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Tag: taxes

  • How to Save More on Taxes: Understanding Tax-Saving Instruments Under Section 80C, 80D, and Home Loan Interest

    This article has been contributed by Shreya Sharma, CEO and Founder, Rest The Case.

    Since the finance minister has announced the budget for the year 2023-2024, everyone is curious to know the various ways through which they can save their tax money by fitting their income under Rs. 7 lakhs. The government has decreased the tax liability for those who earn an income of fewer than Rs 7 lakhs per annum. As per the new norm, whatever tax is charged up to an income of Rs 7 lakhs will be refunded back to the people. Let’s learn more about tax-saving instruments in this article.

    As a norm, every Indian has to pay a particular amount of tax to the Indian government as part of their contribution. In India, the Income Tax Act of 1961 governs and regulates all the tax implications. The tax imposed depends on the income slab of one’s earnings. However, you can reduce your tax liability under various sections of the Income Tax Act of 1961.

    Section 80C
    1.Life Insurance Premiums
    2.Investments in Public Provident Fund (PPF)
    3.Equity-Linked Savings Scheme (ELSS)
    4.National Pension Scheme (NPS)
    5.Unit Linked Insurance Plans (ULIP)
    6.Employee Provident Fund
    Section 80D
    1.Health Insurance Premium
    2.Preventive Health Check-up
    3.Additional Deduction for Dependents
    Section 80EEE

    Section 80C

    Section 80C of the Income Tax Act allows individuals to claim deductions on their taxable income by investing in certain specified instruments. The maximum deduction limit under this section is Rs. 1.5 lakh for individuals and Hindu Undivided Families (HUFs) for the financial year 2022–23. Taxes under Section 80C are only imposed on individual taxpayers and Hindu Undivided Families. Businesses other than corporations, partnerships, and partnerships are not eligible to claim Section 80C tax exemptions. The various tax-saving options under Section 80C of the Income Tax Act are as follows:

    1. Life Insurance Premiums

    One can save tax by paying the premiums for life insurance for yourself, your spouse, or your dependent children.

    2. Investments in Public Provident Fund (PPF)

    PPFs are a popular investment scheme that saves tax and is considered a safe investment option since they are issued by the government.

    3. Equity-Linked Savings Scheme (ELSS)

    An open-ended mutual fund scheme in which at least 80% of assets are invested in stocks. ELSS funds’ returns vary according to market performance.

    4. National Pension Scheme (NPS)

    Designed to provide post-retirement pension benefits to working professionals and unorganized sector earners, any Indian between the ages of 18 and 60 can open an account under the NPS scheme.

    5. Unit Linked Insurance Plans (ULIP)

    In unit-linked insurance plans, investors get insurance and investments in one package. In addition to providing life insurance, ULIPs also help investors build wealth.

    6. Employee Provident Fund

    An Employee Provident Fund is a retirement savings plan that is backed by the Indian government. It is available to all salaried employees. Under this scheme, a certain percentage of your basic salary and Dearness Allowance must be contributed.

    You can invest in one or more of these instruments to claim deductions under Section 80C. It is important to note that the maximum deduction limit of Rs. 1.5 lakh includes all investments made under this section. Therefore, it is important to plan your investments and make the most of the available tax benefits.

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    Section 80D

    As per Section 80D of the Income Tax Act, 1961, tax deductions are provided for the expenses incurred towards medical insurance and health check-ups. The deduction is available to individuals and Hindu Undivided Families (HUFs). Below is the enclosed list of the deductions available under Section 80D:

    1. Health Insurance Premium

    A deduction can be claimed for the premiums paid on health insurance policies for yourself, your spouse, your children, and your dependent parents up to Rs. 25,000. In case the premium is paid for senior citizens, the maximum deduction limit is Rs. 50,000.

    2. Preventive Health Check-up

    There is a maximum deduction of Rs. 5,000 available for expenses incurred on preventive health check-ups for yourself, your spouse, your children, and your dependent parents.

    3. Additional Deduction for Dependents

    An additional deduction of Rs. 50,000 can be claimed if you pay the health insurance premium for your parents, who are seniors, therefore, the total deduction available for health insurance premiums is Rs. 1 lakh (Rs. 50,000 under Section 80D and Rs. 50,000 under Section 80DDB).

    It is significant to note that the total deduction under Section 80D cannot exceed the actual amount paid towards health insurance premiums and preventive health check-ups. Therefore, all the records of the expenses and the relevant receipts should be maintained to claim the deductions under Section 80D.

    Section 80EEE

    This section is a blessing for all the people who are planning to purchase their dream house, as it provides an additional deduction for first-time homebuyers. Available to all first-time buyers who wish to entail a loan for the purchase of a residential property, it is one of the best tax-saving instruments, provided there should not be any other residential property in their name on the date of sanction of the loan.

    It allows a maximum deduction of Rs. 1.5 lakh and is available for the interest paid on the home loan during the financial year. The deduction is available for a maximum of 7 years or until the interest on the loan is fully paid, whichever is earlier. Further, it states that the loan should be taken from a financial institution, such as a bank or a housing finance company, and the value of the residential property purchased with the loan should not exceed Rs. 50 lakh.

    Conclusion

    A variety of tax saving modes have been provided by the Indian Government, which not only reduces our liabilities but also encourages us to invest in various plans and schemes. A tax savings plan and a thoughtful investment strategy are essential for enjoying good returns on your investments and saving taxes.

  • How Apple Saved Billions of Dollars by Avoiding Taxes: An Interesting Tale

    The power of a Human Mind is astonishing. Just by looking at the past few inventions, one can understand, what the human mind is capable of. In the present age, everything is possible with just a simple click, from shopping to dating. It wouldn’t be wrong to say that we are carrying the whole world in our pockets, thanks to technological advancement. One of the biggest contributors to carrying the world in our pockets is Apple Inc.

    The world’s biggest technology company that deals with electronics and computer software first started its journey in 1976. It was founded by Steve Jobs, Steve Wozniak, and Ronald Wayne.

