Finance Buddy

  Taxbuddy.com , an online tax advisory company started by a former Indian Revenue Service officer Sujit Bangar, on Wednesday said it has raised USD 2.10 million (about Rs 16 crore) in funding led by UAE-based fund Zenith Global.The company, launched in 2019 to offer subscription-based plans of tax advisory using automation technologies, will use the funding to enhance its technology capabilities, as per a statement. The online tax advisory company claims to have 4.5 lakh users on its platform. “Advisory automation is the next big thing in fintech. At TaxBuddy.com , we have been focused on the same since the beginning,” said Bangar, who is also an alumnus of the Harvard Business School. Zenith is a repeat investor in the company and had first invested USD 1 million in 2020. Taxbuddy focuses on advisory automation and is well-positioned to lead the digital tax advisory space, the statement said. Bangar resigned from government service in 2017 while serving at the joint commissioner...

Income tax calculator: As per section 10(10D) of income tax act, maturity proceeds including bonuses received from regular life insurance policy are fully exempt from taxations Income tax calculator:  Buying a life insurance policy is must to ensure a financially secured life of your family. Though, life insurance policies helps you claim income tax exemption under section 80C on the premium paid for life cover, there are certain tax implications that an insured must look at while buying a life insurance plan Deduction under section 80C Speaking on section 80C of the income tax act applies on life insurance, SEBI registered tax and investment expert Jitendra Solanki said, "To claim  income tax department  allows deduction under section 80C of the income tax act, premium paid for a life insurance plan should not exceed 10 per cent of the sum assured for a life insurance policy issued on or after 1st April 2012. For life insurance policies issued prior to 1st April 2012, th...

The government has now made it mandatory for an individual to file income tax returns if his/her total TDS/TCS during the financial year is Rs 25,000 or more even if the individual's income is below the In case of senior citizens this rule will apply if the individual's aggregate TDS/TCS is Rs 50,000 or more in the year, according to Aakanksha Goel, Direct Tax Partner, T R Chadha & Co LLP. Further, an individual whose deposits in a saving bank account are Rs 50 lakh or more in the fiscal will also have to compulsorily file ITR irrespective of his/her income level. The seventh proviso to Section 139 was inserted by the Finance Act, 2019, which provided for certain criteria which mandated the filing of income-tax returns even when the individual's income is less than the basic exemption limit. Such criteria include deposition of Rs one crore or more in a current account, expenditure exceeding Rs 2 lakh for foreign travel, or an amount exceeding Rs 1 lakh for electricity c...

  New income tax rules: Extension of this benefit to unlisted asset would reduce the tax burden for investors in startups, manufacturing, bonds and other types of unlisted assets, believe tax and investment experts New income tax rules: From 1st April 2022, new financial year has begun and income tax relief announced in Union Budget 2022 has become applicable now. So, it is important for a taxpayer to know the changes in income tax rules being implemented from 1st April 2022. Income tax rules for levying surcharge on LTCG (Long Term Capital Gain) tax is one of them. From 1st April 2022, 15 per cent surcharge on LTCG on sale of listed stocks or mutual funds has now been extended to LTCG tax on all assets. So, from FY23, 15 per cent surcharge cap has now become applicable on LTCG tax on real estate property, physical gold, debt funds, debentures, etc as well. According to tax and investment experts, this move to unlisted asset would reduce the income tax burden for investors in bond...