Sujit Bangar
@sujit_bangar
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Following
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IRS| Harvard | Founder | @TaxBuddy1 ‘India’s most TRUSTED tax filing service | If u face any issue with our service,pls feel free to write me sujit @taxbuddy .com
Mumbai, India
Joined May 2010
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Myth:
If income is less than ₹ 5 L, I need not file income tax return.
Reality:
Basic exemption limit is ₹ 2.5 L. So if your total income is more than ₹2.5 L, you need to file ITR.
Due to rebate u/s 87A, there won’t be any tax payable for income upto ₹5 L.
@TaxBuddy1
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7K
Last year total filings (as on 31st a March 2023) were 7.78 crore.
Till 30th July 6.13 crore ITRs have been filed.
So more than 1.63 cr ITRs are yet to be filed.
Todays ITR filings may cross 7 crore.
Do file ITR if not filed yet to avoid penal changes and interest later.
20
197
2K
Only 3.23 crore ITRs have been filed for AY 23-24.
That means approximately 4.5 crore ITRs are yet to be filed.
Unless the deadline gets extended, expect huge surge on the income tax website until 31st July.
3 risks with this:
1) Tax experts can get busy & delay your
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#ThingsToRememberThisTaxSeason
Myth: long term capital gain tax exemption upto ₹ 1 L is applicable to investments in foreign equities too
Reality: Gain on investment in foreign equity would be considered as any other asset & long term gain taxed at 20% & short term gain @ 30%.
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#ThingsToRememberThisTaxSeason
:
Are you purchasing home…
Better you get it on joint name along with your spouse.
Why?
It saves on stamp duty, concessional interest rates to women & reduction in income tax of couple.
Read here 👇
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Who would've thought Ronaldo is also a great financial advisor?
Replace bad investing habits with healthier alternatives just as Ronaldo did with Coca Cola.
10% of salary in mutual funds for 10 years !
@MyFinBingo
#investing
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There's no better feeling than to see your child pursue their masters from abroad.
And to see that joy, you are ready to pay a hefty fee, so you take up an education loan.
Enters interest on these loans, a pinch you feel but can't express to anyone, because all smiles, right?
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It’s very simple to claim HRA exemption.
You just need two things.
Firstly, valid rent agreement and …
Secondly actual payment of rent amount.
That’s all.
Do calculations as prescribed in the income tax act and claim it.
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Taxation of transactions into shares and derivatives is more intriguing. Most common misconceptions are about audit in F&O.
The turnover limit for audit requirement has been increased to ₹ 10 cr if 95%+ transactions are through banking channel.
We all know in F&O, all
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#ThingsToRememberThisTaxSeason
For home loan, three years ITR is must.
If u r non filer till date, today u can file ITR 4 FY 20-21 only, not for years before that
Filing ITR imp evenif income is below taxable limit.
It helps in applying home loan in future
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Due date for filing income tax return is expired on 31st July.
Can’t we file income tax return now ?
Answer is yes.
We can still file income tax return for income earned in finacial year 2022-23. Obviously, there would be few consequences.
What are the consequences of
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Taxation of Futures and Options transactions is most confusing with more myths prevalent that facts ! (1/9)
#ThingsToRememberThisTaxSeason
@TaxBuddy1
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A generation with immense conviction about its technological capabilities is the true multiplier for the nation’s development!
#IndiaOnMoon
#Chandrayaan3
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One of the common mistake done by freelancers while filing income tax return is ‘wrong selection of ITR form’.
For example , if i am drawing salary and having some free lancing income too, I need not file ITR 1 or 2. Rather I should file ITR3 or ITR4.
So what happens if I
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If you invest in plot of land or any property by using your own funds, you need not pay income tax on such amount invested.
Only thing to ensure is that amount invested is from the sources reported to income tax in regular filings.
Tax liability would come only when you sell
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Whenever we are applying for VISA, one of the most important requirement is proof of income.
