HENCY R SHAH AND ASSOCIATES

New financial year:  N ew rules for investors From April 1, new income tax rates will come into effect. From now on, the new tax regime will be the default regime. Under the new tax regime, people earning up to Rs 7 lakhs per annum don’t have to pay taxes. It is the beginning of the new financial year 2023-24, individuals and investors should note a couple of significant amendments that the Central government would be following now. 1)        New tax regime From April 1, new income tax rates will come into effect. From now on, the new tax regime will be the default regime. People who want to save taxes under the old regime, need to declare it in their forms. Under the new tax regime, the basic exemption limit has been raised to Rs 3 lakh from Rs 2.5 lakh. The tax rebate has been extended on income up to Rs 7 lakh as per Section 87A, as against Rs 5 lakh.   2)        Changes in Income Tax slabs The Union Budget 20...

11 things to do before the new financial year 2023-2024   As the new financial year approaches, you may have already started planning your investments to achieve your financial goals. But before we dive into the new financial year 2023-24, it is necessary to complete certain tasks before 31 st  March 2023 to ensure maximum savings and a good start to the new fiscal year. Taking care of these important things will enable you to save on taxes and prevent yourself from paying certain penalties. So, let’s take a look at the things you need to do before 31 st  March 2023. 1.     Link your PAN with Aadhar The first thing that you need to do is link your PAN with your Aadhar. The last day to do so is 31st March 2023. However, you must do this after paying a penalty of ₹1000. If you do not link your PAN with Aadhar, your PAN will become inoperative from 1st April 2023. You will not be able to do certain things if your PAN becomes inoperative. For exa...

  Budget Expectation 2023 Countdown has begun for Budget 2023. Here are a few expectations from Union Budget 2023: Education sector deserves a top spot in this year's Union Budget Increase section 80C limit to Rs 2 lakh Expectations on Cybersecurity in India Government must enhance old regime tax slabs Startups seek a simplified tax regime, reduction in MAT Budget should encourage investments in core R&D on AI and Robotics Budget must create a favorable climate to make India a part of the worldwide supply chain Budget should focus on falling imports, the impact of a slowdown Industry looking forward to policy announcements and allocations designed to support startup ventures Enable SaaS start-ups to navigate compliance and legal requirements faster Corporates seek tax relief measures for work from home employees Digitization has eased tax compliance Hike standard deduction to Rs 1 lakh Unified income tax filing form Income Tax relief for small taxpayers Tax kit...

Here's how to manage finances after a job layoff Since your regular flow of money has stopped the next challenge is to have enough money in hand to meet your daily expenses. Following biggies like Meta, Twitter, Amazon, Microsoft, Indian corporates have also been issuing pink slips to thousands of employees. For example, Swiggy announced that it is firing 380 employees as part of its latest layoff process. Similarly, Exotel, a customer engagement platform based out of Bengaluru, has laid off 15 per cent of its employees in the latest layoff rounds. GoMechanic fires 70 per cent employees, founder admits to financial reporting errors At some stage, you will get back to earning, but you need to provide a bridge till such time. While we cannot avoid the situation, we can definitely protect us and our family financially by taking right decisions. The first right move is to take account of your expenses. The immediate action to take is to evaluate expenses into 3 buckets: a) must spend (...