Discover and read the best of Twitter Threads about #TaxPlanning

Most recents (6)

Are you buying Insurance this year just to save taxes?

DON'T. 🤫

It could cost you more than it saves in taxes!

Here's how ⤵️
Suppose there is a Mr Rahul who gets Rs 7.5 Lakh a year as his salary (with no other sources of income).

➡️ In India, if you earn more than 5 Lakh, you have to pay taxes.

But there are ways by which you can reduce your Taxable income. Some of them are:

° By investing up to 1.5 Lakh in PF, NSC, ELSS, Insurance, etc (80C)
° By investing up to 50 Thousand in NPS (80CCD)
Read 15 tweets
Returning from USA? Reset your cost basis!

We thought it's time to write about something we do with a lot of our clients who are returning to India from the US.

This is almost always a once in a lifetime opportunity and can save you a ton of tax. Don't miss out!

What benefit can I get from resetting my cost basis?

1. Let's say you purchased stock of Alphabet at a price of USD 2,000 per share while you were in the US.

2. You move back to India and the price of Alphabet share sky rockets to USD 3,000.

3. You could sell these shares at USD 3,000 and pay no capital gains tax.

How? The rest of the article covers this in detail!

You can simply repurchase the shares at the current cost. You would have reset your cost basis to USD 3,000 per share without incurring any tax.

Read 14 tweets
ஏப்ரல் மாதத்தில் நீங்கள் செய்யவேண்டிய மற்றுமொரு முக்கிய கடமை - Tax Planning.

இதற்கான வழிமுறைகள் என்ன?
எப்படி செய்வது?
எந்தெந்த வழிகளில் முதலீடு செய்வது?

மேற்கண்ட கேள்விகளுக்கான விடைகள் - இந்த இழையில்.
To begin, நீங்கள் செய்யவேண்டியது - உங்கள் அலுவலகத்தில்.

1. New/Old Regime - Select
2. Declaration - எந்தெந்த இடங்களில், எவ்வளவு முதலீடு செய்யப்போகிறீர்கள் என்கிற விவரங்கள் பதியப்பட வேண்டும்
Declaration செய்வதற்கு எந்தெந்த section உங்களுக்கு exemptions அளிக்கும் என்கிற விவரங்கள்:
Exemption category யில், அனைவருக்கும் மிக பரிச்சயமான ஒன்று Section 80C (முதலீடுகள்).

என்னென்ன முதலீட்டு வாய்ப்புகள் உள்ளன?
அவைகளில் எவ்வளவு முதலீடு செய்யலாம்?
படத்தில் காண்க.

இந்த sectionல் உங்களுக்கு அதிகப்படியாக ஒன்றரை லட்சம் வரையில் exemption கிடைக்கும்.
Read 8 tweets
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.
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.
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.
Read 23 tweets
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
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.
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%).
Read 20 tweets
As the FY 2020-21 is closing, I decided to write a simple thread on how equities are taxed in India and how you can save income tax by following simple logical steps.
Here’s a thread for the same. 🧵👇
Do retweet for better reach and help others save taxes.
Firstly, let us understand the types of capital gains that are taxed in equities. These are,
a.Short term capital gains
b.Long term capital gains (1/n)
If an investor is holding shares listed on a recognized stock exchange (NSE, BSE) for more than 12 months, the gain/loss arising from the sale shall be ‘Long’ term. Else, it shall be ‘Short’ term. (2/n)
Read 25 tweets

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