CA Garima Bajpai
@garimabajpai
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Chartered Accountant in Practice|| Tax Advisor || Business and Start-up Consultant || Simplifying Finance for Everyone
Lucknow, India
Joined January 2010
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Confused about which Tax Regime to choose? 🤔
🧾Old Regime with Deductions and Exemptions, or
📉New Regime with Lower Slab Rates, but Fewer Exemptions
Don't worry, this🧵will help you Decide Which Regime will be More Beneficial to You and Help you Save the Most Taxes💰
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A little life update .
Bought my First Car today ✨
Cheers to all the long days at the office and the sleepless nights spent staring at balance-sheets. It all paid up in the end😃.
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11 Best Tax-Saving Options Available Beyond Section 80 C
A quick summary -
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🔸New (Revised) vs Old Tax Regime - Which one to chose??
Wondering which would be more beneficial for you - New or Old?? 🤔
Let's answer that in a Simple, Easy to Understand way!!
NO Jargon, NO Complex Excel sheets👇
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On Feb 10th,I will complete my 1st year as a CA.Starting my own practice as a female CA, with no background, wasn't easy!!
I faced discouragement from a lot of people, including my own family.
But I Persevered...
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How to Save Tax on Capital Gains💰
Most of the ITRs I filed this year show a Major Tax Liability due to Capital Gains from Selling Shares or Property📈🏠.
Not a lot of people know how to save on capital gains!
Let's explore key ways to save taxes on capital gains in India👇
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Everything you need to know about Tax Audit for Income from F&O Trading.
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🔸 Public Provident Fund (PPF)
▪️ PPF is one of the most popular Long-Term Investment schemes,primarily because of its Low-Risk features and Major Tax Exemptions.
▪️ Only Resident Indians are eligible to open a PPF account.
NRIs and HUFs are not permitted to open a PPF account
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Tax Planning should be an integral part of your overall Financial Planning, irrespective of your age.
Starting a series on "Tax Planning for Different Age Groups".
🔸Here is a 🧵on Everything you need to know about Tax Planning in your 20s⤵️
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To marrying my best friend, my confidant, and my greatest adventure. 🥂
Grateful for every moment that led us here, and excited for the countless memories we have yet to create together. ♥️
Here’s to love, laughter, and the dreams yet to unfold! 💫
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✳️Income Tax Deductions related to Health
🩺 Deduction for Medical Insurance and Preventive Health Check-up (80D)
🩺 Deduction for Medical Treatment (80DDB)
🩺 Deduction for Disability (80U)
🩺 Deduction for Rehabilitation of Handicapped Dependent (80DD)
🧵
Do 'Retweet'🔃
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Struggling with your Finances?? 😰
Struggle NO MORE !!
Follow this SIMPLE 8-STEP STRATEGY in 2023 to lead a more Secure and Stable Financial Life 💵✨.
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Save Taxes on Rent - Whether You Receive HRA or Not! 💰🏠
Renting a home? Want to save on taxes?💸
Good news! Whether you receive HRA or not, you can still reduce your tax liability on rent!
Let's explore how to maximize savings using HRA - Sec 10(13A) and Section 80GG👇
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10 Best Tax-Saving Investment Options Available Under Section 80 C
A quick summary -
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For me, the most relatable scene in
#HalfCA
was her carrying a Calculator for the Law exam. 😅
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Dreams do come true!!!
Elated to announce that I had my firm registered today.
" G Bajpai & Associates "
This is a new beginning for me, a new life. And I hope it brings new opportunities with it.
Would be happy to have all your blessings and wishes.
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Starting a series on "Tax Audit under Section 44AB of the Income Tax Act".Will try updating on a daily basis.
Here is everything you need to know -
1/n
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🔸National Pension Scheme
- Retirement + Tax Planning in a single investment
- Provides both Equity and Debt Exposure
- Tax Benefit under Sec 80 CCD (1) within the overall ceiling of Rs. 1.5 lac
- Additional deduction for investment up to Rs.50,000 under subsection 80CCD (1B)
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Tax Harvesting can help you save up to ₹10,000💸💸 in Taxes on your Equity Investments every financial year!!