    Till 2011 Steve Jobs was the CEO of the technology giant. Later in that year, after the death of Steve Jobs, Tim Cook took the charge of Apple. These are just basic facts that almost everyone knows about Apple. Let’s come to the point that makes this article interesting.

    Regardless of how much money we make, taxes are very painful for all of us. But on the one hand, people like you and me sincerely pay our taxes. On the other side, there are companies like Apple, and Google that evaded their taxes by billions of dollars.

    The question is what is this genius tax-evasion strategy and how do they escape the strict laws of governments? Let’s try to understand by using Apple as a case study.

    Bending Rules
    What Is Tax Haven (Heaven)?
    The Tactics Apple Uses For Tax Avoidance

    Challenges Faced By Apple for Avoiding Tax
    Present Condition of Apple and Taxes

    Bending Rules

    With great powers, comes great responsibility, and so do pay taxes to the government of the country they live in. Apple being the biggest tech company is not an exception. It is bound to pay a large sum of amount to the Government in the form of taxes.

    Just like other businesses, Apple is also not that fond of paying billions of bucks in taxes but has no choice but to be responsible to the country. Somehow, Apple used a tactic to avoid paying billions to the Government. Well, the secret is, not so secret. Apple transfers most of its profit to tax haven countries and thus takes advantage of loopholes, the US Government has in its tax-paying system.

    “Play by the rules, but be ferocious”– Phil Knight

    As part of its tax avoidance strategy, Apple uses its ‘subsidiaries’ in Tax havens. Now, to understand this more deeply, first let’s try with the term, Tax Haven.

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    What is Tax Haven (Heaven)?

    True to its name, the term ‘Tax Haven’ is used for all those countries that offer, foreign investors the to pay minimal and sometimes even no taxes for their businesses. This is basically a good scheme for the investors to avoid paying taxes to the actual country the individual or business belongs to. Another attractive part of this ‘heaven’ is that they occasionally offer financial secrecy to the investors.

    Some of the top Tax havens are:

    • Ireland
    • Netherlands
    • Switzerland
    • Panama
    • Bermuda
    • The Cayman Islands
    • Luxembourg

    The Tactics Apple Uses For Tax Avoidance

    Every time Apple has stated that it has always played by the rules and has paid taxes to the Government as per the laws. In fact, it considers itself the largest taxpayer in the world. This is somewhat true, in 2017, Apple stated that it had paid over $35 billion dollars in the last three years. However, that amount wasn’t able to make even a small dent in the revenue of Cook’s led multinational company. How?

    Well, the strategy is to transfer their profit, obtain domestically to Tax Haven countries. Apple uses Ireland and Luxembourg as its ‘Haven’ to get away from paying the lump sum.

    Agreement Between Ireland and Apple

    Apple has been operating in Cork, Ireland since 1980 for its overseas operations, and they also set up a manufacturing plant in Holyhill, above Cork.

    In 1990, when Apple’s market share was crumpling worldwide, they wanted to save money. Apple’s CEO John Sculley signed a deal with the Irish government. In 1990, Apple’s team met with the Irish government and drafted an arrangement for how much tax it paid in the country.

    Since then, Apple has been the largest employer in Cork, Ireland, where they had an upper hand. Apple disclosed to the Irish government that the firm is examining its worldwide operations and Apple desires to establish a profit margin on its Irish operations.

    Based on the financial data from 1989, Apple showed $751 million dollars in revenue and $270m in net profit per year. Apple also showed that these profits were made mainly through its technology, marketing, and manufacturing.

    They told the Irish government that they only manufacture in Ireland. Therefore, they should not be taxed on the other two elements of business: marketing and technology. Apple has been in Ireland for 10 years and if they do not strike a deal, they will go somewhere else.

    Apple's revenue generated from India, Europe, and the Middle East is taxed in Ireland
    Apple’s revenue generated from India, Europe, and the Middle East is taxed in Ireland

    The Irish government agreed to the deal offered by Apple in 1991 to tax only certain elements of the business. This made Apple’s taxes suddenly drop to 12.5%, compared to the US (21%). All of Apple’s revenue generated from India, Europe, and the Middle East is taxed in Ireland.

    But an investigation by the EU revealed that Apple has paid only 1% or 0.5% taxes instead of 12.5%. They also accused the Irish government of collusion with Apple, because Ireland does not want Apple the largest employer in the country to leave Ireland.

    Apple’s Strategy of Creating Two Subsidiaries

    Apple's operation strategy before 2017
    Apple’s operation strategy before 2017

    Apple created two subsidiaries in Ireland, “Apple sales International“ to hold rights of Apple intellectual property to sell and under a “cost-sharing agreement” with Apple Inc. to manufacture outside of South and North America named “Apple Operations Europe“. The Head office of these companies is on paper only and they are controlled by board members mainly based in the US.

    Now, these two companies yearly only pay for research and development to Apple Inc. in America. By doing this Apple sales International kept all the revenues and profits generated from India, Europe, and the Middle East.

    In 2011, According to US Senate, Apple sales International recorded a profit of $22 billion. But under the agreement with the Irish government only $50 million were taxed and it kept decreasing until 2014.

    Before 2017, the US tax system doesn’t put taxes on the profit obtained from the multinational company’s foreign subsidiaries unless they are transferred to the parent company as dividends (changed in 2017). Which is, while compared with the foreign country taxes, is way much higher.

    There is a term called ‘Deferred Tax’, which means the income tax that a company will pay in the near future instead of paying immediately, which might be a big shock to the bank balance.

    Apple has taken that advantage by transferring over 70% of its domestically obtained profit to the tax haven, thus putting those profits in the deferred tax category of the company.

    As per a report from 2017, Apple was avoiding paying almost $78 billion dollars of taxes at that. In Ireland, Apple had three subsidiaries, which played a significant role in the game of Tax Avoidance.

    Apple Foreign Tax Payments
    Apple Foreign Tax Payments

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    Challenges Faced By Apple for Avoiding Tax

    Unfortunately, this game has not been a smooth ride for the technology giant. It has to face some consequences for its tax avoidance strategy.

