Discover and read the best of Twitter Threads about #incometax

Most recents (24)

#DelhiHighCourt orders Income Tax Authorities to 'stay their hand' in relation to the income tax notices issued to former union minister and Rajya Sabha MP @KapilSibal

The IT Department had issued a show cause notice to Sibal on March 11.
#IncomeTax #kapilsibal
The IT authorities had issued notice to Sibal in relation to assesment of his income starting from the year 2013-14.
Sr Advocat P Chidambaram appeared for Sibal today and stated that the income tax proceedings were in violation of principle of natural justice.

The court was also informed that the proceedings were without jurisdiction.
Read 5 tweets
Delhi High Court restrains Income Tax authorities from acting on the Show Cause notice issued to Rajya Sabha MP and senior lawyer Kapil Sibal on March 11, 2023 in relation to assessment proceedings.
The court said the concerned officer will first dispose of objections preferred by Sibal. "In this context, the concerned officer will issue a notice to the petitioner which would indicate the date, venue and time of the hearing," said the court.
The concerned officer will pass a speaking order qua the objections preferred by the petitioner and a copy of the same will be furnished to the petitioner, a division bench of the court said in the order.
Read 6 tweets
Understanding ESOPs #4

Taxation of ESOPS explained in way that even a 5-years old can understand!

#startups #incometax 🧵
ESOPs are like a special way of getting paid. But when you get paid, you also have to pay taxes.

There are 2 times when you have to pay taxes for ESOPs:
1. When you decide to turn them into shares, and
2. When you sell those shares.
Let's say you have 1000 shares that you can turn into shares by paying Rs. 10 for each share. But each share is worth Rs. 100 in the market.

So, the difference between the two prices is Rs. 90 per share, which is taxed.
Read 12 tweets
बाबांनो ते आधार कार्ड पॅन कार्ड लिंक करून या रे!
दरवेळीस सरकार शेवटची तारीख शेवटची वाॅर्निंग म्हणतय खर पण यावेळी सरकारने मनावर घेतलेलं दिसतय. 🧐 ३१ मार्च २०२३ ही आधार-पॅन लिंक करण्याची शेवटची तारीख असल्याने पटापट सगळ्यांनी लिंक करा नाहीतर १ एप्रिलपासुन तुमचे पॅन कार्ड निष्क्रिय
होईल.
याबद्दल सविस्तर माहिती अशी की
Central Board Of Direct Taxes( CBDT) ने ३१ मार्च २०२२ पर्यंत पॅन आधार लिंक करण्याची मुदत दिली होती. ती मुदत ३० जुन २०२२ पर्यंत वाढवली पण ५०० रूपये दंड आकारून!
आणि ३० जुन २०२२ च्या पुढे ५०० रूपये दंडाची रक्कम १००० रूपये करण्यात आलीय याचाच अर्थ
ज्या लोकांनी आणखी पॅन कार्ड आणि आधार कार्ड लिंक केलेल नाहीय त्यांना आधी १००० रूपये दंडात्मक रक्कम भरावी लागेल. ती पण ३१ मार्च २०२३ पर्यंत मुदत आहे. जर तरीपण तुम्ही आधार पॅन लिंक केल नाहीच तर तुमचे पॅन कार्ड निष्क्रिय होईल आणि तुम्हाला जर पॅन कार्ड चालु करायचे असेल तर त्यासाठी
Read 5 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
इन्कम टॅक्स साठी तुम्हाला नवी प्रणाली योग्य की जुनी? ठरवा इन्कम टॅक्स डिपार्टमेंटच्या कॅल्क्युलेटरचा वापर करून
माननीय अर्थमंत्री निर्मला सीतारामन यांनी अर्थसंकल्पात इन्कम टॅक्सबाबत महत्वाची घोषणा केली. ७ लाखांपर्यंत उत्पन्न असणाऱ्या व्यक्तीला टॅक्स भरावा लागणार #मराठी #incometax Image
नाही ही ती घोषणा होती. मात्र यासाठी नवीन टॅक्सप्रणालीचा वापर करणे बंधनकारक असणार आहे. यानंतर अनेकांना आपण जुन्या टॅक्स प्रणालीचा वापर करावा की नव्या? असा प्रश्न पडलेला दिसला.#म #मराठी #incometax Image
म्हणूनच इन्कम टॅक्स डिपार्टमेंटने तुम्हाला मदत म्हणून त्यांच्या वेबसाईटवर ऑफिशियल कॅल्क्युलेटर उपलब्ध करून दिलेले आहेत. यामुळे टॅक्सचे कॅल्क्युलेशन करणे आणि दोन्हीही टॅक्स प्रणालींपैकी कुठे कमी टॅक्स भरावा लागतो हे समजणे सोपे जाईल.
#म #मराठी #incometax Image
Read 6 tweets
We're breaking #Budget2023 down for you.

