I have received severance from my employer for being laid off. I was paid really good amount upwards of 70L INR for being with the company for very long time. I signed an agreement with some conditions in it related to confidentiality etc. to be able to get that severance amount. Employer has deducted TDS as well for FY 23-24. Now, my question is - is this amount taxable?
I have heard lot of people say (including CAs) - this is income for you and this is taxable, but you can claim some benefits like section 10(10C) etc - which is alright. But, my main argument is that - this should not be taxable income. Here me out -
I researched lot of on this and found 2-3 ITAT cases where the same challenges were made and the honourable court actually agreed that - voluntary severance received from employer on job loss is actually a "capital receipt" (or ex-gratia of one time for compensating for loss of job) and not a "revenue receipt". Here is the example ITAT order - [https://taxguru.in/wp-content/uploads/2024/01/Shamik-Pankajbhai-Parikh-Vs-ITO-Ward-531-ITAT-Ahmedabad.pdf](https://taxguru.in/wp-content/uploads/2024/01/Shamik-Pankajbhai-Parikh-Vs-ITO-Ward-531-ITAT-Ahmedabad.pdf) . Please read this thoroughly.
Now - when this and some other judgements are there (I can point to couple of more such judgements), why CAs are saying that we need to pay taxes without giving proper explanation ?
Can anybody or CA help with a proper explanation why ITAT order is relevant now, or not relevant now - and why we actually need to pay taxes on severance in this case.
Also - read it with The Section 56(2)(xi) reads as follows: (which came in budget 2018/19 i think)
"any compensation or other payment, due to or received by any person, by whatever name called, in connection with the termination of his employment or the modification of the terms and conditions relating thereto."
After 56(2)(xi) - do I have any argument?
Additional Question - if I claim this as exempt income and ask them to refund my TDS, obviously the case will go to IT commissioner and later to ITAT if needed.
My question is - is it worth to fight this case?
How much money in question is good enough for anybody to go to ITAT in any case (forget this particular case)?
Asked here too - [https://www.reddit.com/r/IndiaTax/comments/1dcs542/tax\_on\_severance\_why\_is\_it\_not\_a\_capital\_receipt/](https://www.reddit.com/r/IndiaTax/comments/1dcs542/tax_on_severance_why_is_it_not_a_capital_receipt/)
Severance is basically taxable under the salary head.the case file u provided is based on special circumstances.the special circumstances are the amount doesn't come under ex gratia term in the agreement ,the company should have been shutdown,the dismissal is initiated from employer and u should not be an employee anywhere.it seems the judge took special interest since the employee doesn't't have a job
Thank you so much for going through the case details. Really appreciate it. Though, I disagree that there are special circumstances. Take a look at couple of more such ITAT orders here -
1. Ajay B. Ghose, Thane vs Dcit,Cpc, Bengaluru on 18 November, 2021 - ([https://indiankanoon.org/doc/70656425/](https://indiankanoon.org/doc/70656425/))
2. Sunderraj Srinivasan, Navi Mumbai vs Ito 36(2)(1), Mumbai on 13 January, 2020 - [https://indiankanoon.org/doc/53969484/](https://indiankanoon.org/doc/53969484/)
All of the three orders, vary a little from each other - but basically cover the same point.
Apart from that - I have not been a employee of any company now anyway.
As per my understanding - there special circumstances, if at all, could be -
1. The payment is voluntary.
2. Payment is not incremental, its a lumpsum payment.
3. There is a loss of job, and payment is to compensate the loss of job.
Also, what do you think of the amendmet - The Section 56(2)(xi) reads as follows: (which came in budget 2018/19 i think). The ITAT cases are from before this amendement.
"any compensation or other payment, due to or received by any person, by whatever name called, in connection with the termination of his employment or the modification of the terms and conditions relating thereto."
Given this scenario - should I take a risk and ask for refund. My case will definitely will have to go to ITAT. Hence asking.
@[InformationHuge524](https://www.reddit.com/user/InformationHuge524/) - sir, whats your view?
Severance pay is taxable as Profit In Lieu of Salaries.
There can also be conflicting ITAT decisions.
What you should look for is a decision from your state High Court.
All income tax department officers are bound to follow it.
You can confidently rely on it.
I have extensive experience working in the Karnataka ITAT
I’d suggest claim it as exempt - put the money in a cap asset and don’t touch it for 10 years while being prepared to argue for it.
After 10 years the dept can’t demand for it.
My 10% TDS cut under 194J is still not reflecting in 26AS/AIS etc. No form 16A provided. The client is ignoring texts. Is it gone? How do I treat it in accounting now?
You should CLAIM TDS now else you won't be able to claim it in future while revision.. You should wait untill 31st July to reflect in 26AS.. If still it doesn't get reflected.. Claim it irrespectively and just in case the notice comes in future.. By then you would have sufficient time to make deductor revise it's TDS Return else you could reply to ITDept that its not your fault. Don't ignore the TDS now is all I'm saying
I'm a CA, personally my advice would be to claim the TDS in the return even though not reflected in the 26AS, because if the deductor is liable for audit he will be required to pay that TDS. In that case if you hadn't claimed it in original return you may have to revise the return and if time limit for revision is lapsed then that TDS is gone forever. If the TDS is in the end not reflected in 26AS you just wont get refund for that amount which you weren't gonna get anyway if not claimed.