    In 2013 an investigation revealed that two of the subsidiaries of Apple in Ireland are formed in a way that has helped them in avoiding paying taxes to both the country, U.S. and Ireland.

    • On 29 August 2016 European Commission declared that Apple has used Ireland, and had received illegal tax benefits from the country.
    • The European Commission instructs Apple to pay almost $15 billion dollars along with interest to Ireland for not confiding with the rules and not paying proper taxes.
    • The Irish Government took the side of the tech giant and stated that no tax law has been violated.
    • In the month of November of the same year, Tim Cook appealed against the instruction.
    • In 2018, Apple paid around €14.3 billion in back taxes and interest that was due to Ireland. The money was held in an Escrow fund.

    Present Condition of Apple and Taxes

    After a long battle with the European Commission, in July 2020, the European General Court gave a decision in favor of Apple and the Irish Government.

    This automatically became good news for the Technology giant as it does not have to pay a huge amount. At present, the European Commission has decided to appeal again, and this time in front of the highest court, the Court of Justice of the European Union (CJEU).

    Conclusion

    The bigger the business, the bigger will be the risk. Apple Inc. is not an exception here. As stated before, the human mind is amazing. Companies like Apple will always find a way to deal with complicated matters in legal and sharp ways.

    FAQ

    What is the revenue of Apple?

    As of 2022, Apple has reported its revenue in the USA was 99.8 billion U.S. dollars. While global revenue reported by Apple was 365.82 billion U.S. dollars in 2022.

    Who Is The CEO Of Apple?

    Since August 2011, Tim Cook is the CEO of Apple.

    Which is the best Tax Haven?

    Cayman Island is considered the best country as Tax Haven.

    How Much Does Apple Saved On Taxes?

    Apple saved around $40 billion in Taxes.

  • How to Do International Business? | Rules, Reflation, and Benefits

    The concept of ‘Globalization’ is deeply rooted in the history of various human civilizations. It refers to the growth and broadening scope of international economic exchange that is measured by trade and Foreign Direct Investment (FDI) flows. It encompasses different types of exchanges as well like capital, people, technology, ideas and effective institutional practices.

    Rules for Conducting International Business

    Reflation and International Business Expansions
    Benefits of Setting up an International Business Operation

    Rules for Conducting International Business

    Different countries have different guidelines and rules that apply to international business. A company engaged in international business operations is controlled by both, the host nation as well as the foreign country in which it conducts business. The company representatives are legally bound by the law of the land in which they operate.

    It is almost impossible to cover every law and rule that applies to every country within the scope of this article. However, there are certain common rules that apply to companies wishing to engage in international business:

    Global Export Value of Trade in Goods from 2015 to 2020
    Global Export Value of Trade in Goods from 2015 to 2020

    Labour and Employment Law

    Any hiring or subcontracting in a foreign country is subject to that particular country’s labour employment laws. It is prudent to engage in a detailed study of the compliances and benefits that affect the hiring process.

    International Trade Compliance – Import/Export, Sanctions

    Expansion of a business beyond its country’s borders invokes the national security and economic interests of the host country as well as of the country or countries of expansion. What products can be imported or exported, what are the current bans, and what sanctions and approvals are required, need a careful and detailed study. International business laws are harsh on corruption practices like bribing officials.

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    Corporate Structure for Conducting Business

    Depending on what is the proposed business, the best applicable corporate structure needs to be decided. It could be in the form of establishing its own branch, a subsidiary or working with an international partner or representative office. Each option is subject to its own costs, timelines and tax consequences of the country.

    Taxes

    It is probably one of the biggest considerations during an international expansion. It is prudent to carefully examine the tax structure, what threats and opportunities it presents and what are the tax consequences of doing business in a particular country.

    Intellectual Property

    Trademarks, patents, copyrights or trade secrets are all a part of a company’s intellectual property and its most valuable assets. Any protections for the same in the host country may not be applicable in another country. Sometimes, it is expensive to secure and enforce the same rights overseas. However, there are ways and means available to mitigate the risks through carefully crafted licenses, employment agreements and other contractual agreements.

    Payment, Finance and Exchange Controls

    International movement of money adds complexities to a simple transaction. Foreign currency exchange laws and controls for more secure and safe methods of payment is an area, where it is important to get the details right. They can prove costly if not done right.

    Termination of Business

    It is difficult to talk about termination at the outset, however, when venturing in an international business expansion, it is wise to consider an exit strategy right at the start. This can be very helpful in successfully negotiating, if and when, such a case arises. Sometimes, closing a business can be a lengthy and costly affair in some countries, not to mention the tax consequences and the creditors’ and employees’ rights.

    Reflation and International Business Expansions

    Reflation is, basically, a monetary policy that is designed to expand output and stimulate spending to curb the effects of deflation – usually occurring after a period of economic recession.

    There are numerous ways how a reflation is induced:

    • Tax Cuts
    • Infrastructure spending
    • Lowering interest rates
    • Changing Money Supply

    All these steps are taken to ensure a boost to a flagging economy, infuse a steady cash flow and boost employment.

    International Business expansions rely on these attractive lures to enter into a country to set up their operations. Businesses take advantage of tax rebates, lower interest rates and various other investment opportunities that recovering and growing economies offer. They also help these economies to generate more employment.

    Benefits of Setting up an International Business Operation

    Size of Global Supply Chain Management Market Worldwide from 2020 to 2026
    Size of Global Supply Chain Management Market Worldwide from 2020 to 2026

    As economies develop and grow, more and more opportunities are available for existing businesses to grow. The way to access these exciting new markets and capitalize on these opportunities is through international business expansion.

    Setting up an international business operation for expansion has many benefits:

    Global Talent Acquisition

    • The hiring of new talent
    • A move forward in business development
    • Availability of a multi-lingual employee
    • Access to a different skill set
    • Inroad to understanding cultural nuances to better understand the market
    • Easy navigation of language barrier and etiquette

    Access to Foreign Investment Opportunities

    • Access to attractive financial incentives from developing economies
    • Deductions in Corporate tax
    • Additional investment opportunities
    • Opportunity to develop new resources of income
    • Forge new connections

    Competitive Advantage

    • First-mover advantage in countries where competition does not have a presence.
    • Build strong brand awareness, unhindered.
    • Access to new technologies and industry ecosystems to improve operations.
    • An international presence can aid in further additional acquisitions.

