individuals can commence filing their ITR for the FY 2023-24 from June onwards, only after receiving their Form 16📄.
Here is everything you need to know about Form 16 and Tax Filing in India👇
✳️Income Tax Deductions related to Health
🩺 Deduction for Medical Insurance and Preventive Health Check-up (80D)
🩺 Deduction for Medical Treatment (80DDB)
🩺 Deduction for Disability (80U)
🩺 Deduction for Rehabilitation of Handicapped Dependent (80DD)
🧵
Do 'Retweet'🔃
Save Taxes on Rent - Whether You Receive HRA or Not! 💰🏠
Renting a home? Want to save on taxes?💸
Good news! Whether you receive HRA or not, you can still reduce your tax liability on rent!
Let's explore how to maximize savings using HRA - Sec 10(13A) and Section 80GG👇
Dreams do come true!!!
Elated to announce that I had my firm registered today.
" G Bajpai & Associates "
This is a new beginning for me, a new life. And I hope it brings new opportunities with it.
Would be happy to have all your blessings and wishes.
Starting a series on "Tax Audit under Section 44AB of the Income Tax Act".Will try updating on a daily basis.
Here is everything you need to know -
1/n
Planning to start a 30 day series on Direct Taxes. It will include -
- Tax Planning
- Tax Saving for Salaried+Business Owners
- ITR Filing
- Analysis of Tax Regimes
A 🧵 everyday to help you file your taxes wisely and save your hard earned money.
Suggest Topics in comments👇
🔸National Pension Scheme
- Retirement + Tax Planning in a single investment
- Provides both Equity and Debt Exposure
- Tax Benefit under Sec 80 CCD (1) within the overall ceiling of Rs. 1.5 lac
- Additional deduction for investment up to Rs.50,000 under subsection 80CCD (1B)
Tax Harvesting can help you save up to ₹10,000💸💸 in Taxes on your Equity Investments every financial year!!
In this 🧵, let's understand what Tax Harvesting is and how you can use it to reduce your LTCG liability.
🔸Tax Deductions Beyond Sec 80C
Tired of Paying Too Much Taxes?? Want to Lower Your Tax Liability?💸💸
Here is a Summary of Key Sections You can Claim Deductions Under (apart from Sec 80C)👇
Please Like👍 and Repost🔁to Share it with a friend!!
🔸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.
Wipro has fired over 300 employees because of Moonlighting. Tech Mahindra CEO C P Gurnani, on the other hand, has called Moonlighting a "welcome disruption".
Let's understand what Moonlighting is, its Legality, and Tax Implications.
Hit "Retweet" to share with others!!
🚨75% of all Indians are NOT Covered by any form of life insurance.
This leaves their family susceptible to Financial Instability and Hardships😥.
✅Investing in a Term Insurance Plan is one of the Simplest and Best ways to get Insured!!
🔸Sovereign Gold Bonds v/s Gold ETFs
SGBs and Gold ETFs are two of the best ways to Invest in Gold.
In this Infographic, let's understand how they stack up against each other.
Hit "Retweet" 🔃 to share with other Investors!!
🔸Sovereign Gold Bonds
The Sovereign Gold Bond Scheme
2022-23 - Series IV will be open for subscription Today.
🪙 Issue Period: 6-10 Mar
🪙 Issue Price: ₹5611/gm
🪙 Online Discount: ₹50/gm
Here is Everything you should know about Investing in SGBs -
Tax Planning should be an integral part of your overall Financial Planning, irrespective of your age.
We have already covered "Tax Planning in your 20s".
🔸Here is a🧵on "Everything you need to know about Tax Planning in your 30s"⤵️
Financial Plans don't have to be Complex. Here is a simple Financial Plan for you -
✅ Buy Health Insurance - all family members
✅ Buy Term Insurance - Earning members
✅ Create an Emergency Fund - 3 to 6 months of monthly spending
✅ Save minimum 30% of your Income
~48% ITRs still remain to be filed. Site's still not working properly(not even during the nights now) . No clarity on 87 A rebate on STCG yet.
This has been one of the Most Challenging Tax Filing Season, EVER!!!
Planning to start a Business or Startup? The first step is to "Choose the Right Business Structure for your Startup".
Here is a side by side comparison of-
🔸Sole Proprietorship
🔸OPC
🔸Partnership Firm
🔸LLP
🔸Private Limited Company
Hit "Retweet" 🔃 for the maximum reach!!
🚨Attention Tax-Payers, ONLY 3 DAYS LEFT to Plan your Taxes for the FY 2022-23.
✳️I have written extensively on Tax-Planning and Tax-saving!!
Here is a Mega Thread 🧵of all my Threads and Infographics. Use it to OPTIMISE your Taxes for the FY 2022-23💸💼
Income Tax on F&O Trading and ITR Filing📊
1. F&O Income is Business Income
- Income or loss from F&O trading is classified as non-speculative business income.
- Declare profit or loss from F&O as Business Income under the PGBP head.
