Discover and read the best of Twitter Threads about #Tax

Most recents (24)

Gst On Renting of Immovable Property🧵

In this thread we will discuss renting of both commercial & residential property 🕵️ (1/4)

#gst #tax #incometax #tds #gstn Image
1. Renting of Residential Dwelling.🏡

A) If residential dwelling is used for commercial purpose then GST is payable on Forward charge basis.(office etc)

B) If residential dwelling is used for personal purpose then the service is exempt for both registered & unregistered. (2/4)
C) If Residential dwelling used for commercial purpose but as a residence i.e Guest house etc. by registered person then it's taxable under RCM.

D) If Residential dwelling used for commercial purpose but as a residence i.e Guest house etc. by unregistered then it is exempt.(3/4)
Read 5 tweets
THIS IS #BIG ! #Hawala 2.0 Will EXPLODE in India post JULY 1st. Just My opinion:

By IMPLEMENTING 20% Tax Collected On Source (#TCS) on Foreign Spend (Currency, FX cards, Credit Cards, Debit Cards, Transfers), it becomes Increasingly more Cost Effective to Transfer Via #Hawala Image
If you try and BUY #Foreign Currency in the Black, that spread that used to be 2-3%, will now become 10% possibly

Unused Balances of Loaded Forex Cards will Go at a Premium of 10-12% Image
This REMINDS me of what happened in GOLD SMUGGLING in India post June 2022 when @nsitharaman decided to Raise IMPORT duty on GOLD to 12.5% from previous levels of 7.5% ImageImage
Read 9 tweets
How can you best utilise a #promotion or #salary hike? We have come up with a quick #guide on how to make that raise work for you instead of watching it disappear! (1/11)
Before you make any decisions, first check with your HR to understand the complete breakdown of your new salary, including #tax implications. This will help you assess the actual increase in your #takehome pay. (2/11)
Remember about #inflation. The price of everyday items will also increase too. Revisit your household #budget to understand the impact of rising #expenses on your #savings, real #income and #spending power. (3/11)
Read 11 tweets
Investors prefer liquid funds for building an emergency corpus.

Now that the taxation of debt funds has changed, investors are looking for alternatives.

One option is Arbitrage funds. They offer a #tax advantage.

We compare both categories to see which is better.

A thread 🧵 Image
Let’s start with the basics: What are Arbitrage Funds?

These are part of the hybrid fund category and invest in arbitrage opportunities.

They follow complex methods.

But to understand the concept, let’s look at a simple example. 👇
Say #Infosys is trading at a higher price on #NSE compared to BSE.

So, the fund manager buys Infosys on BSE and sells on NSE simultaneously.

Usually, these funds look for mispricing opportunities in the ‘Cash’ and the ‘Futures & Options' markets.
Read 13 tweets
The start of the financial year is the best time to organise your finances.


Most changes in #tax & investments are implemented from April.

Starting early gives you time to deal with them. But how do you go about it?

Take care of 5 simple tasks (Check image)

A thread 🧵
𝟏. 𝐄𝐯𝐚𝐥𝐮𝐚𝐭𝐞 𝐎𝐥𝐝 𝐀𝐧𝐝 𝐍𝐞𝐰 𝐓𝐚𝐱 𝐑𝐞𝐠𝐢𝐦𝐞𝐬 𝐓𝐨 𝐒𝐚𝐯𝐞 𝐓𝐚𝐱

We’ve had two tax regimes since 2020–the Old and the New.

Budget 2023 has sweetened the New Tax Regime.

But where can you save the most tax?

There’s a simple way to analyse it. 👇
Picking a tax regime is easier if you know your total deductions and exemptions.

Add all deductions & exemptions you availed last year as a reference.

These include 80C, interest on a home loan, HRA, LTA, etc.

