PGA & Co. Chartered Accountants

Renting a property for over Rs 50,000? If you're residing in a rented space with a substantial monthly rent, it's essential to comply with TDS regulations. Under section 194-IB of the Income Tax Act, 1961, individuals, including salaried individuals, are required to deduct 5% TDS on rental payments exceeding Rs 50,000 per month. For instance: If the monthly rent is Rs 70,000, Annual Rent = Rs 70,000 * 12 = Rs 8,40,000, TDS on Rs 8,40,000 @ 5% = Rs 42,000. For the last month, two actions are necessary: Pay Rent to Landlord = Rs 28,000 (Rs 70,000 - Rs 42,000, i.e., after deducting TDS). Pay Tax to Income Tax = Rs 42,000. Non-compliance can lead to penalties, including 1% per month for failure to deduct TDS and 1.5% per month for failure to remit it. Ensure to fulfill this obligation when making the final month's rent payment, vacating the premises, or terminating the rental agreement. The deadline for compliance is April 30, 2024. Follow PGA & Co. Chartered Accountants for more educational tips. 🌐Visit: www.pgaca.in 📲Call/WhatsApp Now: (+91) 9915731442 📧Email: info@pgaca.in Enquires at Pankaj Gupta #Renting #TDS #IncomeTax #TaxCompliance #RentalIncome #FinancialResponsibility #TaxDeduction #TDSRegulations #IncomeTaxAct #FinancialObligation #TaxPenalties #TaxDeadline #RentPayment #TDSGuidelines #FinancialAwareness

🌟 Debt Management Tips for Salaried Employees! 🌟 💳 Assess Your Debt: Take stock of all your debts, including credit cards, loans, and mortgagees. 📉 Create a Budget: Allocate a portion of your income to debt repayment while covering essential expenses. 💰 Prioritize High-Interest Debt: Focus on paying off debts with the highest interest rates first to save money in the long run. 💡 Explore Debt Consolidation: Consider consolidating multiple debts into a single loan with a lower interest rate for easier management. 🚫 Avoid Adding New Debt: Resist the temptation to take on new debt while paying off existing obligations. 📊 Track Your Progress: Monitor your debt repayment journey regularly and celebrate milestones along the way. 🔄 Seek Professional Help if Needed: Consult with a financial advisor or credit counsellor for personalised debt management strategies. Take control of your finances and achieve a debt-free future! 💪💼 Follow PGA & Co. Chartered Accountants for more educational tips. Enquiries at Pankaj Gupta 🌐Visit: www.pgaca.in 📲Call/WhatsApp Now: (+91) 9915731442 📧Email: info@pgaca.in #DebtManagement #FinancialFreedom #SalariedEmployees #BudgetingTips #SmartFinance #DebtFreeJourney #MoneyManagement #PersonalFinance #FinancialPlanning #DebtNegotiation #FinancialWellness #ManageYourDebt #SavingsGoals #DebtFreeLiving #FinancialEmpowerment

As tax season approaches, it's crucial for salaried employees to separate fact from fiction to ensure they're making informed financial decisions. Let's debunk some common tax myths and uncover the facts: 1. Myth: "Salaried employees don't need to worry much about taxes." Fact: While taxes may be automatically deducted from your paycheck, understanding tax laws and maximizing deductions can significantly impact your finances. 2. Myth: "I don't need to file taxes if my income is below the taxable limit." Fact: Even if your income falls below the taxable limit, filing taxes can help you claim refunds on TDS, report capital gains, or carry forward losses for future years. 3. Myth: "All deductions and exemptions are the same for everyone." Fact: Deductions and exemptions vary based on individual circumstances, including investments, loans, and expenses like HRA or medical bills. Understanding these can help you optimize your tax liability. 4. Myth: "Tax planning is only for the wealthy." Fact: Tax planning is beneficial for everyone, regardless of income level. From utilizing Section 80C deductions to investing in tax-saving instruments like PPF or ELSS, there are strategies for every taxpayer. 5. Myth: "Once I file my taxes, I can't make any changes." Fact: You can revise your tax return within a specified time frame if you discover errors or missed deductions. It's essential to review your return carefully before submission. 6. Myth: "I can claim deductions without proper documentation." Fact: Maintaining accurate records and receipts is crucial for claiming deductions. Without proper documentation, your claims may not withstand scrutiny during tax audits. 7. Myth: "Tax evasion and tax avoidance are the same." Fact: Tax evasion involves illegal methods to evade taxes, while tax avoidance refers to legally minimizing taxes through legitimate strategies. Understanding the difference can help you stay compliant while minimizing tax liability. By debunking these myths and understanding the facts, salaried employees can navigate tax season with confidence and optimize their financial well-being. Stay informed, consult with tax experts when needed, and make the most of tax-saving opportunities available to you. #TaxFacts #SalariedEmployees #TaxPlanning #FinancialWellness

