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<ul><li><keyword id="115182" type="General" weightage="100" keywordseo="hra" source="Orion">HRA</keyword> exemption is available only if you are living in a rented house and opt for the old tax regime. </li><li>If the rent is more than ₹1 lakh per annum, then the PAN of the landlord must be submitted. </li><li>You can claim both HRA and deduction on home loan interest if you fulfil certain conditions.</li></ul> If you are a salaried employee, you may be receiving a house rent allowance (HRA) as part of your salary. If you live in a rented house, you can claim an HRA exemption from taxes. However, remember that the tax exemption is available only if you choose the old tax regime. <cmsannotation type="cmsannotation" annotationid="How is tax exemption under HRA calculated" comment="subhead" text="How is tax exemption under HRA calculated">How is tax exemption under HRA calculated</cmsannotation> The deduction available is the minimum of the following: <ul><li>Actual HRA received</li><li>50% of basic salary for those living in metro cities (Delhi, Kolkata, Mumbai or Chennai) and 40% for those living in non metros</li><li>Actual rent paid minus 10% of basic salary </li></ul>To calculate your HRA deduction, you may use the HRA deduction <a href="https://incometaxindia.gov.in/Pages/tools/house-rent-allowance-calculator.aspx">calculator </a>available on the <keyword id="65338" type="General" weightage="50" keywordseo="income-tax-department" source="Orion">Income Tax Department</keyword> website. <cmsannotation type="cmsannotation" annotationid="Documents required to claim HRA tax exemption" comment="subhead" text="Documents required to claim HRA tax exemption">Documents required to claim HRA tax exemption</cmsannotation> In order to claim a deduction for house rent allowance, the employee needs to provide her employer with documents such as rental agreements and rent receipts. “If the payment of rent is more than ₹1 lakh per annum, then the permanent account number (PAN) of the landlord must be submitted. Based on these proofs, employers will provide exemption for HRA in Form 16,” says Archit <keyword id="6356160" type="General" weightage="50" keywordseo="gupta" source="Orion">Gupta</keyword>, founder and chief executive officer of fintech company Clear. <cmsannotation type="cmsannotation" annotationid="You can claim deduction even when your employer doesn’t pay HRA" comment="subhead" text="You can claim deduction even when your employer doesn’t pay HRA">You can claim deduction even when your employer doesn’t pay HRA</cmsannotation> If an individual pays rent for living in a residential accommodation but does not receive an HRA from her employer, she can still claim the deduction under section 80GG of the <keyword id="6354751" type="General" weightage="50" keywordseo="income-tax" source="Orion">Income Tax</keyword> Act. However, some conditions need to be fulfilled to claim this deduction. First, you must be self employed or salaried and must not have received HRA any time during the year in which you are claiming 80GG. “The other condition is that you or your spouse or your minor child do not own any residential accommodation at the place where you currently reside, perform duties of office, or employment or carry on business or profession,” says Gupta. <cmsannotation type="cmsannotation" annotationid="You can claim HRA if you live with parents" comment="subhead" text="You can claim HRA if you live with parents">You can claim HRA if you live with parents</cmsannotation> If you are living in your parent’s house, you can also claim HRA. “To claim HRA, you have to enter into a rental agreement with your parents and transfer money to them every month as rent. Your parents need to report the rent received from you as income in their income tax returns,” says Gupta. If their other income is below the basic exemption limit or taxable at a lower tax slab, they can save tax on the family income. <cmsannotation type="cmsannotation" annotationid="You can claim both HRA and deduction of home loan interest" comment="subhead" text="You can claim both HRA and deduction of home loan interest">You can claim both HRA and deduction of home loan interest</cmsannotation> If you have a home loan, you can claim both HRA and also the tax benefits that you are eligible to claim if you have a home loan, even if both the houses are in the same city. “For this, you need to prove that the house for which you are paying rent and the house for which you are paying home loan are at different places,” says <keyword id="16333858" type="General" weightage="50" keywordseo="suneel-dasari" source="Orion">Suneel Dasari</keyword>, founder and CEO, EZtax.in, a tax portal. There must be sufficient reasons for not residing in a self-owned house. The possible reasons could be that you have availed a loan for a house but live in a rented accommodation in another city. You may also live in the same city in a rented accommodation for reasons such as work or children’s schooling. Also, the home you have purchased can be under construction and you may be living on rent elsewhere. You may also have rented out your own house and live elsewhere. Such claims are frequently scrutinised by Income Tax officials, who may reject part of the claim if they are dissatisfied, particularly if the claimed amount is relatively high. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/the-vivo-zeiss-story-how-a-covid-time-collab-led-to-the-creation-of-the-x90-series/articleshow/100013619.cms">The Vivo-Zeiss story: How a Covid-time collab led to the creation of the X90 series</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-nifty50-tumble-over-1-on-sell-off-in-hdfc-twins/articleshow/100013793.cms">Sensex, Nifty50 tumble over 1% on sell-off in HDFC twins</a>