In this 🧵, let's understand what Tax Harvesting is and how you can use it to reduce your LTCG liability.
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🔸Equity Linked Savings Scheme (ELSS)
▪️ ELSS Funds give you a Dual Benefit of Tax Saving with the Growth Potential of Equities.
▪️ ELSS Funds have the Shortest Lock-in period of just 3 years.
▪️ Eligible for deduction up to ₹ 1,50,000 under Section 80C of the Income Tax Act.
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Wipro has fired over 300 employees because of Moonlighting. Tech Mahindra CEO C P Gurnani, on the other hand, has called Moonlighting a "welcome disruption".
Let's understand what Moonlighting is, its Legality, and Tax Implications.
Hit "Retweet" to share with others!!
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🚨75% of all Indians are NOT Covered by any form of life insurance.
This leaves their family susceptible to Financial Instability and Hardships😥.
✅Investing in a Term Insurance Plan is one of the Simplest and Best ways to get Insured!!
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🔸Sovereign Gold Bonds v/s Gold ETFs
SGBs and Gold ETFs are two of the best ways to Invest in Gold.
In this Infographic, let's understand how they stack up against each other.
Hit "Retweet" 🔃 to share with other Investors!!
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🔸Sovereign Gold Bonds
The Sovereign Gold Bond Scheme
2022-23 - Series IV will be open for subscription Today.
🪙 Issue Period: 6-10 Mar
🪙 Issue Price: ₹5611/gm
🪙 Online Discount: ₹50/gm
Here is Everything you should know about Investing in SGBs -
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Financial Plans don't have to be Complex. Here is a simple Financial Plan for you -
✅ Buy Health Insurance - all family members
✅ Buy Term Insurance - Earning members
✅ Create an Emergency Fund - 3 to 6 months of monthly spending
✅ Save minimum 30% of your Income
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Tax Planning should be an integral part of your overall Financial Planning, irrespective of your age.
We have already covered "Tax Planning in your 20s".
🔸Here is a🧵on "Everything you need to know about Tax Planning in your 30s"⤵️
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Planning to start a Business or Startup? The first step is to "Choose the Right Business Structure for your Startup".
Here is a side by side comparison of-
🔸Sole Proprietorship
🔸OPC
🔸Partnership Firm
🔸LLP
🔸Private Limited Company
Hit "Retweet" 🔃 for the maximum reach!!
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🚨Attention Tax-Payers, ONLY 3 DAYS LEFT to Plan your Taxes for the FY 2022-23.
✳️I have written extensively on Tax-Planning and Tax-saving!!
Here is a Mega Thread 🧵of all my Threads and Infographics. Use it to OPTIMISE your Taxes for the FY 2022-23💸💼
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✳️Income Tax Deductions related to Health
🩺Deduction for Medical Insurance and Preventive Health Check-up (80D)
🩺Deduction for Medical Treatment (80DDB)
🩺Deduction for Disability (80U)
🩺Deduction for Rehabilitation of Handicapped Dependent (80DD)
🧵
Do 'Retweet'
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Financial Plans don't have to be Complex. Here is a Simple Financial Plan-
🏥Buy Health Insurance- all family members (min 5L)
🛡️Buy Term Insurance- Earning members (20xAnnual Income)
🦺Create an Emergency Fund- 6 months
💰Save minimum 30% of your Income
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One year of being a CA ❤️❤️
What an amazing year this has been!!
Couldn’t be happier, couldn’t be more grateful. 🙏🌸
Excited to witness what lies ahead in this journey. ✨😊
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Tax Planning should be an integral part of your overall Financial Planning, irrespective of your age.
We have already covered "Tax Planning in your 20s and 30s".
🔸Here is a🧵on "Everything you need to know about Tax Planning in your 40s and 50s"⤵️
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New Income Tax Rules to come into Effect from Today - 01/04/2023.
🔹New Income Tax Regime to be the Default
🔹Standard Deduction in New Regime as well.
🔹Tax Rebate Limit Increased to 7 Lakh -New Regime
🔹Exemption Limit Increased to 3 Lakh - New Regime
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🛡️Buying the Right Term Insurance doesn't have to be Difficult!