    Diversification

    • Asset diversification can safeguard against unforeseen events.
    • Can introduce unique products and services in international markets to help maintain a steady revenue stream.
    • A diverse portfolio also broadens the prospect of acquisitions and mergers.

    New Markets

    • Companies that operate on a global scale often see a maximum of their consumer base outside of the home country.
    • The strategic expansion helps to lessen the geographical distance and offers direct access to a large consumer base.
    • It also offers the opportunity to conquer newer markets.

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    Conclusion

    All in all, location plays an important role in deciding to set up an international base of location. Of course, the suitability of the location depends on the type of operation that is to be set up and how business-friendly that country is.

    International Business expansions are a great boost to globalization. To add to it, they are also a great way to diversify and add to an existing portfolio and conquer new markets.

    FAQs

    Why international business is needed?

    International business helps countries to take advantage of specialized and various factors of production from other countries. This also enables the countries to supply goods and services in the international marketplace.

    What are the rules for conducting international business?

    Some of the most common rules for conducting international business are:

    • Labour and employment laws
    • International Trade Compliance – Import/Export, Sanctions
    • Corporate Structure for conducting business
    • Taxes
    • Intellectual Property

    What are the types of international business?

    Some of the major types of international business are:

    • Franchising
    • Direct Investments
    • Joint Ventures
    • Licensing
    • Import and Export
    • Custom Consultancy

    What country is best for international business?

    The best countries for international business are:

    • United Kingdom
    • Canada
    • Singapore
    • Germany
    • New Zealand
    • Japan

  • What You Need to Know About TDS on Virtual Digital Assets?

    Initial media announcements declared that the rate of TDS on Virtual Digital Assets (VDA) has decreased to 0.1 percent. However, in a late evening circular, the government debunked prior reports. They illustrated that the rate of TDS on Virtual Digital Assets will remain to be 1 percent. This will be applicable from July 1, 2022.

    What is TDS?
    Government Plans on TDS
    What Does the Law on TDS on VDA, Crypto Say?
    When Will TDS on VDA, and Crypto Be Applicable?
    Who Is a ‘Specified Person’?
    Who Has to Pay TDS?
    Role of Third Party
    What if the Payment Is Made in Kind or by Exchanging Two VDAs?

    What is TDS?

    Tax Deducted at Source or TDS is a method to acquire tax on revenue, asset deals, or dividends. According to the Income Tax Act, an individual making a payment has to pay TDS if the payment exceeds a certain limit. TDS is regulated by the Central Board of Direct Taxes (CDBT). This falls under the Department of Revenue.

    Government Plans on TDS

    CBDT on Wednesday stated that the TDS on virtual digital assets will continue to be 1 percent. This was clarified when some media reports stated that the TDS rate on VDAs has dropped to 0.1 percent.

    “Some media reports have come to the notice of CBDT claiming that the rate of TDS on Virtual Digital Assets(VDA) has been reduced to 0.1%. It is hereby clarified that there is no change in the rate of TDS on VDA, which continues to be 1%,” read the official clarification.


    The government had regulated a 30 percent tax deduction on the gains of crypto assets. With guidance from organizations (the World Bank and IMF) and stakeholders, the centre will shortly conclude a conference paper on cryptocurrencies, Economic Affairs Secretary Ajay Seth said last month.

    What Does the Law on TDS on VDA, Crypto Say?

    On June 22, 2022, it was issued that TDS on Virtual Digital Assets and cryptocurrencies will continue to be 1 percent. As per section 194S of the Income-tax Act, any VDA buyer is obliged to deduct 1 percent of the amount paid to the seller (resident Indian).

    Moreover, the tax rate will be higher in the absence of the PAN. Adhering to the non-availability of the PAN, the tax imposed on VDA (at the time of transfer) will be 20 percent. Besides, if a person has not filed their income tax return, the TDS will be deducted at a 5 percent rate.

    When Will TDS on VDA, and Crypto Be Applicable?

    As per CBDT reports, TDS on Virtual Digital Assets and Cryptocurrencies will be applicable if:

    • The sum paid on a single or aggregate basis by the specified person (buyer) crosses 50,000 INR during the financial year; or
    • The sum paid on a single or aggregate basis by anyone other than the specified person (any other buyer) crosses 10,000 INR during the financial year.

    Who is a ‘Specified Person’?

    • An individual or HUF (Hindu Undivided Family) who does not have any income under the head ‘profit and gains from business and profession’
    • An individual or HUF having income under the head ‘profit and gains from business and profession’ whose total sales/gross receipts/turnover from business does not exceed Rs 1 crore – or in case of the profession does not exceed Rs 50 lakh.

    Wadhwa says, “An individual (not having income from business and profession) will be required to deduct tax at the time of buying VDA, crypto if the payment exceeds Rs 50,000. An individual (having income from the business profession) will be required to deduct TDS if the turnover of business or profession in the previous financial year exceeds Rs 1 crore or Rs 50 lakh respectively.”

    “The tax will be deducted if the payment made at the time of buying VDA exceeds Rs 50,000. Any other person (for example Company) will deduct TDS at the time of buying VDA, crypto if the payment exceeds Rs 10,000.”

    NOTE: The tax has to be paid after deducting GST and other charges. Sunil Badala, Partner and Head, Financial Services, Tax, KPMG in India says, “It has been clarified that where tax is deducted under the VDA provisions no tax shall be required to be deducted considering the provisions regarding the purchase of goods (without getting into the aspect whether VDAs are goods or not). The tax is to be deducted only on the net amount excluding the charges and GST.”

    Who Has to Pay TDS?

    After July 1, any individual who purchases a Virtual Digital Asset, such as a non-fungible token (NFT) – or any other cryptocurrency has to pay 1 percent TDS.

    “The new section mandates a person, who is responsible for paying to any resident any sum by way of consideration for transfer of a virtual digital asset (VDA), to deduct an amount equal to 1% of such sum as income-tax thereon,” read the circular by CBDT.