How HRA exemption can help you save tax in 2023-24

<ul class="summary-list"><li><keyword id="6673655" type="UNKNOWN" weightage="60" keywordseo="Suneel-Gupta">Suneel Gupta</keyword> is a Harvard faculty member and the cofounder of mobile health company Rise, which was acquired for nearly $20 million dollars two years after its launch.</li><li>The following is an excerpt from his new book, <a href="https://www.amazon.com/Backable-Surprising-Behind-People-Chance/dp/0316494518">Backable: The Surprising Truth Behind What Makes People Take a Chance On You.</a></li><li>In it, he says showing VCs who previously said no to Rise that he used their input to modify his pitch encouraged two of them to become early <keyword id="6359051" type="UNKNOWN" weightage="60" keywordseo="investors">investors</keyword>.</li></ul>Years ago, I came across a designer named Michelle who was incredibly in demand within her company. People would fight to have her on their team. I later discovered that while people liked Michelle's creativity, they loved her process even more.After sharing a set of design options, Michelle always gathered input from the room. Then, in a follow-up meeting, she would go down the checklist of feedback, item by item, and show how she had incorporated their thoughts into the newest design. Or, if she had decided not to use the feedback, she would share her reasons why. People didn't always agree with Michelle, but they always felt heard. Their input mattered, and they felt like insiders in her process.Recently, June Cohen said something that really made Michelle's story click. Cohen, the former head of media for TED and current CEO of WaitWhat, explained that in order to chart a truly epic career, "You need to make everyone you enlist a hero, not just in your story, but in their own." In the "Wizard of Oz," Dorothy enlists the help of the Tin Man, the Scarecrow, and the Lion - by making them the hero of their own stories. Cohen says, "If the Scarecrow didn't have a chance of getting a brain, if the Tin Man couldn't get a heart - they wouldn't have braved those attacks from flying monkeys!"<div type="image" title="BACKABLE.Gupta" height="500" width="323" msid="81096803" hostid="261"></div>To feel like heroes, we need to know that what we said and what we did made an impact. Penelope Burk is a renowned fundraising researcher who showed the difference it makes when we truly feel that way. More than twenty years ago, Burk noticed that nonprofit leaders were spending the majority of their time and resources recruiting new donors instead of keeping the ones they already had. As a result, nearly 70% of an average charity's backers would never give again, and nonprofit leaders would constantly be rebuilding their donor bases from scratch."It didn't make any sense," Burk told me. So she decided to study what would happen if a charity spent real time and effort cultivating existing donor relationships. In her experiment, Burk isolated a set of people who had given to a national health charity.If you were a part of this test group, you received a personal phone call from a member of the board of directors. During this call, you were not asked for more money. This was a critical point - the call wasn't being used to sell you again, but rather to express sincere gratitude. You received a heartfelt thank you for your support, and you learned how your contribution was making a difference. After those phone calls were placed, Burk waited to see which donors stuck around.What she found was astounding. Two years later, 70% of the people who had received the phone call from a board member were still giving to the organization, compared to just 18% of those who hadn't. To top it off, donors who remained were now giving 42% more than they had at the start.When Burk shared those results with me, I asked her how one simple phone call could make such a huge difference. She answered my question, in part, by reading a thank-you letter she happened to have sitting on her desk. It was written from one community organizer to another, and the first paragraph began: "We know it's often your role to do the work of making donors and volunteers feel like heroes . . . and they no doubt are."Helping people understand their impact isn't a business concept, it's a human concept. We all want to feel as though what we said and what we did mattered. If you're a backer, that can be as simple as knowing your input was heard and utilized - whether that's for a mission, a <keyword id="6363690" type="UNKNOWN" weightage="100" keywordseo="Strategy">strategy</keyword>, or a product.I got my first glimpse of this in politics. In high school, I knocked on doors for a local politician named John Dingell, and I still remember the annoyed looks on people's faces when I'd ring their doorbell on a Sunday afternoon. By the tail end of the campaign, people's irritation grew because their homes had been visited multiple times by campaign workers who had handed them the same piece of literature. "If you