2. Which ITR Form to File?
- Given that
Tax on LTCG increased to 12.5%, Tax on STCG increased to 20%. Indexation benefits removed for Property,Gold and all other assets.
Kahan Invest Karein???
This has to be the worst Budget in years if not decades!
#Budget2024
✳️Income Tax Deductions related to Health
🩺Deduction for Medical Insurance and Preventive Health Check-up (80D)
🩺Deduction for Medical Treatment (80DDB)
🩺Deduction for Disability (80U)
🩺Deduction for Rehabilitation of Handicapped Dependent (80DD)
🧵
Do 'Retweet'
One year of being a CA ❤️❤️
What an amazing year this has been!!
Couldn’t be happier, couldn’t be more grateful. 🙏🌸
Excited to witness what lies ahead in this journey. ✨😊
Tax Planning should be an integral part of your overall Financial Planning, irrespective of your age.
We have already covered "Tax Planning in your 20s and 30s".
🔸Here is a🧵on "Everything you need to know about Tax Planning in your 40s and 50s"⤵️
Financial Plans don't have to be Complex. Here is a Simple Financial Plan-
🏥Buy Health Insurance- all family members (min 5L)
🛡️Buy Term Insurance- Earning members (20xAnnual Income)
🦺Create an Emergency Fund- 6 months
💰Save minimum 30% of your Income
🛡️Buying the Right Term Insurance doesn't have to be Difficult!
You just need to answer 3 Simple Questions -
💵How much Cover should you have?
🗓️What's the Appropriate Term Length?
👨🦽What Riders should you take?
Let's try to answer them in this🧵
New Income Tax Rules to come into Effect from Today - 01/04/2023.
🔹New Income Tax Regime to be the Default
🔹Standard Deduction in New Regime as well.
🔹Tax Rebate Limit Increased to 7 Lakh -New Regime
🔹Exemption Limit Increased to 3 Lakh - New Regime
Absolutely surreal feeling on receiving this. Everytime I take a step forward in my professional journey, all the hard work, patience, and failures seem worth it. Thankyou
@theicai
🙏
The department has finally started issuing refunds.
Multiple Refunds have been credited this week!!
I don't know why, but everytime I get these DMs, it feels like a personal success 😬😅
📄Which ITR to File for FY 2023-24 ( AY 2024-25)??
The first step towards filing your tax return is to understand which ITR Form applies to you.
❌Choosing the wrong form is a common mistake!
Let's break it down👇
💸💼 Want to Identify TOP-PERFORMING Companies for your Portfolio?
Financial Ratios are your Secret Weapon!!
They provide Valuable Insights into a Company's Financial Health and Growth Potential📈
Use These 5⃣Key Financial Ratios to find your Next Multibagger💰
Hit Retweet 🔃
Successfully Completed the Certificate Course on Startups conducted by the Committee on MSME & Startups of The Institute of Chartered Accountants of India. 🏅✨
Will be updating about all the Major Highlights of Budget 2023,starting at 11 am onwards.
In the next few days, I will also be posting my Analysis of the Impact of Budget 2023 on various sectors.
So, Stay Tuned!!
#Budget2023
I have decided not to post any Infographics from today.
The way people are editing and removing all the watermarks and everything, it's really sad.
And the most unfortunate part is that most of these are done by Professionals.
It's really Heartbreaking.
4⃣ Important Deadlines in June 2023 for Salaried Employees and Taxpayers!!
🗓️Deadline 1: Payment of Advance Tax
If your Estimated Tax Liability for the FY exceeds ₹10,000, you have to pay your Advance Tax in 4 Installments.
The First Installment of 15% is due by June 15,2023.
A division bench of the Supreme Court has observed that Leave Travel Allowance (LTA)
✅Is meant only for travel within India
❌It is not applicable for foreign travel
🔸Here is a 🧵explaining What Leave Travel Allowance (LTA) is and How it works⤵️
🎉 Happy
#CADay2023
to all the Brilliant CAs out here, present and future! 🎓✨
From crunching numbers to shaping success stories, we're the Key Financial Architects of our Nation.
Being a CA has been life-changing for me, opening doors I never thought possible.
Grateful
Investing 💹 in Mutual Funds??
Let's understand "How Mutual Funds are Taxed? ".
🔸Taxation of Equity MFs
🔸Taxation of Debt MFs
Hit " Retweet " 🔃 to help us spread the knowledge to more Investors and Tax Payers.
Taxation of Listed Equity Shares
💰 📈 Investing in the Stock Market? Make sure you understand How Equity Shares are Taxed in India!!
Check out this Infographic for a Clear and Simple breakdown👇
Please Like 👍 and Repost 🔃 if you find it Useful!
Health insurance plans donot stop with just helping you save big on medical insurance, they offer attractive Tax Benefits too (tax deductible under Section 80D)
Here is everything you need to know about "Tax Benefits of Health Insurance".
Hit "Retweet" to spread the knowledge.
All the best to all the future Chartered Accountants, for your exams.
