Discover and read the best of Twitter Threads about #IncometaxIndia
Most recents (9)
ITR 1 to ITR 4 - The pain of choosing an ITR
Not sure which ITR you should use? We've got you covered.
A thread.
#ITR1 #ITR2 #ITR3 #ITR4
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Not sure which ITR you should use? We've got you covered.
A thread.
#ITR1 #ITR2 #ITR3 #ITR4
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ITR-1 OR SAHAJ
This Return Form is for a resident individual whose total income includes:
- Income from Salary/ Pension; or
- Income from One House Property (excluding cases where loss is brought forward from previous years)
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This Return Form is for a resident individual whose total income includes:
- Income from Salary/ Pension; or
- Income from One House Property (excluding cases where loss is brought forward from previous years)
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- Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)
- Agricultural income up to Rs.5000.
The form will not be applicable in following cases:
- If you have had investments in unlisted equity shares at any time during the financial year
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- Agricultural income up to Rs.5000.
The form will not be applicable in following cases:
- If you have had investments in unlisted equity shares at any time during the financial year
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House rent allowance.
If I had a penny for every time I was asked about HRA, I probably wouldn't be making this thread :p
A master thread on HRA deduction
#taxsaving #incometax
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If I had a penny for every time I was asked about HRA, I probably wouldn't be making this thread :p
A master thread on HRA deduction
#taxsaving #incometax
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House Rent Allowance (HRA) granted to an employee is exempt to the extent of least of the following:
•HRA actually received
•Rent paid (-) 10% of salary for the relevant period
•50%/ 40%* of salary for the relevant period
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•HRA actually received
•Rent paid (-) 10% of salary for the relevant period
•50%/ 40%* of salary for the relevant period
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*50% in case of Metro Cities (Delhi, Mumbai, Kolkata, Chennai),
40% in case of other cities
Note: Bangalore counts in other cities, before you ask.
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40% in case of other cities
Note: Bangalore counts in other cities, before you ask.
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A Comprehensive Guide on Tax for Freelancers
A thread..
#incometaxindia #44ADA #GST
Part 1 - GST v. Income tax
A thread..
#incometaxindia #44ADA #GST
Part 1 - GST v. Income tax
First thing you need to understand is that Income Tax and GST are 2 completely different Acts and tax different things. Let's illustrate quickly with a simplified example.
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Example - GST v Income Tax
Mr. India earns INR 1 crore by selling services to Indian parties. This is professional income for Mr. India. GST on these services applies at 18%.
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Mr. India earns INR 1 crore by selling services to Indian parties. This is professional income for Mr. India. GST on these services applies at 18%.
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Income tax implications on RSUs or ESPPs 🚀
What are the income tax implications on RSUs? How are my stock grants taxed? How to disclose my RSUs disclosed in Schedule FA? So many questions - let's dive right in!
A THREAD
What are the income tax implications on RSUs? How are my stock grants taxed? How to disclose my RSUs disclosed in Schedule FA? So many questions - let's dive right in!
A THREAD
First, let's address the elephant in the room - "India and XYZ country have a DTAA. So I don't need to pay tax on my RSUs right?". Simple answer? This is completely wrong. If your advisor or friend tells you this, run like hell.
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thegalacticadvisors.com/post/how-does-…
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thegalacticadvisors.com/post/how-does-…
Salary/ Perquisites
This is the part most people actually get right. The ESPPs or RSUs received by you as part of your salary is taxable as perquisites under income from salary. This will show up in your Form 16.
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This is the part most people actually get right. The ESPPs or RSUs received by you as part of your salary is taxable as perquisites under income from salary. This will show up in your Form 16.
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Tax on foreign remittances: Let the buyer beware?
Starting 1 October 2020, TCS at 5% is collected by AD Banks on remittances under the Liberalized Remittance Scheme (LRS).
A THREAD
Starting 1 October 2020, TCS at 5% is collected by AD Banks on remittances under the Liberalized Remittance Scheme (LRS).
A THREAD
A little background on the LRS scheme:
Currently the bank allows remittance of all permissible Current/ Capital account transactions upto USD 2,50,000/- per FY (April- March) per Resident Individual without RBI permission.
Currently the bank allows remittance of all permissible Current/ Capital account transactions upto USD 2,50,000/- per FY (April- March) per Resident Individual without RBI permission.
Why the extra tax?
Revenue secretary Ajay Bhushan Pandey explaining the rationale had said, “we have data that shows many persons who transferred funds abroad under this scheme did not file income tax returns. Normally people remitting big amounts should be in the income tax..
