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tmStartup by TaxManager

TaxManager launches 360 Degree Startup Solutions for Startups and SME

We help you

- Launch
- Manage
- Grow

Your brand with our 360 Degree Solutions

Virtual CFO - Accounting and Compliance Management
Virtual CHRO - HR Management Solutions
Virtual CTO - IT Services
Virtual CMO - Digital Marketing and Branding Solutions

visit us at - https://taxmanager.in/tm360/startup/index

tmBiz || by TaxManager

TaxManager launches tmBiz - Compliance Services for Enterprises Clients

GST Services
Accounting Retainership
TDS and Income Tax Management
ROC Complinaces
Company Registration
RBI Complinaces
Govt Registration
MSME Program
Trade Mark Services
Tally Business Solutions

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Section 80 C - Important tool for Investments

Section 80C is a crucial provision under the Indian Income Tax Act, allowing taxpayers to claim deductions for certain investments and expenses, thereby reducing their taxable income.

It encompasses various financial instruments, including life insurance premiums, Public Provident Fund (PPF) contributions, Employee Provident Fund (EPF) contributions, National Savings Certificates (NSC), and tuition fees for children. Taxpayers can claim deductions of up to INR 1.5 lakh per year under Section 80C.

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The New 'Discard ITR' Feature on the Income Tax Website

In a significant move aimed at providing greater flexibility to taxpayers, the income tax department has recently introduced a groundbreaking functionality on its website - the 'Discard ITR' feature. This innovative addition allows taxpayers to discard their previously filed but unverified Income Tax Returns (ITR), presenting a new avenue for revising returns beyond mere correction of errors or omissions. However, as with any novel initiative, questions linger about its legal standing, and experts caution that while beneficial, the lack of a specific legal provision for discarding an ITR may raise concerns in the future.

Read More - https://rb.gy/7bb94h

Leave Travel Allowance

Leave Travel Allowance (LTA) serves as a tax-efficient benefit for the salaried class in India, allowing individuals to claim exemptions on travel expenses incurred during leave, retirement, or post-termination. Governed by Section 10(5) of the Income Tax Act, LTA is applicable for domestic travel within India, covering the employee and their family.

The exemption is limited to actual travel costs, such as air, rail, or bus fare, provided by the employer. The mode of transport determines the applicable limit, ensuring fairness in the exemption process. Notably, LTA can be claimed for only two journeys in a block of four calendar years, with the latest block spanning from 2022 to 2025.

For Tax Experts Assistance on how can you optimize your tax connect us now

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Happy GuruNanak Jayanti

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House Rent Allowance

House Rent Allowance (HRA) is a component of an employee's salary, designed to help them meet the cost of renting accommodation. It is a significant tax benefit for salaried individuals in many countries, including India. HRA is a financial incentive to encourage employees to live in rented homes rather than their own properties.

The applicability of HRA depends on factors like the city of residence, salary, and actual rent paid. To claim HRA, an employee must provide rent receipts and other supporting documents to their employer.

For more Tax Saving Tips or Tax Expert Assistance to Optimize your Tax visit us at

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www.TaxManager.in की ओर से उत्सव की शुभकामनाएँ

भाई-बहन के बीच प्यार का जश्न मनाएं!!!

Wishing all the wonderful kids out there a day filled with love, happiness, and endless fun! Happy Children's Day!



Manage and File your Taxes with TaxManager

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TaxManager wishes you and your family a very happy dhanteras.

Unlocking Tax Savings: Beyond Section 80C - A Comprehensive Guide to Tax-saving Options

Tax saving is a top priority for individuals seeking to minimise their income tax liability. While Section 80C is one of the most popular avenues for tax savings in India, it's essential to explore other tax-saving options available under different sections of the Income Tax Act. In this comprehensive guide, we'll delve into various tax-saving instruments, their limits, and eligibility criteria, helping you maximise your tax savings and wealth accumulation.

Read more about the blog - bit.ly/3u3qbgO

The implementation of new rules for Tax Collected at Source (TCS) 2023 on Foreign Transactions - it is important to understand.

If you are planning to invest in US stocks, travel abroad, or engage in other foreign transactions this year, it's essential to understand how these changes might affect your financial journey.

The TCS rate has surged from 5% to 20% for all remittances, except those linked to education or medical treatment. This includes any funds sent abroad. For education and medical expenses exceeding ₹7 lakhs, the TCS rate remains at 5%.

Read more - http://bit.ly/3tJjOzo

May the triumph of good over evil inspire your financial success.

Let's continue to conquer your financial goals together

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Is There Any Benefit For A Taxpayer?

Paying your taxes on time and filing your returns as per the Income Tax authorities is a primary duty of a good citizen. Being a taxpayer will help you reap the benefits of filing an ITR.

Claim Tax Refund- By filing an ITR, you can claim the benefit of exemption from taxation in case of passive income such as term deposit interest or dividend income. An individual can collect excess taxes through refunds because these instruments are taxable.

