Archit Gupta News

Investing in PPF is an excellent option for single mothers. “The lock-in period of 15 years helps them achieve their long-term financial goals, such as raising funds for children's higher education and purchasing the dream house," said Archit Gupta, Founder and CEO, of ClearTax Investing in mutual funds is an excellent option for single mothers and everyone else. There are different types of mutual funds, so investors should pick the one that fits their financial goals, risk tolerance, and investment timeline.

₹2000 are not allowed as a tax deduction. Section 80G allows donations made to specified relief funds and charitable institutions as a deduction from gross total income before arriving at taxable income. -Donations should be specifically given for the renovation/repair of the temple -Donors should collect the donation receipt -Donations exceeding Rs.

how to plan your taxes and why is it important If you still haven't had a chance to understand the two regimes (new tax regime, old tax regime), now is a good time to see which one would work best for you. If you have income up to ₹7 lakh then the new tax regime is better, as there is no tax up to ₹7 lakh and additionally, there is a standard deduction of ₹50,000 in the new tax regime.

National Pension System (NPS) fund withdrawals. 1)PFRDA has provided the facility of Systematic Lump Sum Withdrawal (SLW) for NPS subscribers. “…it is proposed to provide the option of phased withdrawal of the lump sum through Systematic Lump Sum Withdrawal (SLW) facility," the PFRDA said in its circular dated 27 October 2023.

How to save tax on ESOPs: The Employee Stock Ownership Plan (ESOP) is generally offered by firms as part of the compensation package. With this, the employee receiving ESOPs becomes the owner of a part of the total stocks of the company at a low or no additional costs. Employees are also allowed to encash such ESOPs after a specified period.

ESOPs are issued to the employees at a lesser price than the market price of the shares of the concerned company. “The difference between the market price and the exercise price is considered to be a prerequisite, which is taxed as salary in the hands of the recipient," said Archit Gupta, Founder and CEO, of Clear. The tax saving opportunities on them are similar to tax saving opportunities available for salaried class of people, like 80C deduction, 80D deduction, etc., Gupta added.

₹7 lakh. However, the 5% rate will continue to prevail if the total cost of the package is under ₹7 lakh. “It has been clarified by the government that the purchase of international travel tickets and hotel bookings on a standalone basis will not qualify as an Overseas Tour Program Package," said Archit Gupta, Founder and CEO, of Clear The government has also clarified that payments made overseas using one’s credit card will remain outside the purview of TCS for the time being.

Advance Tax Payment Rules: Every individual, including salaried employees, is required to pay advance tax if his/her tax liability for the year is more than Rs 10,000. For salaried employees, employers generally deduct the advance tax from their monthly salary and submit it to the tax department.

Advance tax is a proactive approach to fulfilling your income tax obligations, allowing you to pay your income tax in installments throughout the fiscal year rather than facing a hefty lump sum at the end. The first installment i.e. 15 per cent of the total amount should be paid by 15th June.

₹7 lakh a year through international credit and debit cards will be subject to TCS levy at the rate of 20 per cent effective 1 October 2023. Yes, taxpayers can claim a TCS refund in your Income Tax Return.

New income tax rules for these salaried taxpayers: The income tax department has announced major relief to taxpayers, availing company-provided rent-free homes. It has lowered the tax for employees staying in such accommodations. The new rule comes into effect from today, September 1, 2023.

There is a sliver of hope for taxpayers like Mehta. Archit Gupta, Founder and CEO of tax filing portal, ClearTax, suggests that she file a revised tax return and opt for the new tax regime. Under Section 139(5), a taxpayer can voluntarily revise the tax return filed by him. Revised returns for the current assessment year can be filed till 31 December 2023. The revision can be done even after the return has been processed by the tax department. Under the new tax regime for the financial year 2022-23, Mehta will not get the benefit of Rs.50,000 standard deduction or her contribution to the Provident Fund, but her tax would be lesser due to the lower tax rates. She can save about Rs.3,200 tax under the new regime. Incidentally, ClearTax users are alerted about the difference in the tax liability of the old and new tax regimes when they file their returns. “The taxpayer can decide at that point which tax regime he wants to opt for,” says Gupta of ClearTax.File a revised return if… Tax

ITR, the income tax department can send you an income tax notice. According to tax experts and chartered accountants, there are broadly six types of income tax notices that a salaried individual may receive from the income tax department. Read below to find out what are the different types of income tax notices that you may receive.

fake messages regarding income tax refunds. Mumbai-based income tax and investment expert Balwant Jain said that you will get the refund after your ITR is processed. “Please note that the refund does not come instantly but will be issued to you after the details of taxes already paid are verified by the income tax department from the information available with it," Jain said.

Income tax refund:  If you have received a message claiming an income tax refund of ₹XXXXX amount has been approved and you need to verify or update your bank account. Beware! This is a fake message, please do not bother to respond to any such messages. 

ITR Filing Due Date Extension: The tax season is here and all taxpayers are rushing to file their income tax returns (ITRs) for FY 2023 so that they do not land up paying fine by missing the last date. The deadline for filing ITR for the assessment year 2023-2024 is July 31, 2023. After Revenue Secretary Sanjay Malhotra said that an extension of the date was unlikely, taxpayers have no other option rather rush to complete the task in the next five days.

TDS) at a specified rate from rental payment. Here is a look at when to deduct TDS from house rent payment and how to deposit.

tax laws. Wrongfully claimed deductions can lead to penalties and criminal charges. Tax authorities can take legal action if discrepancies are found.

Income Tax Return filing 2023: ITR filing platform Cleartax has unveiled ‘Cleartax for Heroes’ as a heartfelt tribute to defence personnel, police officers, teachers, and healthcare warriors. As a way to honour their contributions, Cleartax has announced a flat 50% discount on ITR plans, which will be exclusively available to defence personnel, police officers, teachers, and healthcare warriors.

Clear (formerly Cleartax), which is backed by US-based payments major Stripe, is launching a crypto tax and portfolio management service for enterprises and retail users in India, amid confusion around crypto taxation in certain scenarios among investors and crypto exchanges. Following the budget's proposal on crypto taxation, including 30% tax on crypto gains and a 1% tax deduction at source, questions remain around tax implication of futures and derivatives trade, loss setoff, transactions on crypto aggregators and the definition of transfer of asset class (will it include peer-to-peer, airdrop, etc.), according to experts ET spoke to. “So, from a trading perspective, there's a lot of clarity awaited. Right now, even crypto gain to a crypto loss appears to be a pure tax event and there is no setoff against loss. With the strictest interpretation for active traders, the tax bill itself can be bigger than the portfolio, so we are trying to understand more from the policymakers,” Clear founder Archit Gupta told ET. “This could dramatically affect trading volumes on exchanges.”