HENCY R SHAH AND ASSOCIATES

📊 Why Filing Your Income Tax Return (ITR) is a Game-Changer! 🌟 Ever wondered why filing an Income Tax Return (ITR) is so important? 🤔 It’s not just about paying taxes ITRs offer a range of benefits that can make a huge difference in your financial life! Here’s a quick rundown of why you should file your ITR and the perks that come with it. 🚀 🔍 What is an Income Tax Return (ITR)? An ITR is a form you use to report your income, taxes, exemptions, and deductions to the Income Tax Department. It’s essential for determining your tax liabilities and potential refunds. 💵 Who Needs to File an ITR? Income Threshold: If you earn more than ₹2.5 lakh (₹3 lakh for seniors, ₹5 lakh for super seniors) annually, you need to file. Businesses: Registered businesses must file regardless of profitability. NRIs & Foreign Assets: Those with foreign income or assets must file. High Expenses: If you spend over ₹2 lakh on international travel or paying over ₹1 lakh in electricity bills or deposit

 𝐁𝐮𝐝𝐠𝐞𝐭 𝐅𝐘 𝟐𝟒-𝟐𝟓 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬 🌟 ⭐ 𝐒𝐭𝐚𝐧𝐝𝐚𝐫𝐝 𝐃𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧: Increased to ₹75,000 from ₹50,000 in new regime. ⭐ 𝐋𝐓𝐂𝐆 𝐄𝐱𝐞𝐦𝐩𝐭𝐢𝐨𝐧: Hiked from ₹1 lakh to ₹1.25 lakhs; tax rate increased to 12.5% from 10% ⭐ 𝐒𝐓𝐂𝐆: Increased from 15% to 20%. ⭐ 𝐋𝐓𝐂𝐆 𝐇𝐨𝐥𝐝𝐢𝐧𝐠 𝐏𝐞𝐫𝐢𝐨𝐝: All financial non-listed and non-financial assets holding period is 24 months or more; listed assets holding period is 12 months or more only. ⭐ 𝐀𝐛𝐨𝐥𝐢𝐭𝐢𝐨𝐧 𝐨𝐟 𝐀𝐧𝐠𝐞𝐥 𝐓𝐚𝐱: No tax on shares issued by private and unlisted companies exceeding the fair value of the company. ⭐ 𝐓𝐚𝐱 𝐒𝐥𝐚𝐛𝐬: Remain the same with 30% tax above ₹15 lakhs. New slabs: ₹3-7 lakhs instead of ₹3-6 lakhs under section 115BAC. ⭐ 𝐀𝐩𝐩𝐞𝐚𝐥𝐬 𝐋𝐢𝐦𝐢𝐭𝐬: Increased for filing appeals to Tax Tribunals, High Court, and Supreme Court to ₹60 lakhs, ₹2 crores, and ₹5 crores, respectively. ⭐ 𝐒𝐚𝐟𝐞 𝐇𝐚𝐫𝐛𝐨𝐮𝐫 𝐋𝐢𝐦𝐢𝐭𝐬: Expanded to reduce TP litigations. ⭐ 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞

  𝐖𝐡𝐞𝐧 𝐚 𝐑𝐨𝐮𝐭𝐢𝐧𝐞 𝐔𝐩𝐝𝐚𝐭𝐞 𝐓𝐮𝐫𝐧𝐬 𝐢𝐧𝐭𝐨 𝐆𝐥𝐨𝐛𝐚𝐥 𝐂𝐡𝐚𝐨𝐬 🌍💥 Ever wondered how a simple software update could cause global chaos? Let's dive into the recent Microsoft outage that brought the world to a standstill. 𝗪𝗵𝗮𝘁 𝗛𝗮𝗽𝗽𝗲𝗻𝗲𝗱? 🤔 A routine update from the cybersecurity company CrowdStrike, meant to protect us, ended up causing a massive global outage. The defect in the update for Windows systems led to one of the largest IT disruptions in history. 𝗪𝗵𝗼 𝗪𝗮𝘀 𝗔𝗳𝗳𝗲𝗰𝘁𝗲𝗱? 🌐 The outage didn't spare any major sector: 𝗔𝗶𝗿𝗽𝗼𝗿𝘁𝘀 𝗮𝗻𝗱 𝗙𝗹𝗶𝗴𝗵𝘁𝘀 ✈️: Major delays and cancellations worldwide, with airlines like American, Delta, and United grounding flights. 𝗕𝗮𝗻𝗸𝘀 💸: Customers in Australia, New Zealand, and beyond struggled to access their accounts. 𝗥𝗲𝘁𝗮𝗶𝗹 🛒: McDonald's in Japan closed stores, and British grocery chain Waitrose went cash-only. 𝗟𝗮𝘄 𝗘𝗻𝗳𝗼𝗿𝗰𝗲𝗺𝗲𝗻𝘁 🚓: Agencies like the Alaska Sta