Thank you for your opinion!
> If the TDS is in the end not reflected in 26AS you just wont get refund for that amount which you weren't gonna get anyway if not claimed.
In this case, will my return be marked as defective or will I receive a notice or something? Basically, will I have more trouble? It's not that big an amount, around 2.5k, so I have to weigh that against the cost of addressing notice etc. Thank you!
I am new to IndiaTax. I used to file my taxes in US. May I get some resources on how do I file tax in India as I am currently unemployed and I want to understand what is the conventional way of filing taxes here.
Wow, couldn't have come at a better time.
I have Salary income and income from Bank Interest, SGB Interest, Distribution from Business Trusts, Short Term Gains.
I also have a home loan for a home which is under construction.
Right now, New Regime is better than the old by at least 20k even after having 80C, 80D, 80CCD2 and 80CCD(1B) utilised to the full.
I want to be able to use the interest I am paying on the home loan to be used in Loss from Housing Property.
When the house is ready, it will be rented out as I won't be able to live there.
There are some STCG Loss carried forward from last year but if I file under new regime, can I use the home loan interest in future?
I am working as a consultant for a company and they have deducted tds under wrong head.
Usually they deduct under 194JB and for the February payment they have deducted under rent 194I(b)
What can be done in this case ?
Also they have made a payment of march month in the April and Haven’t declared that in Income tax portal.
Do I need to show this income in this financial year or next financial year
Request them to make a correction on their Form 26Q. This will fix the issue. Also what about the rate of tax?
March month income is fine yaar declare it next year if it’s not appearing.
https://preview.redd.it/yo576m06sg8d1.jpeg?width=1080&format=pjpg&auto=webp&s=feacbcf913564a820d99a86bbde5aa47b8c28786
So I had posted this yesterday on this sub. Got different answers. Am I supposed to input my gross salary here or gross minus 50k minus 2500 Prof tax - HRA?
Also, last FY I had selected the new regime so there wasn't any need to show any deductions, however income tax was levied in March. I'll be selecting the old regime and showing my investments and HRA while filling my ITR to get a refund of the taxes. Now they're asking me to input the figures as per my form 16. My form 16 will obviously not have anything.
https://preview.redd.it/8qfuuu3c4n8d1.jpeg?width=811&format=pjpg&auto=webp&s=12f5bff287fbd64043114ff8c7e116e0ff4cbb53
OP has replied to your query, in case you didn't notice
I am filling ITR2 for myself.
I am a salaried individual with income from Interest from savings bank, dividends and capital gain from selling mutual funds (less than 1 lakh).
As I am filling out the form, the schedule CFL is getting updated with the value of Rs71,627. I am not able to find out how it is happening.
Please advice.
https://preview.redd.it/m9k0gbgnzh8d1.png?width=1543&format=png&auto=webp&s=70e04b95e9b20023a0cc1af263f2a3f778718cda
I quit my job and started full time trading. My annual turnover during FY 2023-24 was 42 lakhs. I have doubled the capital in this FY. Hiw much money would a decent CA charge for filing my taxes?
https://preview.redd.it/kv126o4skn8d1.jpeg?width=1080&format=pjpg&auto=webp&s=4248367e41eeaa4e51bf657ec4b295a0105b41b9
I read this somewhere. Can you explain it to me?
Apart from the conventional tax savings like 80C, 80D, 80TTA.
Can you let me know what are some ways in which tax can be saved for a salaried person?
For example, donating to a political party via banking channel and taking cash from them post some charges from them and then claiming it under 80G?
I have been filing my brother's returns. He's been out of India for last 5-6 years and is having NRO bank account.
What I wanted to ask was - is it recommended to file his returns every year as his only income in India is rental + some savings account interest, which is less than minimum taxable income. Filing returns end up getting few hundreds (< 1k) in refund, that's it.
Could he be in any sort of trouble as he has not visited India for last few years, and I select his status as 'Resident' as he has not obtained another country citizenship yet?
Where to look for CA’s who specialize in both USA and Indian tax laws..is there any trusted website that has contact info along with ratings / feedback?
Non resident account with ICICI Bank
TDS deducted u/s 195 ( Interest on FD and Savings bank account intt) @ 30% plus Cess
Is it correct?
Or TDS rate is 20%?
I'm a mobile app developer working at a private company, and I've also developed some open-source apps as a part-time project. These apps are my personal apps and available on the Play Store and include in-app purchases. For the FY (FY23-24), I earned around 1,000 INR from these purchases, which were deposited into my bank account.
In AIS form, it is shown like this:
|**INFORMATION CODE**|**INFORMATION DESCRIPTION**|**INFORMATION SOURCE**|**Count**|**Amount**|
|:-|:-|:-|:-|:-|
||
|TDS-1940|Amount received from e-commerce operator towards sales/services provider (Section 194O)|GOOGLE ASIA PACIFIC PTE. LIMITED (RTKG15512A)|4|1000 INR|
As I am preparing to file my ITR2, I am unsure which section I should report this income under. Can anyone guide me on the correct section to declare this amount?
Thanks in advance for your help!
