Salaried should Know if Rent Paid to a Relative can be claimed as HRA? Two Conditions and Proof need as evidence!

Also cases in which you cannot claim!

A thread 🧵 To claim HRA, the employee must meet following conditions:

· Employee must be a salaried individual and receive HRA

· Employee must be paying rent for a residential accommodation he/she occupies

· Employee must not own residential accommodation for which HRA is being claimed

10 Things Every Salaried/ Business Must Do Before Financial Year End on 31 March 2023 - for Tax Saving and Compliance

A thread - 🧵 1) Make Investments To Save Tax

Different types of Taxpayers are entitled for deduction at the Taxable Income e.g. Individuals and HUFs are entitled for deduction u/s 80C of Rs. 1,50,000/- and Rs. 50,000/- u/s 80 CCD for investments in National Pension Scheme (NPS), etc

The income Tax Dep has notified new rules for the Audit of NGOs and Trust from 1 April 2023

A Thread 🧵of Major Changes Two Audit Forms

1) Form 10B - Trust who has Income > 5 crore or received any foreign contribution or applied any part of its income outside India

2) Form No. 10BB - in other cases, above condition are not applicable

7 Key Changes in New Income Tax Returns forms for FY 2022-23 / AY 2023-24: #ITRForms A thread 🧵 The tax department has notified the ITR forms for AY 2023-24 early compared to previous years. Last year, the CBDT notified the forms for AY 2022-23 on March 30.

Top 30 Highlights of #EconomicSurvey A thread 1) India's GDP growth is expected to remain robust in FY24. GDP forecast for FY24 to be in the range of 6-6.8 %.

The Adani has used word Auditor 35 times in response to #HindenburgReport .

The group has come forward with facts in relation to Audit conducted by CAs & Big4 in group companies - A thread 🧵 The Audit Committee of each of the listed companies is composed of 100% of Independent Directors and chaired by Independent Director

The Statutory Auditors are appointed only upon recommendation by the Audit Committee to the Board of Directors.

How I cleared my CAexams - the challenges and ways I overcome them

A thread 🧵

#CAresults #icairesults #icaiexams #icai I was an average student in school scoring 50% in all years. For the first time, I scored first class in my 10th board exams my parents and my friends were really happy.

Being an average student does not disqualify you from achieving any goals

10 things to do before 31 March by Individuals- Salaried and Business for Tax Saving and Compliance - A Thread 🧵 1) Business & Professionals (BP) - MSMEs write accounts till date, by Jan or Feb to know your expenses, receipts actual profits.

Add your Interest, Rental, Dividend, Capital Gains to know your Tax liability in advance and pay before March as Advance Tax

KPMG India in a Million Dollar Settlement with a US Regulator in case of a Bank that has wholesale and retail and treasury services, headquartered in Mumbai

PCAOB in Dec 2022, Order a monetary penalty of US$1mn (million) on KPMG India & US$75,000 on Mr Lakhani

A Thread 🧵 The sanctions are based on KPMG India’s quality control failures and Lakhani’s supervisory and documentation failures in connection with a practice of signing off on blank placeholder work papers during the 2017 audit of a public company.

The @theicai has submitted Pre-Budget Memorandum - 2023 on Direct Taxes for #Budget2023

Know top 10 proposal for individuals - A thread 🧵 1) Minor Income

At present income of minors included in the hands of parents is exempt to the extent of Rs.1500/- . The average expenditure to meet cost of a minor's education/health/living expenses has gone up considerably, suggested to be raised Rs. 10,000/-

Taxpayers who missed the July 31, 2022 deadline for filing Income-Tax Return (ITR) for FY 2021-22 may file a belated return till 31 December 2022 as the last date.

Decades-old habit to file tax returns is March is out of the question! A thread 🧵 Belated Tax return aims at providing an additional opportunity to those taxpayers who miss the deadline due to some unavoidable reason, furnishing a belated return has three major disadvantages.

