FinFig

24/07/2025

20/03/2025

Lump Sum vs. Recurring Alimony Payments 💰⚖️

Lump Sum Alimony:
🏦 Treated as a capital receipt — Not taxable! 🙌 According to the Income Tax Act, 1961, it’s not considered income, so no tax burden.
Recurring Alimony Payments:
🧾 Treated as taxable income — If you’re receiving it monthly, it’s taxable in your hands. 💸 However, the payer can’t claim a deduction for it.

19/03/2025

🔥 Turn a Market Dip into a Win with Tax-Loss Harvesting! 📉💸

Did the value of an asset in your portfolio drop? Don’t stress—it could actually be your secret weapon for lowering your capital gain tax! 💡✨

💥 What is Tax-Loss Harvesting?
It’s when you sell investments that have lost value to offset the gains you’ve made elsewhere—helping you save on taxes. Sounds like a win-win, right? 🙌

🔑 How it works:
1️⃣ Sell assets at a loss.
2️⃣ Offset taxable gains.
3️⃣ Reinvest to stay on track with your goals.

Turn those market dips into an opportunity to keep more cash in your pocket! 💰🚀

 

15/03/2025

14/03/2025

🚨 GST ALERT: Crucial Compliance Steps Before March 2025! 🚨
The countdown is on! ⏰ Make sure your business stays on track with these must-do GST activities before the new financial year kicks in. Here’s your checklist:
1️⃣ LUT (RFD-11): Planning zero-rated exports after April 1, 2025? File your LUT (Letter of Undertaking) to avoid GST payment on exports.
2️⃣ GST CMP-02: Opting for the Composition Scheme? File GST CMP-02 and benefit from reduced tax rates on your turnover.
3️⃣ QRMP Scheme: If your turnover is under ₹5 Crores, choose the QRMP scheme for quarterly returns and monthly tax payments. Simplify your GST filing!
4️⃣ New Invoice Series: Fresh invoice series required from April 1, 2025! Update your tax invoices, credit/debit notes, and bills of supply to stay compliant.
5️⃣ E-Invoicing: If your annual turnover exceeds ₹5 crore, ensure you’re compliant with e-invoicing for seamless digital tax management.
6️⃣ GST Amnesty (128A): Clear your pending dues by March 31, 2025, with NO interest or penalties under the GST Amnesty Scheme for Section 73 demands. Resolve your dues without extra charges!
7️⃣ GTA Declaration for Forward Charges: If you’re opting for GST under forward charge, make sure to file Annexure V! Ensure compliance and avoid any surprises.
✅ Don’t delay—act now! Stay ahead of these updates and make your transition into the new GST regime smooth and penalty-free! 🔄

02/03/2025

02/03/2025

Now it’s time to choose New or old tax regime.

26/02/2025