Sit back, relax, and have a great read! 👇
#AskKamra
1.

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
2.

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
#Budget2023: Key Highlights of FM @nsitharaman's speech

#Budget2023WithPTI
#Budget2023: Key Highlights of FM
@nsitharaman's speech

#Budget2023WithPTI (n/2)
#Budget2023: Key Highlights of FM
@nsitharaman's speech

#Budget2023WithPTI (n/3)
Read 53 tweets
Union Finance Minister Nirmala Sitharaman presenting Union Budget 2023-24 #Budget2023 #BudgetSession #Budget Image
Indian economy has increased from being 10th to 5th in the world. EPFO membership doubled to 27 crore and digital payments of 126 lakh crore rupees made through UPI: Sitharaman @nsitharamanoffc #Budget2023 #BudgetSession #Budget
Priority no 1 is inclusive development - covering farmers, women, youth, OBCs, divyang etc. Sustained focus of Jammu & Kashmir, Ladakh and the North East: Sitharaman @nsitharamanoffc #Budget2023 #BudgetSession #Budget
Read 19 tweets
Current year Estimated GDP growth 7%
#Budget2023
Per capita income doubled in last 9 years
#Budget2023
Universalisation of targeted scheme
Hahahahaha
#Budget2023

Make all targeted scheme as universal scheme Madam FM.
PDS and MGNREGA is the priority.
Read 65 tweets
Are you shifting back to India?

Know #incometax implications & residential status in the year when you come to India.

A thread 🧵
Before we proceed, I want to tell you that from an Income tax perspective, a person can fall into one of these "every year".

Either he/she is a:

1. Resident (R)
2. Non-Resident (NR)
3. Not Ordinarily Resident (R-NOR)

This needs to be checked every financial year (FY).
Your residential status for the FY in which you shift to India depends upon your days of stay in India in that FY.

Can be classified in:

Situation 1- <60 days in IND
Situation 2- 60 to 119 days in IND
Situation 3- 120 to 181 days in IND
Situation 4- 182 days or more in IND
Read 19 tweets
Thread 🧵

Now you can pay Income Tax via Debit Card, Credit Card, UPI too @IncomeTaxIndia

#incometax #upi

Please note, this is available when you pay taxes through Income Tax Portal and not from @Protean_Tech website.
Earlier, tax payments majorly were done using 2 modes. Internet Banking or Physically visiting Bank.

Now you can pay via :

👉UPI
👉Internet Banking
👉Debit Card
👉Credit Card
👉Over the Counter
👉NEFT/RTGS
Paying through UPI, Debit Cards or Rupay Debit Card does not attract any transaction charges.

Income Tax systems using payment gateway of @FederalBankLtd

Snapshot of transaction charges 👇👇 Transaction charges summary
Read 4 tweets
Thread on Taxation and Tax Planning through Minor’s Income

We will see:
👉🏻PAN & ITR filing of Minor
👉🏻How Clubbing of Income happens?
👉🏻Taxation of Minor Income
👉🏻Tax Planning

@Spaysocial @investyadnya @AdeParimal @gaurav28jain #minor #TaxTwitter #taxplanning
Q. Can minor apply for PAN?

Absolutely yes, Income Tax Act does not bar minors from applying to PAN. Even today’s born baby can also apply for PAN.

There is no age limit for applying for PAN.
Q. Can Minor file his ITR?

Yes again. There is no provision in income tax act which says minor cannot file his ITR.

Income tax return can be filed by his representative also.

#incometax #IncomeTaxReturns
Read 19 tweets
Few Important points to keep in mind while reporting clause 44 of Form 3CD i.e. 'Break-up of total expenditure of entities registered or not registered under GST'

(As per the guidance note on Tax Audit under Section 44AB by @theicai )

[A 🧵]

@PratibhaGoyal @TaxationUpdates
a. The total expenditure will include purchases as well

b. Depreciation & deduction for bad debts are not required to be reported

c. Expenditure incurred in respect of activities mentioned under Schedule III to the CGST Act are not required to be reported. Eg: Employees Salary
d. Exempt supply will also include non-taxable supply.

Non-taxable supply includes supply of goods or services which are not leviable to GST. For Eg:
(i) alcoholic liquor
(ii) petroleum crude, high speed diesel oil, motor spirit, natural gas & aviation turbine fuel
Read 5 tweets
Indian Income Tax has a peculiar category of taxpayers i.e. HUF.

So, Let's understand what is HUF ? [ A 🧵]

@CA_HarshilSHETH @TaxationUpdates @PratibhaGoyal @caanuragwriter #HUF #incometax #taxpayer
The Income Tax Act provides several opportunities for taxpayers to reduce their tax liabilities in a legitimate manner.