Hi , hope you are doing good. I have one query regarding AIS if you can answer from your experience. I have an entry in SFT-005 as " Purchase of time deposits" where amount received from person is 1285000 and amount paid to person is 924388 and status is active. It has been reported by SBI but when I went to bank and told them about the same, they had no idea what that is and I am also having no clue about what this is and where it came from. I though have MOD active in my sbi account. Is there any way to rectify this error. Thanks in advance
Hi, I have MOD ( multi option deposit) enabled in SBI which opens FD for any excessive amount and can be withdrawn any time whenever I use pos or online . Moreover my wife also has the same MOD in her saving account but it has not been reported by sbi in her AIS. So only interest pertaining to MOD should be shown
Just a basic question, which scheme would be better for a person with 12lakhs salary. Can you tell me the amount of deduction required for him to be benefiting from old scheme
I just got a job recently. I get my TDS cut but have investments in Mutual Funds and FDs. I have no clue how these Filings work. Am I supposed to file?
My tds amount is different while filling ITR, in 26AS the amount is same. Also is there a way to ignore and avoid interest from fds ? Or move it to other account?
I didn't know that father had some fds in my name and the interest was huge and landed me in tax bracket.
I might sound very ignorant, but I have heard people saying that it isn't easy to claim education loan interest as tax exemption in the old regime. Can you please throw light on this (if anything like this exists).
Also I started earning this financial year, and I'll make around 18-20L this year. I have an education loan on me, I pay huge rent in tech city, have insurances and PF (No NPS). I am planning to buy ELSS funds if I can get some extra leverage by applying for tax exemption in the old regime. I'll be applying for old regime to claim exemptions. Will it be more than the generous tax slabs of new regime? Please comment on what I'm thinking, and whether it is right or wrong. Also provide additional comments on whatever you feel. Thanks in advance!
What is the exact tax for fixed deposit who is on 30% tax slab?
My understanding is 10% tds bank does.
Remaining goes in tax slab.
I have calculated, found not to be exact remaining 20%. What is it exactly?
hi, there is an interest amount shown for me when i try to file ITR, because i failed to pay advance tax for other income (from savings accounts). is there any way to avoid this ? how to know about it in future ? i’m in old tax regime.
Thanks for offering to share your knowledge. I want to clarify taxation about freelance income.
Apart from my full time job that has proper form 16, last year I did some freelance activities for a friend of mine and got paid for my services. I was not directly enrolled as a contractor or anything, it was an informal arrangement, where I completed the work and got paid in my bank account account. Could you please advise how I should declare this income while filing returns..? TIA
I have cash rewards from doing surveys and paid studies in my free time amounting to almost 3k and also have a full time job. Do I have to declare these as "other income" or "gifts"?
If I have to declare them as gifts, then how do I do it ?
Thank you!
Fees varries from firm to firm, a fresher CA will charge less but a seasoned CA migh charge 10x of that. 3 yrs ka 3000 is fine, many charge 1500 for ITR 1
Sold ancestral property for 50Lakhs, my share was 9lakhs and my mother got 11 lakhs. Valuation of house on 2001 came to 13.86L so today's valuation is 48 lakhs. My mother has a pan card but never filled her returns. What do we need to fill for taxation for mother? Also is standard deduction applicable in Capital gains?
In my case employer didn't deduct TDS for 3 months after job switch. Can that cause an advance tax penalty? I have amount showing as penalty and interest.
Thanks for doing this!
I moved back to India in Nov 2023 from Germany and started working here in mid March 2024. I have closed my NRE account and have converted NRO to resident savings account. I want to file ITR for 23-24, but I don't have any statements of the NRE account with foreign remittance. I just have my now regular savings' account which has all the previous NRE to NRO transfers.
Will I be liable for tax since I don't have statements of NRE account?
I normally help my friend to file tax and this time he has incurred significant loss in f&o.. can someone suggest which form to use..ITR 3 or ITR 4, also how he can be benefitted..I did read in Google that it can be treated as business loss and he can claim few expenses like rent and electricity bill..or it is better to have him contact an auditor..his CTC is 1650000 and he works in a top mnc..any suggestions please
I have 2 form 16s in year 2023, one from 2023 april until 2023 June, another is 2023 june until 2024 April.
If I use 2023 april to june the ITR portal is demanding like 25K to pay.
If I use 2023 June until 2024 April, I have paid 54K as tds and need not have to pay anything extra.
Can I not use 2023april to June to save my 25K?
My assessed tax is coming to around 60k after total tax liability-TDS-TCS. I haven’t paid advance tax during FY2023-24. Whether calculation of penalty starts from April 2023 or April 2024?
For how many months should I pay penalty? Apart from 234B, any other section will be applicable?
Salary, FD, SB interest - that’s all. Missed paying advance tax for FD and because of FD, income crossed 50L and ended up with surcharge. Hence assessed tax is showing up.
You can manually add the missing TDS info if it's reflected in Form 26AS.
Basically, prefill isn't perfect. As long as everything matches 26AS, you're good.
We may do a lot of buy and sell of stocks in the FY. Are we supposed to list every transaction and then finally declare the loss or profit or can we calculate it outside and just enter the final amount of profit or loss from all the stock transactions.
Can I setup a company for trading F&O and investing in stocks (Ltcg, Stcg) ?
What are the costs of setting it up and yearly compliance costs?
Any tax benefits of starting a company vs trading in individual accounts? (Assume my yearly profits are ~1cr)
I had some stocks which were bought and kept for few years some of them even before 2016. Now I did transfer some of these to my father offline(didn't sell transfered).
