Ambanis spend Rs.1,000 crores only on Pre-Wedding rituals
Final cost of marriage is expected to be about Rs.10,000 crores
But still there are lot of good lessons for all of us to learn from this mega spending.
Lets learn them and make ourselves RICH AND WEALTHY
https://srikavimoney.blogspot.com/2024/03/learning-from-mukesh-ambanis-sons-not.html
It’s interesting to note how income tax is collected:
- TDS Rs. 10,44,511 Crs
- Advance Tax Rs. 9,11,534 Crs
- Self Assessment Rs. 1,73,296 Crs
- Regular Assessment Rs. 73,548 Crs
- Minor Head Rs. 24,177 Crs
Total Rs. 22,27,066 Crs
This mean that government of India does not need to wait for the year end to get tax’s cash flows. It’s comes to treasury every month.
The deadline to file an updated Income Tax Return (ITR) for the financial year 2020-21 is approaching, with March 31st, 2024 being the last day.
If you believe there may be errors in your income tax return for the previous financial year, you have the opportunity to submit an updated return (Form ITR-U) to correct any omissions or mistakes. This provision is allowed under Section 139(8A) of the Income Tax Act.
To rectify any errors or omissions, you should begin by reviewing your FY 2020-21 return. Make sure you haven't missed any sources of income, such as interest, freelance work, or capital gains. Additionally, check if you have claimed any deductions that you are not eligible for.
Once you have completed your review, conduct research to understand the concept of the 'updated return' as defined in the Income Tax Act.
Next, recalculate your tax liability for the financial year 2020-21 using the corrected income details.
Finally, ensure you file your updated return before the deadline of March 31st, 2024.
This is your final opportunity to rectify any errors and ensure that you are in compliance with tax regulations.
#taxtantri
matrubai.srikanth/unlock-abundance-with-the-timeless-4-paise-philosophy-9f7f305b66ae" rel="nofollow">https://medium.com/@matrubai.srikanth/unlock-abundance-with-the-timeless-4-paise-philosophy-9f7f305b66ae
Our Elders used to say "Aaj chaar paise hote to yeh din naa dekhne padte”
What does the money lessons it holds in this modern world..
Find out....
*Planning to make withdrawls from your Employee Provident Fund account?*
Brace for a painful process! (Mint)
https://srikavimoney.blogspot.com/2023/03/tax-harvesting-simple-hack-to-save-tax.html
Taxes and Death are the only things that are guaranteed in life.
Both cannot be avoided, and you must face them.
Thankfully, for taxes, there are some ways where you can legally reduce your outgo and one of them is the least known but very useful called TAX HARVESTING
Delhi court sentences woman to 6 months jail for not filing ITR on income of Rs 2 Crores
Non Compliance taken to another level !!
Heads up:
March 15th is right around the corner, and that's the LAST day to sort out your ADVANCE TAX for the 2023-2024 financial year.
Trust me, it's way better to plan ahead and avoid any extra charges.
If you miss the deadline, you'll be facing a 1% monthly interest on the unpaid amount!!!
So why not take a little time this week to make sure you're all set and dodge any last-minute stress?
It's all about staying on track and staying cool!
As part of the e-Verification Scheme-2021, Income Tax Department (ITD) is in the process of sending communication to taxpayers pertaining to ‘mismatch’ between the information filed in the Income Tax Return (ITR) vis-à-vis information of specified financial transactions, as available with the Department, for ITRs filed for AY 2021-22 (FY 2020-21).
• This information is being communicated to the taxpayers through their e-mail accounts as registered with the ITD.
• The Department urges taxpayers, to view their AIS through the e-filing portal and file updated ITRs (ITR-U), wherever necessary.
• This is to increase transparency and to promote voluntary tax compliance.
• Eligible non-filers can also file their ITR-U.
• The last date for filing ITR-U for A.Y. 2021-22 (i.e. for F.Y. 2020-21) is 31.03.2024.
For more details, please see the Press Release:
pib.gov.in/PressReleseDet…
The hidden benefit of opening a SB account in Post Office
https://srikavimoney.blogspot.com/2024/02/building-fortress-of-financial-security.html
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Well done, folks!
Direct tax receipts have hit ₹15.6 trn.
That's a 20.25% increase y-o-y.
https://t.me/joinchat/AAAAAFbeUyBHCnr4YRgmOg
News, tips, guide on INSURANCE from Experts across India
Getting stressed about the Mutual Fund Stress Test?
DONT!!
Watch this to get out of Stress!
https://youtu.be/KuUOwMGTNnA
Income Tax dept is calculating your advance tax liability by tracking these financial transactions: Here's how to check on compliance portal
https://m.economictimes.com/wealth/tax/income-tax-dept-is-calculating-your-advance-tax-liability-by-tracking-these-financial-transactions-heres-how-to-check-on-compliance-portal/articleshow/108434414.cms
https://srikavimoney.blogspot.com/2024/02/empowering-your-daughter-with-sukanya.html
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TAX-LOSS HARVESTING
⚜️🔆⚜️🔆⚜️🔆⚜️🔆⚜️🔆⚜️🔆⚜️
*VALID TILL* : 28TH MARCH 2024
➖Selling a security/stocks that has incurred a loss to help investors reduce or offset taxes on any capital gains income subject to taxation.
➖The sold security can be bought back or replaced by a similar one ( *Intraday square off not valid* )
*📝 Please Note*
*LTCG*: will be adjusted against long-term loss only
*STCG*: can be set off against both long-term capital loss and short-term capital loss
*Example:*
1) If an individual earns ₹1 lakh in Short-Term Capital Gains (STCG) this year, they must pay 15% of this amount as taxes, which amounts to ₹15,000.
2) Additionally, if the individual holds stocks with an unrealized loss of ₹60,000, they can sell these stocks to reduce their net STCG to ₹40,000. This would require paying 15% of ₹40,000, which amounts to ₹6,000 in taxes, resulting in a tax savings of ₹9,000.
3) This process of selling stocks to harvest losses and save on taxes is known as tax-loss harvesting.
Our Elders used to say "Aaj chaar paise hote to yeh din naa dekhne padte”
What does the money lessons it holds in this modern world..
Read here and find out..
https://srikavimoney.blogspot.com/2024/02/unlock-abundance-with-timeless-4-paise.html
Section 80E: Under section 80E an individual can claim deduction for interest component under an educational loan. There is no limit on the maximum amount of deduction that can be claimed under section 80E, and neither is an individual required to upload any documentary evidence for claiming such a deduction. This deduction is allowed for maximum of 8 years.
Only those who opt for the old tax regime can avail of the 80E tax deduction.
The loan should have been taken from any financial institution or any approved charitable institution to pursue his higher education or for higher education of his relative.
