Budget, Taxes & Back to School

by Nireka Dalwadi

What’s happening this week


Did you know India is getting its first female lead union budget this week

Will this budget make things easy on your wallet?

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Taxes here & there

Money makes you crazy…the rich are asking the government to collect more taxes. The American billionaires have suggested the U.S government to charge them with higher wealth tax (and not income tax)… Phew! The request is to allocate funds towards problems like climate change, societal problems, and public infrastructure issues.

Meanwhile back in India… The fiscal budget is almost here, India’s first female finance minister, Nirmala Sitharaman will present her first fiscal budget on 5th July 2019. The final budget is following the general election in 2019. Prior to the general election, Piyush Goyal presented the interim budget for 2019 on 1st February, which will become invalid post the fiscal budget presented this week.

Tick Tok Tick Tok… the tax-filing season has begun. Don’t forget to collect Form 16 from your employer. Form 16 is a TDS certificate on Salary. Earlier in April, the government standardized the Form 16 format.

So, what changed in Form 16?

Upload your Form-16 on Quicko and file ITR for free. We use machine learning to accurately read Form 16 and prepare your tax return

Back to School

Baby is all grown-up… schools and colleges have a lot of new faces. The admission season is on the roll, and so are the tuition fees. Did you know… the education loan could help you save tax.

Education is getting costlier! The interest rate on education loans in 2019 ranges between 10–15% p.a, it varies based on factors like credit score, income stability, etc. Parents across the country are protesting against the high tuition fees… they can claim a tax deduction u/s 80C for Tuition Fees paid for up to 2 children.

No limit for the tax-deduction… Education loan interest repayment is completely tax deductible u/s 80E. Individuals can claim this deduction only if the loan

Byte of the Day

No bank has the power to employ bouncers to recover loan” – Anurag Thakur


Space, Refugees & ITR mistakes


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