HENCY R SHAH AND ASSOCIATES

 💥 Big Update on Tax Rebate u/s 87A! 🤔 Confused about the recent changes in the Income Tax Utility regarding Section 87A? Here’s what you need to know: 🧐 What’s the Update? The Income Tax Department updated the Excel Utility for ITR Forms 2 and 3, introducing an option to manually edit the rebate u/s 87A for AY 2024-25. Despite this change, it doesn’t imply that the rebate has been officially allowed for special income categories. 🔍 Key Observations: Earlier Utility: The rebate amount was non-editable. Updated Utility: Taxpayers can now manually adjust the rebate amount, but only to the extent of tax. JSON Schema: It still permits claiming the rebate even after July 5th, though such ITRs are processed with a demand notice, including tax on special income and interest for delayed payment. ⚠️ What Does This Mean? Taxpayers need to be cautious while manually editing the rebate. These updates may lead to discrepancies if not handled carefully. 💬 Do you think th...

🚀 10 Game-Changing Financial Reforms of 2024! 🌟 2024 has been a landmark year for India's financial landscape under PM Narendra Modi's leadership. With bold reforms across taxation, employment, energy, and governance, these policies aim to drive innovation, boost the economy, and ensure social progress. Let’s explore 10 major initiatives that shaped this transformative year! 🌐 1. One Nation, One Election Simplifying governance by proposing simultaneous elections for Lok Sabha and state assemblies to save costs and reduce disruptions. 💳 2. RBI Microfinance Lending Reforms Unified guidelines for microfinance, capping repayments at 50% of household income, and removing interest rate ceilings. 🏦 3. Unified Pension Scheme A fixed pension guarantee with enhanced government contributions for post-2004 employees. 🚀 4. Scrapping Angel Tax Encouraging startup growth by removing the angel tax, fostering innovation, and easing fundraising. 🌱 5. BioE3 Policy Promoting green growth an...

  📈 𝑺𝒕𝒐𝒄𝒌 𝑺𝒑𝒍𝒊𝒕 𝒗𝒔 𝑩𝒐𝒏𝒖𝒔 𝑰𝒔𝒔𝒖𝒆: 𝑾𝒉𝒂𝒕’𝒔 𝒕𝒉𝒆 𝑫𝒊𝒇𝒇𝒆𝒓𝒆𝒏𝒄𝒆? 🤔 𝙲𝚘𝚗𝚏𝚞𝚜𝚎𝚍 𝚋𝚎𝚝𝚠𝚎𝚎𝚗 𝚜𝚝𝚘𝚌𝚔 𝚜𝚙𝚕𝚒𝚝𝚜 𝚊𝚗𝚍 𝚋𝚘𝚗𝚞𝚜 𝚒𝚜𝚜𝚞𝚎𝚜? Here’s a quick breakdown with examples from the Indian stock market! 💡 𝐖𝐡𝐚𝐭 𝐢𝐬 𝐚 𝐒𝐭𝐨𝐜𝐤 𝐒𝐩𝐥𝐢𝐭? A stock split divides a company’s existing shares into smaller units, making shares more affordable and increasing liquidity. The total investment value remains unchanged. 📊 𝐸𝑥𝑎𝑚𝑝𝑙𝑒: Stock Split Ratio:  2:1 (Two shares for every one held) Before Split:  ₹100/share, 100 shares After Split:  ₹50/share, 200 shares 🛠️ 𝑅𝑒𝑎𝑙-𝐿𝑖𝑓𝑒 𝐸𝑥𝑎𝑚𝑝𝑙𝑒: 𝐇𝐢𝐧𝐝𝐮𝐬𝐭𝐚𝐧 𝐀𝐞𝐫𝐨𝐧𝐚𝐮𝐭𝐢𝐜𝐬 𝐋𝐭𝐝. (𝐇𝐀𝐋) Pre-Split Price:  ₹3683-₹3900 Post-Split Price:  ₹1949 (as of October 2023) Despite consolidation, the stock gave a return of approximately  36%  in 2023! 💡 𝐖𝐡𝐚𝐭 𝐢𝐬 𝐚 𝐁𝐨𝐧𝐮𝐬 𝐈𝐬𝐬𝐮𝐞?  A bonus issue rewards shareholders with ...