And bank statement would not suffice. Along with bank statement, income tax returns are needed.
Income tax return is the most authentic proof of income earned by you for specified
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“I have a loss of roughly 90k in fnO trading in FY22-23. Do I need to pay tax on this or is there a way to skip that?”
Got this mail from one of the users of
If you have incurred loss in futures and options trading , you need not pay any tax.
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#ThingsToRememberThisTaxSeason
Income from online gaming or gambling is considered as income from other sources.
TDS if reward or money received is exceeding ₹10k.
Tax @ 30% plus cess & benefit of basic exemption limit can’t be availed.
#TaxBuddy
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#ThingsToRememberThisTaxSeason
:
Many times we take assistance from our parents while arranging corpus for down payment for purchasing flat.
Remember :
This amounts to gift from parents & gift from parents are totally tax free. Don’t worry and go ahead !
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#ThingsToRememberThisTaxSeason
:
Last year, govt had declared 25% reduction in TDS rates as a pandemic relief.
This year, this 25% reduction in TDS rates is not applicable.
The TDS rates for FY 2021-22 would be normal ones.
@TaxBuddy1
#ITRwithTaxBuddy
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ITR filing due date is offically over!
Heartfelt gratitude to all users of TaxBuddy for trusting and giving us an opportunity to file and save taxes for you!
It’s an honour to serve India's hardworking taxpayers till the last minute!
A special shoutout to all Tax
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#ThingsToRememberThisTaxSeason
:
Sold residential property?
U can plan reinvesting proceeds of gain in designated bonds in six months or investing in residential property before filing of ITR.
To that extent of long term capital gain tax can be saved.
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Myth: Sold property which was purchased on home loan.I should get deduction of interest while calculating capital gain.
Reality:Capital gain calculations for property are same if acquired on loan or otherwise.
Interest on home loan cannot be added to acquisition cost of property.
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#ThingsToRememberThisTaxSeason
Common misconception is that tax can’t be saved beyond 80C.
Reality is that substation tax saving can be done by interest deduction on home loan upto 3.5 lakh (2+1.5), 50k on NPS and 25k on mediclaim for example.
#TaxBuddy
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It was in 2017 that I decided to quit my job as an IRS officer, a job that millions of aspirants dream to have.
I did this to start TaxBuddy!
Why did I take such a big risk? How far have we come? [ A thread...🧵👇]
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My English was as horrible as that of Manoj from "12th Fail."
I could've mixed up "Tourism" with "Terrorism" in India in UPSC exams.
Then how did I overcome and crack the IRS in one go?🧵👇
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Many NRIs have interest or other source income and common mistake done is filing of ITR-1
Remember…
Even if you don’t have capital gain income , you cannot file ITR1.
NRIs have to file either ITR2 or ITR3!
Not filing correct form is as good as not filing ITR !
#NRITaxation
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2023 is about to end.
We need to revisit our finances to ensure optimised tax planning.
Join me
@TaxBuddy1
on December 29, 2023, at 8:30 pm for a discussion on the Year-end Tax Planning.
See you
@TaxBuddy1
for a conversation that brings clarity to your year-end strategy!
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You've heard the buzz about Indian influencers cashing in on Twitter, but what about the tax angle?
In this quick explainer,
@TaxBuddy1
breaks it down, so you're in the know!
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#ThingsToRememberThisTaxSeason
:
Myth : I cannot invest simultaneously in Provident Fund and NPS to get tax deduction benefit.
Reality: There is not any such restrictions in Act. You can invest in both and can claim deductions from both !
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If you don’t have any income income but wish to file income tax return, many have question which ITR form to be selected.
You can file ITR-1 if you have nil income !
#ThingsToRememberThisTaxSeason
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#DeMonetisation
is biggest challenge for Micro Finance sector after the Andhra Prdsh MF Act ...