Validating Applications - In the authentication of applications in various organisations, ITR acts as a crucial document. For example, a loan application in a bank, a visa application, insurance policies or the process of obtaining credit cards is with ease if you have been filing returns judiciously over a while.

Claim losses-To claim losses which you propose to carry forward to the subsequent year to adjust against the gains in the next year, it is mandatory to file your return before the due date.

Avoid Penalties- For some taxpayers to file ITR in time is beneficial for them to avoid hefty penalties.

Residential Proof- There are times when we need to present proof of address in official works, then the receipt of ITR works as the proof of residence.


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Yes, there is no personal income tax for professionals working in the UAE. However, you might have to pay tax if you're a business onwer or self-employed.

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Monday Vibes 🧑‍💻 || TaxManager

It's not about what you earn, but what you keep. Start your week by embracing the power of strategic tax planning. Every deduction, credit, and investment is a step towards financial empowerment. Let's make Monday the day we conquer taxes and pave the way to a brighter financial future!

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Why TaxManager ?

9555331122
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TAX TIP For Small Business Owners
Running a Small Business in Bharat?

Tax season can be daunting, but fear not! TaxManager is here with a supercharged tip to lighten your tax load.

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🌍 -: www.taxmanager.in

ARE YOU A FIRST-TIME
PAYER?
Let TaxManager illuminate your path!

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CA Assisted Services for all your Tax & Compliance Needs || TaxManager

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5 - Essential Financial
Rules

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Today, as we observe Gandhi Jayanti, let us unite in honoring the enduring legacy of the Father of the Nation. Mahatma Gandhi's life was a beacon of truth and wisdom, a testament to the power of nonviolence, and a symbol of unwavering dedication to the cause of freedom.

Wishing everyone a Happy Gandhi Jayanti! May his principles of nonviolence and brotherhood continue to guide us towards a more harmonious and just world. 🕊🇮🇳

TaxManager.in has partnered with major banks, including HDFC Bank, to manage their tax-related services and file taxes for their clients. In 2013, TaxManager.in received the prestigious recognition of being named the best financial services company in India by Economic Times ET Now India Mart Business Leaders of Tomorrow for its innovative solutions in E-Filing, Taxation, and Compliance Management, serving both individuals and corporate clients.

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Effects Of New Tax Regime On Your Financial Planning?

Have you ever wondered whether you’re better off under the new tax regime or the old one for this year? If not, you're in good company because many people tend to put off this decision until March comes knocking.



Read blog - https://www.taxmanager.in/blogs/Effects_Of_New_Tax_Regime_On_Your_Financial_Planning

Is It Important To Comply With Tax Notices ?

A tax notice is a written communication sent by the tax authorities to an assessee regarding any issue related to their tax return. Any notice received by the tax authority can create a panic amongst the taxpayer,but non-compliance to a tax notice can lead to a penalty and attract interest up to Rs.10,000 for maximum of the total due.

So, in case you receive a notice it is advisable to contact tax experts. Tax Notices serve as crucial instruments for maintaining tax compliance, correcting errors, and optimising financial planning.To avoid confusion and panic let’s study furthermore the importance of responding to tax notices.

Five Steps To Be Taken After Receiving Tax Notices

The first step after receiving a tax notice is to understand the reason behind receipt of the notice and do not ignore it otherwise you will end up paying a hefty penalty on the notice.

Generally,notices are given by the Income tax authorities due to run-of- the- mill aspects like the tax return filed lacking the basic information or some minor error while filing a tax return.
Identify the reason for issuance of notice

It is important to understand the reason for issuance of the notice as the reply, as they form the basis for reply to the notice.The reason can be a major or a minor one so it is advisable to contact a professional to understand the complexity of the notice.

Maintain a Record

The date and time the notice is received should be noted on the notice itself or somewhere else so that you have the proof in case of need that you replied to the notice on time. As the reply to these notices are time barred and usually begin from the date of issue of the notice.

Be Careful And Check

It is important to note that the notice has been issued under your name and other basic details should also be counter checked in the notice like PAN number, assessment year mentioned and details of the issuer.

Check Out The Discrepancy

The new intimation format has two separate columns and if two different amounts are reflected in these rows then that is the reason for the discrepancy. You can reply to these notices through the onl;ine portal but in case of complicated cases it is better to contact a professional.

We have a team of experts to help you reply to the tax notices.

Extension Needed

If under any circumstances, you need to extend the time to reply to the notice you can ask for deferment but it is subject to the discretion of the tax officer.

Be Vigilant

It is important to reply to the notice within the stipulated period otherwise there can be a penalty of Rs.10,000 for up to maximum of total due. If the notices are not simple enough to handle or it seems confusing to answer then this is the right time to consult a professional.By paying attention to tax notices , individuals and businesses protect their financial well-being.



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