    The law applies to non-resident Indians (NRIs) as well. If they purchase VDAs from an Indian, they are required to pay 1% TDS. However, if an NRI buys through another NRI, they need not pay the tax.

    Role of Third Party

    The role of a third party would be to deliver a declaration (in Form No. 26 QF) once every three months. They need to provide the declaration for all trades of the quarter on or before the expected date (according to the income-tax regulations).

    The Exchange would also be needed to provide its income tax return. All of these transactions must be incorporated in such returns. If these requirements are catered to, the buyer will not be pressed against any charges under section 201 of the Act for these agreements.

    What if the Payment is Made in Kind or by Exchanging Two VDAs?

    If a person makes the payment in kind (by providing certain services), they still need to pay 1% TDS. Further, if they pay through an exchange of VDA, the tax will still be deducted. For instance, ‘X’ buys Ethereum from ‘Y’ in exchange for Bitcoin. Likewise, the tax will be deducted by both ‘X’ and ‘Y’. Both the parties need to pay their respective taxes.

    Conclusion

    Virtual Digital Assets have achieved enormous popularity in current times. Accordingly, the volumes of trading in cryptos and digital assets have elevated significantly. The Central Board of Direct Taxes (CBDT) handed out comprehensive guidelines on TDS for cryptocurrencies and Virtual Digital Assets. The tax rate continues to be 1 percent, applicable onwards July 1st, 2022.

    FAQs

    How TDS will be deducted on cryptocurrency?

    1% TDS is applicable on payments toward cryptocurrencies beyond Rs 10,000 in a financial year.

    Is TDS applicable to assets?

    Yes, TDS is applicable to any earnings made by your fixed assets.

  • 12 Downsides of Being Rich

    Money is the most important thing in this whole world, without it, humans cannot survive. There is hardly anyone in this world, who doesn’t want to be rich and spend money without checking out the left balance in their pocket. Everyone is dreaming to be the wealthiest person so that they don’t have to worry about anything.

    However, we also have the demerits of being rich. Every one of us has heard the statement that “Money can’t buy you happiness”. Unfortunately, it is the correct statement. Having money can solve hundreds of problems in your life, but it also creates thousands of new problems for you.

    Before enumerating the problems of being rich we quickly throw some light on the definition of being rich. This would help you to understand the possible problems which you face after being wealthy and prosperous in life. Rich people are divided into two categories –

    • Self-made rich
      The person who had worked hard and given all their efforts to live life like they own the world are self-made wealthy people. This segment of people has utilized more than half of their life earning the wealth and another half in some luxurious farmhouse with enormous bank balances.
    • Trust-funded rich
      This category of rich people is sustained by their previous generation’s money. They didn’t have to hustle hard to raise money from scratch, which leaves them with no experience of work in life. They only had to look for ways to make it bigger and sustain the wealth.

    Being rich might seem like every problem of your will get solved in just a snap of your finger. However, the reality is far from that. In this article, we will talk about the disadvantages faced by people, while being rich. So let’s get started.

    “It’s good to have money and the things that money can buy, but it’s good, too, to check up once in a while and make sure that you haven’t lost the things that money can’t buy.”
    -George Lorimer

    Disadvantages of Being Rich

    Being rich has its own advantages and you know the advantages very well but you are here to know the disadvantages of being rich and we will briefly narrate the problem you have to face if you are wealthy.

    • As per history, most wealthy people have stayed alone for a lifetime. Some people choose to be alone and other stays alone because they have never found the right partner to share life with, as they are too busy to make money. All the rich people have somewhere crumbled their relationships with their closest to build their careers.
    • Wealthy people are not able to spend personal time socialising with people. As per a report, people with higher income spend 90.6 evenings with their family, 60.6 evenings with their neighbours and 65.6 evenings with friends. While people with lower income spend 96.4 evenings with family, 64.9 with neighbours and 61.1 with friends.
    • Undoubtedly, if you are rich it will be tough to find a true friend because most of your friends will be with you for the money and power. It becomes a legit difficult situation to share your deep secrets of life and get some friendly advice.
    • You’re automatically subjected to the rumours of the town. Hungry reporters will hunt you for top news for their channel TRP. Everyone is interested in your personal life and wants to know your secrets. If they don’t find any spicy news, then people go creative and create rumours about you. You need to bear all the nonsense of the people and remain unaffected.
    • People focuses on your wealth more than your characteristics.
    • You will be called in 90% of your friend’s hangout to pick the tab and pay bills. As you’re rich, so you are supposed to pay the bill every time.
    • Every friend and a relative who have a startup plan will drag you to fund their plan. Otherwise, you will be considered a rich snob.
    • Rich folks have trust syndrome. They can’t trust anyone easily and so they have to cross-check every strong intention, before considering them as a friend.
    • The rich people have to get comfortable with higher taxes. In fact, taxes are an obvious downside that many millionaires and billionaires try to avoid by putting money in offshore accounts.
    • Fake friends are abundant. Many men and women want to hang out with you if you are rich. When you tell them you lost all your money, they will start avoiding you and disappear from your life.
    • While becoming rich, you had to sacrifice a lot. Birthday parties, vacation and many other important events of your closed ones. This do take a toll on your personal relationships.
    • Criticim is part of wealthy, you’ll find people disliking you and criticising when they don’t even know you.
    • People will treat you differently, they might thing that just because you’re rich, you can’t have anymoreproblems.

    Conclusion

    Being rich may come up with lots of benefits but there are a few the struggles that rich people also have to face in their daily life. Sometimes, even money cannot solve your problems, even though it solves most of them. We cannot ignore the new problem that accompanies wealth.

    FAQs

    Who is the richest person in the world?

    Elon Musk is the richest person in the world, with a net worth of $274.3 billion.

    Who is the richest person in Asia?

    Gautam Adani is currently the richest person in Asia.

    What are the disadvantages of being rich?

    Rich people become addicted to money, ignore close relationships with friends and families and often buy unnecessary expensive things.

