Finance Buddy

The much-anticipated Ram Temple Pran Pratishtha in Ayodhya is scheduled to fall on Monday, January 22, therefore the day will live on forever in history. Through the Shri Ram Janmabhoomi Teerth Kshetra Trust, individuals from all around the world can donate money and receive tax deductions under Section 80G of the Income Tax Act of 1961. Section 80G (2) (b) of the Income-tax Act, 1961 allows deductions for contributions made for the purpose of renovating or repairing the Mandir to Shri Ram Janmabhoomi Teerth Kshetra, subject to further conditions. However, there are particular conditions in order to claim deductions for donations made to the Ayodhya Ram Temple. Which Tax Regime To Opt For Claiming Deductions On Donations Made For Shri Ram Janmabhoomi Teerth Kshetra Trust? According to Mr. Sujit Bangar, Founder, Taxbuddy.com, donations to Shri Ram Janmabhoomi Teerth Kshetra Trust can save income tax too! If one donates for the renovation/repair of Ram Mandir Ayodhya, 50% of the donatio...

Taxbuddy.com Founder Sujit Bangar , in an exclusive conversation with ET Now Swadesh, said that ELSS has a maturity period of 3 years. If you are doing SIP then let each SIP complete for 3 years. There is tax exemption on investment under 80C. Source Link: https://www.youtube.com/watch?v=y4mqvbjNP9w  Website Link:  https://www.taxbuddy.com/

Deduction against school fees may be de-coupled from Section 80C and separate deduction may be offered for this purpose in the upcoming interim Budget 2024 ,   says   Sujit Bangar , Founder,  Taxbuddy.com . In an interview with   MintGenie , Bangar said that the interim Budget may not suggest any changes in tax rates, but major changes in personal taxation may take place. Edited Excerpts:         Q. This is the last Budget of the existing government. What are your expectations from the interim Budget? This would be a vote on account. The full Budget will be presented by the new government after the results of the general elections are declared in May 2024. Therefore, expectations of some big bang changes can’t be there. However, modifications and alterations in personal taxation are quite possible.      Q. Past interim Budgets have never announced any major tax reforms . Do you think things will be different this time ? The int...

Weddings in India witness a lot of gold gifting. Apart from gold being gifted by parents, other relatives and in-laws shower the bride with gold. The question is: How is the gift of gold taxed. Tax lens Usually, any money or property received by anyone without any consideration is taxed and needs to be filled as “income from other sources” in the income tax returns. But the good news is that all the gold received during marriage is tax free . “Any gift received during marriage is tax free and so the gold received by a bride in marriage is not taxed. Further, there is no restriction on gold being received during marriage,” says Sujit Bangar, Founder, Taxbuddy.com. This could be in the form of ornaments, articles, utensils, set in furniture etc. Streedhan received by a lady on the occasion of marriage is not subject to tax, as per Section 56(2)(x) of the Income Tax Act . Gold offered by any relative, distant or even friends, during marriage isn’t taxed in the hands of the bride or the g...

Sujit Bangar, Founder,  taxbuddy.com,   presents a more elaborate approach. Bangar shares, “Firstly, most of the taxpayers are favouring old tax rate regime. The two tax regimes are creating confusion in the minds of return-filing taxpayers. It shall be better if we keep a single tax rate regime instead of two." Adding how healthcare costs are eating into the common man’s savings, Bangar voices in favour of increasing the deduction limit available in   health insurance   schemes. He adds, “The deduction available under Section 80D may be enhanced to   ₹ 75000 from existing   ₹ 25,000 to promote health insurance given rising health care costs." Explaining the need to include separate deductions towards the money spent on children’s education, Bangar explained, “Deduction against school fees may be de-coupled from Section 80C and separate deduction may be offered for this purpose. It shall further boost the spending on school education. Fees other than tui...

  New Delhi  – Taxbuddy, India’s foremost tax filing platform and a trusted authority in tax education , is delighted to announce the imminent launch of its third batch of the highly successful Learn & Earn Program, scheduled to commence on Feb 2, 2024. Building on the achievements of the previous two batches, Taxbuddy remains committed to fostering skilled tax professionals through a comprehensive 4-month Income Tax Course . Course Overview: The Learn & Earn Program stands out for its comprehensive curriculum, seamlessly blending theoretical knowledge with practical applications. Conducted through Zoom on alternate days, the program offers flexibility without compromising on the quality of interaction and engagement. Key Features: Duration : A 4-month intensive course designed to cover a spectrum of income tax topics. Content : From foundational principles to advanced strategies, participants will master ITR 1, 2,3 & 4 using the utility. Special empha...

Taking the road less travelled is a saying that one normally associates with travel to distant places. However, interestingly, this saying can also have a financial perspective – and for taxes. We are all familiar with the high profile   tax savings   methods like   tax saving bonds ,   ELSS , etc. But what about lesser famous options to save the pennies in your pocket? “Investing (in tax savings options) is only one part of sound tax management. However, the important part that doesn’t receive due attention is how you manage your spending," says Sujit Bangar, Founder  Taxbuddy . Income tax laws allow for several deductions from your taxable income for certain expenditures that you make. An example is the payment of children’s tuition fees,   health insurance   premiums, repayment of   home loans ,   education loans , and house rent are expenses that qualify for a tax deduction. “Unfortunately, many taxpayers are not aware or don’t put in t...