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WOMAN AS A WEALTH CREATOR: IDENTIFY THE INVESTOR WITHIN YOU

  “I think women are foolish to pretend they are equal to men. They are far superior and always have been. Whatever you give a woman, she will make greater. If you give her sperm, she wil l give you a b aby. If you give her a house, she will give you a home. If you give her groceries, she will give you a meal. If you give her a smile, she will give you her heart. She multiples and enlarges whatever is given to her. So if you give her any crap, be ready to receive a ton of shit!” ―  William Golding (a Nobel Prize-winning British novelist, playwright, and poet) This quote points out towards one of the great characteristics of women – a multiplier . When we start the new account book in the beginning of a new financial year or whenever we start an auspicious or some good deed; we are used to write ‘Shree Sava’. Here Shree means Goddess Lakshmi and Sava in Gujarati means the amount of 1.25. This itself indicates that anything given to a lady, who herself is considered a form of Go...
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Things to be done after filing Income Tax Return

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Income Tax Return (ITR) filing season for AY 2024-25 (FY 2023-24) has just ended on 31 st  July, 2024. Hope you have filed your ITR well on time. We have already discussed in the previous blog about  how to prepare your Income Tax File before filing the ITR. Now in this blog, we will discuss about how to complete your Income Tax File. Following are the important things to be done after filing the ITR: (1)  First and foremost, you have to make sure that your ITR has been e-verified.  The ITR has to be e-verified within 30 days from the date of uploading. Please note that there is a difference between uploading the ITR and filing it.  The ITR which is uploaded within the due date but not e-verified within the stipulated time limit, will be considered as invalid. The ITR will not be processed until it is e-verified. E-verification is mandatory to complete the process of filing of ITR. (2)  You can e-verify the ITR through OTP received on mobile number register...
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How to prepare your income tax file for AY 2024-25?

Income Tax Return (ITR) filing season for FY 2023-24 (AY 2024-25) has already started. In this important blog, we will discuss in detail how to prepare your Income Tax File, before you visit your Chartered Accountant (CA) for filing your ITR. Based on these information, your CA can also guide you, which tax regime is beneficial for you- New Tax Regime or Old Tax Regime.   Following documents should be there in your ITR file, in hard copy/soft copy.   (1)   For salary / pension income: (a)   Form 16 received from your employer / pension statement (b)   If no TDS is deducted by your employer from your salary, then you may not get Form 16 from your employer. In that case, you should have salary certificate / monthly salary slips.   (2)   For income from house property: (a)   If you have rent income from any let out house, office or shop, then latest renewed rent agreement / live and licence agreement (b)   Copy of PAN and Aadhaar of the tenant(s...
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Last minute tax planning

We are in the last week of March and it is high time to estimate your income tax liability and to check whether any planning is required or not. Though lastminute tax planning is not advisable, if due to any reason, you are not able to do any tax saving investment till date and 31 st March is approaching, here are some quick tips, which can help you: (1) First of all you should consult a Chartered Accountant at the earliest. He will be able to check your current financials and will be able to guide you about your estimated tax liability and tax saving tips. (2)  Check which tax regime is beneficial for you…. old or new. The old tax regime has a fewer tax slabs and high tax rates with all the deductions and exemptions available. While the new tax regime has more tax slabs, with comparatively lower tax rates, without claiming any exemptions / deductions. To understand the difference between the old tax regime and new tax regime and to know which one should you opt for, please refer ...
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March…. Time for Tax Planning and Investment

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Being the last month of the financial year, March is very crucial for tax planning and investments. This is the time when you should revisit your financials…your bank account statements, incomes, expenses, investments and other financial transactions. Here are some quick reference points you should check and consider before the end of the financial year i.e. 31 st of March. (1) From the FY 2023-24 (AY 2024-25), new tax regime shall be the default tax regime. It means, if old tax regime is beneficial for you and you want to file your ITR for AY 2024-25 under the old tax regime, then you will have to specifically opt for the same before filing the ITR, otherwise new tax regime will be applicable to you by default. Please note that if you skip the due date of filing the return, then you will have no choice of tax regime and you will have to compulsorily file the ITR in new tax regime only. To understand the difference between the old tax regime and new tax regime and to know which one sh...
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Things to be done after filing Income Tax Return

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Income Tax Return (ITR) filing season for AY 2023-24 (FY 2022-23) has just ended on 31 st July, 2023. Hope you have filed your ITR well on time. We have already discussed in the previous blog about how to prepare your Income Tax File before filing the ITR. Now in this blog, we will discuss about how to complete your Income Tax File. Following are the important things to be done after filing the ITR: (1)  First and foremost, you have to make sure that your ITR has been e-verified. The ITR has to be e-verified within 30 days from the date of uploading. Please note that there is a difference between uploading the ITR and filing it. The ITR which is uploaded within the due date but not e-verified within the stipulated time limit, will be considered as invalid. The ITR will not be processed until it is e-verified. E-verification is mandatory to complete the process of filing of ITR. (2)  You can e-verify the ITR through OTP received on mobile number registered with Aadhaar, using...
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How to prepare your income tax return file?

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Income Tax Return (ITR) filing season for FY 2022-23 (AY 2023-24) has already started. In this important blog, we will discuss in detail how to prepare your Income Tax File, before you visit your Chartered Accountant (CA) for filing your ITR. Following documents should be there in your ITR file, preferably in printed copy. Soft copies of these documents should also be preserved safely.   (1)  For salary / pension income: (a)  Form 16 received from your employer / pension statement (b)  If no TDS is deducted by your employer from your salary, then you may not get Form 16 from your employer. In that case, you should have salary certificate / monthly salary slips. (2)  For income from house property: (a)  If you have rent income from any let out house, office or shop, then latest renewed rent agreement / live and licence agreement (b)  Copy of PAN and Aadhaar of the tenant(s) (c)  If you are a co-owner of the property, then details your share (%...
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