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Deductions you can claim beyond ₹150k from 80C
- Upto ₹5k on RTPCR test expenses
- Full Interest paid on Education loan.
- Upto ₹2L Interest paid on Home loan.
- Upto ₹50k on NPS investment. Etc
Interesting is that many things are done unknowingly in normal course of life!
Tax saving is not just about 80C and its bracket of ₹150k…
If 80C bracket is exhausted, you can even claim certain deductions beyond it!
#PlanTaxWithTaxBuddy
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Copying a successful investor’s portfolio is a terrible mistake.
My friend Abhimanyu (name changed) did exactly the same.
(1/7)
@MyFinBingo
#investing
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In one sentence , what’s new income tax portal means for you ....?....
“Refunds would be more fast ! “
#newincometaxportal
#IncomeTaxPortal
#IncomeTaxReturn
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#ThingsToRememberThisTaxSeason
Even though deadline for linkage of PAN with Aadhar has been extended to 30th September,
it’s advisable to completed this linkage as early as possible.
Linkage of PAN and Aadhar has lot of benefits like early receipt of refund.
#ITRwithTaxBuddy
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Year end celebrations can be done every year …
But income tax return cannot be filed after 12:00 am tonight , for income earned in financial year in 2022-23…
Take out some time from new year festivities and check out if income tax returns for you , your family members or
1
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In one recent podcast Narayan Murthy said : ‘Youngsters should work 70 hours a week.’
It set out a debate on ‘Work life balance’…
Work-life balance is fallacy.
Yes. I believe so.
When I was in the IRS, I didn't have time for my daughter.
This was in 2014. My daughter had
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Can you carry forward lossed in futures and options when you are a salaried employee?
The answer is yes!
You need to do is just two steps.
1) Check if your F&O turnover is less than ₹10 crores.
If yes, file ITR 3 and report F&O loss as business loss.
2) Ensure your ITR
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Today is the last day for Advance Tax payment for second quarter of current financial year.
15th September!
Many users are sending mails to us @ and asking if it’s fine if they pay this advance tax installment by 30th September?
Answer is big NO!
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Moonlighting is not the same as freelancing.
In moonlighting, you are employed at a company while also working on other projects in your personal time.
However, as a freelancer, you are not working anywhere.
You are a self-employed professional or a 'one-person business'.
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#ThingsToRememberThisTaxSeason
:
Long Term Capital Gains become attractive from taxation point of view coz of less tax rates alongwith of indexation benefits.
Simply, indexation revises cost of acquisition by inflation index as if property purchased today.
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#ThingsToRememberThisTaxSeason
:
If value of property sold is less than ₹ 50 L , not any incidence of tax deduction
TDS at rate of 1% is mandatory if sale value of ₹50 Lakh or more. Don’t worry, get credit for TDS as prepaid taxes while filing income tax return
@TaxBuddy1
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30th September: Last date for businesses & profession tax payers to furnish Audit Report.
However, is 30th Sept also the due date for filing of income tax returns?
No!
The due date for filing income tax return of for income earned in FY 2022-23 is 31st October!
Please do
0
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Are you paying rent in cash?
My friend Vinayak did the same last financial year. (And was shocked)
He paid Rs.20,000 as rent every month. Half in cash, half via online transfer.
Tax season came and he claimed the full Rs.2.4L (20,000 p.m) as HRA exemption.
Fast forward to a
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Myth:If income is less than ₹ 5 L, I need not file income tax return.
Reality:Basic exemption limit is ₹ 2.5 L. So if your total income is more than ₹2.5 L, you need to file ITR. Due to rebate u/s 87A, there won’t be any tax payable for income upto ₹5 L.
#TaxBuddy
#itrfiling
5
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105
What’s status of your ‘Tax Planning’ & ‘Tax Saving Investments’ for year ending on 31st March i. e. FY 2020-21?
