ESOP Taxation in India: All You Need to Know
Have you ever wondered what those three letters—ESOP—mean? They’re more than just a corporate buzzword. ESOP stands for Employee Stock Ownership Plan, a brilliant way for companies to reward their employees by giving them a slice of the business they’re building together. Sounds exciting, right? But here’s the catch: while ESOPs are a fantastic opportunity, they come with...
Tax Declaration Guide For Salaried Employees
Navigating income tax and declarations can be complex. In this blog, Fintoo – your partner in optimizing fiscal decisions – has simplified Income Tax Declaration (ITD); from understanding Form 12BB to strategic tax savings. Read on to discover how to make tax planning savvy and rewarding! Essential Guide to Income Tax Declaration – ITD An income Tax Declaration (ITD) is a crucial...
Complete Guide On Income Tax Declaration
It is that time of the year when you’re supposed to share your investment declaration proofs with your employer. While there are sufficient ways to make tax-saving investments, you will need to declare it to your employer by submitting the required proofs or supporting documents to claim these deductions. But what proofs are required to be submitted? And what happens if you fail to...
What are ITR Notices And How To Reply
The more awareness, the lesser the confusion, and the better the situation. As per a study, there has been a significant reduction in the quantity of ITR notices. While the specific number of such cases is not mentioned, experts believe that enhanced data collection and thorough investigation are the two main factors contributing significantly to this positive development. The...
Income Tax Refund: How to check and claim Income Tax Refund
As per Section 237 of the Income Tax Act, of 1961, taxpayers can claim a refund on their ITR for any extra tax paid. However, many people are unaware of their eligibility to claim a refund. So, let’s find out what exactly is an ITR refund, how to check if you can claim it, and how to claim it. What is an Income Tax Refund? Have you ever encountered a situation where you’ve paid...
Decoding Major Deductions Under Old Tax Regime
As per the data, more than 2 crore taxpayers in the age group of 18 to 35 years filed their Income Tax Returns (ITRs) in FY 2022-23. In the Budget 2023, the Central Government announced that annual income of up to Rs. 7 lakhs would be tax-free under the New Tax Regime. This is along with the standard deduction of Rs. 50,000/- under the New Regime, which will make income up to Rs. 7.5...
What Are The Types Of Income Tax Notices?
Most of us feel that once we have filed our Income Tax Return then we have complied with all our provisions and become surprised when we get any notice from the Income Tax Department. So we will have to understand what other aspects we need to keep track of to ensure that we are in compliance with the Income-tax Act The first thing which we need to understand is the different types of...
Re-evaluate Your Tax Planning Strategies
As a business owner, investor, or even a salaried employee your goal is growth, financial security, and independence. Planning a tax strategy isn’t your top priority throughout this journey. However, you must know that it is a key player in shaping your overall wealth. Often people miss out on planning a tax strategy until the time of payment. It should be planned well in advance as...
Why millennials should opt for a Robo advisory?
Many millennials feel that they are going to work forever, but with the right investment at the right time, early retirement is possible. Now, the real question is how do we decide which time and how much is the right one for investment? Do we rely on the financial advisors who charge a fortune? The answer to this question is NO! In today’s digital time and the world, the right...