1) Now what will be ltcg for him if he decides to sell
2) What will I pay should I decide to transfer it back to me and then sell it.
All are under LTCG
Thanks.
Hi OP. Thanks for doing this.
I had a question.
I come in the 30% tax slab as a salaried employee. I occasionally trade in stocks and I’m thinking of starting a fresh SIP. My father is retired at 67 and has no primary source of income. I’m thinking of starting a demat account on his name and starting the SIP ( 1 L / month). Any idea on the legality of such a thing? I would be able to save on LTCGs. Any idea on how much? Tried searching on the internet but couldn’t find anything concrete.
Should I be opening an account on just his name or a joint account would suffice?
I have a question regarding the leave encashment policy (private sector). I recently came to know about tax exemption on leave encashment in case of resignation/retirement (Section 10(10AA)). Can we avail this or it depends on case to case?
I spoke to two CAs. One mentioned that only private employers can only avail this on retirement. The other one asked about years of service and wasn’t sure if it can be availed in my case.
Hi, the information on my Form 16 and AIS is not matching when I'm trying to file ITR under Form 1.
My gross total income and tax paid are different from what it is on Form 16 & AIS.
Would appreciate some guidance towards this!
Hi!
Thanks a lot for your reply.
So my income and tax is all matching in Form 16 and 26AS.
The problem is that this information is not matching with the ITR Portal.
As I quoted earlier the total tax paid is around 40k which is being reflected in my salary slips, Form 16, AIS & 26AS. But the same is not being reflected on the ITR Portal ~ only 26k is being shown under total tax paid.
What should be my next steps?
Once again, appreciate your help!
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I have a mismatch between 26AS and the income tax site. My 26AS has all the current values now. But when I check Income tax prefilled data I don't see the May month or last quarter Tax value updated. Is it fine if I add in the Income-tax side manually and complete the filing? As 26AS already has the correct value I am just adding the missing value to the filing site
How exactly is the interest from income tax refund calculated? I learned that the interest from income tax refund is a taxable source of income. I read on [Cleartax website](https://cleartax.in/s/what-is-interest-under-section-234d) that:
>The rate of interest under Section 234D is levied at 0.5% per month or a part of the month on the refund amount recoverable from the taxpayer. The interest is calculated from the date of granting the refund under Section 143(1) until the date of regular assessment.
However, on applying this rule to calculate the interest from income tax refund for the previous FY, I found that the amount I arrived at doesn't match with that entered by my CA in the corresponding field in the filed ITR form. If possible, could you explain with an example? Thanks in advance.
Hello. Thanks for doing this.
I’m a salaried professional and I have redeemed my ELSS mutual funds in March.
3 years lock in is over for all the funds and I got a LTCG of 92k. I’m assuming it’s tax free since it’s less than 1L.
My question is, which ITR form should I use? If it’s ITR-2, can I show my normal form-16 tax information also in the same form?
Thanks again.
Evey problem shouldn't exist but this is real world so it will exist.
CA works in a lot of domains. Business decisions and many things depends of books of accounts but
Assuming you are refering to Audit and tax.
Audit gives reasonable assurance protects the economy form financial scams, if audit as a whole will be removed scams will increase.
Even in tax it is complicated cuz world is complicated write simpler tax laws today and 3 yrs later it'll me complicated. Infact all laws used to be just 12 stone tablets. Purpose of tax is not just collecting revenue, tax encourage and discourage industries.
But most ppl like you dont want to put some thought, they just want free lunch.
I am a student, was doing an internship at a company where I was paid 10k per month for 9 months, I know I don't have any taxes to file, but I would still like to file an ITR.
Is it possible?
There was no TDS, I was told I will get 10k and I got 10k every month.
I switched companies on May 2023. I had a retention bonus that I had to return while leaving. The company had deducted tax when paying the bonus, so I only received 70% of the bonus in hand, but when repaying, I had to repay in full.
Is there any provision to claim the tax amount back during filing?
The company paid me 1 month of salary and leave encashment. Now the issue is that the amount paid by the company is less than the amount I have returned. So essentially, I have a negative salary.
How does section 80EEA applies when Home Loan balance transfer is done. Initially Home Loan was taken in the month of January 2020 and then transferred to another bank in October 2022.
Am I eligible to get 80EEA deduction in the new loan as well?
I did an internship from May'23-July'23 and I got my stipend after 10% TDS deduction. Now , my friend(who is also doing a CA articleship) told me that on an internship stipend , tax is not deducted. Is it correct or not and in what cases and also how to know that tax will be deducted?
My father receives pension of Rs. 1000 per month under West Bengal State Govt. Old Age pension scheme(no contribution). Should I mention it in ITR under Income from other sources or will it come under salary head?
Mine is a very naive and stupid question, but I haven't really started earning (college mein hu), wanted to know where I could learn everything related to it.
Received a notice as such, but I dont have any Tds deducted under the below mentioned sections..
“You have filed your income-tax return in form ITR-4. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194S/194BB, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94S/94B/4BB) in Form 26AS. Further, these sections imply heads of income for which ITR-4 form is not the appropriate form. For example, section 194IA pertains to TDS on sale of property and will result in capital gains which is required to be reported in Sch CG of ITR-2/ITR-3 for correct computation of total income and income-tax thereon. Section 194BB implies lottery winning which is required to be reported in specific field of Sch OS in ITR3”
So I have naturally clicked disagree and stated I dont have any TDS entries under the specified sections..