Use the table below to evaluate which regime can save you more tax.
Read 13 tweets
💡5 Points to consider before switching to new tax regime -


Retweet for max reach ♻️
#tax #newtaxregime #taxsaving
🪙Business income will mean additional compliances

Tax laws consider trading in derivatives and commodities, freelance work, income from YouTube or any other content publishing platform, among others, as business income. So if you are a salaried taxpayer who also has
a business……
🪙 Home loan deduction only if
property rented out

Under the new tax regime, a deduction for interest paid on housing loan can be claimed only
if the said house for which the
loan has been taken is rented out.

Also, this deduction is limited to the amount of rent, and if you……
Read 6 tweets
A new era is dawning for tax-saving funds.

ELSS won’t help you save #tax from Apr 1, 2023, if you pick the New Tax Regime.

Should you still invest in them for better returns?

After all, they are one of the top-performing diversified equity categories (See image)

A detailed 🧵
ELSS is a tax-saving product. But it also helps you create wealth.

The category has delivered an annualised return of over 15% in the past 10 years.

Hardly any other tax-saving option matches its performance.
There’s one clear conclusion from ELSS’ long-term performance.

Even if you choose the New Tax Regime, you can let your past investments in ELSS grow.

There’s no need to withdraw.

Let’s check if you should continue your investment if you choose the New Tax Regime.
Read 13 tweets
Here is this Week’s Market Wrap

'The Times Get Taxing' written by @shyamsek

A Thread (1/n)

#tax #investing #taxbenefits #marketwrap
Investment decisions can be taken based on tax implications. There is a natural tendency among investors to be drawn to investments where they feel taxes are lower. (2/n)

#taxes #investments #investors
When the tax concessions are withdrawn for certain investments, they tend to look less attractive to investors. (3/n)

#taxconcession #investing
Read 15 tweets
Confused about tax filing in India?

Don't worry, you're not alone!

Here are some essential Do's and Don'ts to help you file your taxes with ease!

A thread! (1/n)

#taxfiliing #tax #deductions #personalfinance #thread
#1 Be On Time

Remember to file your tax returns on time. This can help you avoid penalties and legal issues with the Income Tax Department.

The deadline for filing taxes in India is usually July 31st. (2/n)

#taxreturns #taxes #incometax #directtax
#2 Disclose Necessary Infomation

Remember to disclose all your sources of income, including salary, rental income, interest, and capital gains while filing your tax returns to avoid penalties. (3/n)

#tax #salary #rentalincome #interest #capitalgains
Read 11 tweets
#1 Decide Your Tax Regime

The new regime is no fuss and works well.

The old regime allows you to claim deductions and exemptions

If you choose the old regime finalise your tax planning strategy now! (2/7)

#tax #deductions #taxplanning #taxregime
#2 Restructure Your Payslip

Study your pay slip and optimise your EPF contributions. If you choose the old tax regime structure your allowances properly.

Talk to our financial planning team today if you’d like assistance. (3/7)

#salary #CTC #payslip #epf #providentfund
#3 Review Your Investments

2023 is a year that belongs to savers!

You will be spoilt for choice. And there’s no better way to take advantage of this than reviewing and restructuring your investment portfolio. (4/7)

#investmentreview #investing #portfolio
Read 7 tweets
Dmitry #Kotsyubaylo eliminated | Mar 7, 2023
- when the #Americans visited the positions in #Avdiivka, he said that he was feeding the tamed #wolf "the #bones of #Russian-speaking #children.
-#Finland's pm, satanist Sanna Marin
The cabinet of @MarinSanna, former grocery cashier, was formed #unconstitutionally on 10th Dec 2019, following blatantly rigged #ParlamentaryElections. Her party #demarit won the #Scytl/#Dominion '#elections' by 7666 votes.(666=InTheNameOfAllah)
@MarinSanna #Cabal 666 secured a quick run-down of #Finland's economy into the arms of the #IMF, replacing an inexperienced #cashier girl as #primeminister.
- “#SannaMarin’s status is not an achievement of pure-blooded parliamentarism and the #RuleOfLaw | 26.12.2019
Read 8 tweets
The latest Sovereign Gold Bond (SGB) issue is open till Mar 10.