give me one more of these pamphlets, I'm voting for the other guy," said one suburban dad.A decade later, when I was canvassing for another candidate, smartphones had changed everything. Before knocking on a door, I could pull up an app and know the issues that mattered most to that voter because we had taken notes the last time we visited the home. I would say something like "From the last time we chatted, I know you care deeply about K-through-12 education. Can I give you an update on some of the progress we're making on that front?" As a result, there were fewer door slams and more quality conversations. Voters felt like they were being listened to - that what they said mattered.We don't typically win people over in one conversation, but through a series of interactions that builds trust and confidence. Even if the last conversation went poorly, you can use the next one to show them how they influenced your work. This type of follow-up is so powerful that it can often change a backer's response from no to yes.Brian Wood is an innovation strategist at the National Geospatial-Intelligence Agency, which is part of the US Department of Defense. He explained to me, in layman's terms, an internal project he created called Conduit, which used artificial intelligence to help the agency make better decisions more efficiently. But when he pitched decision makers at the Pentagon, they rejected the idea, expressing a laundry list of concerns.Instead of getting defensive, Wood listened carefully to the feedback. He took detailed notes and created a checklist of things he'd need to address before he returned. Then, weeks later, he scheduled a follow-up meeting.<div type="image" title="Suneel Gupta.1.JPG" height="3938" width="5251" msid="81096805" hostid="261"></div>Just as Michelle the designer had done at a high-tech company, Wood walked Pentagon officials through a modified version of his prototype, showing them exactly how their feedback had been incorporated. When Wood finished his demo, he saw a room full of surprised faces. When he asked if everything was okay, one of the officers cleared his throat and said, "Everything's fine. It's just . . . no one ever comes back."Unlike Wood, I never thought to go back to the investors who said no to Rise. That is, until I met an old friend from law school for coffee. Andy patiently listened to me complain about how everyone was passing on my idea. When I was finished, he leaned back in his chair a bit and looked off into the distance for a moment. Then he asked a one-word question: "Why?""Why what?" I asked."Why did they pass?" he said."Because they didn't like the idea," I said, feeling a slight irritation."Yes, but why? Why didn't they like the idea?" he pressed.At that moment, it occurred to me that I hadn't really asked investors who passed why they had passed. Typically, I had received a short email saying something like "Sorry. It's just not the right fit for us." But I hadn't followed up and probed further into why.Later that day, I took Andy's advice and reached out to all the investors who had passed on Rise and asked them what it would have taken for them to say yes. A few of them responded with their version of "Nothing. Just not the right fit for us." But others responded with substantive notes, offering feedback such as "We would have liked to have seen more numbers around retention" or "We'd like to see the engineering team built out a little more so we know you can build a strong consumer product."Without asking the question, I never would have received the feedback. And now that I had a clear direction, I knew how to adjust our road map to focus on customer retention and engage a recruiter to help us find engineering talent. About a month later, I emailed those same investors and asked if they'd be willing to take a quick follow-up meeting. I began each of those meetings by restating the concerns they shared and, as soon as that happened, I could feel the room relax. They knew in that moment that I wasn't going to waste their time regurgitating the exact same pitch. Then, like Brian Wood inside the Pentagon and Michelle inside her design room, I showed how I had modified our approach using their input and the results we had so far. The new pitch didn't always work, but two venture capitalists who had previously told me no became early investors in Rise.Excerpted from <a href="https://www.amazon.com/Backable-Surprising-Behind-People-Chance/dp/0316494518">BACKABLE</a> by Suneel Gupta. Copyright © 2021 by Suneel Gupta. Reprinted with permission of Little, Brown and Company. All rights reserved.Suneel Gupta is the cofounder of Rise and teaches Innovation on faculty at Harvard University. Using the 7 steps inside this book, Suneel went from being the face of failure for the New York Times to being the "New Face of Innovation" for the New York Stock Exchange. His ideas have been backed by firms like Greylock and Google Ventures, and he has invested in startups including Airbnb, Calm, and SpaceX.