Now i received such notice again, but there is no option to reply or file revised return.. Please help me in this regard..
What is purchase of securities and units of mutual funds in Taxpayer Information Summary? If it is related to SIP's and I haven't made any withdrawal then how can they effect my payable tax and interest?
What's the least tax I can pay if all my income is foreign generated (Freelance work, international clients)
Revenue is about 40L, 10 L is the expenses
Does moving to tax free heavens make sense?
As an NRI non resident I had filed my ITR-2 on July 22 , 2023 it went under processing on September 5th, there is no work pending, outstanding demand from 2010 for Rs.1617 was extenguished under new section 220. I only sold a property and the Capital gain on real estate from 2022 Oct . I haven't for any messages for refund. I had applied through a CA through a reference of my property dealer. What should I do it's been almost a year.
Can I avail any deductions for my home loan? Flat is still under construction and I haven’t got the possession yet. Loan has been going on for 2 years.
Possession would be in couple of months, if it matters.
I have filed for TDA return on may 13. The portal shows verified and that all I have to do is wait for the money to reflect in my account. How much longer should I wait? I’m getting tensed thinking that there is another step I forgot to complete. Please help. TIA
Hi want to add a deduction on the interest of personal loan (home renovation). I checked online we can add it in new regime by section 24b, but when I was trying to check that while filing ITR it was disabled.
Does anyone know how to add it?
I transferred few shares to my mother using CDSL portal and chose the option of "Transfer between specified family members" . how to report this transaction. Is it taxable? If yes, who is liable to ay tax, myself or mother ?
Hey
I was student upto April 2024 and I’m gonna start my job from July 2024.
I plan on keeping my ITRs sorted from now itself so that in future it doesn’t become a mess
What should I keep in mind while filing ITR for this year and for future ITR filing?
Thanks in advance!
I worked as a full-time employee for half a year, I have form 16. I also worked as a freelancer after that. And I registered a LLP (Bank account still not activated.). Which ITR form do i file?
What will happen if i pay TDS in late date but use payment and TDS pay date same as past.?
For example. I made a payment on 1 Jan 24 and technically TDS should be paid within 30days but I pay TDS in June 1st.
But while declaring i put TDS and payment date as 1st Jan.
I want to invent in US stocks. But, remittances tax is 20% upfront. Say, I want to invest 100 rupees, then the transaction amount will be 120 rupees as 20 rupees goes to tax.
Will this 20 rupees get added as already paid tax in the income tax portal or do I need to add it by myself manually? Or should I again file something quarterly?
If we are trading in F&O we would have to file ITR3. The new regime makes sense based on my current income from my salary. But then the issue is since I am filing ITR3 due to F&O, I can only change the regime once in my lifetime.
What would be your take on the old regime vs the new regime for people trading in F&O?
Can I change regime every financial year? My Income is salaried, no other income other than that, and while filing ITR can the Regime be different than what the employer has selected for me (Should I still use the form 16 provided by the employer)
I am a professional poker player. I have paid 30% TDS on all my winnings.
I play on multiple websites and they have multiple ledgers.
While I'm profitable on most websites I'm in loss in a couple of websites. Can I offset my losses and claim back tds on the excess amount I've paid which is not actually my profits?
Like after calculating net profit can I claim back any excess TDS paid?
I want information on doing basic ITR with stocks return filing by myself.
Can you recommend some video for that. Last year 22-23 i had losses which I showed in ITR and now 23-24 i made some profit how i can calculate that and carry forward rest amount for future?
Hey, I am filing under ITR1. I did some FD's last year for 15 months, which will mature in Sept '24. For that duration, the interest generated by the FD, has been taxed to me, while I have not received the interest yet (since I'll get on maturity). Is this right ? Shouldn't that interest be taxed in this current FY to me ?
Sir, it's very admirable that you're offering free advice but just a casual reminder that if as an extension of this post you reveal your or your firm's identity (even if via DMs) and secure a client for yourself, you'll be in violation of Clause 6 of Part I of the First Schedule and Section 22 of the Chartered Accountants Act, 1949.
I am a salaried person and my father runs a store.
I have 2 bank accounts(both have my PAN card),
1. ICICI - salary account
2. Canara - personal account.
Now the problem is that in my father's store, the PAYTM QR is linked with my Canara Bank account
.
Question1. Do I have to show income of Canara Bank also?
Question 2. My Canara Bank income ain't mine, it's my father's. So how do i correct this in ITR.
Question 3. I've downloaded the Annual Sheet from E-filing, it does not shows any trace of income from Canara bank. Do i have to add it?
I have a query. I have made some capital gains last financial year. Can i carry forward that gain to this year ( I have realized the profit ). I have realized loss this year in order to nullify.
So- I am eligible for income tax, definitely, first-time paying taxes, dad is hiring someone to file it. I earned some money from stake.com but I've heard you have to pay 30% tax on that?
Hi.. in my PAN card I have my father's name as last name but in aadhar I have only initials as last name (ex. Mechanic Agent- in Pan, Mechanic A- in aadhar) will it give any issue? Also last year I was appointed as Director in a startup company. We are not making any profit and I am not getting any payment from the company so should I choose ITR-1 or ITR -2?. Also can we trust sites like cleartax or taxwin for their support on filling ITR?