Investing in Tax Saving MF for 80C deduction?

Remember 5 years' returns of ELSS Tax saver have a range of 5% to 22% with an average mean of 13%

So if your fund is earning less than 13% returns its time to introspect

Know which are worst & best-performing ELSS MF a thread 🧵 Top Worst Performer - average returns of 5 years

Nippon India Tax Saver Fund 12000 Cr - 5.12%
Aditya Birla Sun Life Tax Plan 300 Cr - 6.05%
Aditya Birla Sun Life Tax Relief 96 14000 Cr - 6.70%

First-time homebuyer? You can claim up to Rs 5 lakhs as Income Tax deductions if you are taking a home loan

Know how - Read Thread 🧵 If you are buying a home for the first time, you are entitled to get income tax benefits on it under three sections — 

1) Section 24

2) Section 80EEA

3) Section 80C

How to claim maximum deduction while filing the declaration and pay Zero tax for CTC of up to Rs 20 Lacs in case of a salaried employee for FY 2022-23

A thread on deductions for salaried 🧵 Tax Deductions

Section 80C Exemption 150k
NPS 80CCD(1B) Tax Exemption 50k
Medical Insurance (Self & Parents) 50k
Standard Deduction 50k

20 lac - 3 lac = 17 lakhs

Selling your property and having capital gains of 1 crore?

Planning to invest in NHAI / REC bonds or buying another property just to save tax of 20 lakhs?

Do not do that. You can earn 35 lacs extra even after paying 20 lacs as Tax. Know how - A Thread 🧵 Most people who do not want property land up buying one just to save capital gain Tax

Property gives rental of hardly 2% and 2% appreciation

Further, the funds blocked are not liquid and there is lock-in period of 5 years as per Income Tax Act

Yesterday watched the Documentary – The Social Dilemma

Shocked to Know how Social Media, Facebook, Twitter, Instagram, etc are designed to manipulate people's views, emotions, and behaviour and spread conspiracy theories & disinformation

A Thread 🧵 & my 10 action points Social media really is designed to be addictive. The constant stream of retweets, likes, and shares from these sites affect the brain’s reward area and triggers the same kind of chemical reaction as other drugs, such as cocaine.

Risk are very high in young generations

Tax stability for businesses to bond inclusion in global index; 5 highlights from FM Sitharaman’s speech today

A Thread 🧵 #NirmalaSitharaman 1) India is the fastest growing economy in the world and over the next 25 years, the government will reposition it to ensure that India becomes a developed nation by 2047

To all those who ask me what is the purpose of their life?

The purpose of life is simple,

Do best of whatever role you have been assigned at present

A thread 🧵 If you are,

Student - Study to best of your ability

In Job - work in best interest of your organization

Entrepreneur - Work for all your stakeholders Win Win situation

Govt post - Work to give back the people best of India’s resources

Summons some times are misused by the GST officer for harassment of taxpayers by asking unnecessary documents and information

Received GST Summons ? Taxpayers should know their legal rights, as per recent CBIC Guidelines

A thread 🧵 Summons sometimes are misused by tax officer to call MD, CFO, CEO unnecessary just for statutory records or routine material evidence/ documents.

To avoid such situation CBIC has issued guidelines to protect Taxpayers

When you have to pay GST on House Rent?

Even if you have GST Number as a Tenant, it is not necessary you will be liable to pay GST !!

A thread 🧵 Earlier, rent of residential properties till July 17, 2022 was exempted from GST irrespective of whether the tenant or landlord is registered or not

GST Refund is grey area where either refunds are delayed unnecessarily or many times excess refund are granted by officers.

5 shocking observation by CAG in relation to GST Refund 1) GST refunds pertaining to the period from July 2017 to September 2019 (Pre-automation) received from 34 Commissionerates, CAG Audit noticed 410 instances of double payments owing to lack of reconciliation and monitoring amounting to ₹ 13.73 crore