https://youtu.be/E7l77fWQ2uE
Can your finances withstand the unexpected? Sunita Williams and Barry Wilmore faced 286 days of uncertainty in space. Just like them, you need a solid financial plan to navigate life's crises. Read on to build yours....
New TDS Rules on Salary/Pension from 1st April 2025
https://taxupdates.cagurujiclasses.com/new-tds-rules-on-salary-pension-from-1st-april-2025/
If you invest in Fixed Deposits (FD), here’s some good news for you. From April 1, banks will not deduct TDS (Tax Deducted at Source) on interest up to ₹1 lakh on FD, RD, and similar savings schemes. This limit has been specifically set for senior citizens, who previously had a limit of ₹50,000, which has now been increased to ₹1 lakh. Additionally, other investors have also received relief, with their limit increased from ₹40,000 to ₹50,000. This means that if a senior citizen earns up to ₹1 lakh in interest from FD in a year, no TDS will be deducted on it. The limit for senior citizens has been directly doubled, providing them with significant benefits.
13. TDS /TCS limit revision
For the financial year 2025-26, starting April 1, 2025, the threshold limits for TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) under certain sections of the Income Tax Act have been increased. This means that TDS and TCS will only be applicable if the transaction exceeds these revised limits, reducing the compliance burden on smaller transactions.
14. **TDS on Partner’s Remuneration Section-194T*
Section 194T was introduced in Budget 2024 to increase the tax base and compliance of partnership firms and LLPs. Section 194T requires firms and LLPs to deduct TDS at the rate of 10% if the payments made to partners are more than Rs. 20,000 in a financial year. This section covers all commissions, remuneration, bonuses, salary, or interest payments to partners.
15.* *Removal Of TCS On Sale Of Goods**
Previously, the seller had to collect a TCS under section 206C(1H) on the sale of goods if the aggregate value of goods sold exceeded Rs. 50 lakhs with other conditions. This created compliance issues with section 194Q where the buyer had to deduct TDS on the purchase of goods with the same conditions.
16. Omission Of Sections 206AB & 206CCA
Sections 206AB & 206CCA required a higher TDS and TCS rates for Non-filers i.e, individuals who do not file tax returns. It was a burden on the dedcutors and collectors to identify such non-filers and furnish returns within the specified due date.
🚨From April 1, 2025 both the sections will be removed. Hence, there is no need now for businesses to verify if the person has filed tax returns or not in order to determine the TDS or TCS rates. This simplifies compliance and reduces the burden of the businesses.
These updates are crucial for individuals and businesses to consider for smoother financial planning and to avoid any potential penalties.
Key Financial Changes Effective from April 2025**
- Revised Tax Structure:
- No tax up to ₹4 lakh.
- 5% for income between ₹4 lakh and ₹8 lakh.
- 10% for income from ₹8 lakh to ₹12 lakh.
- 15% for income from ₹12 lakh to ₹16 lakh.
- 20% for income from ₹16 lakh to ₹20 lakh.
- 25% for income from ₹20 lakh to ₹24 lakh.
- 30% for income above ₹24 lakh.
- Increased Standard Deduction: Now set at ₹75,000.
- Changes in TCS for Overseas Transactions: 20% tax collected at source on LRS transfers over ₹10 lakh.
- Extended Correction Period for TDS/TCS: Corrections allowed up to six years from the filing date.
- Self-Occupied Property Rules: Tax exemption for two self-occupied properties without needing to prove reasons for non-occupancy.
- Longer Timeline for Updated ITR: Now four years, with varying additional tax rates based on submission timing.
- New Fund Offer Requirements: Funds must be deployed within 30 business days, with penalties for delays.
- DigiLocker Enhancements: Users can store holdings statements for shares and mutual funds.
- Launch of MITRA Platform: A searchable tool for unclaimed mutual fund folios.
- Introduction of Specialized Investment Funds (SIFs): New investment category requiring a minimum investment of ₹10 lakh.
- NPS Vatsalya Scheme: Tax benefits for contributions towards children's welfare, applicable only in the old tax regime.
- Increased TDS Threshold for Senior Citizens: Raised from ₹50,000 to ₹1 lakh on income from interest.