You can buy 1 gram (or 1 unit) of SGB at Rs 5,561.

But there’s a cheaper alternative.

You can buy previous issues of SGBs on #stock exchanges at a 5-6% discount. (Check image)

Should you buy them?

A 🧵
First, some quick facts.

Each SGB unit equals 1 gram of gold (999 purity).

New issues are sold through #banks.

There’s a Rs 50 discount on online purchases.

After the issue is over, #SGB is listed on stock exchanges.

This gives you the option to exit before maturity.
SGBs mature in 8 years.

But they have a 5-year lock-in, which means you have the option to exit after 5 years.

On redemption, you get the prevailing market price of gold.

Plus, you earn an #interest of 2.5% every year on the issue price.
Read 14 tweets
Entrepreneurs, are you tired of paying hefty taxes?

Don't worry! We got you covered!

Check out these top tax-saving tips that can benefit your business and your bottom line. (1/n)

#entrepreneurs #taxes #taxsavings #taxtips
#1 Hire Family Members & Relatives:

You can reduce your tax liability by paying salaries to family members, which are tax-deductible. Their income may also be below the taxable threshold. (2/n)

#tax #taxexemption #taxliability
#2 Deduct Business Expenses for Travel & Accommodation:

Business travel expenses such as tickets and accommodation can be deducted from your taxable income, thus reducing your tax liability.

#taxliability #businessexpenses #deductions
Read 14 tweets
1/8 Amazing vid from @EPBResearch

Debt #Crisis - Yup, It's Coming. Check it our ⬇

2/8 What we've been saying: banks and the consumer are no longer the problem. #Banks are the new utilities.
3/8 The #government and business sector are the problems. Businesses have seen record #debt and record low #tax rates help inflate margins to unsustainable levels.
Read 8 tweets
A simple hack helps you save tax on #stocks and #mutualfunds.

Here’s what you do:

- Sell your investments
- Book profits & losses
- Repurchase immediately

This is called Tax Harvesting

A 🧵on how it’s done.
Let’s first talk about the #tax on #equities.

The profit you book is divided into two buckets.

1. Shot term: If you sell within one year (of purchase)
2. Long-term: If you sell after one year

You pay a higher tax for short-term profits and lower for long-term (Check table)
Now, let’s jump to the sweet part - how to reduce taxes?

You pay LTCG tax only when your gains exceed Rs 1 lakh.

So the trick is not to let your gains go beyond this tax-free limit.

How to do it? Sell a part of your gains to book LTCG and reinvest it.

An example will help.👇
Read 14 tweets
If you are looking for an efficient investment to save tax in India, this is for YOU!

The BEST way is to invest in ELSS Mutual Funds. You can save up to ₹46,800 in taxes under Section 80C!

Here is how! (1/n)

#ELSS #mutualfunds #taxexemption #thread
Every year in March, as the financial quarter comes to an end, there is a rush to invest in tax-saving funds.

And with the quarter end so near, let's look at why ELSS is so popular as a tax saving scheme. (2/n)

#ELSSfunds #taxsavings #investment
What is ELSS Fund?

ELSS fund, or Equity Linked Savings Scheme fund, is a tax-saving scheme that allows you to save tax while investing for your long-term goals. (3/n)

#savetax #financialgoals #taxsavingschemes
Read 18 tweets
Everything you need to know about Bonus Issue:

Is it really Free or Taxable 🤔

Let's find out⤵️

#finance #tax #investing
First, let's understand what Bonus Issue is⤵️

These are company’s accumulated earnings which are converted into free shares that are passed on to the current shareholders by the stake held by each of them without charging any additional cost.
Through Bonus Issue, company restructures their Balance Sheet by transferring the profits kept idle in Reserves & Surplus to Capital.