Simplify tax time with our handy tips for salaried employees! Let PGA & Co. Chartered Accountants guide you through filing taxes effortlessly. Follow PGA & Co. Chartered Accountants for more educational tips. Enquiries at Pankaj Gupta 🌐Visit: www.pgaca.in 📲Call/WhatsApp Now: (+91) 9915731442 📧Email: info@pgaca.in #TaxTips #SalariedEmployees #TaxSeason #TaxFiling #TaxPreparation #FinancialPlanning #TaxHelp #PGAandCo #BusinessOwners #StartupSuccess #FinancialAdvice #SmartTaxPlanning #MoneyManagement #WealthBuilding #FinancialLiteracy

Empower Your Financial Future: Expert Tips on Financial Planning for Salaried Employees! 💼💡 Let PGA & Co. Chartered Accountants guide you through effective strategies to manage your finances and achieve your goals. Follow PGA & Co. Chartered Accountants for more educational tips. Enquiries at Pankaj Gupta 🌐Visit: www.pgaca.in 📲Call/WhatsApp Now: (+91) 9915731442 📧Email: info@pgaca.in #FinancialPlanning #SalariedEmployees #FinancialGoals #MoneyManagement #WealthBuilding #FinancialWellness #FinancialFreedom #PGAandCo #BusinessOwners #StartupSuccess #SmartInvesting #PersonalFinance #Budgeting #FinancialAdvice

Maximize Your Tax Savings with These Tips for Salaried Employees in India! 💰💼 Let PGA & Co. Chartered Accountants guide you through effective strategies to optimize your tax liabilities and secure your financial future. Follow PGA & Co. Chartered Accountants for more educational tips. Enquiries at Pankaj Gupta 🌐Visit: www.pgaca.in 📲Call/WhatsApp Now: (+91) 9915731442 📧Email: info@pgaca.in #TaxSavingTips #SalariedEmployees #TaxSavings #FinancialStrategy #TaxPlanning #PGAandCo #BusinessOwners #StartupSuccess #SmartInvesting #MoneyManagement #WealthBuilding #FinancialFreedom #FinancialWellness #TaxSeason

Unlocking the Reasons Behind Income Tax Notices for Salaried Employees! 💼💡 Stay informed with PGA & Co. Chartered Accountants as we delve into the common triggers behind these notices and how to navigate them effectively. Follow PGA & Co. Chartered Accountants for more educational tips. Enquiries at Pankaj Gupta, CA LLB 🌐Visit: www.pgaca.in 📲Call/WhatsApp Now: (+91) 9915731442 📧Email: info@pgaca.in #IncomeTaxNotices #TaxCompliance #TaxAlert #Taxation #SalariedEmployees #TaxNotices #TaxSeason #FinancialAwareness #PGAandCo #BusinessOwners #StartupSuccess #TaxTips #FinancialPlanning

Stay ahead of the game! ⏰✅ Timely tax planning is key for business owners, startups, and entrepreneurs to optimize their financial strategy and minimize tax liabilities. Let PGA & Co. Chartered Accountants help you navigate through the complexities of tax planning for a successful financial future. 💼💡 Follow PGA & Co. Chartered Accountants for more educational tips. Enquiries at Pankaj Gupta, CA LLB 🌐Visit: www.pgaca.in 📲Call/WhatsApp Now: (+91) 9915731442 📧Email: info@pgaca.in #TaxPlanning #FinancialStrategy #TimelyPlanning #TaxEfficiency #TaxSavings #FinancialPlanning #PGAandCo #BusinessOwners #StartupSuccess #SmartInvesting #MoneyManagement #WealthBuilding #FinancialSuccess #FinancialGoals

Decoding the Difference: Form 16 vs. Form 26AS 📑📊 Let PGA & Co. Chartered Accountants guide you through understanding these crucial tax documents! 💼💡 Follow PGA & Co. Chartered Accountants for more educational tips. Enquires at Pankaj Gupta, CA LLB 🌐Visit: www.pgaca.in 📲Call/WhatsApp Now: (+91) 9915731442 📧Email: info@pgaca.in #Form16 #Form26AS #TaxDocuments #FinancialEducation #TaxComparison #TaxAwareness #PGAandCo #TaxTips #BusinessOwners #StartupSuccess #TaxSeason #FinancialPlanning #SmartInvesting #MoneyManagement

Wishing you a vibrant and joyous Holi from all of us at PGA & Co. Chartered Accountants! May this festival of colors fill your life with happiness, prosperity, and success. Have a colorful and wonderful celebration! #HappyHoli #ColorfulCelebration #FestivalOfColors #JoyAndProsperity #PGAAndCo #CharteredAccountants #CelebrationTime #Holi2024