Imagine being stuck in space for 286 days like Sunita Williams! Life’s crises can feel just as uncertain—don’t face them unprepared. Watch this video to build a solid financial plan and secure your future!
[Link: https://youtu.be/E7l77fWQ2uE]
7 Transactions That Can Trigger an Income Tax Notice! 🚨
Did you know that certain high-value transactions can attract scrutiny from the Income Tax Department? If you’ve done any of the following, you may receive a notice:
🔹 Foreign Travel: Spent more than ₹2 lakh? 🚀✈️
🔹 Credit Card Expenses: Exceeded ₹2 lakh? 💳
🔹 Cash Payments for Credit Cards: Paid over ₹1 lakh in cash? 💵
🔹 Investments: Invested ₹10 lakh+ in mutual funds, shares, or bonds? 📈
🔹 Property Purchase: Bought property worth more than ₹30 lakh? 🏠
🔹 Cash Deposits: Deposited ₹10 lakh+ in cash? 🏦
🔹 Business Transactions: Cash transactions above ₹50,000? 📊
💡 Tax experts and CA friends—do you have more insights? Drop your suggestions in the comments!
🔎 Stay compliant, track your financial activities, and consult a tax expert.
Income tax department will send notice on doing these 7 transactions, CA will not be able to help
https://www.informalnewz.com/income-tax-department-will-send-notice-on-doing-these-7-transactions-ca-will-not-be-able-to-help/
Tax Rebate Increased from 25k to 60K
Tax rebate under section (87A) has been increased from 25K to 60K. Which means income upto 12
Lac will have ZERO TAX. As per experts. Under New Tax Regime. For salaried employees it is 75K
so 12.75lac for employees.
Today is the last date (15/03) of filing Advance Tax for the current fiscal year.
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Parachute is labeled as edible oil ,not hair oil ?
In India, edible oils are taxed at 5%, while hair oils are taxed at 18% GST.
To take advantage of this lower tax rate, Parachute is labelled as edible oil to save hefty taxes.
In 2005, tax officials took Marico to court, questioning why Parachute was taxed as edible oil instead of hair oil.
However, the Supreme Court declared that pure coconut oil, even in small packs, is considered edible oil unless sold as a cosmetic product.
It also mentioned that tax depends on how a product is labeled and marketed, not the bottle size.
Since the Parachute met food safety standards and has an FSSAI food license, it qualified as edible oil.
While we still use it as hair oil rather than edible oil.!!
_*📚📚Tax Loss Harvesting*_
*Definition - Tax Loss Harvesting ( TLH )* is the act of booking unrealized losses on stocks or mutual funds to reduce taxable gains and minimize tax payable.
*Set-Off Rules:*
Long-Term Capital Loss ( LTCL ) -
*CAN BE SET OFF ONLY against long-term capital gains ( LTCG ).*
Cannot be set off against short-term capital gains ( STCG ).
Short-Term Capital Loss ( STCL ) -
*CAN BE SET OFF against either STCG or LTCG.*
*Carry Forward Losses* - If losses cannot be fully set off in the same financial year:
*Both STCL and LTCL can be carried forward for 8 assessment years.*
*Tax Rates :*
# *STCG* - 15% of the gain ( till July 22, 2024 ).
*20% of the gain ( post July 22, 2024 ).*
*# LTCG :*
_*"Tax-free up to ₹1.25 lakh annually."*_
Above ₹1.25 lakh -
Taxed at 10% ( till July 22, 2024 ).
*Taxed at 12.5% ( post July 22, 2024 ).*
*Execution Guidelines :*
Sell today, buy tomorrow -
Sell between 3:15-3:30 PM.
Buy back between 9:15-9:30 AM ( next day ).
*Avoid high volatility periods* - Refrain from TLH during high volatility weeks to avoid losses from gap ups/downs.
*Purpose over greed* - TLH is meant to reduce taxes, not for trading profits.
*FIFO ( First In, First Out ) Rule* - When selling partially, FIFO is applied to calculate realized loss.
_*Realized loss might differ from the overall loss displayed in holdings.*_
Check detailed breakdown reports for accuracy (provided by most brokers).
*_"Disclaimer - This is not professional tax advice. Consult a Chartered Accountant ( CA ) or taxation expert for precise calculations."_*
❌This post is educational and not a recommendation to buy / sell stocks or mutual funds.