#investing
#taxplanning
Planning ✅, Investment ✅
365
Planning ✅ Investment ❌
127
Planning ❌ Investment ❌
108
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1.4 billion Indians will be celebrating the new year tonight.
But I want to give a massive shoutout to our tax experts and engineers at
@TaxBuddy1
who are at work tonight to serve lakhs of taxpayers who are filing their taxes tonight.
If
@TaxBuddy1
can confidently talk about
1
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104
Form 16 is not enough to file your ITR.
Form 16 is a certificate which reflects your salaried income along with various allowances and deductions.
However, if you earn income from freelancing or gain from selling investments like shares, mutual fund units, bonds, property etc,
3
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107
Most desired benefit of early tax-planning is to increase take-home salary.
Understand anticipated tax saving expenses & investments and intimate ur employer.
Ur employer will deduct lesser TDS, which will increase ur take-home salary.
@TaxBuddy1
#ITRwithTaxBuddy
2
11
98
These days, it’s very normal to earn referral income.
Many have this query …
“How to treat referral income for taxation.”
Earning income by way of referring some service to somebody is sort of business income to you. So one need to file ITR -3 or ITR-4. Many consider it as
0
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#ThingsToRememberThisTaxSeason
Our e-wallets come with many offers. Many times we get cash backs or cash rewards!
If such receipts are crossing ₹50K in year…
…remember you have to declare this as taxable income !
#ITRwithTaxBuddy
#ITRfiling
4
14
90
Never buy an endowment life insurance policy.
An endowment policy is designed to pay a lump sum on maturity with a fixed return.
It's sold to the public as a great investment option.
My 35 year old friend purchased an Endowment policy of 20 years with 25 lakhs coverage.
She
6
20
96
Should an NRI open a FD with a NRO account or NRE account?
This is one of the most common questions from our NRI customers.
First of all, both accounts serve very different purpose.
An NRO account will have all the deposits earned from India. For ex - shares, mutual funds,
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In 2023 budget, our FM introduced major changes which are now in effect.
New financial year has begun which means new tax regime is now default regime.
So the 1st thing you must do in April is choose your preferred tax regime and inform your employer.
Income tax department
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87
If you have received income in earlier year and not paid tax not reported income in ITR in that year, you cannot club that income in current year and claim relearn u/s 89.
#ThingsToRememberThisTaxSeason
#ITRwithTaxBuddy
2
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80
Employers give Leave Travel Allowance (LTA)/ Leave Travel Concession(LTC) to their employees.
It can be claimed if an employee goes on a vacation & submits the actual bills to the employer.
Exemption for LTA/LTC is available from an amount received by an employee from his
0
11
72
Tax Payer has choice to make. Old tax rates with deductions OR New Tax Regime without deductions ! Somebody is confused either taxpayers or FM🤔
#incometax
#incometaxslabs
#BudgetSession2020
#Budget2020
#BudgetWithTaxbuddy
#NirmalaSitharaman
#NirmalaSitaraman
#BudgetIndia
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I was at book publication event of my friend in mumbai today evening. One gentleman met me and said he & his friends have done their tax compliance thru TaxBuddy.
I said how you got to know
@TaxBuddy1
. He said thru
@PRSundar64
video !
5
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68
I've written an e-book on "5 actions to reduce the impact of home loan".
If you'd like a copy of it, share your email id in the comments and I'll send a PDF version to you. (3/3)
@TaxBuddy1
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My interaction with Financial Express on Taxation of Futures and Options 👇
1
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58
With Yes Bank crisis,d biggest worry is 4 investors in debt and equity schemes of mutual funds with exposure 2 Yes Bank.
Team Finbingo has sorted out top debt and equity schemes with major exposure to Yes Bank.
#YesToShutdownabscbn
#yesbankcrisis
#NoBank
#sensex
#Nifty
0
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57
It's a well known fact that you can claim principle repayment of home loan as deduction under section 80C.