A cofounder who sold his company for nearly $20 million on how to make investors feel like their input matters so they take a chance on you

<keyword id="189207" type="General" weightage="20" keywordseo="tax-filing" source="Orion">Tax filing</keyword> season is here. On the income tax website there are various income tax forms available to file your returns. Here, we take a look at the different forms available, and the one you should choose to file your returns. “The applicability of <keyword id="6374875" type="General" weightage="20" keywordseo="itr" source="Orion">ITR</keyword> forms varies depending on the sources of income of the taxpayer, the amount of the income earned, and the category of the taxpayer like individuals, Hindu Undivided Family (HUF), company, etc,” says Archit Gupta, founder, and CEO, Clear, a fintech company. <cmsannotation type="cmsannotation" annotationid="subhead" text="ITR-1 (Sahaj)">ITR-1 (Sahaj)</cmsannotation> You can use this form if you have a total income of up to ₹50 lakh through salary, one house property, and other sources like interest. You can also have agricultural income of up to ₹5000. “However, it will not apply to those who are directors in a company, or own unlisted equity shares. <keyword id="3429498" type="General" weightage="20" keywordseo="itr-1" source="Orion">ITR 1</keyword> does not apply to you for other conditions as well. “If you have income from business or profession, have income under capital gain, or have any foreign income, ITR 1 does not apply to you,” says Gupta. <cmsannotation type="cmsannotation" annotationid="subhead" text="ITR-2">ITR-2</cmsannotation> You can use this form if you have income from salary/pension, and from more than one house property. You can also have agricultural income of more than ₹5,000, and have foreign income or income from capital gains. The total income can be more than ₹50 lakh. “This form can be used by individuals, and HUF who are not eligible to file ITR-1, and whose income is not chargeable under head business or profession,” says Suneel Dasari, founder and CEO, EZtax.in, a tax portal. Agrees Gupta, “This return form should not be used by an individual whose total income for the AY 2023-24 includes Income from business or profession. For declaring these types of income you may have to use ITR-3 or ITR-4.” <cmsannotation type="cmsannotation" annotationid="subhead" text="ITR-3">ITR-3</cmsannotation> ITR-3 is meant for individuals, and HUFs having income from a proprietary business, or profession, or income from partnership firm. The form also applies to you if you are an individual director of a company, or have unlisted equity shares at any time during the financial year. The return may also include income from house property, salary/pension, and income from other sources. “In short, individuals or HUFs who are not eligible to file ITR-1, ITR-2, and ITR-4, should file ITR-3,” says Gupta. <cmsannotation type="cmsannotation" annotationid="subhead" text="ITR-4 (Sugam)">ITR-4 (Sugam)</cmsannotation> ITR-4 Sugam is an income tax return form specifically designed for individuals, and HUFs who have a presumptive business income. It offers a simplified approach to filing taxes by allowing taxpayers to report their income from business or profession based on a presumptive taxation scheme. This form is applicable to taxpayers who have a total income of up to ₹ 50 lakh in a financial year, and have earned income from business or profession, which includes freelancers, small traders, and professionals such as doctors, engineers, and lawyers. It provides a convenient way to declare their income by offering predefined percentages of their turnover, or gross receipts as taxable income, without the need for maintaining detailed books of accounts. “A person adopting the presumptive taxation scheme can declare income at a prescribed rate and, in turn, is relieved from the tedious job of maintenance of books of account,” says Dasari. ITR-5, ITR-6, and ITR-7 do not apply to individuals.

Decoding ITR forms: Which one should you use to file your taxes?