  🕰️𝗥𝗶𝗰𝗵 𝗛𝗶𝘀𝘁𝗼𝗿𝘆 𝗼𝗳 𝗧𝗮𝘅𝗮𝘁𝗶𝗼𝗻 𝗶𝗻 𝗜𝗻𝗱𝗶𝗮 🇮🇳 🌟 Are you curious about how India’s taxation system evolved over the centuries? Let's take a fascinating journey through history and explore some intriguing milestones that shaped the taxation landscape in India. 𝟭. 𝗩𝗲𝗱𝗶𝗰 𝗘𝗿𝗮 🕉️: Taxation was considered sacred duty even in ancient Vedic times. 𝟮. 𝗣𝗿𝗼𝗴𝗿𝗲𝘀𝘀𝗶𝘃𝗲 𝗧𝗮𝘅𝗮𝘁𝗶𝗼𝗻 📈: Emperor Krishnadevraya of Vijayanagara introduced progressive taxation, marking a significant evolution. 𝟯. 𝗕𝗿𝗶𝘁𝗶𝘀𝗵 𝗥𝘂𝗹𝗲 🇬🇧: Period of British rule brought many remarkable changes to India's taxation system. 𝟰. 𝗜𝗻𝘁𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝗼𝗻 𝗼𝗳 𝗜𝗻𝗰𝗼𝗺𝗲 𝗧𝗮𝘅 💰: Sir James Wilson introduced income tax on July 24, 1860. 𝟱. 𝗙𝗶𝗿𝘀𝘁 𝗖𝗼𝗹𝗹𝗲𝗰𝘁𝗶𝗼𝗻 💵: 1st year, the exchequer collected Rs 30 lacs, a significant amount at that time. 𝟲. 𝗧𝗮𝘅 𝗔𝗰𝘁 𝗘𝘃𝗼𝗹𝘂𝘁𝗶𝗼𝗻 🔄: Act lapsed in 1865 but was reintroduced in a refurbished form in 1

 🎓 𝐖𝐡𝐲 𝐄𝐝𝐮𝐜𝐚𝐭𝐢𝐨𝐧 𝐒𝐭𝐚𝐫𝐭𝐮𝐩𝐬 𝐅𝐚𝐢𝐥 𝐚𝐧𝐝 𝐇𝐨𝐰 𝐭𝐨 𝐀𝐯𝐨𝐢𝐝 𝐓𝐡𝐞𝐦 In the dynamic world of EdTech, startups like BYJU'S and Unacademy have shown incredible growth but also faced challenges that others can learn from. Here’s a look at why some education startups stumble and how to steer clear of common pitfalls: 𝟏. 𝐋𝐚𝐜𝐤 𝐨𝐟 𝐒𝐜𝐚𝐥𝐚𝐛𝐥𝐞 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐌𝐨𝐝𝐞𝐥𝐬 📉 Startups often fail when their business models aren't scalable enough. For instance, high customer acquisition costs without a clear path to profitability can derail growth. 𝟐. 𝐈𝐠𝐧𝐨𝐫𝐢𝐧𝐠 𝐔𝐬𝐞𝐫 𝐅𝐞𝐞𝐝𝐛𝐚𝐜𝐤 🗣️ User-centricity is crucial. Neglecting to listen and adapt to user feedback can lead to product-market mismatch and eventual decline, as seen in some EdTech ventures. 𝟑. 𝐎𝐯𝐞𝐫𝐥𝐨𝐨𝐤𝐢𝐧𝐠 𝐐𝐮𝐚𝐥𝐢𝐭𝐲 𝐂𝐨𝐧𝐭𝐞𝐧𝐭 📘 Content is king in EdTech. Failing to invest in high-quality, engaging educational content can diminish user retention and satisfac