Sujit Bangar
@sujit_bangar
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IRS| Harvard | Founder | @TaxBuddy1 ‘India’s most TRUSTED tax filing service | If u face any issue with our service,pls feel free to write me [email protected]
Mumbai, India
Joined May 2010
Karan thought more Mutual Funds = more returns. But 65% of his ₹10L portfolio was invested in the same 8 stocks. Result? He lost ₹2L in potential returns over 5 years due to duplication. Here’s how to diversify the right way 👇
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Like the content? Follow me (@sujit_bangar) for more on personal taxation. Retweet the first tweet to spread awareness: https://t.co/oF2ipY95cx
TCS and many other companies are laying off thousands Rajesh and Suresh were both laid off and got ₹19 lakhs as lay off compensation But Suresh paid ₹1,50,000 lesser in taxes Here’s how and all about taxation of lay-off components👇
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[9] Section 10(10B) You may qualify for tax relief under Section 10(10B) — retrenchment compensation is exempt up to ₹5 lakh, provided the layoff meets Industrial Disputes Act, 1947 conditions and isn’t a voluntary resignation.
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[8] Don’t miss these 🔸 Gratuity exemption up to ₹20L u/s 10(10). 🔸 Leave encashment (non-Govt) exemption up to ₹25L
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[7] Paperwork checklist 🔸 HR breakup letter: separate lines for notice/severance or VRS, with section 🔸 Form 16 to reflect the split; verify 26AS/AIS for TDS mapping 🔸 If VRS: keep scheme + Rule 2BA compliance note/certificate.
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[6] Section 89 relief 🔸 One-time lumpsum? You can claim relief u/s 89(1) (spread-over recomputation) but Form 10E is mandatory. 🔸 You can’t combine 10(10C) and 89 for the same income. Decide what yields better relief and document it.
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[5] Suresh (VRS route) — tax math 🔸 VRS exemption u/s 10(10C) = ₹5,00,000 🔸 Taxable = Notice ₹4L + (₹15L − ₹5L) = ₹14,00,000 🔸 At 30% slab : base tax ₹4,20,000 ➡️ Same ₹15L, par ~₹1.5L lower base tax for Suresh due to 10(10C).
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[4] Rajesh (Severance route) — tax math 🔸 Taxable = Notice ₹4L + Severance ₹15L = ₹19,00,000 🔸 At 30% slab : base tax ₹5,70,000
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[3] VRS basics 🔸 Section 10(10C) gives up to ₹5,00,000 exemption on VRS compensation 🔸Keep employer’s certificate/scheme copy.
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[2] What counts as “salary” 🔸 Severance/notice linked to termination = “profits in lieu of salary” u/s 17(3) → fully taxable in the year of receipt; TDS by employer u/s 192.
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[1] Lay off package breakup 🔸 Notice pay: ₹4,00,000 (both) 🔸 Lump-sum: ₹15,00,000 🔸Rajesh got Severance and Suresh got VRS
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TCS and many other companies are laying off thousands Rajesh and Suresh were both laid off and got ₹19 lakhs as lay off compensation But Suresh paid ₹1,50,000 lesser in taxes Here’s how and all about taxation of lay-off components👇
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Arjun inherited ₹50 lakh worth of gold jewellery from his grandmother. If he sells it right away, he could end up paying ₹6.25 lakh in capital gains tax. But with the right steps, he can legally cut this tax liability to zero. Here’s how 👇🧵
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Anshul clubbed his minor daughter’s income in his ITR He also claimed her TDS credit But tax department said, TCS isn’t in your PAN, it’s in your child’s PAN. Claim denied❌ However, here's how the Pune Tribunal allowed it🧵👇
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Arjun's employer generously gave him a Diwali bonus of: 🔹₹80,000 bonus 🔹Apple Watch worth ₹25,000 This festive reward ended up costing him ₹32,760 in taxes. Here’s how your Diwali bonus and gifts are really taxed 👇🧵
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October is here — the month of festive vibes and smart planning! 🎇 Stay on top of your taxes, meet every due date, and keep your celebrations stress-free. Let TaxBuddy’s Compliance Calendar help you stay organized while you enjoy the season.
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TCS layoffs have sparked chatter about hefty severance packages but here’s the catch: most of it is taxed like your salary unless exemptions are clearly defined. Always check the breakup to claim relief under gratuity, leave encashment, or VRS. Here’s what you need to know about
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Narayan purchased a property at lesser than stamp duty value He got a notice to pay ₹4.75 lakhs of penalty🤯 However, the Tribunal deleted the penalty. Here's what you need to do to safeguard from penalties🧵👇
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The biggest change in NPS since its launch. Now you may have to pay additional ₹6 lakhs as taxes for every ₹1 crores of corpus 🤯 Here's how it can impact 8.8 crore NPS subscribers. A thread🧵👇
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Like the content? Follow me (@sujit_bangar) for more on personal taxation. Retweet the first tweet to spread awareness: https://t.co/u4CNhlmo97
Rajni claimed a capital gains exemption of ₹93 lakhs However, the land she purchased was compulsorily acquired by NHAI Income-tax asked her to pay a tax of ~₹18.6 lakhs But here's how the Tribunal ruled in her favour🧵👇
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