Shekhar J. Karanje’s Post

Indian Tax system need major reforms.. Reforming the Indian tax system to ensure fairness and equity for all taxpayers can be achieved through various measures, including: 1. Simplification and Transparency: Streamlining tax laws and procedures to make them more transparent and easier to understand, reducing complexity and ensuring equal access to benefits for all taxpayers. 2. Progressive Taxation: Implementing a progressive tax system where higher-income individuals pay a higher percentage of their income in taxes, ensuring a more equitable distribution of the tax burden. 3. Crackdown on Tax Evasion: Strengthening enforcement mechanisms to curb tax evasion and ensure compliance, creating a level playing field for all taxpayers and deterring the misuse of loopholes. 4. Incentivizing Compliance: Offering incentives and rewards for timely and accurate tax compliance, encouraging taxpayers to fulfill their obligations while promoting equity in tax contributions. 5. Targeted Benefits: Designing tax policies that target specific sectors or demographics, ensuring that benefits and exemptions are directed towards those in genuine need and align with the principles of fairness and social equity. 6. Reducing Tax Disparities: Addressing discrepancies in tax treatment between different categories of taxpayers, bridging the gap between those who pay direct taxes and those who receive benefits without contributing. 7. Public Participation and Feedback: Engaging stakeholders and the general public in the tax reform process, seeking feedback and input to ensure that policies reflect the needs and concerns of all taxpayers. By implementing these reforms and adopting a holistic approach to tax policy, the Indian tax system can be transformed to promote fairness, transparency, and equity for all taxpayers, fostering a more inclusive and sustainable economic environment.

TAXING TIMES !! On request of many, I am reposting this video on Taxes we PAY ! Our education curriculum needs to be revisited to include Financials to educate us on the Taxes and Investments a common man has to do. VRUTHII - ACCELERATING YOUR ASPIRATIONS Bk2Wrk - BUILDING RELATIONSHIPS IN EQUITY ***

The poll results are in and 55% of you were correct! Let's review... "Depending on their income and whether their parents can claim them as a dependent, some student-athletes must file a federal tax return to report their self-employment income and pay federal taxes if they have net earnings of at least $400 in self-employment income from NIL activities or if their income is more than the standard deduction." If this was news to you, we have an educational course on Money & Taxes. Join NIL Academy to sharpen your knowledge. https://lnkd.in/dZC7CAWu

Loved faciliating the session Take Charge of your Income Tax for the community at Aspire For Her, as part of their SkillMaster 2024 series. Thank you Madhura DasGupta Sinha, Jaya Janardanan and Priya Mohandas for the opportunity. #FinancialWellness #FinancialWellbeing #FinancialFitness #FinancialCoaching #ClientTestimonials #FinancialSuccess #reviews #ClientRevews #ClientLove #FinancialEducation #FinancialFreedom #PersonalFinance #FinancialIndependence #FinancialPlanning #FinFitCrew #FinFitwithNerdyBird

🤩Year End Sale Alert!🤩 Hindu Undivided Family (Formation, Management & Taxation) As amended up to Finance (No. 2) Act, 2024 Buy Now: https://lnkd.in/gEsf54h4 Whether you're looking to understand the intricacies of forming an HUF, manage one effectively, or navigate the taxation aspects, this book is your comprehensive guide. "Hindu Undivided Family (Formation, Management & Taxation)" breaks down complex concepts into practical steps, helping you make informed decisions for your family's financial well-being

Hindu Undivided Family (Formation, Management & Taxation) As amended up to Finance (No. 2) Act, 2024 Buy Now: https://lnkd.in/gcgt6VGD Whether you're looking to understand the intricacies of forming an HUF, manage one effectively, or navigate the taxation aspects, this book is your comprehensive guide. "Hindu Undivided Family (Formation, Management & Taxation)" breaks down complex concepts into practical steps, helping you make informed decisions for your family's financial well-being

Education and Textbook Credits: Liberal Government removed the textbook credit for students. Let's get the credit back another way. AskMrTaxes.ca how? #CorporateTaxServices #Compliance #InsurancePolicy #LifeInsurance #MrInsurance #MaximizeSavings #BritishColumbia #Alberta #Ontario #TAXES #TAXTIP #WEALTH #Tax #accountant #CPA #finance #financetip #taxtip #wealth

Education and Textbook Credits: Liberal Government removed the textbook credit for students. Let's get the credit back another way. AskMrTaxes.ca how? #CorporateTaxServices #Compliance #InsurancePolicy #LifeInsurance #MrInsurance #MaximizeSavings #BritishColumbia #Alberta #Ontario #TAXES #TAXTIP #WEALTH #Tax #accountant #CPA #finance #financetip #taxtip #wealth

Education and Textbook Credits: Liberal Government removed the textbook credit for students. Let's get the credit back another way. AskMrTaxes.ca how? #CorporateTaxServices #Compliance #InsurancePolicy #LifeInsurance #MrInsurance #MaximizeSavings #BritishColumbia #Alberta #Ontario #TAXES #TAXTIP #WEALTH #Tax #accountant #CPA #finance #financetip #taxtip #wealth

I forget my wife's birthday but I remember March 31. 🤣 🔆31st March is like a heart breaking day in the life of finance people as no tax planning works for the relevant financial year after this day. 🔆Significant tasks has to be completed before the closure of March 31 as enumerated below: ✅ Investments for section 80C and 80D like PPF, LIC ELSS mutual fund and others for reducing the burden of tax for the relevant AY. ✅Last resort to file updated income tax return ✅To comply with the new provisions section 43B(h) to avoid disallowance of payment to MSME. ✅To record all the known provisions in the books and account for depreciation and amortization. ✅If payments to creditors are due for more than 180 days, then, reverse the input tax credit availed on such transactions. ✅Physical verification of fixed assets, inventory, cash and other items as required. ✅Actuarial provision for leave encashment and gratuity and other valuations as required. ✅New Series of invoicing to be maintained. Well... I have informed my clients the prerequisites of the deadline March 31. My question to you is have you taken measures to close the investment and other guidelines for the correct closure of your books and compliances. Reach out to me [email protected] for any queries. #compliances #taxplanning #tax #mutualfunds #investmentdecisions #caaspirants #caarticleship #life #workculture #finance #peachadvisory