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[Sujit Bangar @sujit_bangar]

Ambitious and welcome move by RBI to reduce repo rate by 25 basis point !
#monetaryPolicy #RBI

[Sujit Bangar @sujit_bangar]

Game of Tariffs has just begun ….

It’s going to be turbulent till new global economic order sets in …

Obviously USA won’t be in steering position anymore !

[Sujit Bangar @sujit_bangar]

New Tax Regime is the default tax regime.

If you don’t select any tax regime, then by default the tax regime would be New Tax Regime.

If you wish to select Old Tax Regime to take benefit of various deductions and exemptions, you need to select Old Tax Regime and its possible only when you are filing Income Tax Return before due date.
@TaxBuddy1

[Sujit Bangar @sujit_bangar]

There are over 13 lakh doctors in India.

Most of them overpay income tax.

Sharing some secret provisions of the income-tax which exempt or reduce doctors' income by 50%🧵👇

[Sujit Bangar @sujit_bangar]

Indians paid ₹10.45 Lakh Cr of personal tax in FY24.

Income tax is the biggest expense of our lifetime.

7 uncommon ways to reduce tax liabilities for individuals🧵👇

[Sujit Bangar @sujit_bangar]

Brands as huge as Coca-Cola spend ~$1,000,000+ on producing an ad.

However, this Xmas, Coca-Cola saved this money by producing an ad using GenAI.

But how are the users responding? Here's what unfolded🧵👇

[Sujit Bangar @sujit_bangar]

India, with its reforms and strategic position, is well-prepared to navigate this changing global landscape, no matter who wins.

What do you think?

[Sujit Bangar @sujit_bangar]

7/ Bottom Line

U.S. tax policies ripple across the globe, influencing capital allocation and shaping markets.

As we await election results, one thing is certain: “Nothing is certain except for death and taxes.” - Benjamin Franklin.

[Sujit Bangar @sujit_bangar]

6/ India’s Resilience to U.S. Tax Shifts

India is well-positioned vs other EMs with recent geopolitical shifts and supply chain disruptions from the war.

Corporate tax cuts within India and the shift from China as a manufacturing hub make India a strong alternative.

[Sujit Bangar @sujit_bangar]

5/ Impact on Global Capital Flow

Income fuels the economy. Lower US taxes typically encourage investment.

While higher taxes may push capital to lower-taxed regions, impacting global capital flow and investment strategies.

[Sujit Bangar @sujit_bangar]

➡️Kamala: Proposes raising corporate tax from 21% to 28%

Capital gains tax from 20% to 28% for those earning over $1M p.a

Her plan also involves taxing notional gains, increasing Medicare tax but expanding child tax credits and new support for first-time homebuyers

[Sujit Bangar @sujit_bangar]

3/ Stark Differences in Tax Approaches

The candidates’ tax plans reveal key contrasts:

➡️ Donald Trump: Seeks to lower corporate tax from 21% to 20%, with a potential 15% rate for domestic producers, and aims to end taxes on Social Security benefits.

[Sujit Bangar @sujit_bangar]

2/ Dollar’s Global Impact

US dollar is world’s reserve currency, so changes in US taxes influence global markets

Tax changes can shift global capital flows, affecting investments globally

US is the highest FDI provider to India after beneficial tax regimes (Mauritius & Sgpr)

[Sujit Bangar @sujit_bangar]

1/ Why U.S. Taxes Matter Globally

Whether you’re an HNI, middle-class person or corporation, taxes impact everyone’s outgo.

U.S. tax policy shifts are especially significant because of their superpower status.

[Sujit Bangar @sujit_bangar]

As the U.S. decides its next president, one area with huge global impact is taxation💰

Here’s why the world should pay attention to U.S. tax policies and what it means for India 🧵👇

[Sujit Bangar @sujit_bangar]

We celebrated Diwali in our Mumbai office yesterday! 🪔✨

There’s something truly unique about celebrating Diwali at the office.

The happy interactions with our colleagues, coming together dressed up traditionally, make this day special.

Happy Diwali to all!

[Sujit Bangar @sujit_bangar]

A salesman asked me to believe in AI than his junior.

His statement ignited a strong thought on how customers will evaluate products/service going forward.

If you are a founder or a consumer, do read this👇

[Sujit Bangar @sujit_bangar]

Earlier, workers were required to apply through their employers to get the universal account number (UAN).

Now one can use a facility for formal sector workers to obtain universal account number online without depending on their employers.

There are many services that can be accessed through the online portal of Employees' Provident Fund Organisation (EPFO).

Some of these services include making nomination for your Employees' Provident Fund account (EPF) and Employees Pension Scheme (EPS), filing EPF /EPS claim online, accessing your EPF passbook of your account and so on.

To use the various online services related offered by the EPFO related to your EPF account, your UAN must be activated.

An organisation creates a new EPF member ID to put in the EPF contributions of an employee. This member ID is the employee's EPF account number. Different account numbers are created over a period of time by different employers. For instance, while switching your job, your new company will open a new EPF account for you to deposit your EPF contribution.

However, while opening the EPF account, you can provide your existing UAN to be able to easily merge all your previous EPF accounts opened during your working life.
@TaxBuddy1
#ProvidentFund

[Sujit Bangar @sujit_bangar]

Best time to file ITR is NOW.

When it’s about filing income tax return, general tendency is to postpone it till last date.

This has few serious consequences.

If there is tax payable, your penal interest burden will keep rising till day of your filing.

Last minute filing would be in hurry and probability of mistake in filing is more.

If by any chance, due date is lapsed, you cannot carry forward loss.

Late filing will further delay credit of refund due.

So don’t delay filing ITR.
https://t.co/hvvPhJrvuf
#IncomeTaxReturn #IncomeTaxReturnFiling #ITRFiling

[Sujit Bangar @sujit_bangar]

It's a well known fact that you can claim principle repayment of home loan as deduction under section 80C.

But 80C has a deduction bracket of ₹150k.

It includes many other deductions like PPF, ELSS, insurance, kids tuition fee, etc.

If you have a home loan, the real benefit is not 80C.

It’s deduction on interest payment up to ₹2 Lakh under section 24(b).

What's better?

Purchase the property under joint ownership so that you and your spouse can claim 2 lakh each.

Most taxpayers miss out on these massive tax saving opportunities.

@TaxBuddy1
#IncomeTaxReturn #ITRfiling #IncomeTaxReturnFiling