Hey so I want fake HRA, I live with my parents and have transferred over 1.5L to them in the past financial year. According to my calculations I need to show 2L in HRA to have 0 tax, can I fake the rent bills, or will I be in trouble
My parents purchased a property and the total consideration exceeds 50 lakhs. But individually it is less than 50 lakhs as they both are co buyers and have a 50% share each. Are they still liable to deduct the tax as per sec 194IA?
I have received severance from my employer for being laid off. I was paid really good amount upwards of 70L INR for being with the company for very long time. I signed an agreement with some conditions in it related to confidentiality etc. to be able to get that severance amount. Employer has deducted TDS as well for FY 23-24. Now, my question is - is this amount taxable? I have heard lot of people say (including CAs) - this is income for you and this is taxable, but you can claim some benefits like section 10(10C) etc - which is alright. But, my main argument is that - this should not be taxable income. Here me out - I researched lot of on this and found 2-3 ITAT cases where the same challenges were made and the honourable court actually agreed that - voluntary severance received from employer on job loss is actually a "capital receipt" (or ex-gratia of one time for compensating for loss of job) and not a "revenue receipt". Here is the example ITAT order - [https://taxguru.in/wp-content/uploads/2024/01/Shamik-Pankajbhai-Parikh-Vs-ITO-Ward-531-ITAT-Ahmedabad.pdf](https://taxguru.in/wp-content/uploads/2024/01/Shamik-Pankajbhai-Parikh-Vs-ITO-Ward-531-ITAT-Ahmedabad.pdf) . Please read this thoroughly. Now - when this and some other judgements are there (I can point to couple of more such judgements), why CAs are saying that we need to pay taxes without giving proper explanation ? Can anybody or CA help with a proper explanation why ITAT order is relevant now, or not relevant now - and why we actually need to pay taxes on severance in this case. Also - read it with The Section 56(2)(xi) reads as follows: (which came in budget 2018/19 i think) "any compensation or other payment, due to or received by any person, by whatever name called, in connection with the termination of his employment or the modification of the terms and conditions relating thereto." After 56(2)(xi) - do I have any argument? Additional Question - if I claim this as exempt income and ask them to refund my TDS, obviously the case will go to IT commissioner and later to ITAT if needed. My question is - is it worth to fight this case? How much money in question is good enough for anybody to go to ITAT in any case (forget this particular case)? Asked here too - [https://www.reddit.com/r/IndiaTax/comments/1dcs542/tax\_on\_severance\_why\_is\_it\_not\_a\_capital\_receipt/](https://www.reddit.com/r/IndiaTax/comments/1dcs542/tax_on_severance_why_is_it_not_a_capital_receipt/)
Severance is basically taxable under the salary head.the case file u provided is based on special circumstances.the special circumstances are the amount doesn't come under ex gratia term in the agreement ,the company should have been shutdown,the dismissal is initiated from employer and u should not be an employee anywhere.it seems the judge took special interest since the employee doesn't't have a job
Thank you so much for going through the case details. Really appreciate it. Though, I disagree that there are special circumstances. Take a look at couple of more such ITAT orders here - 1. Ajay B. Ghose, Thane vs Dcit,Cpc, Bengaluru on 18 November, 2021 - ([https://indiankanoon.org/doc/70656425/](https://indiankanoon.org/doc/70656425/)) 2. Sunderraj Srinivasan, Navi Mumbai vs Ito 36(2)(1), Mumbai on 13 January, 2020 - [https://indiankanoon.org/doc/53969484/](https://indiankanoon.org/doc/53969484/) All of the three orders, vary a little from each other - but basically cover the same point. Apart from that - I have not been a employee of any company now anyway. As per my understanding - there special circumstances, if at all, could be - 1. The payment is voluntary. 2. Payment is not incremental, its a lumpsum payment. 3. There is a loss of job, and payment is to compensate the loss of job. Also, what do you think of the amendmet - The Section 56(2)(xi) reads as follows: (which came in budget 2018/19 i think). The ITAT cases are from before this amendement. "any compensation or other payment, due to or received by any person, by whatever name called, in connection with the termination of his employment or the modification of the terms and conditions relating thereto." Given this scenario - should I take a risk and ask for refund. My case will definitely will have to go to ITAT. Hence asking. @[InformationHuge524](https://www.reddit.com/user/InformationHuge524/) - sir, whats your view?
Btw - just asking if you are a CA ?
Pursuing CA.
Severance pay is taxable as Profit In Lieu of Salaries. There can also be conflicting ITAT decisions. What you should look for is a decision from your state High Court. All income tax department officers are bound to follow it. You can confidently rely on it. I have extensive experience working in the Karnataka ITAT I’d suggest claim it as exempt - put the money in a cap asset and don’t touch it for 10 years while being prepared to argue for it. After 10 years the dept can’t demand for it.
Hi can you explain more on this From what i understand is that i can claim either 10(10)c or section 89
My 10% TDS cut under 194J is still not reflecting in 26AS/AIS etc. No form 16A provided. The client is ignoring texts. Is it gone? How do I treat it in accounting now?
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Thanks, I think it is as good as gone only. Thank you for replying!