Revenue secretary Ajay Bhushan Pandey explaining the rationale had said, “we have data that shows many persons who transferred funds abroad under this scheme did not file income tax returns. Normally people remitting big amounts should be in the income tax..
Planning to return to India? Here's a thread on what you need to do from a tax/ compliance perspective.
#r2i #returntoIndia #incometaxindia
#r2i #returntoIndia #incometaxindia
Assets outside India💰
Continue to hold. You can hold, own, transfer or invest in foreign currency, foreign security or any immovable property situated outside India if such assets was acquired, held or owned by you when you were a non-resident or was inherited from non-resident
Continue to hold. You can hold, own, transfer or invest in foreign currency, foreign security or any immovable property situated outside India if such assets was acquired, held or owned by you when you were a non-resident or was inherited from non-resident
Pro-tip:
Be mindful of income tax regulations that determine scope of total income. You want to minimize tax paid in India on overseas assets and avoid double taxation. Plan your investments and date of return in the most tax efficient manner.
Be mindful of income tax regulations that determine scope of total income. You want to minimize tax paid in India on overseas assets and avoid double taxation. Plan your investments and date of return in the most tax efficient manner.
How does a DTAA work?
We've heard this so many times - "India and XYZ country have a DTAA. So I don't need to pay tax on this income right?"
A THREAD
We've heard this so many times - "India and XYZ country have a DTAA. So I don't need to pay tax on this income right?"
A THREAD
Before we start, let's clear one thing up - A Double Taxation Avoidance Agreement (DTAA) is NOT a magic wand that makes your tax liability go away.
Now that we have this out of the way, let's tackle the beast that is the Double Taxation Avoidance Agreement.
Now that we have this out of the way, let's tackle the beast that is the Double Taxation Avoidance Agreement.
We're going to use the India-US DTAA as an example here. DTAAs tend to have similar treatment overall (but obviously, if you ask a CA, we see a million differences between DTAAs with different countries).
A Thread🧵on various #IncomeTax #Deductions.
Must read for everyone.
A simple & legitimate way to to save taxes every year!
(RT to maximize reach.)
Money Saved is Money Earned !
#IncomeTax #Tax #ELSS #TaxSaving #Investing #TaxPlanning
Images Courtesy : Internet.
Must read for everyone.
A simple & legitimate way to to save taxes every year!
(RT to maximize reach.)
Money Saved is Money Earned !
#IncomeTax #Tax #ELSS #TaxSaving #Investing #TaxPlanning
Images Courtesy : Internet.
When the month of March starts or is about to end suddenly everyone remembers one thing #TaxSaving ...
This is where #TaxDeductions come into picture.
Deductions allowed under #IncomeTax act help you reduce your taxable income.
This is where #TaxDeductions come into picture.
Deductions allowed under #IncomeTax act help you reduce your taxable income.
People normally know a bit about Section 80C Deduction which allows a person to claim a deduction of Rs 1.5 lakh on total income.
But there are various other common deductions which anyone can claim.
This thread is about such common deductions.
But there are various other common deductions which anyone can claim.
This thread is about such common deductions.
A Thread 🧵80 C Deduction of Income Tax.
Must read for everyone.
A Simple way to to save tax upto Rs. 46,800 each year!
(RT to maximize reach.)
@caniravkaria @CAPratik_INDIAN views welcome 🙏
#IncomeTax #Tax #ELSS #TaxSaving #Investing #TaxPlanning
Must read for everyone.
A Simple way to to save tax upto Rs. 46,800 each year!
(RT to maximize reach.)
@caniravkaria @CAPratik_INDIAN views welcome 🙏
#IncomeTax #Tax #ELSS #TaxSaving #Investing #TaxPlanning
When the month of March starts or is about to end suddenly everyone remembers one thing #TaxSaving ...
This is where #TaxDeductions come into picture.
Deductions allowed under the #IncomeTax act help you reduce your taxable income.
This is where #TaxDeductions come into picture.
Deductions allowed under the #IncomeTax act help you reduce your taxable income.
Deduction under Section 80 C is a popular tax deduction section which allows you to claim a deduction of Rs 1.5 lakh on your total income.
By completely utilizing this deduction limit, a person can save tax upto Rs. 46,800 each year! (For person
falling in tax bracket of 30%).
By completely utilizing this deduction limit, a person can save tax upto Rs. 46,800 each year! (For person
falling in tax bracket of 30%).
