Don't Get Taxed By Myths! Busting Common Tax Misconceptions
Dear reader,
Ever felt confused about taxes in India? You're not alone! Many myths and misconceptions swirl around tax filing, leading to unnecessary stress and missed opportunities. But worry not, this edition of Mool Mantra is here to set the record straight!
Myth #1: Only High Earners Need to File Taxes
Even if your income falls below the taxable limit, filing taxes can be beneficial. It allows you to carry forward losses, claim investment tax refunds, and build a credit history.
Myth #2: Investments Automatically Get Tax Benefits
While many investments offer tax advantages, it's crucial to understand the specific deductions and exemptions associated with each option. Not all investments are created equal when it comes to tax savings.
Myth #3: There's No Way to Save on Taxes
The Indian tax code offers various deductions and exemptions you can leverage. Explore options like medical expenses, home loan interest, education expenses, and charitable contributions to lower your tax burden.
Additionally, employers offering salary personalization via Mool Vetan optimize taxes depending on each individual’s financial situation.
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Myth #4: Filing Taxes is Too Complicated
With the right tools, like our Assisted ITR module, filing Income Tax Returns is a breeze. Stay tuned, we have more to offer here! COMING SOON!
Myth #5: Tax Deadlines Are Flexible
Missing tax deadlines can lead to penalties and interest charges. The last date for filing Income Tax Returns for AY 2024-25(FY 2023-24) is July 31, 2024.?
Try adhering to them strictly. However, if you miss this deadline, you must file a belated ITR by December 31, 2024.
Myth #6: Gifts are Tax-Free
Gifts in the form of money and property are not taxable if received on the occasion of marriage or from a relative etc. However, in other cases, gifts are taxable if their value exceeds Rs. 50,000.
That’s all folks. Empower yourself with knowledge! Don't let tax myths hold you back. Stay informed and stay tuned for more!