Get a Tax Penalty Notice of 10 Lakhs if you're buying stocks of Google, Apple, Meta, etc. but not disclosing these assets and dividends in your ITR.

A Thread🧵 This power to levy a penalty of 10 Lakhs comes from the black money act, of 2015. The penalty is levied if:
If you have furnished
✔️ "inaccurate particulars" or
✔️ "did not furnish any information" in your income tax return relating to:

1. Foreign Income
2. Foreign Assets Held

Sold Shares or Gold or Plot & have Gains.
You Can Save Tax on Those Gains.

A Thread 🧵 When do you get EXEMPTION to SAVE TAX?

Exemption is given when you re-invest the net sales consideration that you have got from the sale of these shares/gold/land etc.
Moreover, to be eligible for exemption, the assets that you have sold need to be "long-term capital assets".

Tax on Futures and Options
(With Some Charts)

A Thread 🧵 Chargeable as: Normal Business Income

Tax on Sovereign Gold Bonds.
A Thread 🧵 Let's break down the meaning of SGBs.

✅Sovereign Gold - Gold issued by RBI on behalf of the government (sovereign)
✅Bonds - In paper form to raise money from the investors.

So, government issues SGBs and raises money from the public who invests in such SGBs.

Personal Finance in 30 Minutes.
A Thread 🧵 Before I start, I want to state that personal finance is very personal. Whatever I jot down below is my take on how anyone who simply doesn't know anything can still do much much better than a lot of people by simply following the steps given below.

The idea is to keep it simple

Sending money outside India to travel, to buy stocks, for education or health purposes?
Know how TCS impacts you.

A Thread 🧵 In this thread, we will discuss about foreign remittance made outside India under LRS.
As the name suggests, LRS is Liberalised (Easy) Remittance (To send money) Scheme.
You can read it as "easy to send money scheme" for Resident Individuals for you to understand it better.

Taxation on Leave Encashment
A Thread🧵 Every employee get certain leaves from the organisation they work in & if those leaves are not availed, they either get lapsed or get an option to carry forward to nexy years or get an option of encashing the same.

A Quick Tax Planning Guide For Individuals for Financial Year 2022 - 2023.
A Thread HEALTH INSURANCE (80D)

You can pay health insurance for yourself along with your family & parents and claim a tax deduction for the same. If you haven't taken insurance, you can buy it now and reduce your tax outgo.

Read more in detail here: buff.ly/3ZqwxRs

Investing in Debt Fund Now
Vs
Investing in Debt Fund On or After 01st April 2023

Tax Saving Comparisions 🧵 Invested: 5 Lakhs

Debt Mutual Funds are So Dead Now. Like Literally.
A Tax Shocker to all the Investors.

A Thread In the Finance Bill, 2023, Market Linked Debentures Acquired on or After 01st April 2023 were to be treated as short term capital asset.
That means, irrespective of whether you hold it for 36 months or more, the tax would be at your slab rates.

Things to do before 31st March 2023 as an Individual Taxpayer.
A Thread INVEST IN TAX SAVING INSTRUMENTS

For FY 22-23, the old regime which gives benefit for tax cut is better than new regime for a lot of people. If you can reduce your tax by investing, please do it.

Deferring your tax is a smart idea.

Hacks to Save Interest on Advance Tax Even if You're Late.
A Thread 🧵 So, you have missed the last installment date of 15th March to pay your advance tax. Don't worry, there are few hacks to still save it.

Sharing some practical tips with an example below ⬇️

How Liquid Funds are better than FDs?
From a Taxation POV 🧵 Income from FDs are added to your total income and taxed on the basis of your slab.

Liquid Funds are capital assets & bifurcated into short-term capital assets (STCA - held up to 36 months) or long-term capital assets (LTCA - beyond 36 months) on the basis of holding period.

Living in India & Planning to buy shares of Google, Apple, Amazon, Microsoft & Tesla?
Know tax implications around foreign stocks.

A thread When you buy any share, you derive two kinds of Income:

1. Capital Gains Income i.e. The appreciation/loss you make when you sell the stock.
2. Dividend Income i.e. The company pays you some part of the profits when you hold the shares.

Next, you gift shares of B Ltd to your father and he sells them from his Demat.

In such a situation,
LTCG = Sale value - Rs. 125k (Minus) Cost - Rs. 25k (Since he received the shares as a gift, the cost will be the cost of the previous owner i.e. his son's buy price)

LTCG - 1L Now, your father can also claim this exemption of Rs. 1 Lakh for shares gifted to him and sold by him.
You can do the same exercise by selling C Ltd shares to your mother and D Ltd shares to your spouse.

In this way, you end up paying no tax on LTCG of Rs. 4 Lakhs.

Gift your shares and save capital gains tax.
A thread 🧵 Most of you know that when you sell equity shares after one year of holding, you attract long-term capital gains which is taxed at 10% and gains up to Rs. 1 Lakh is reduced from your total LTCG.

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).

Are you an Indian citizen going outside India for employment for the first time?

If yes, understand your residential status & tax implications for income tax purposes in India through this thread🧵 Before we proceed, I want to tell you that 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).

E-Invoicing is set to become compulsory for all the people who have a turnover exceeding 10 crores from 01st October 2022

Let's know more about E-Invoicing.
A short thread🧵

#GST What is E-Invoicing?

To understand it simply, let us first know what is "Not E-invoicing."

❌Don't Confuse, E-Invoicing as generating invoices online or generating Invoices through electronic mediums.
Every person mostly create digital invoices only through app/software.

Consequences of not filing ITR on or before the due date i.e. 31st July for non-audit cases

A short thread and a practical tip 🧵 A. For income above 5L, the penalty would be Rs. 5000 till 31st Dec.
Further delay attracts a penalty of Rs. 10000 when filed between 1st Jan to 31 Mar

B. For income up to 5L, the penalty is Rs. 1000.

1/n

Want to know how you can do some tax cuts on your salary?

Trying to cover some possible areas of exemptions and deductions with this thread 🧵 Income from salary is charged to tax at your slab rates.

Salary includes allowances and perquisites some of which are fully taxable, partially taxable, and not taxable (exempt).

Let me break down various exemptions and deductions to reduce your salary for tax purposes.