Just a few last minute tips:
- Take proper sleep the night before. Compromising on sleep is never a good option. Proper sleep will only increase your productivity in the exam hall.
D0 NOT mix your Insurance and Investments together!!
Stay away from Traditional Policies/Endowment Plans.
Instead,
- Buy a Term Insurance
- Start a Monthly SIP in an Index Fund/Low cost Mutual Funds of your choice.
#PersonalFinanceGyan
30-DAY INCOME TAX SERIES
Tax Deductions for Salaried Individuals- Part 2
In Part 1 of this 🧵, we explored deductions on investments, rent, medical expenses etc.
Now, it's time to explore some Key Deductions associated to-
- Home loan
- interest income
- Donations, etc.
PFRDA is observing 1st Oct as the National Pension System Diwas (NPS Diwas) to promote Pension and Retirement Planning among the citizens of India.
Here is everything you need to know about the "National Pension Scheme".
Hit "retweet" to share with others.
#NPSDiwas
#NPS
🚨Attention Taxpayers, ITR-3 via Online Mode has been enabled on the Income Tax Portal for FY 2022-23.
Also, a few Changes have been introduced in the ITR-3 this year!!
Let's dive in to understand if you need to file ITR-3 and what Additional Information you need to provide👇
I haven't taken a single day off in the last 4 months.Not A Single Day.
Building something from scratch is difficult, overwhelming at times.But trust me, the journey is beautiful.
You won't regret it for a second.I don't!!
When I was starting, I had very little idea about how to start and build my practice.I don't want that for you.
I would love to Help you with anything I can. So please reach out and ask anything you want about Starting your Own Practice as a New CA.
I would be glad to help 🙂
There were a lot of queries about "Opening a PPF Account as an NRI".
A few points to note-
🔹An NRI cannot open a New PPF account in India
🔹However, if a PPF account was created by a Resident Indian, who later became an NRI,she can keep investing till the PPF account matures
30-DAY INCOME TAX SERIES
📰Old vs New Tax Regime
Confused about which Tax Regime to choose?🤔
- Old Regime with Deductions and Exemptions, or
- New Regime with Lower Slab Rates, but Fewer Exemptions
Open this🧵to find out which regime will be more beneficial for you👇
🚨 Clarification
There is a lot of Confusion about Standard Deduction. Let's clear them -
✅ Yes, the Standard Deduction of 50,000 has been Extended to All Salaried Individuals under the New Regime.
❌ No, there is No Minimum Threshold of 15.5 Lakh Rupees to avail it.
🚨 Attention Taxpayers, ITR-2 via Online Mode has been enabled on the Income Tax Portal for Financial Year 2022-23.
👨💼 ITR-2 is applicable to individuals and Hindu Undivided Families (HUFs) meeting specific criteria. Here's a quick rundown:
We are 12,000 strong now 💪.
Thank you for all the Support and Appreciation you have shown towards our content ❤.
I hope to keep simplifying Finance and Taxation through my posts!!
Woke up to a Twitter Family of 10,000♥️
From just 43 followers in April to 10k today, this has been a Beautiful Journey🌸
More than just followers, you are all a family to me!!
To all my Friends here, To all my Seniors, and To all the Wonderful People I met here - Thank you ♥️
This Post has finally completed 1,000 "Retweets".
Thank you for this overwhelming response!!
I had promised to cover every section in detail once it completes 1,000 Retweets. I will start from the next week.
Thank you🙏
The Sovereign Gold Bond (SGB) Series 2023-24 Tranche IV opens for subscription today.
🪙 Issue Period: 12-16 Feb
🪙 Issue Price: ₹6,213/gm
🪙 Online Discount: ₹50/gm
SGB 2016-I, which matured recently, delivered an XIRR of 13.6%.
Everything you need to know about SGBs👇
Are you a Freelancer with Freelance Income?
Or, have you worked on Upwork, Freelancer, or any other freelancing websites? 🖥️
📝 Well, it's time to talk Taxes! 💰
In this🧵, I'll guide you on the Taxation of Freelance Income and How to File your ITR as a Freelancer in India.
Apologies for my absence on Twitter over the past few weeks. I've been dealing with some personal issues, but I'm back now!!
Thank you to everyone who reached out with concern and support 🙏.
And, My Heartiest Congratulations to all those who recently Qualified CA exams 🎉💐.
and I'm soo grateful that I didn't give up and started my practice.
It has helped me Learn and Grow,not just as a Professional,but also as an Individual.
To all the new CAs, especially women, who are looking to start their own practice: I want to be a resource for you.
15k Followers. This is such a special Milestone ❤
Thank you, for all the love and support you people have given to me and my content. This truly means a lot!
I hope to keep providing Value to my audience and helping more and more people become Financially Literate. Thankyou 🌸
🚨 Attention Taxpayers, ONLY 3 DAYS LEFT to Plan Your Taxes for FY 2022-23!!
This is your LAST CHANCE to Optimise your Taxes💵
A Mega Thread on Tax-Planning coming at 12 PM today. It will answer all your Queries related to Tax-Planning💯