But 80C has a deduction bracket of ₹150k.
It includes many other deductions like PPF, ELSS, insurance, kids tuition fee, etc.
If you have a home loan, the real benefit
7
8
55
Elections are done. It’s over to economy! Youngsters should immediately start
#mutualfund
SIP investing with 40% Lrg Cap , 35% Md Cap & 25% Smll cap. Next 5 yrs 4 going 2 b good 4 equity investors. Political affiliations r transient, wealth is eternal!
#investing
#Millennials
3
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48
I sent a feedback email to everyone who DID NOT become our customers in 2022.
Honestly, I did not expect anyone to reply.
Why would they? They're not our customers.
The next morning, I spent nearly 2 hours replying to 100s of messages.
@TaxBuddy1
5
6
48
Why do freelancers receive maximum defective ITR notice?
Short ans - They select an incorrect ITR form.
Long ans-
Let's say a salaried employee starts side hustle.
She is now earning income from 2 sources: Salary & Business. (1/3)
@TaxBuddy1
#ThingsToRememberThisTaxSeason
1
8
47
Never take a home loan under single ownership.
Because under joint ownership, both can claim a tax deduction of 2 lakh each for home loan interest.
But what happens when you sell the property? (1/5)
#ThingsToRememberThisTaxSeason
@TaxBuddy1
4
13
47
If you’re an NRI investing in Indian stock market, you need not worry about any tax compliance.
Not any gimmick … Read carefully 👇
The funds used for investing are from abroad and not earned or accrued in India.
So, enjoy investing in India's growth story without worrying
11
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46
Debt mutual funds are still better than FD.
Imagine you've invested 10 lakhs in a debt fund at 10% interest.
At the end of one year, you will gain 1 lakh (total portfolio 11 lakhs).
End of 2nd year, you will gain 10% on 11 lakhs = 1.1 lakhs.
Total portfolio = 12.1 lakhs.
1
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44
"An IAS officer is second only to God."
My father was a govt employee and this statement by him inspired me to aspire to join Civil services.
Here is how the dream of pursuing Civil Services got manifested👇
2
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Quick PSA!
@TaxBuddy1
is hosting a (Twitter) X Spaces session with CA Kanan Bahl
@BahlKanan
.
Topic: Belated & Revised Return
Date: December 14, 2023
Time: 8:30pm - 9:30pm
Stick around for a Q&A at the end and don't forget to pack your burning questions!
1
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CTC is not salary which comes in our hand at end of month. If we do proper & timely tax planing, ‘take home salary’ can be increased. So don’t wait for increment, start tax planing, immediately & increase take home salary
#taxsaving
#taxsavinginvestment
#taxplanning
1
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#SIP
is preferred firstly for keeping
#investing
regularly. And secondly not stoping investing when the markets are shaky. Both can lead to generate great returns. So stick to the
#investment
plan . Time the investment , don’t time the market.
#MutualFunds
1
12
39
Tomorrow 19th February is Chhatrapati Shivaji Maharaj Jayanti.
And I have decided to approach it in a unique way.
Would be reading three incidents of his life today from the book Sriman Yogi.
>Surgical Strike on Shaistakhan
>Treaty of Purandar
>Escape from Agra
These
1
6
41
Most of times we are worried about taxation impact about transferring funds or transferring assets to parents . Be rest assured .... Gift assets to your parents or major children, you don’t need to pay tax then on those.
Bcoz, love is tax free!
#taxsaving
#savetax
#taxplanning
0
10
37
Is money transferred in NRE account tax free?
An NRE Account is a savings account maintained in INR where you invest your foreign income earned outside India.
And yes, any amount in NRE account is free of tax, including the interest earned.
