Are you tired of paying too much tax? If so, you're not alone.

Check out this comprehensive list of available deductions to taxpayers! 🧵
#TaxPlanning #Taxsavings

All in one Page!

Retweet if you like it and share it with others! It is crucial that individuals plan their finances ahead keeping these options open so that they do not end up paying more taxes than necessary every year.

The majority of these deductions are allowed if you choose Old Tax Regime!

Let's start👇

Buy Electric Vehicle before 31st March 2023 if you want tax benefits.

Let's understand 🧵 Indian Government in Union Budget 2019 announced an Incentive for the "Purchase of Electric Vehicles."

This has been done by Incentivizing manufacturers and consumers directly.

One such measure was the introduction of Section 80EEB in the Income Tax Act of 1961

What will happen if you do not link your PAN & Aadhar?
Let's understand 🧵

Do retweet and share with maximum people. First, understand why we need PAN?

PAN is not only used for ITR filing but also used for quoting where PAN is mandatory:

⚡️Buying House Property
⚡️Opening Bank Accounts
⚡️Apply for Loans, Credit Cards
⚡️Investments In MFs, Stocks, Jewelry, etc.

10 lesser-known things about Union Budget 🧵

#UnionBudget2023 Who Prepares the Budget?

The drafting of the Budget is primarily handled by the Department of Economic Affairs.

The final Budget is created by a team of experts from the @FinMinIndia, Union Ministries, and @NITIAayog. Various stakeholders and economists are consulted.

Do we have to pay #taxes on the gifts we received on #Diwali ?

Diwali fever has passed. Everyone loves gifts. Each of us receives gifts from our loved ones, friends, clients, and bosses.

Keep in mind that not all gifts are tax-free. Some are taxed 🤯 Let's understand 🧵 Generally gifts are in form of Cloths, Sweets, Cash, Bonus, Vouchers, Cards, Gold, Shares, Securities, Jewellery, Bullion, and Virtual Digital Assets. #Crypto

As per @IncomeTaxIndia provisions, gifts of items defined as "movable property" are only subject to tax.

Thread 🧵

All about FCNR Accounts
▪️ Concept
▪️ Who can Open and Operate
▪️ Difference with NRE/NRO
▪️ Credits
▪️ Payments
▪️ Repatriation
▪️ Taxability
▪️ Residential Status Changed
▪️ Loans

#FCNR #NRI #Deposits
Retweet🔁 for maximum reach.
⤵️⤵️ 👉Concept

FCNR stands for "Foreign Currency Non Resident Account."

It allows NRIs to invest foreign currency in term deposits in India that too in their preferred currency.
💵💷💴💶

Thread 🧵 on NRE NRO Accounts

✅ What is NRE NRO A/c
✅ What’s the Difference
✅ Types of NRO NRE A/c
✅ Taxability on NRO NRE A/c
✅ Who can Open/Operate
✅ How to Utilise these accounts
✅ Investment’s through NRO NRE
✅ Repatriation of Funds

Let’s begin 👇🏻 Q. What is NRE NRO Accounts ?

Literal meaning -

NRE: Non- Residential External

NRO: Non- Resident Ordinary

Both accounts are opened by NRI’s in India 🇮🇳 which are in INR denominations.

#NRI #NRO #NRE

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

Thread 🧵on Advance Tax.
Applicability, Consequences of Non Payment, Calculations, How to Make Payment etc.

#advancetax
Retweet for maximum reach 🙏 Q. What is an advance tax?

In simple term paying taxes in "Installments" rather than in lump sum while filing ITR. Tax amount paid before 31st March of respective FY is considered as an advance tax.

Tax is to be paid before certain due dates given by @IncomeTaxIndia

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.

Thread 🧵 Tax Planning through HUF Part 2

In this thread:

How Income generated in HUF
Who can be members of HUF
Who can be Karta in HUF
Investments in HUF
Who owns HUF property
Some questions from Part 1

@Spaysocial @investyadnya @AdeParimal @gaurav28jain Q. How income generated in HUF?

Income can be generated through any activity such as
Trading Activity
Factory Setup
Run Hospital
Consultancy Business

Efforts to generate income in HUF can be put by all the members.

#HUF

Thread 🧵 on HUF ( Hindu Undivided Family)

HUF is a big concept, will create 2-3 threads for your understanding.

In this thread :
What is HUF?
Formation of HUF
Tax Planning through HUF
How to generate corpus for HUF? @Spaysocial @investyadnya @AdeParimal @gaurav28jain #HUF What is HUF?

As the name suggests it’s an Hindu Undivided Family. It’s a separate entity recognised like Individual, Companies etc.

Who all covered under HUF?

Hindu’s, Buddhist, Jains and Sikh’s. It means only these people can form HUF.

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.