You just need to answer 3 Simple Questions -
💵How much Cover should you have?
🗓️What's the Appropriate Term Length?
👨🦽What Riders should you take?
Let's try to answer them in this🧵
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Four Financial Advantages every Woman should be aware of ⤵️
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Absolutely surreal feeling on receiving this. Everytime I take a step forward in my professional journey, all the hard work, patience, and failures seem worth it. Thankyou
@theicai
🙏
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Convocated 🎓❤️
This feels so surreal ! Will cherish every moment of this day forever.
To everyone out there: Dare to dream, for they do come true!!
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The department has finally started issuing refunds.
Multiple Refunds have been credited this week!!
I don't know why, but everytime I get these DMs, it feels like a personal success 😬😅
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✳️ Taxation of Listed Equity Shares
💰 📈 Investing in the Stock Market? Make sure you understand How Equity Shares are Taxed in India!!
Check out this Infographic for a Clear and Simple breakdown👇
Like 👍 and Retweet 🔃 if you find it Useful!
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💸💼 Want to Identify TOP-PERFORMING Companies for your Portfolio?
Financial Ratios are your Secret Weapon!!
They provide Valuable Insights into a Company's Financial Health and Growth Potential📈
Use These 5⃣Key Financial Ratios to find your Next Multibagger💰
Hit Retweet 🔃
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Successfully Completed the Certificate Course on Startups conducted by the Committee on MSME & Startups of The Institute of Chartered Accountants of India. 🏅✨
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Will be updating about all the Major Highlights of Budget 2023,starting at 11 am onwards.
In the next few days, I will also be posting my Analysis of the Impact of Budget 2023 on various sectors.
So, Stay Tuned!!
#Budget2023
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I have decided not to post any Infographics from today.
The way people are editing and removing all the watermarks and everything, it's really sad.
And the most unfortunate part is that most of these are done by Professionals.
It's really Heartbreaking.
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🎉 Happy
#CADay2023
to all the Brilliant CAs out here, present and future! 🎓✨
From crunching numbers to shaping success stories, we're the Key Financial Architects of our Nation.
Being a CA has been life-changing for me, opening doors I never thought possible.
Grateful
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4⃣ Important Deadlines in June 2023 for Salaried Employees and Taxpayers!!
🗓️Deadline 1: Payment of Advance Tax
If your Estimated Tax Liability for the FY exceeds ₹10,000, you have to pay your Advance Tax in 4 Installments.
The First Installment of 15% is due by June 15,2023.
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Investing 💹 in Mutual Funds??
Let's understand "How Mutual Funds are Taxed? ".
🔸Taxation of Equity MFs
🔸Taxation of Debt MFs
Hit " Retweet " 🔃 to help us spread the knowledge to more Investors and Tax Payers.
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New functionality ‘Know Your Refund Status’ added to the Income Tax website, wherein you can check the status of your income tax refund.
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A division bench of the Supreme Court has observed that Leave Travel Allowance (LTA)
✅Is meant only for travel within India
❌It is not applicable for foreign travel
🔸Here is a 🧵explaining What Leave Travel Allowance (LTA) is and How it works⤵️
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All the best to all the future Chartered Accountants, for your exams.
Just a few last minute tips:
- Take proper sleep the night before. Compromising on sleep is never a good option. Proper sleep will only increase your productivity in the exam hall.
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Health insurance plans donot stop with just helping you save big on medical insurance, they offer attractive Tax Benefits too (tax deductible under Section 80D)
Here is everything you need to know about "Tax Benefits of Health Insurance".
Hit "Retweet" to spread the knowledge.
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D0 NOT mix your Insurance and Investments together!!
Stay away from Traditional Policies/Endowment Plans.
Instead,
- Buy a Term Insurance
- Start a Monthly SIP in an Index Fund/Low cost Mutual Funds of your choice.
#PersonalFinanceGyan
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Recently used this new AI-based accounting tool (
@suvit_io
) to import Bank entries from PDF to Tally. And I must say, it worked seamlessly!