One major misconception is that
3
8
40
Again
#RBIPolicy
has gone in conservative mode. Caution may be needed due to enhanced inflationary risks ... very tight rope to balance for
#RBI
in remaining 4 months of fiscal. Rate cut ,in next MBC, is imminent for reviving growth! Let’s hope for best in Q4
#RBIMonetaryPolicy
2
11
37
Each employee has EPF ... but many are not aware of UAN ... it’s very simple to generate UAN on EPFO website. Diff account created by diff employers can merge with UAN ...
1
10
37
If husband & wife both are earning, house property should be purchased on joint name.
Interest paid can be claimed as deduction by both with max ₹2 L each above 80C.
This will in-turn help to reduce TDS & increase take home salary 4 both.
#ThingsToRememberThisTaxSeason
#TaxBuddy
1
9
39
Traders are often confused about turnover in case of F&O transactions. Common misconception is to consider total transaction value as turnover.
But this is not so. The absolute value of profit and loss is counted as turnover. (8/9)
#ThingsToRememberThisTaxSeason
@TaxBuddy1
2
3
39
Samsung closed its last remaining smartphone plant in China (Huizhou, Guangdong). Effect of wage rise and US tariffs as fallout of
#tradewar
. Samsung making Vietnam and India alternation to China. Wages in China r twice as much as in Vietnam & several times that in India.
1
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35
Each co-owner, can claim max deduction ₹2,00,000 for interest on home loan in their Income Tax Return. The total interest paid on the loan is allocated to the owners in the ratio of their ownership. Each owner/borrower can claim interest benefit up to a maximum of Rs 2,00,000.
1
7
34
Which is the 1st start up of India?
It dates back more than 350 years!
The Hindavi Swaraj founded by Chhatrapati Shivaji Maharaj …!… (1/5)
#startup
#entrepreneurship
#shivajimaharajjayanti
3
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37
Never take a home loan under single ownership.
I know a couple who dreamed of buying a house in Bengaluru.
Both of them had a great career!
Usually, a couple takes home loan under one spouse's name.
However, this couple took the loan under joint ownership.
Why?👇
@TaxBuddy1
2
7
36
Vodafone avoided paying ₹20000 crore tax to the Indian government.
Remember Hutch? A popular telecom company in India, Sri Lanka and Indonesia during 2000s.
In 2007, Vodafone planned to enter India by acquiring Hutch.
But they did not do it directly. (1/7)
@TaxBuddy1
1
6
38
If u r having home loan, there is triple benefit of deduction 4 tax saving.
Many people confuse home loan emi as tax deduction.
You need to separate principle & interest from emi.
Principle = 80C deduction
Interest = 24 deduction (2L) & 80EEA (1.5L)
@TaxBuddy1
#ITRwithTaxBuddy
0
8
37
Tax saving is not just about 80C and its bracket of ₹150k…
If 80C bracket is exhausted, you can even claim certain deductions beyond it!
#PlanTaxWithTaxBuddy
1
6
37
“I haven't filed my ITR since the past 4 years in India. Now, I am in permissible limits of IT return. How do I proceed?”
One of users had peculiar question for me
There may be many cases like this one.
The customer above was earning income less than
0
5
37
Are we witnessing 2008's Lehman moment for the startup world… ?…
Silicon Valley Bank (SVB) stock crashed 60% today.
SVB is one of the largest banks in the US. (1/5)
@TaxBuddy1
2
9
36
We all know in F&O, all transactions are through banking channels and so an audit won’t be needed till turnover is less than Rs 10 cr. It’s very important to note this. (7/9)
#ThingsToRememberThisTaxSeason
@TaxBuddy1
1
3
37
In September 2021, my thyroid had gone up to 9.91.
To give you context, a normal range is between 0.42 to 4.2.
9.91 is a critical stage.
Thyroid has been a part of my life ever since I could remember. (1/5)
@TaxBuddy1
2
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37
When it comes to pursuing your dream, there's no excuse, hurdle, or difficulty that can outweigh your determination to achieve it!
When life brings you down, don’t surrender. Fate loves the relentless.
0
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