समृद्धि की पाठशाला

  Adjust your Capital Gains against Basic exemption to reduce  your Tax Liability   Two types of capital gains are there : 1. Short Term Capital Gains (STCG) 2. Long Term Capital Gains (LTCG)   1. Short Term Capital Gains :                a.) Gains arising out of sale of Equity Oriented MF or Shares held for less than 12 months.                b.) Gains arising out of sale of any other capital assets held for less than 24 months ( in some assets 36 months)   2. Long Term Capital Gains :             a.) Gains arising out of sale of Equity Oriented MF or Shares held for more than 12 months b.) Gains arising out of sale of any other capital assets held for more than 24 months ( in some assets 36 months)   Tax Treatment:   1. STCG Tax Treatment   a. Special STCG - covered U/S 111(A) : ...

  Is it beneficial to sale shares on listing date to reap listing gains ??   Not always …take this real life example   You applied for and were allotted (on July 15 2021) , 13 lots of shares of Clean Science Technology  Each lot contains 16 shares and price band of Rs. 900 per share.   So your total shares are 16 x 13 = 208 shares and Total Investment is Rs. 900 x 208 = Rs. 187200   Now on Listing day  (July 19) share price was listed @ Rs. 1785 per share and you sold all shares on listing day . so your sale Value is Rs. 1785 x 208 shares = Rs. 371280   Your Gain = Rs. 371280-187200= Rs. 184080   Since you held the shares for less than 12 months , such gains will be treated as Short Term Gains (STCG) and will be Taxed @15% +4% cess ,  so total tax = Rs. 28716 and your net gain = Rs. 184080-28716=Rs. 155363   Gain per share = Rs. 155363/208 =Rs. 747   Now suppose you will sell  the shares o...

  Capital gain tax on sale of Zomato IPO shares or any  IPO allotment:   Do you bid for IPO allotment and   after allottment do you sale shares on listing day ( or subsequent days) to reap listing gain ?? Such profit or gain reaped on listing day (or any day sold before 12 months) is termed as Short Term Capital Gain (STCG) and will be taxed @15% on full gain (irrespective of your Tax slab ) Let us take real life example , Bid price of Zomato was Rs. 76 per share and on listing day (or any day before 12 months)   you sold it for Rs. 125 per share. Your Profit is Rs. 49 Per share . suppose you incurred Re 1 as transaction charge in sale so your net profit is Rs. 48 Per share . Lot size of Zomato was 195 and you were allotted 1 lot only . If you sold full 1 lot your net profit is Rs. 48*195=Rs. 9360 . So your Tax liability will be Rs. 9360*.15%=Rs 1404 plus 4% cess. (irrespective of your Tax slab )     Now Let us understand what is Capit...

TRANSITION OF INCOME TAX RETURN FILING SITE FROM  incometaxindiaefiling.gov.in  to a all new e-filing site  incometax.gov.in New Income Tax Return Filing site has become functional from June 7, 2021 with e-filing 2.0 portal.   Giving the salient features of the "e-filing 2.0 portal", the I-T Department said there will be a "all new mobile app" and taxpayers will have a step-by-step guidance with user manuals and videos.   Besides, multiple options for on-portal tax payments like netbanking , credit / debitcard and UPI, multiple options for login like user-id or OTP, helpdesk support and chatbot are the features in the portal.     However, apart from the change in the e-filing site, some changes are also made in the ITR Forms for the Assessment Year (AY) 2021-22 in comparison to the last AY (2020-21) as well as in the process of filing your return of income over the last year   JSON Utility The Income Tax Department has ...

So you love your wife and kids very much and have taken insurance policies to cover them in case of any mis happenings to you . But have you taken additional precautions to ensure that money certainly goes to the hand of your wife / kids. You will say yes I have nominated them , putting  wife's name in nominee column. Do you know that this is not sufficient  , a nominee is only a receiver of  money not the owner. Other family members can claim or file a legal suite to get a share of it , then your beloved wife and kids may suffer . Then what I have to do  : Take the insurance (term or endowment or any life insurance ) under "Married Women Property Act".  Any insurance policy taken by the husband on his own life and endorsed under the MWP Act in favour of his wife or children, will always be their property. Once the policy is bought under the MWP Act, it simply means that any insurance policy taken by the husband and endorsed under the MWPA in favour of his ...

File Karo Jhat Se, Processing 'Hogi Phat Se. Income Tax dept has started Processing for ITR-1 & 4 under this scheme which are filed online only  The feature can be accessed only by those assessees who fulfill the following criterias laid down by the Income Tax department: > Online Tax return filing > ITR is verified > Bank account is pre-validated > No arrears > No income discrepancy > No TDS or challan mismatch The Central Board of Direct Taxes (CBDT) tweeted on Wednesday that it has issued refunds worth ₹1,73,139 crore to more than 15.7 million taxpayers between 1 April 2020 to 11 January 2021.  These days ITRs are being processed faster and refunds are being issued within a week’s time. It is happening due to the new technologically upgraded platform (CPC 2.0). However, if you haven’t still received your refund, the following could be the reason. Not verified ITR: The process of filing income tax returns is only completed when you verify your income t...

How to Invest in Foreign companies Share ? Apple, Microsoft, Amazon, Intel,  Facebook , Johnson & Johnson, JP morgan chase , Alphabet inc, Tesla, Nividia , Walt Disney, Verizon, Adobe , Coca Cola  These are the MNC companies were every one dream to get a job . But why a job ?? you can now buy a portion of all these and many other MNC companies shares holding and reap a good profit . There are three basic ways to buy holdings in foreign equities : 1. Open an overseas account with Indian brokerage: This is the easiest way out for any Indian retail investor, as many full-service fund houses provide the access to invest in foreign stocks. Like 5paisa, Vested Finance,  ICICI Direct, Reliance Money, Kotak Securities and various others. However, it is important to remember that this service will have some restrictions depending on brokerages. Based on the firm, you might have some restrictions on certain investment vehicles or the number of trades that you can make, etc. 2. ...