One such aspect is the creation of the HUF or the Hindu Undivided Family
HUF's features:-

a. HUF is governed under Hindu law board & could be formed by a married couple or by a family

b. Hindus, Buddhists, Jains & Sikhs can form HUFs.

c. HUF consists of a common ancestor and all of his lineal descendants, including their wives & unmarried daughters
Read 5 tweets
Do you know, filing of Income Tax return for senior citizen is not compulsory if TDS is deducted u/s 194P.

Let's understand more about section 194P [ A 🧵]

#incometax #IncomeTaxReturns #ITRfiling #seniorcitizens @PratibhaGoyal @TaxationUpdates @AbhasHalakhandi #incometaxportal
Finance Act, 2021 inserted a new Section 194P to provide relief to a senior citizen who is 75 years or more from the burden of filing of return of income.

It provides that if TDS has been deducted u/s 194P, then such senior citizen shall be exempted from filing Income Tax Return
Section 194P provides conditional relief to the senior citizen from filing the Income-tax return.

It is applicable only if the below mentioned conditions are satisfied.
Read 7 tweets
In the light of several changes in Reverse Charge Mechanism (RCM) like RCM on Residential Flat or RCM on renting of vehicle by corporate.

Lets understand the basic about RCM [ A 🧵]

#RCM #gst #incometax #gstcouncil @PratibhaGoyal @TaxationUpdates @caanuragwriter #company
Reverse charge is a mechanism where the recipient (buyer) of the goods or services is liable to pay GST to the government instead of the supplier.
Typically, the supplier of goods or services pays the GST on supply.

Under the reverse charge mechanism (RCM), the recipient of goods or services becomes liable to pay the GST, i.e., the chargeability gets reversed.
Read 6 tweets
Series A funding is a level of investment in a start-up that follows seed capital funding.

Essentially, the Series A round is the second stage of startup financing and the first stage of venture capital financing.
Series A funding enables a start-up that has potential but lacks needed cash to expand its operations through hiring, purchasing inventory and equipment, and pursuing other long-term goals.

Series A funding is primarily used to ensure the continued growth of a company.
Read 4 tweets
Thread 🧵 on Important Points while Filing Income Tax Returns.

Which in turns saves you from any notice from Income Tax Department.

@Spaysocial @investyadnya @AdeParimal @gaurav28jain

Request to retweet for maximum reach 🙏🏻
1. Do check AIS (Annual Information Statement) & TIS (Tax Information Summary)

Both available on income tax portal under services tab.

Please note there might be errors in figures reported in those statements but you can submit appropriate feedback if showing wrong details.
2. Choosing of correct ITR Form is the most important thing.

If you choose wrong ITR form your ITR will be considered defective. This will lead to invalidate your ITR if response not submitted in due time.

Invalid ITR is as good as you have not filed ITR.
Read 12 tweets
*How #SriLanka got ruined*

Lankans voted for #Rajapakshas knowing very well what they did in the past, including corruption, selling out national assets to #China, #dynastic politics and all.

They still voted for them because Rajapakshas promised things they could not refuse.
1. Their #GST, called VAT Tax, on all products was reduced to 8%, thus making everything cheaper in one stroke. (It also killed the govt revenue). People loved things getting cheaper.
2. The minimum #incometax threshold was changed from 5 Lakhs per annum to 30 Lakhs! Very few earned more than 30L!
A very large part of the population became #tax exempt. This was very popular among the salaried class.
Read 22 tweets
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.

#taxpayers
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
As a #Disabled single parent on #UniversalCredit I desperately needed the #SpringStatement2022 to provide some sort of relief from the #CostOfLivingCrisis we're facing.

It doesn't...

🧵
If I use 15L of petrol/diesel in a week I can expect to be 75p a week better off?

It makes little impact when petrol is up ~50p a litre since the pandemic/Brexit.

75p cut, vs. a £7.50 increase? It's meaningless.

I need a lot more to get by than 75p a week!

2.
Then there's the doubling of the #HouseholdSupportFund - that's a discretionary. You have to plead with the council for it.

You have to set out why you, specifically, are failing to cope on benefits and deliver your full bank statement for scrutiny so they can criticise you.

3.
Read 7 tweets
Tax Deductions under Section 80C of Income Tax Act 👨‍⚖️

Key takeaways in simple words 👇

#incometax #personalfinance
Section 80C of the Income Tax Act, 1961 includes a large spectrum of eligible items for deduction.

Most of these items are in relation to the investments that one can make.
The maximum amount of deduction one can claim under Section 80C is ₹1,50,000

The benefits under this section can be availed only by individuals and Hindu Undivided Family (HUF).
Read 12 tweets
Daily Bookmarks to GAVNet 03/11/2022 greeneracresvaluenetwork.wordpress.com/2022/03/11/dai…
'Bot holiday': Covid disinformation down as social media pivot to Ukraine | Social media | The Guardian
theguardian.com/media/2022/mar…
#COVID19, #DisinformationVolume, #RussiaUkraine, #MediaAttention
Read 13 tweets

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