  💡 𝑨𝒍𝒍 𝒀𝒐𝒖 𝑵𝒆𝒆𝒅 𝒕𝒐 𝑲𝒏𝒐𝒘 𝑨𝒃𝒐𝒖𝒕 𝑨𝒅𝒗𝒂𝒏𝒄𝒆 𝑰𝒏𝒄𝒐𝒎𝒆 𝑻𝒂𝒙 𝑷𝒂𝒚𝒎𝒆𝒏𝒕𝒔! 💸 𝐒𝐭𝐚𝐲 𝐚𝐡𝐞𝐚𝐝 𝐨𝐟 𝐲𝐨𝐮𝐫 𝐭𝐚𝐱𝐞𝐬! Advance Tax ensures you're not caught off guard at year-end by splitting your tax dues into manageable installments. Here's a quick guide👇 🚦 𝑾𝒉𝒐 𝑵𝒆𝒆𝒅𝒔 𝒕𝒐 𝑷𝒂𝒚? 🚦 Who Needs to Pay? 1️⃣ 𝐒𝐚𝐥𝐚𝐫𝐢𝐞𝐝 𝐈𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥𝐬: TDS often covers it, but exceptions exist. 2️⃣ 𝐅𝐫𝐞𝐞𝐥𝐚𝐧𝐜𝐞𝐫𝐬/𝐏𝐫𝐨𝐟𝐞𝐬𝐬𝐢𝐨𝐧𝐚𝐥𝐬: If dues exceed ₹10,000, it's a must. 3️⃣ 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬𝐞𝐬: Applicable for tax dues over ₹10,000. 4️⃣ 𝐒𝐞𝐧𝐢𝐨𝐫 𝐂𝐢𝐭𝐢𝐳𝐞𝐧𝐬: Exempt unless earning through business. 5️⃣ 𝐏𝐫𝐞𝐬𝐮𝐦𝐩𝐭𝐢𝐯𝐞 𝐈𝐧𝐜𝐨𝐦𝐞 (𝐒𝐞𝐜𝐭𝐢𝐨𝐧𝐬 𝟒𝟒𝐀𝐃 & 𝟒𝟒𝐀𝐃𝐀): Special rules apply. 🛠️ 𝑲𝒆𝒚 𝑭𝒆𝒂𝒕𝒖𝒓𝒆𝒔 🛠️ Key Features ✔️ Paid in installments: No lump sum stress! ✔️ Online payment options available. ✔️ Non-compliance leads to penalties (avoid those!) 📅 𝑰?...

  🌟 𝑺𝒖𝒄𝒄𝒆𝒔𝒔𝒊𝒐𝒏 𝑷𝒍𝒂𝒏𝒏𝒊𝒏𝒈: 𝑺𝒆𝒄𝒓𝒆𝒕 𝒕𝒐 𝑩𝒖𝒔𝒊𝒏𝒆𝒔𝒔 𝑪𝒐𝒏𝒕𝒊𝒏𝒖𝒊𝒕𝒚🌟 In the dynamic business, succession planning is no longer a choice but a necessity. From avoiding disputes to ensuring business continuity, preparing for leadership transitions is the cornerstone of sustained growth. Let’s learn from the Ambani family feud and Adani Group’s strategic planning to understand why succession planning matters.🏢➡️👨‍👩‍👧‍👦 🚨 𝑳𝒆𝒔𝒔𝒐𝒏𝒔 𝒇𝒓𝒐𝒎 𝑨𝒎𝒃𝒂𝒏𝒊'𝒔 𝑳𝒆𝒂𝒅𝒆𝒓𝒔𝒉𝒊𝒑 𝑫𝒊𝒔𝒑𝒖𝒕𝒆 The absence of a clear succession plan after Dhirubhai Ambani’s passing in 2002 led to a widely publicized rift between Mukesh and Anil Ambani. This conflict not only divided Reliance but also shook stakeholder confidence, emphasizing how unplanned transitions can destabilize even the strongest empires. 💔⚖️ ✅ 𝑨𝒅𝒂𝒏𝒊 𝑮𝒓𝒐𝒖𝒑'𝒔 𝑺𝒕𝒓𝒂𝒕𝒆𝒈𝒊𝒄 𝑺𝒖𝒄𝒄𝒆𝒔𝒔𝒊𝒐𝒏 𝑷𝒍𝒂𝒏𝒏𝒊𝒏𝒈 In contrast, Gautam Adani has taken a structured approach, gr...