#taxrelief
#TaxpayerMoney
#Tax
Advance tax alert: Pay your fourth instalment by March 15
If you are a salaried individual, don't assume you're exempt from paying advance tax. If you have additional income sources, such as interest, rent, or capital gains, you may be liable for advance tax. Check your liability under Section 208 of the I-T Act, which requires you to pay tax, if your estimated tax liability for the year is likely to exceed Rs 10,000.
Taxpayers must pay their estimated advance tax liability in four instalments. The final instalment of 100 percent is due on or before March 15. Failure to pay or delayed payments will attract a penalty interest of 1 percent per month/part of the month under Section 234C.
Economic Times report that:
Starting April 1, 2026, the income tax department will have the legal authority to break into and access your social media accounts, personal emails, bank accounts, online investment accounts, trading accounts, and more if they suspect that you have evaded income tax or they have any reason to believe that you own any undisclosed income, money, gold, jewelry, or valuable item or property on which you haven’t paid applicable income tax as per the Income Tax Act, 1961.
With capital gains tax making headlines in recent days, here's a look at how the numbers in India stack up against some of the other countries 👆
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https://youtu.be/Vqka9XHflLs
Q :
Srikanth ....How to deal with Stock Market Crash?
Srikanth Matrubai :
Deal with Stock Market Crash the same way you would deal with a GOLD PRICE CRASH!!
#DontRetireRich
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Kickstart FY 2025-26 the right way! 📅🚀
Stay on top of your tax game with TaxBuddy’s Compliance Calendar for April 2025—your go-to guide for all due dates.
Avoid penalties, stay compliant, and make filing effortless. ✅💼
#IncomeTax #GST #TaxCompliance
📮From April 1, 2025, several key changes in personal finance and taxation rules will come into effect in India as the new financial year begins. These changes will impact taxpayers, credit card users, and the general public. Here’s a summary of the important changes:
1. Income Tax Changes:
- New tax slabs and rates will be implemented, with individuals earning up to ₹12 lakh annually no longer required to pay income tax.
- A standard deduction of ₹75,000 will apply to salaried individuals, making up to ₹12.75 lakh salary tax-free under the new tax regime.
2. UPI Rule Changes:
- UPI payments from inactive numbers will no longer be possible. Mobile numbers linked to UPI that have been inactive for a long period must be updated with banks before April 1 to avoid losing access to UPI services.
3. Credit Card Rule Changes:
- Reward points structures for certain credit cards will change. Specifically, changes will affect SBI SimplyCLICK and Air India SBI Platinum credit card holders, as well as Axis Bank Vistara Credit Card users due to the merger of Vistara with Air India.
4. Unified Pension Scheme (UPS):
- The UPS, introduced in August 2024, will replace the old pension scheme starting from April 1. It will affect around 23 lakh central government employees, offering a pension equivalent to 50% of the last 12 months' average basic salary for those with at least 25 years of service.
5. GST Rule Changes:
- The GST portal will implement mandatory multi-factor authentication (MFA) for taxpayers, enhancing security. Additionally, E-Way Bills (EWBs) can only be generated for documents not older than 180 days.
6. Bank Minimum Balance Changes:
- Banks like SBI, PNB, and Canara Bank will update their minimum balance requirements. Customers failing to maintain the required balance will face penalties starting from April 1.
7. Changes in Saving Account and FD Interest Rates
Several banks are going to change the interest rates on savings accounts and FDs starting from April 1. Banks like SBI, HDFC Bank, Indian Bank, Punjab & Sind Bank, and IDBI Bank have revised their FD and special FD interest rates. You can check the interest rates that will be applicable from April 1 on the respective bank's website.
8. PAN-Aadhaar Link Required for Receiving Dividends
If your PAN-Aadhaar link is not updated, starting from April 1, you will not receive dividends on stocks. Additionally, TDS on capital gains will increase, and you will not receive any credit in Form 26AS.
9. Demat-Mutual Fund Account Rules to be Stricter
SEBI has made the rules for opening mutual fund and demat accounts stricter. According to the new rules, all investors are required to update their KYC and nominee details again. If you fail to do so, your demat account may be frozen. However, you can reactivate a frozen account.