    Who is the richest woman in the world?

    Francoise Bettencourt Meyers is the richest woman in the world.

  • Top 7 Tax Saving Investments under Section 80C

    Tyro professionals are incipient every year, so the tax is levied as much a burden or responsibility to them. However, those fledgling employees/professionals become seasoned ones, someday and may see an uplift or augment in their income in the coming years, thus this will increase the burden as well as responsibility to pay high on income tax.

    As is the case, high incomes represent high tax levied on individual incomes and vice-versa. This will reflect a slow-down in the development of future plans of a person, when he/she is paying a high share of tax in the present. And, in such cases, when the taxpayer has paid a superfluous share or underpaying on the prescribed tax, is solicited to make sure to file a return.

    That’s where the Government of India introduced various Tax-saving investments to progress financial stable career paths in the future.

    Here are Top 7 Tax-saving investments you can invest in 2021:

    Bajaj Life Insurance Capital Guarantee Solution
    Bajaj Allianz Life Goal Assures
    Canara HSBC OBC Life Insurance investment 4G
    Edelweiss Tokio life Wealth secure plus
    Max life Online Saving plan
    HDFC Life Click2Wealth
    ICICI Prudential life signature
    FAQ

    As said, the future is uncertain, we don’t know what will happen the very next moment? In some cases, only the invested or saved amount of an investment lends as a helping hand in the forlorn situations in the future, despite getting a low rate of return on such investment. Similarly, business is uncertain in various factors such as market price, trends, capital value or profit etc.

    Bajaj Life Insurance Capital Guarantee Solution

    Bajaj Allianz has come up with its new scheme on tax-saving in 2021- the Bajaj Life insurance Capital Guarantee solution that aids individuals to earn a 100% high rate of return on the investment amount which is piqued to 16.3% in the market as of now. Besides, the schemes provide zero risks and no commission is charged on the invested amount.

    Eligibility: This policy/scheme is applicable to 18-65 years.

    Policy term: 20 years

    Benefits: Bajaj Life insurance Capital Guarantee solution bestows zero risk as well as commissions on the invested amount. The policyholder gets the benefit of partial withdrawals.

    This tax-saving plan allows the policyholder for multiple withdrawals and no tax levied under section 10 (10D). Therefore, inbuilt life covers a maximum of 12 lakhs throughout the policy term.

    Bajaj Allianz Life Goal Assures

    Health is wealth, as we see the reality of the ongoing pandemic really made many individuals enroll on the tax-saving scheme- Bajaj Allianz Life Goal assures. Moreover, we have loads of obligations to fulfil, from education to living under a safe roof and for all that we need a sturdy amount of money to acquire. Because of this, Bajaj Allianz Life Goal Assures provides financial support to individuals as well as his/her family throughout their lives in accomplishing their needs.

    Eligibility: This policy/scheme is applicable to 18-60 years.

    Policy term: 10-30 years

    Benefits: Bajaj Allianz Life Goal Assures offers special loyalty additions on augmenting maturity value at the time of every 5 years of the policy term and mortality charges which have been deducted in the policy term, will be added to the return fund at the time of maturity.

    The tax-saving scheme comes with zero commission as well as tolerating partial withdrawals. Apart from that, this scheme permits the policyholder for flexible transfer of different funds in order to maximise the return in various markets.

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    Canara HSBC OBC Life Insurance investment 4G

    This tax-saving scheme covers the demise of the policyholder or their beloved one in the family by supporting them financially. The sum assured is expected to be 105% of total premiums which will be received either at the time of maturity/death of the holder or take the fund amount in periodic instalments under the Settlement Options(SO).

    Eligibility: This policy/scheme is applicable to 18-65 years.

    Policy term: 10 – 30 Years

    Benefits: Canara HSBC OBC Life Insurance investment 4G benefits in providing loyalty additions and wealth booster during the policy term. Besides, this scheme offers flexible transfer of invested funds, partial withdrawals, tax exemption, Settlement Options are available to the holders in case to receive benefits on the maturity and Premium redirection is available if the policyholder wants to modify the allocation of future premium into one ULIP fund or more.

    Edelweiss Tokio life Wealth secure plus

    This tax scheme comes with a combo of insurance plan and investment plan, which is built to protect the wealth of an individual in the present as well as for future generations. The scheme gives 15 lakhs in 30 years if a premium of 8% per annum is paid.

    Eligibility: This policy/scheme is applicable to 1-55 years.

    Policy term: 10-20 years

    Benefits: the fund value will be received either at the time of maturity or death of the insured, not taxable, offers three additions- Loyalty addition at the 6th year of the policy term, Wealth booster addition and Maturity addition.

    Max life Online Saving plan

    Every individual chooses to join a savings insurance plan so that they and their family can get financial support in times of need. If you want to protect your dear ones the Max life online saving plan is what you are looking for.

    Eligibility: This policy/scheme is applicable to 18-60 years.

    Policy term: 5 years to the selected policy term for maturity.

    Benefits: In Max life, an online saving plan, the total premium paid till the date of death is 105%. The insured can also renounce during the policy term, the person will be funded the sum minus the charge from when they discontinued. Till the last days, the insured will receive the fund value.

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    HDFC Life Click2Wealth

    HDFC Life Click2Wealth is the same as other insurance that not only supports you but also your family. They give us many alternatives in which we can choose the best that suits us. No policy loans are available. The insured person’s family has benefited accordingly if the person dies. Grace periods are also available as per the plan.

    Eligibility: This policy/scheme is applicable to 18-75 years.

    Policy term: 10 to 40 years

    Benefits: The policy has maturity and death benefits. The fund will be growing even after the policyholder dies as per the premium waiver option. The Premium modes contain many options from which you can choose the best instalments. 1% of the annual premium is added to the fund value. They have 10 fund options. After 5 years, the policyholder can withdraw the money.

    ICICI Prudential life signature

    A unit-linked insurance plan that supports you to achieve your goals and protects your family. In a systematic plan, Withdrawals in Regular intervals are allowed to support your dreams. Monthly, half-yearly and annual are the three premium paying modes.

