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Manan Mehta Profile picture
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Jul 30, 2021 • 12 tweets • 4 min read
Tax filing websites are great.. if you know what you're doing.

We've had a lot of people come to us after they've been burnt.

Here's 9 reasons you want to stay away from a tax filing website.

A THREAD 🧵
1/ Small errors may lead to big tax outflows.

2/ Tax filing websites are all numbers and no interaction

3/ The Labyrinth that is the Income Tax Act

4/ You're an NRI who doesn't know how taxes work in India

5/ You are inheriting assets from a deceased relative

6/ You can't determine if you are receiving Salary or Professional Fee

7/ You have become a landlord or own more than 1 unoccupied property

8/ Stock options are your best friend. Until you realize the tax implications, that is

9/ You haven’t filed for longer than you can remember.

Bonus: Data security

Full article below:

#incometax #taxIndia #itr

thegalacticadvisors.com/post/9-reasons…

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More from @manansmehta5

Manan Mehta Profile picture
Feb 2
Now that the dust has finally settled on Budget 2022, let's break down the crypto tax and what that means for everyone.

We've spent the last 24 hours breaking down the Finance Bill 2022 and here's what we found.

Crypto tax - a thread 🧵
1/ You've all seen the news - there's a new tax introduced on cryptocurrencies in Budget 2021. How does this affect you? Is this good news or bad news?

Let's get into it.

Full article below:
2/ Virtual Digital Asset 🪙

Virtual digital assets have an official definition now. Broadly, here’s what it includes:

- All cryptocurrencies (whether on private or public blockchain)
- All NFTs
- Any other digital asset that the Government may notify
Read 44 tweets
Manan Mehta Profile picture
Feb 1
Budget 2022:

A master thread - Let's go 🚀

Will cover all things that matter for individuals and try to simplify things.
#Budget2022
Market movements after budget from @deepakshenoy

Conclusion - Probably nothing. Markets are unpredictable 🤷🏻‍♂️

New rules for foreign retirement accounts were expected last year.

Introduced in Budget 2021 but they probably forgot about it? 😂

Let's see if there's anything this year.

Read 38 tweets
Manan Mehta Profile picture
Jan 12
How are investments in REITs taxed in India? 🏢

With multiple REITs available now in India (Embassy, Mindspace, Brookfield), you really should understand the tax implications on investing in REITs.

A Thread 🧵
1/ Distributions from REIT:

A REIT can distribute money to you in the following forms:

•Dividend
•Interest
•Amortization of debt
•Any combination of the above
2/ The REIT will provide you a Form 64B at the end of the year. All you have to do is pick up these numbers and plug them into your ITR.
Read 11 tweets
Manan Mehta Profile picture
Jan 10
New issue of Sovereign Gold Bond starts today🏅

I've been asked the tax implications so many times, so here you go.

Here's a very simple cheatsheet - A thread 🧵

Retweet for karma 😇
🏅 Buy in primary issue, hold till maturity:
No tax on maturity

🏅 Buy in primary issue, sell in secondary market:
Capital gains tax applies

🏅 Buy in secondary market, hold till maturity:
No tax on maturity
🏅 Buy in secondary market, sell in secondary market:
Capital gains tax applies

Note that Interest is always taxable at slab rates.

#SGB #investment #incometax
Read 4 tweets
Manan Mehta Profile picture
Oct 10, 2021
Let's introduce you to the crypto world. And where to get started. I'm going to use stock analogies here.

I've spent over 100 hours dissecting the basics.

Here's a Crypto investing 101. A thread 🧵

Like and Retweet 🚀
1/ Indian exchanges:

Think of crypto exchanges like WazirX, Zebpay and CoinDCX as a broker-cum-exchange. I like to say this is Zerodha + NSE.

They allow you to purchase cryptocurrency on the exchange as well as act as a store of your cryptocurrencies.
All your crypto currencies are stored on a Wallet with these exchanges. There are considered centralized exchanges.

These exchanges allow you to invest in all your major cryptocurrencies - Bitcoin, Ether, Dogecoin, ADA, Matic, etc

Most transactions are denominated in INR
Read 20 tweets
Manan Mehta Profile picture
Oct 8, 2021
I've been thinking about this for a while.

Is there a way we get around the fact that Bitcoin DOES NOT work in isolation? Bitcoin is (and probably always will be) valued in terms of another currency.

#Bitcoin #Crypto #Blockchain

1/n Image
So you have an alternative to Gold - great! But is that all that Bitcoin can be?

Bitcoin does not seem like it can ever be used as a medium of exchange. For multiple reasons:

2/n
1. Governments are unlikely to allow this.
2. How do you value something in Bitcoin terms if the value keeps fluctuating? A currency needs to be stable(ish)

3/n
Read 7 tweets

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