What impressed me more is that Suvit helps you import data from Excel, or image files(Scanned PDFs) into Tally as well, which reduces
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🚨Attention Taxpayers, ITR-3 via Online Mode has been enabled on the Income Tax Portal for FY 2022-23.
Also, a few Changes have been introduced in the ITR-3 this year!!
Let's dive in to understand if you need to file ITR-3 and what Additional Information you need to provide👇
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I haven't taken a single day off in the last 4 months.Not A Single Day.
Building something from scratch is difficult, overwhelming at times.But trust me, the journey is beautiful.
You won't regret it for a second.I don't!!
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Sec 54F Exemption is now allowable even if new residential house is purchased in wife’s name
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When I was starting, I had very little idea about how to start and build my practice.I don't want that for you.
I would love to Help you with anything I can. So please reach out and ask anything you want about Starting your Own Practice as a New CA.
I would be glad to help 🙂
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There were a lot of queries about "Opening a PPF Account as an NRI".
A few points to note-
🔹An NRI cannot open a New PPF account in India
🔹However, if a PPF account was created by a Resident Indian, who later became an NRI,she can keep investing till the PPF account matures
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🚨 Attention Taxpayers, ITR-2 via Online Mode has been enabled on the Income Tax Portal for Financial Year 2022-23.
👨💼 ITR-2 is applicable to individuals and Hindu Undivided Families (HUFs) meeting specific criteria. Here's a quick rundown:
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🚨 Clarification
There is a lot of Confusion about Standard Deduction. Let's clear them -
✅ Yes, the Standard Deduction of 50,000 has been Extended to All Salaried Individuals under the New Regime.
❌ No, there is No Minimum Threshold of 15.5 Lakh Rupees to avail it.
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We are 12,000 strong now 💪.
Thank you for all the Support and Appreciation you have shown towards our content ❤.
I hope to keep simplifying Finance and Taxation through my posts!!
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Woke up to a Twitter Family of 10,000♥️
From just 43 followers in April to 10k today, this has been a Beautiful Journey🌸
More than just followers, you are all a family to me!!
To all my Friends here, To all my Seniors, and To all the Wonderful People I met here - Thank you ♥️
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This Post has finally completed 1,000 "Retweets".
Thank you for this overwhelming response!!
I had promised to cover every section in detail once it completes 1,000 Retweets. I will start from the next week.
Thank you🙏
11 Best Tax-Saving Options Available Beyond Section 80 C
A quick summary -
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The Sovereign Gold Bond (SGB) Series 2023-24 Tranche IV opens for subscription today.
🪙 Issue Period: 12-16 Feb
🪙 Issue Price: ₹6,213/gm
🪙 Online Discount: ₹50/gm
SGB 2016-I, which matured recently, delivered an XIRR of 13.6%.
Everything you need to know about SGBs👇
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Are you a Freelancer with Freelance Income?
Or, have you worked on Upwork, Freelancer, or any other freelancing websites? 🖥️
📝 Well, it's time to talk Taxes! 💰
In this🧵, I'll guide you on the Taxation of Freelance Income and How to File your ITR as a Freelancer in India.
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🔸 Understanding The Basic Exemption Limit :
🔹₹ 2,50,000 for Normal Citizens.
🔹₹ 3,00,000 for Senior Citizens (Individuals above 60 years).
🔹₹ 5,00,000 for Super Senior Citizens (Individuals above 80 years).
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and I'm soo grateful that I didn't give up and started my practice.
It has helped me Learn and Grow,not just as a Professional,but also as an Individual.
To all the new CAs, especially women, who are looking to start their own practice: I want to be a resource for you.
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Apologies for my absence on Twitter over the past few weeks. I've been dealing with some personal issues, but I'm back now!!
Thank you to everyone who reached out with concern and support 🙏.
And, My Heartiest Congratulations to all those who recently Qualified CA exams 🎉💐.
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We are a family of 11,000 now♥️
Thank you for all the support and appreciation☺🙏
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The best gift you can give your parents is getting them a health insurance.
Also, you get to avail tax exemption u/s 80D on the same.
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15k Followers. This is such a special Milestone ❤
Thank you, for all the love and support you people have given to me and my content. This truly means a lot!