    Eligibility: This policy/scheme is applicable to 18-75 years.

    Policy term: 10 to 30 years

    Benefits: After the mature period, the policyholder can choose to withdraw the whole amount or choose a structured payout. The insured will receive the top fund value even if the policyholder dies with a minimum death benefit. The insured is exempt from tax for the premium amount as per section 80c and section 10D.

    Conclusion:

    Everyone wants to see their loved ones lead a happy and wealthy life, even if they are not present to witness or share the moments with them. Life is precarious, no one can guess what tomorrow will hold for us, so start planning, it’s never too late to start. If you are in search of a path that can help you to lead a financially secure life, then we suggest you seek assistance from any of the above-mentioned insurance companies.

    FAQ

    How to save tax in 2021?

    Life Insurance, ULIP’s, Mutual Funds, Tax Saving Fixed Deposit, SCSS or Senior Citizens Savings Scheme and Provident Fund are some of the ways you can save tax.

    What is Section 80c?

    Section 80C is one of the most popular section that allows taxpayers to reduce their taxable income by investing in various schemes.

    Is your savings account taxed?

    Yes, any interest on your savings account is taxable income.

  • What are the Latest Tax Exemptions by the Government for Covid-19 treatment?

    The Covid-19 had affected a lot of families in India and has also wiped out a lot of wealth of many individuals and left many others unemployed. In order to provide a relief to the tax payers, the Income Tax Department of the country has announced certain tax benefits and reliefs for the taxpayers. In this article let’s look at some of the important announcements.

    Tax Exemptions – Latest News
    Tax Exemptions for Employees
    Tax Exemption on Ex – gratia payment
    Deadline extended by the Government
    FAQ

    Tax Exemptions – Latest News

    Anurag Thakur who is the Minister of state in the finance ministry had confirmed about the tax exemptions and the development regarding it. He conveyed that the amount paid by an employer to an employee or any other person for the treatment of Covid-19 for the year 2019-20 and the subsequent years will not be taxed.

    The Finance Ministry had released a report in detail about the information. As per the reports, any amount spent by anybody for the treatment of the employee or someone else would-be tax free. In simple terms, the person who has paid for the treatment and the beneficiary who has received the payment will be exempted from tax.

    Tax Exemptions for Employees

    The Government has announced exemptions on the tax that is received by employees from their employer or any other person for the treatment of Covid-19. The Government has stated that many employees and individuals have received help from their employers and other well-wishers to meet the expenses of their Covid treatment.

    The Press release has conveyed that in order to make sure that an individual would not have any liability on the income tax payment that arises on this account, the Government has decided to provide exemptions for the employees or the individuals or the tax payer for the amount received by their employers or well wishers for the payment of the expenses caused for the medical treatment of Covid-19 in the FY 2019-20 and the subsequent years.

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    Tax Exemption on Ex – gratia payment

    The Government has also conveyed that there won’t be any tax on the ex – gratia payment that is received by the family member of the deceased employee due to Covid-19. The Government has conveyed that there wouldn’t be any tax charged on the amount that an individual has received as a help from the family, friends or relatives due to Covid-19. The amount exempted from the tax would be up to INR 10 lakhs.

    This is considered to be one of the most important relief and a much needed one that is bought in by the Income Tax Department. The taxpayers have faced a lot of difficulties whenever they were hospitalized or under the treatment and the medical expenses for the Covid-19 had turned to be costlier for a lot of people.

    The exemption for the amount received for the medical treatment would provide some relief for the taxpayers and their families as well. It is considered that the families who have lost a member would get benefited by providing exemptions on the ex – gratia amount received by them.

    Deadline extended by the Government

    The Government has extended the deadline for linking PAN cards and Aadhar cards to 30 September 2021 from 30 June 2021 as many people were facing troubles in linking the PAN with Aadhar cards. The deadline for making payment under the Vivad Se Vishwas Scheme has also been extended till 31 August 2021.

    The deadline for the Tax Compliance for the deadline for saving Capital Gains tax has also been extended to 30 September 2021.

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    Conclusion

    The move from the Income Tax Department of the country would help a lot of families and taxpayers to come out of the financial crisis they are currently facing due to the pandemic and this would provide a relief for them.

    FAQ

    What is exemption in income tax?

    Tax exemption is the monetary exclusion that reduces the taxable income which include exemption of charitable organizations from property taxes and income taxes, veterans.

    Who are tax exempted for Covid-19 treatment?

    The government stated that tax exemption will be presented to the amount received for medical treatment from the employer or the third party for treatment of Covid-19.

    What is the limit to the tax exemption provided for Covid-19?

    The exemption shall be limited to Rs 10 lakh in aggregate for the amount received from any other persons for Covid-19.

  • Everything You Need to Know about ITR E-filing 2.0 – New ITR Filing Website

    The Income Tax Department of India has launched a new website that would help in the e-filing of tax returns. The new website has been updated with a lot of exciting features. Let’s look at these features, and all the other details of the new website launched by the Income Tax Department.

    ITR E-filing website – Latest News
    New Features of the ITR Filing Website
    New Tax Payment System
    Announcement of the New ITR Filing Portal
    FAQ

    ITR E-filing website – Latest News

    The new e-filing website was launched by the Income tax Department on 7 June 2021. This website packs in several interesting features and details that are expected to make the Income Tax returns process more smoother and faster.

    The website can be accessed at www.incometax.gov.in

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    New Features of the ITR Filing Website

    The website that has been launched recently, has been updated with numerous brand new features. One of the major updates is that the website will let you pay the online tax payment through multiple payment options, which include UPI, net banking, credit card, RTGS, or NEFT. This can be paid through any account from any bank of the taxpayer and this feature will make the payment process much easier.

    On 5 June 2021, the Ministry of Finance had issued a press statement that contained the list of new features and the changes that were being adapted on the new website which was going to be launched.