So, this is what company does.
Read 11 tweets
How many Indians earn more than Rs 10 lakh a year? The answer is 81 lakh in FY21, according to a Lok Sabha reply filed today. In FY15 it was just 22.5 lakh, which implies growth of almost 4x in 6 years. The highest tax bracket kicks in at this level (under old tax regime). #tax
The number of people in the 5-10 lakh bracket is up from 53.3 lakh in FY15 to 1.4 crore - a growth of almost 3 times. The total number of taxpayers in India has also grown from 4 crore in FY15 to 6.33 crore in FY 21, but this is much slower than the growth in higher tax brackets.
Inequality or growth? I take it positively. More people are migrating from the lowest tax bracket to higher brackets than are being added in the lowest bracket. The great Indian middle class is expanding. A long way to go, but today's data should give us some cheer.
Read 3 tweets
Strange headline @BBCNews, which doesn't line up much with the content

A short 🧵 with some notes on errors made in the article, and the evidence on what we do/don't know about #nondoms responding to #tax reform

Have to say, my least fav. way to start 'evidence' part of an article is with an interested party. This one starts by citing one tax advisor, who says potential tax changes are first topic of conversatn with his clients. I mean, 🤯? What else would you talk to tax advisor abt??
Then this famous graph based on the drop in the number of non-doms

My excellent colleague @D_Burgherr has said everything that needs to be said about this already.
Read 19 tweets
We're breaking #Budget2023 down for you.

Sit back, relax, and have a great read! 👇

Infra gets boost:

- Highest ever capital outlay of Rs. 2.40 lakh crores for Railways

- 50-year interest-free loans to states one more year for infra spends

Agri & Fisheries to benefit:

- Agricultural accelerator fund to promote agri-startups

- 10,000 bio-input resource centres in next 3 yrs to promote natural farming

- 6000 Cr outlay for Animal husbandry, dairy, and fisheries
Read 28 tweets
FWIW, here are my three takeaways from #JeremyHunt's interview in the Times:

1. Welcome emphasis on encouraging over-50s back to work. This is long overdue, and will need more than just exhortations and gimmicky 'MOT' schemes, but he seems to get this...…
2. 'Putting sound money before Tory ideology' is a good line: if badly done, tax cuts could keep #inflation high and add to pressure on interest rates.

But still wrong to rule them out: well-targeted cuts could help with both demand and supply, boosting growth without inflation.
3. Prioritising cuts in business rather than personal taxes is not a bad idea: could do more for supply-side performance, with less risk of inflation.

The distinction between the two is blurred anyway: the burden of corporate taxation is ultimately borne by real people.

Read 5 tweets
#BoJo branded '#provenliar' as Met Police issue fines over Downing Street parties -2 hrs ago
- #ScotlandYard statement confirming twenty fixed penalty notices will be issued for breaches of Covid-19 rules following lockdown-busting parties in #SesameStreet
#SesameStreet's Awards, The Worst Actor Winner.
The #UK health secretary, #Hancock #CrocodileTears | Dec 09, 2020
- “It’s been such a tough year for so many people and there’s William #Shakespeare putting it simply for everybody...
Read 25 tweets
Whether a Person who opts to make a payment as per Section 129(1)(a) to get his Conveyance/Goods released (which were earlier detained and Seized U/s 129) is deprived of his right to file appeal U/s 107 against proceedings?

#tax #gst #caselaw
Kerala High Court held:
✅Voluntary payment does not deprive person of Appeal ✅ Whether or not a person opts to make payment U/s 129(1)(a) or provide security U/s 129(1)(c) it is the responsibility of the Officer to pass an Order U/s 129(3)
and upload Summary of Order/Demand in the Form MOV-07.

Title: Hindustan Steel and Cement vs Asstt. STO
Court: Kerala High Court
Citation: Writ Petition (C) No 17454/2022
Dated: 18-Jul-2022
Read 5 tweets

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