<ul><li>Investing in <keyword id="103549" type="General" weightage="20" keywordseo="elss" source="Orion">ELSS</keyword> not only aids in tax reduction but also offers the opportunity for wealth accumulation through equity exposure. </li><li>Investing in PPF provides a secure avenue for long-term savings, with a fixed tenure of 15 years and the option to extend in blocks of 5 years.</li><li>Investors opt for 5-year FDs due to their stability and assured returns, making them suitable for those seeking low-risk investment options. </li></ul>Now that we have stepped into the new year, there are just three months left before the current financial year draws to an end. Those who have made investment declarations to their employees to save funds under section <keyword id="6381499" type="General" weightage="20" keywordseo="80c" source="Orion">80C</keyword>, would have another month or two to show proof of investments to their employers. One needs to give evidence of investments to his/her employer by a certain time. This helps your employer calculate your taxable income and the amount of tax to deduct from your salary. “If you forget to submit the proof of investments to your employer, you can still claim those investments when you file your income tax return. Just make sure the investments were made before the end of the financial year,” says Archit Gupta, Founder and CEO, Clear, a fintech company It always helps to plan early, but in case you have not, here is a guide on how you can invest to avail section 80C tax deductions. Remember, that would apply to you only if you have opted for the old tax regime. Before making 80C investments, it is important to remember that the maximum deduction that you can avail is ₹1.5 lakh. Your contribution to the employee provident fund (EPF) is eligible for 80C deductions. So are your insurance premiums. If you have a home loan, the amount you pay towards the principal component of the home loan is also eligible for deductions under section 80C. So, when planning for 80C investments you need to first understand the amount you need to invest, which would in most cases be less than ₹1.5 lakh. Let us take a look at 5 investment options to avail 80C deductions in 2024. Equity Linked Savings Scheme Equity Linked Savings Schemes (ELSS) serve as a tax-saving avenue under section 80C of the Income Tax Act, offering benefits like a lower lock-in period of three years compared to other tax-saving instruments. ELSS primarily invests in equity and equity-related instruments, providing potential for higher returns over the long term. “ELSS helps you save tax and grow money at the same time,” Suneel Dasari, CEO, EZtax.in. However, it's essential to acknowledge the risks inherent in equity investments, including market volatility and fluctuations. The returns aren't guaranteed and can vary based on market performance. ELSS funds as a category have given returns of 26.57%, 19.55% and 17.13% in one, three and give years respectively. Public Provident Fund The Public Provident Fund (PPF) is a government-backed long-term savings scheme offering tax benefits under Section 80C. It allows contributions up to ₹1.5 lakh annually, making the invested amount tax-deductible. Investing in PPF provides a secure avenue for long-term savings, with a fixed tenure of 15 years and the option to extend in blocks of 5 years. It offers a 7.1% rate compounded annually. The risks associated with PPF are notably low due to its government backing, ensuring safety and stability. However, the lock-in period of 15 years and limited liquidity might pose constraints for individuals seeking shorter-term investment options. National Pension Scheme The National Pension System (NPS) is a voluntary retirement savings scheme offering tax benefits of up to ₹1.5 lakh under Section 80C and an additional ₹50,000 under Section 80CCD (1B), providing substantial tax savings. Investing in NPS is ideal for retirement planning, offering a choice of investment options across equities, corporate bonds, and government securities. Its unique feature includes two accounts: Tier I (non-withdrawable till retirement) and Tier II(withdrawable at any time). While NPS provides the opportunity for market-linked returns, it also carries market risks associated with investment in equity and debt instruments. Additionally, the Tier I account has a lock-in period until retirement, restricting liquidity. “Tax benefits will be applicable only to the investments under Tier 1 NPS Accounts. Tier 2 NPS accounts are not eligible for tax benefits,” says Dasari. Tax saving FDs A 5-year Fixed Deposit (FD) offers a secure investment avenue with a fixed interest rate for the specified tenure, typically ranging from banks to post offices. The invested amount is eligible for deduction under section 80C. Investors opt for 5-year FDs due to their stability and assured returns, making them suitable for those seeking low-risk investment options. However, these FDs may have lower returns compared to market-linked instruments like equity-based investments. Additionally, the lock-in period of 5 years limits liquidity and flexibility. Sukanya Samriddhi Yojana Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme designed for the financial security of the girl child. It offers tax benefits under Section 80C of the Income Tax Act, allowing contributions up to ₹1.5 lakh annually to be tax-deductible. Investing in SSY provides a dual advantage of tax savings and creating a corpus for a girl child's future expenses like education or marriage. The scheme offers an attractive interest rate(8.2%) and has a maturity period of 21 years from the date of account opening or until the girl child reaches 18, whichever is earlier. “For higher education purposes you can withdraw 50% of the amount deposited,” says Dasari. The risks associated with SSY are minimal as it's a government-backed scheme.