    • The new taxpayer portal is integrated with an immediate processing of Income Tax Returns which will help in issuing quick refunds to the taxpayers.
    • In order to make the follow up action easier, all the pending payments and uploads will be available on a single dashboard for the tax payers.
    • A free of cost software for preparing the Income Tax Returns will be available for the taxpayers with interactive questions to help the taxpayers in the ITR filing. The facility for preparation of ITRs 1 and 4 is available online and offline, ITR 2 is available offline for the beginning stage and the preparation for 3,5,6,7 is expected to be available soon.
    • The taxpayers will have an option to proactively update their profile by providing certain details of income which include the house property, salary, business or profession, which will be used in the pre-filing of the Income Tax Returns.
    • The detailed pre-filling of salary income, interest, dividend and capital gains is expected to be enabled and will be available only after the TDS and SFT statements are uploaded and the due date for the upload is 30 June 2021.
    • A new call center will be set for the assistance of the taxpayers to respond to their queries immediately. There will also be a provision of FAQs, User Manuals, chatbots, live agents and also videos.
    • There will also be the availability of functionalities for filing Income Tax Forms, submit responses to Notices in Faceless Scrutiny or appeals and to add tax professionals.
    New ITR filing website
    New ITR filing website

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    New Tax Payment System

    The New Tax Payment system is announced to be launched on 18 June 2021, which is after the due date of the Advance Tax installment. This will avoid any inconvenience for the taxpayers. The ministry has also announced that they will be releasing a mobile application subsequent to the launch of the new portal in order to help the taxpayers get used to the new features.

    Announcement of the New ITR Filing Portal

    The Income Tax Department had announced about the new portal to all the existing tax payers by sending a text message to their registered numbers. The message conveyed the news of the launch of the new e-filing portal along with the the date of launch, 7 June, 2021, and the link of the new portal.

    Conclusion

    The existing portal that is the older version was not available for the taxpayers for 6 days from 1 June 2021 to 6 June 2021 ahead of the launch of the new portal. The Central Board of Direct Taxes had asked all the taxpayers to complete all their tasks before the 1st of June in order to avoid any difficulty during that period.

    FAQ

    Is Income tax new site launched?

    Yes, the new  ITR filing website is launched and you can visit it on www.incometax.gov.in.

    What is the new Income tax portal?

    The new income tax portal is integrated with immediate processing of Income Tax Returns (ITRs) to issue quick refunds to taxpayers, and all interactions and uploads or pending actions will be displayed on a single dashboard

    What is e-filing portal?

    The e-filing portal is used by taxpayers to file their income tax returns (ITRs) and also to raise complaints seeking refunds.

  • Why Joe Biden proved to be Best US President in last 75 Years for Traders

    Joe Biden is the newly elected President of the United States of America. He is the 46th President of the United States and is considered to be the best President for stock market traders compared to the President’s of the last 75 years. Let’s look at why Joe Biden is considered to be the best President for the traders.

    U.S Stock Market
    Returns
    Reason
    Earnings
    FAQ

    U.S Stock Market

    In the first 100 days of Joe Biden’s Presidential rule in the United States, the stock market of the country has provided better returns compared to any other President from the past 75 years. The data was provided by JP Morgan.

    JP Morgan’s analysts that were led by John Normand reviewed the administration performance of Joe Biden since the day of the inauguration and discussed on how the various policies on tax and the programmes related to spending could move the markets in the coming months. This was discussed on 23 April 2021 in a note to the company’s clients.

    The analysts said that the record fiscal stimulus had increased the returns on equity to all-time highs in the first 100 days of Joe Biden’s rule. They added on to the note saying that the results are not bad for Biden whom Donald Trump had labeled as Sleepy Joe during the election campaign.

    Returns

    The returns provided by the S&P 500 after 100 days of Joe Biden’s Presidential rule are around 25% for the first 100 days from the day of inauguration. When compared to the returns received after the former President Donald Trump’s Presidential rule was below 15 % for the first 100 days from the day of inauguration.

    The data from JP Morgan showed that the average S&P 500 returns on equity of the Democratic Presidents were more than double the average returns provided by the Presidential rule of Republicans since the end of World War II.

    The highest returns which were received by any President for the first 100 days mark previously was by President John F Kennedy which was more than 20 %.

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    Reason

    JP Morgan added on saying that the Biden’s policies since the day of the inauguration have benefited the market. This was because the proposed policies of Joe Biden were undoubtedly positive. Joe Biden has also planned to increase the capital gains to nearly double as much as around 43 % for the wealthy Americans.

    The JP Morgan team said that there would be a drag on the market in the year 2021 due to the hikes on the taxes for corporations and individuals in order to fund spending on social and infrastructure with a strict regulatory environment.

    Earnings

    The JP Morgan team added that they did not expect that the increases in the tax would cause a big dip in the earnings. The view since the campaign of 2020 has been that a higher rate on corporate is expected to reduce the Earnings Per Share of S&P 500 by many dollars.

    But within a sudden growth in the earnings environment which is because of the higher tax rates and the reopening because of the vaccine drives. The strategists of JP Morgan with regards to the US equity have checked and expanded the original analysis this week which shows that there is no change to the target of the 4400 mark by the end of this year in the S&P 500.

    JP Morgan said that an increase in the capital gains tax rate in 1986 from 20% to 28% and 2013 from 15 % to 25 % had led to about 5 % drawdowns in a month in the equity market before the new codes coming into effect.

    But the analysts said that it is a sample size that is smaller and the Tax Reform Act of 1986 had lower individual and corporate rates. The analysts added that overall, from the Biden’s tax policies they expected that it would increase a continuous rotation into the value based stocks that would be far from the big growth companies and the tech companies. This would be instead of a downturn in the market.

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    FAQ

    What is the Net worth of Joe Biden?

    The president of America is paid a $400,000 a year; on top of that, they receive an extra $50,000 expense allowance, a $100,000 non-taxable travel account and $19,000 for entertainment.

    How old is Joe Biden?

    The age of Joe Biden is 78 years.

    Who is the wife of Joe Biden?

    Joe Biden’s wife is Jill Biden.

    Conclusion

    The view of JP Morgan has been supported by the UBS Global Wealth Management. They have informed their clients in a note in the month of April that they had not found any correlation between the valuations of equity markets and tax rates on capital gains.