I hope to keep providing Value to my audience and helping more and more people become Financially Literate. Thankyou 🌸
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The most wonderful flight I have ever taken. Got a splendid view of the Himalayas!!
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🚨 Attention Taxpayers, ONLY 3 DAYS LEFT to Plan Your Taxes for FY 2022-23!!
This is your LAST CHANCE to Optimise your Taxes💵
A Mega Thread on Tax-Planning coming at 12 PM today. It will answer all your Queries related to Tax-Planning💯
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Last date to file Statement of Financial Transactions (SFT) is 31st May for FY 2021-22. A few points explaining SFT:
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13,000 ❤
Today was a hectic day. Been answering your queries the entire day.
But, you all just made all my efforts worth it. Thank you for all the support and appreciation. It keeps me going!!
I hope to keep simplifying Tax and Finance through my Tweets 🙂.
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If You are in Your 20s, and Starting your Investing Journey, You ONLY NEED these Investments -
🩺 Buy a Health Insurance
🛡 Buy a Term Plan
📈 SIP in an Index Fund
🛟 Start Building an Emergency Fund
👵 Start Investing in a Retirement Plan
#PersonalFinance
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Covid-19 has undoubtedly accelerated the Indian Freelance Movement.
A plethora of Work Opportunities and Favorable Tax Rules, ensure that Freelancing is now more fruitful than before.
However, very little information is available on the Taxation of Income from Freelancing.
🧵
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- Also, Interest and maturity proceeds from schemes such as Public Provident Fund (PPF) and Sukanya Samriddhi account and Life Insurance Policies remain Tax-Exempt under the New Regime.
Beautifully Captured by
@CAclubindia
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Do you remember the first share you bought?
Mine was Infosys Ltd.Sold it within a year.Wish I hadn't!!
What was yours?
Are you still holding it?
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🚨🚨 The Government has notified the Rate of Interest for Employee Provident Fund Contributions at 8.15% for FY 2022-23.
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7,000 ❤
It feels great when people appreciate your hardwork. Thankyou for all the support and appreciation🙏
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I must have played this day a million times in my head.Planned every tiny bit of detail.But,now that it is finally here,I feel so overwhelmed.Everything feels so surreal!!
Off to Kanpur for my Convocation. Anyone else joining at Kanpur??
#convocation
#icai
#kanpur
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17,000 💙
Things do happen for a reason. While posting my last 🧵on "Old vs New Tax Regime", I accidentally deleted it (No Backup) 😪.
I had to go back and Rewrite ✍️ the entire thread!!
Now, it is One of my Top Performing Threads 🌸.
Thank you ✨
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Which book are you currently reading?
I'm reading Think and Grow Rich by Napoleon Hill.
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✅For Income = 15 Lakhs
- If Deductions + Exemptions > 408,500 : Old Regime
- If Deductions + Exemptions < 408,500 : New Regime
✅For Income of 15.5 lakhs - 5 Cr
- If Deductions + Exemptions > 425,000 : Old Regime
- If Deductions + Exemptions < 425,000 : New Regime
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If you are just Starting your Investment Journey, don't rush into Direct Equity!!
Instead, start with a Monthly SIP into an Index Fund/ETF.
Obtain Knowledge and Advice before moving to Actively Managed Funds and Direct Equity.
Benefits of Index Funds👇
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Are you an Indian entrepreneur eyeing the US market ?
Join 2.5K Indian startups thriving in the US, and get access to -
🌍 Global market
📜 Lower taxes
💰 An avg $130B annual startup investment
Let's dive in!A step-by-step guide for launching a US company from India 🇺🇸🇮🇳
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🔹For Income > 15.5 Lakhs and up to 5 Cr
- If Deductions + Exemptions > 425,000 : Old Regime
- If Deductions + Exemptions < 425,000 : New Regime
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A common mistake I often see New Founders and Startups make is choosing the Wrong Legal/Business structure for their Startup.
If you are in the initial stages of starting up your business, there is no need to go for a Pvt Ltd Setup.
Instead,go for a simpler setup,that ensures-
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