10. GST Rule Changes in the New Financial Year
The Indian government is going to make significant changes in the GST (Goods and Services Tax) rules in the new financial year. From April 1, 2025, the Input Service Distributor (ISD) system will be implemented. This change aims to ensure proper tax revenue distribution among states.
This change is a significant step toward streamlining the GST system. The ISD system will not only help in distributing tax revenue among states but also assist businesses in managing their tax liabilities more effectively.
11. LPG Gas Cylinder Prices to Change
As you know, LPG gas cylinder prices are reviewed at the beginning of each month and are then adjusted accordingly. From April 1, oil companies may change the prices of domestic and commercial gas cylinders, which will directly affect your pocket. The prices are determined based on international oil prices and the exchange rate between the dollar and rupee.
12.Fixed Deposits (FD) Will Be More Beneficial
#CBDT #Notification
The Central Board of Direct Taxes (CBDT) has amended the Income-tax Rules, 1962, to expand the scope of safe harbour provisions under transfer pricing
The changes include an increase in the turnover threshold for eligible taxpayers from Rs. 200 crore to Rs. 300 crore, introducing lithium-ion batteries for electric and hybrid vehicles into the definition of 'core auto components' etc.
https://t.me/joinchat/AAAAAFbeUyBHCnr4YRgmOg
News, tips, guide on INSURANCE from Experts across India
Business Owners/Traders , listen up! 📢
If your turnover is under ₹2Cr, you can opt for Presumptive Taxation (Sec 44AD).
Pay tax on just 8% of revenue (6% for digital payments).
No need for books of accounts!
*These 5 States account for 72% of Direct Tax and 53% of CGST:* Maharashtra, Karnataka, Delhi, Tamil Nadu and Gujarat. (TNIE)
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Unit linked Insurance Plan
ULIP policy Maturity which is not covered under 10(10D) & Premium above 2.5lac will attract Capital
Gains as per Equity Taxation of LTCG 12.5%. Earlier it was considered income from other sources.
*GST rates will come down further: FM*
Finance Minister Nirmala Sitharaman said the GST rates will come down further and the work on rationalising tax rates and slabs has "almost reached a finale".
She said that the revenue neutral rate (RNR) has come down from 15.8 per cent at the time of the launch of GST on July 1, 2017, to 11.4 per cent in 2023.
"It will come even further down," the minister added.
The GST Council, headed by Sitharaman and comprising her state counterparts, in September 2021, set up a group of ministers (GoM) to rationalise GST rates and suggest changes in slabs. The GoM comprises finance ministers of six states.
Responding to a question at 'The Economic Times Awards' on whether it is time to rationalise GST rates and slabs, Sitharaman said "that work has almost reached a finale".
"Now, at this stage, there is one more look that I would (take) the groups (GoM) have done excellent work, but I still have taken it upon myself to, once more, completely review each of the groups' works, and then probably take it to the Council to see if we can come to a final conclusion on this," she said.
Sitharaman said some more work is required on rate rationalisation.
"We'll take it to the next council (meeting). We are very close to coming to a final call on some of the very critical issues, reduction, rationalisation of rates, looking at the number of slabs and so on," she said.
To a question on the reasons for stock market volatility and how the path towards more calm markets playing out, Sitharaman said, "It is like asking will the world be calm, will the wars come to an end, will the Red Sea be safer, will there be no sea pirates. Can I comment on it or any of you can comment".
On public sector banks' stake dilution, Sitharaman said the government is committed to increasing the public float.
"We want to have more retail investors in public sector banks," she said.
*_Your email & social media account can be accessed by income tax officers starting next financial year in these cases_*
https://economictimes.indiatimes.com/wealth/tax/your-email-and-social-media-account-can-be-accessed-by-income-tax-officer-starting-next-financial-year-in-these-cases/articleshow/118685184.cms
Income Tax cracking down on individuals with low fund withdrawals, suspicious spending patterns: Report
Source: Financialexpress Shared via the Google app https://search.app/pmNYncdcTLqB4zv38
https://www.telegraphindia.com/business/government-extends-capital-gains-reinvestment-window-under-new-tax-framework/cid/2085360
Clarity recd on Capital Gains Reinvestment
Much needed