Tax saving countdown – With 2 months to go, options to consider under 80C

<ul><li>Increase basic exemption and deduction limits under various sections </li><li>Make more deductions available under the simplified tax regime </li><li>Rationalize capital gains taxes across asset classes and streamline holding period </li></ul>It is that time of the year again. Finance minister Nirmala Sitharaman is all set to deliver the budget on February 1. Like every year, expectations are high that she will come as a messiah for the common taxpayer and deliver a bag of goodies just like Santa Claus. There have been a lot of expectations from the taxpayers because the last significant change that happened for the taxpayer was in 2020 when the simplified tax regime was introduced. “Most of the deductions like 80C, 80D, HRA, and so on have been standard for quite some time. The reason why the taxpayers are hoping that these will be increased is that there has not been any change in the last several years. However, the cost of goods has gone up, the medical premiums are exorbitant and these have now become a big leak from the savings of the common taxpayer, so it is necessary that there is some kind of relief,” says Aarti Raote, Partner Deloitte India. Here are some key expectations taxpayers have from <keyword id="12743893" type="General" weightage="20" keywordseo="budget-2023" source="Orion">Budget 2023</keyword>. Revision of tax slabs and increase in deduction limit “The basic exemption limit has been set to ₹2.5 lakh for almost eight years, now it is high time it should be increased to ₹3-3.5 lakh,” says Archit Gupta, founder and CEO, Clear. There are expectations to increase deduction limits under some of the key sections too. “One of the major expectations of the salaried class taxpayer is to increase the limit of deduction under Section 80C from ₹1,50,000 to ₹2,50,000,” says Akhil Chandana, Partner, Grant Thornton Bharat. Currently, the deduction allowed under section 80C covers a wide range of eligible investments/expenses such as payment of life insurance premium, employee’s contribution to Provident Fund, Public Provident Fund (PPF), National Pension Scheme (NPS), housing loan principal repayment, Equity linked saving schemes (ELSS), etc. “The increase in deduction limit will achieve the dual objective of encouraging savings and reducing tax burden,” says Chandana. Further, the present limit under Section 80D has been set at ₹25,000 per financial year for self (below the age of 60 years), spouse and dependent children in respect of payment of health insurance premium. Further, separate deduction is available for parent’s health insurance up to ₹25,000 (₹50,000 if parents are aged 60 years or above) or medical expenses (in case of no health insurance). “Post the Covid situation and ever-increasing medical cost, it is the need of the hour to relook into these provisions and increase the 80D limits so that the individuals have adequate financial cover under their health insurance plan,” Chandana adds. Making more deductions available under the simplified tax regime The simplified tax regime has also not provided a clear advantage to the taxpayer. “The taxpayers do claim a lot of deductions and exemptions which at times outweigh the reduction in the tax slabs under the new tax regime. This is evident from the fact that only less than 10% of people opt for a simplified tax regime,” says Raote. In fact, the Government has analyzed the reason why the new tax regime is not popular and what can be done to increase adoption. Today, the simplified tax regime has only a few deductions available. Standard deduction is not permitted under the simplified tax regime. Raote says that giving it under the simplified tax regime will be beneficial for everybody as there is no proof required to be submitted for this. Similarly, everybody does a contribution to the provident fund and it requires no evidence because it is an employer-based deduction evident from Form 16, and bringing it under the new tax regime will benefit everybody. Agrees Suneel Dasari, Founder and CEO @EZTax.in, “One can expect the new tax regime to be enhanced with more favourable tax slabs to pave the way for the sunset of the old tax regime and reduce compliance complexity.” Rationalization of capital gains tax rates Presently, long-term capital gains (other than listed shares and units of equity-oriented funds) attract a tax rate of 10%. The long-term capital gains on the sale of other assets attract a tax rate of 20%. Further, short-term capital gains the on sale of listed shares attract a tax rate of 15% and short-term capital gain attracts the tax rate as per the applicable slab. Today the awareness and inclination to invest in the stock markets have increased. “However, you have tax provisions that give you different kinds of tax implications on whether the shares are listed, or not listed, the holding period and tax rates also differ for listed and unlisted shares. All this creates a kind of confusion for the taxpayer.“ It is recommended that the different tax rates are harmonized to simplify the overall tax mechanics. A uniform holding period should be specified to treat a capital asset as short-term or long-term in nature,” says Chandana. He also says that the present limit for long-term capital gain exemption of ₹1 lakh on the sale of listed shares or units of equity-oriented mutual funds (on which STT is applicable) should be increased to boost investments in the capital market. SEE ALSO <a href="https://www.businessinsider.in/budget/article/the-time-for-pli-2-0-is-now-budget-2023-24-needs-to-deliver-if-india-is-to-become-the-factory-of-the-world/articleshow/97175570.cms">The time for PLI 2.0 is now: Budget 2023-24 needs to deliver if India is to become the factory of the world</a> <a href="https://www.businessinsider.in/budget/article/budget-2023-24-what-the-common-man-wants-on-the-personal-tax-front/articleshow/97124204.cms">Budget 2023-24: What the common man wants on the personal tax front</a>

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How HRA exemption can help you save tax in 2023-24

Anagh Pal

A cofounder who sold his company for nearly $20 million on how to make investors feel like their input matters so they take a chance on you

Suneel Gupta

Decoding ITR forms: Which one should you use to file your taxes?

Anagh Pal

Tax saving countdown – With 2 months to go, options to consider under 80C

Anagh Pal

Budget Expectations: Time to revise tax slabs and deduction limits for personal tax payers

Anagh Pal

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