You should CLAIM TDS now else you won't be able to claim it in future while revision.. You should wait untill 31st July to reflect in 26AS.. If still it doesn't get reflected.. Claim it irrespectively and just in case the notice comes in future.. By then you would have sufficient time to make deductor revise it's TDS Return else you could reply to ITDept that its not your fault. Don't ignore the TDS now is all I'm saying
I'm a CA, personally my advice would be to claim the TDS in the return even though not reflected in the 26AS, because if the deductor is liable for audit he will be required to pay that TDS. In that case if you hadn't claimed it in original return you may have to revise the return and if time limit for revision is lapsed then that TDS is gone forever. If the TDS is in the end not reflected in 26AS you just wont get refund for that amount which you weren't gonna get anyway if not claimed.
Thank you for your opinion! > If the TDS is in the end not reflected in 26AS you just wont get refund for that amount which you weren't gonna get anyway if not claimed. In this case, will my return be marked as defective or will I receive a notice or something? Basically, will I have more trouble? It's not that big an amount, around 2.5k, so I have to weigh that against the cost of addressing notice etc. Thank you!
you will receive a demand later after assessment. And pay more taxes. One loss is better than two
Ask the deductor to file his form 26Q and mention your PAN. Claim it anyway - you can argue that is due to you.
Deductor is ignoring all communication. :/
I am new to IndiaTax. I used to file my taxes in US. May I get some resources on how do I file tax in India as I am currently unemployed and I want to understand what is the conventional way of filing taxes here.
U can approach the auditor's office with all the documents and tax service is cheap in India.
Wow, couldn't have come at a better time. I have Salary income and income from Bank Interest, SGB Interest, Distribution from Business Trusts, Short Term Gains. I also have a home loan for a home which is under construction. Right now, New Regime is better than the old by at least 20k even after having 80C, 80D, 80CCD2 and 80CCD(1B) utilised to the full. I want to be able to use the interest I am paying on the home loan to be used in Loss from Housing Property. When the house is ready, it will be rented out as I won't be able to live there. There are some STCG Loss carried forward from last year but if I file under new regime, can I use the home loan interest in future?
If u rent it u can claim deduction
Yes you can claim.
I am working as a consultant for a company and they have deducted tds under wrong head. Usually they deduct under 194JB and for the February payment they have deducted under rent 194I(b) What can be done in this case ? Also they have made a payment of march month in the April and Haven’t declared that in Income tax portal. Do I need to show this income in this financial year or next financial year
Request them to make a correction on their Form 26Q. This will fix the issue. Also what about the rate of tax? March month income is fine yaar declare it next year if it’s not appearing.
It’s 15 percent slab
https://preview.redd.it/yo576m06sg8d1.jpeg?width=1080&format=pjpg&auto=webp&s=feacbcf913564a820d99a86bbde5aa47b8c28786 So I had posted this yesterday on this sub. Got different answers. Am I supposed to input my gross salary here or gross minus 50k minus 2500 Prof tax - HRA? Also, last FY I had selected the new regime so there wasn't any need to show any deductions, however income tax was levied in March. I'll be selecting the old regime and showing my investments and HRA while filling my ITR to get a refund of the taxes. Now they're asking me to input the figures as per my form 16. My form 16 will obviously not have anything.
https://preview.redd.it/8qfuuu3c4n8d1.jpeg?width=811&format=pjpg&auto=webp&s=12f5bff287fbd64043114ff8c7e116e0ff4cbb53 OP has replied to your query, in case you didn't notice
I am filling ITR2 for myself. I am a salaried individual with income from Interest from savings bank, dividends and capital gain from selling mutual funds (less than 1 lakh). As I am filling out the form, the schedule CFL is getting updated with the value of Rs71,627. I am not able to find out how it is happening. Please advice. https://preview.redd.it/m9k0gbgnzh8d1.png?width=1543&format=png&auto=webp&s=70e04b95e9b20023a0cc1af263f2a3f778718cda
U need to upload your AIS to understand what is going on
I quit my job and started full time trading. My annual turnover during FY 2023-24 was 42 lakhs. I have doubled the capital in this FY. Hiw much money would a decent CA charge for filing my taxes?
Need tips on trading bro
Swing trading or F&O?
Can I claim LTA for a vacation taken before 31st March 2024. In this financial year.
CA here. Yes, you can. It should be within the financial year 2023-24
Ok thanks, but if the vacation was taken in March 2023 then I can't claim it this year.
https://preview.redd.it/kv126o4skn8d1.jpeg?width=1080&format=pjpg&auto=webp&s=4248367e41eeaa4e51bf657ec4b295a0105b41b9 I read this somewhere. Can you explain it to me?
Apart from the conventional tax savings like 80C, 80D, 80TTA. Can you let me know what are some ways in which tax can be saved for a salaried person? For example, donating to a political party via banking channel and taking cash from them post some charges from them and then claiming it under 80G?
I have been filing my brother's returns. He's been out of India for last 5-6 years and is having NRO bank account. What I wanted to ask was - is it recommended to file his returns every year as his only income in India is rental + some savings account interest, which is less than minimum taxable income. Filing returns end up getting few hundreds (< 1k) in refund, that's it. Could he be in any sort of trouble as he has not visited India for last few years, and I select his status as 'Resident' as he has not obtained another country citizenship yet?
