You're gonna pay lesser taxes!
Hellooo 👋
As Ms Sitaraman was presenting the budget, the market sentiment was quite positive, but once everyone had a chance to analyze and process it, the market seemed to sink back down. So it doesn't seem like there was general acceptance, as people probably expected more than what it was. The budget was for the middle class to a certain extent, but people expected a lot more specifically because this is the last budget before the General Elections next year. 🤐🤐
The budget is the biggest buzzing thing happening right now, and other than that, Jan has been, well, JAN with its little see-saw of volatility 📈📉. But things are looking up and stabilizing because it's not as volatile as the market was in the last quarter, although there have been unexpected bombs that keep exploding, like the Adani-Hindenburg Report and other random things dragging the market down.
‘Sup with the market?
Deadlines to keep in mind for this year 📝📌
The tax season is lurking around the corner and Budget 2023 gave us some good news, check this out!
80C Deductions are often a taxpayer's favourite, given their provisions to reduce taxable income through tax-saving investments & eligible expenses. While you can access the comprehensive list of 80C deductions with ease, here are 3 types of income that are not deductible under section 80C:
Long-term Capital Gains
Long-term capital gains (LTCG) are the profits made when capital assets are sold at least a year after acquiring them. No tax deductions are applicable on LTCG under Section 80C to 80U as the entire profited amount will qualify for taxable income and will be charged a flat 20% tax.
Short-term Capital Gains
Short-term capital gains (STCG) are profits realized from the sale of personal or investment property, or a capital asset that has been held for less than one year. STCG covered under section 111A is charged to tax @ 15% (plus surcharge and cess as applicable).
Money From Lotteries & Gambling
Any amount of money earned from playing a game of chance and does not require any expense to earn such income, will not be eligible for deductions since they can be addictive and are unethical in the eyes of law. They will be taxed at 30% of the gross income, exclusive of cess and surcharge.
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Coolest thing I watched this month!
I watched Taza Khabar on Hotstar starring Bhuvan Bam, and it’s mind-blowing 🤯🤯🤯🤯 He’s just killed it, you must watch it if you get the time and Bhuvan, if you’re reading our newsletter, you’ve got a fan girl right here 🤩🤩
Cocktail Pe Charcha
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If I'm being honest, we can expect a little more volatility in Feb as the market recovers from the budget & Adani Group news. Although we still don't know how stable it will eventually be, we are on the road to recovery. February being a short month doesn't have anything exciting in store, but start thinking about your taxes if you haven't already! There are just about two months to go, and time flies in a 🚀 rocket, especially when important things are at stake.
I'll write to you soon!
Sayali❤️