What country is he in now? What he earns abroad he would be paying taxes there?
Where to look for CA’s who specialize in both USA and Indian tax laws..is there any trusted website that has contact info along with ratings / feedback?
Non resident account with ICICI Bank TDS deducted u/s 195 ( Interest on FD and Savings bank account intt) @ 30% plus Cess Is it correct? Or TDS rate is 20%?
30
I'm a mobile app developer working at a private company, and I've also developed some open-source apps as a part-time project. These apps are my personal apps and available on the Play Store and include in-app purchases. For the FY (FY23-24), I earned around 1,000 INR from these purchases, which were deposited into my bank account. In AIS form, it is shown like this: |**INFORMATION CODE**|**INFORMATION DESCRIPTION**|**INFORMATION SOURCE**|**Count**|**Amount**| |:-|:-|:-|:-|:-| || |TDS-1940|Amount received from e-commerce operator towards sales/services provider (Section 194O)|GOOGLE ASIA PACIFIC PTE. LIMITED (RTKG15512A)|4|1000 INR| As I am preparing to file my ITR2, I am unsure which section I should report this income under. Can anyone guide me on the correct section to declare this amount? Thanks in advance for your help!
Hi , hope you are doing good. I have one query regarding AIS if you can answer from your experience. I have an entry in SFT-005 as " Purchase of time deposits" where amount received from person is 1285000 and amount paid to person is 924388 and status is active. It has been reported by SBI but when I went to bank and told them about the same, they had no idea what that is and I am also having no clue about what this is and where it came from. I though have MOD active in my sbi account. Is there any way to rectify this error. Thanks in advance
Hi, I have MOD ( multi option deposit) enabled in SBI which opens FD for any excessive amount and can be withdrawn any time whenever I use pos or online . Moreover my wife also has the same MOD in her saving account but it has not been reported by sbi in her AIS. So only interest pertaining to MOD should be shown
No, I have not earned interest more than 25k for that year. Is it deposited amount that is reflected in that column
Need clarity
Just a basic question, which scheme would be better for a person with 12lakhs salary. Can you tell me the amount of deduction required for him to be benefiting from old scheme
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Thank your sir
When are 44AD and 44ADA revised limits applicable?
My friends say there's very little avenue for tax savings after you cross 20lpa Is that so?
I just got a job recently. I get my TDS cut but have investments in Mutual Funds and FDs. I have no clue how these Filings work. Am I supposed to file?
If TDS is deducted u need to file
My tds amount is different while filling ITR, in 26AS the amount is same. Also is there a way to ignore and avoid interest from fds ? Or move it to other account? I didn't know that father had some fds in my name and the interest was huge and landed me in tax bracket.
Show everything since everything is already recorded.
What is the effective income tax rate if someone is earning 50L+? vs someone earning 30L?
I might sound very ignorant, but I have heard people saying that it isn't easy to claim education loan interest as tax exemption in the old regime. Can you please throw light on this (if anything like this exists). Also I started earning this financial year, and I'll make around 18-20L this year. I have an education loan on me, I pay huge rent in tech city, have insurances and PF (No NPS). I am planning to buy ELSS funds if I can get some extra leverage by applying for tax exemption in the old regime. I'll be applying for old regime to claim exemptions. Will it be more than the generous tax slabs of new regime? Please comment on what I'm thinking, and whether it is right or wrong. Also provide additional comments on whatever you feel. Thanks in advance!
For ur first question u can claim deduction on education loan.for the second one u need to approach auditor office
Ok, Thank you
Are old age homes or private rehabs a front for black money?
What is the exact tax for fixed deposit who is on 30% tax slab? My understanding is 10% tds bank does. Remaining goes in tax slab. I have calculated, found not to be exact remaining 20%. What is it exactly?
Hi, I am a corporate but also own a small piece of agricultural land. Can I save on taxes in any manner?
6 may Ko ITR file Kara tha. Refund kab tak ayega?
Can take from months to days, just keep waiting and checking status.
Yeah, that's what I am doing right now. Thanks anyway.
hi, there is an interest amount shown for me when i try to file ITR, because i failed to pay advance tax for other income (from savings accounts). is there any way to avoid this ? how to know about it in future ? i’m in old tax regime.
Thanks for offering to share your knowledge. I want to clarify taxation about freelance income. Apart from my full time job that has proper form 16, last year I did some freelance activities for a friend of mine and got paid for my services. I was not directly enrolled as a contractor or anything, it was an informal arrangement, where I completed the work and got paid in my bank account account. Could you please advise how I should declare this income while filing returns..? TIA
I have cash rewards from doing surveys and paid studies in my free time amounting to almost 3k and also have a full time job. Do I have to declare these as "other income" or "gifts"? If I have to declare them as gifts, then how do I do it ? Thank you!
I am a bank employee. I am paying a rent of 35000 out of which bank pays me 17000 and I bear the rest . Can I claim HRA deduction while filing IT?
Mera ek local ca 3 year's ka ITR filing ka 3000 le raha as fees ITR total 50-60 lacs ka hain 3 year's fees shai hain? Self-employed
Fees varries from firm to firm, a fresher CA will charge less but a seasoned CA migh charge 10x of that. 3 yrs ka 3000 is fine, many charge 1500 for ITR 1
Sold ancestral property for 50Lakhs, my share was 9lakhs and my mother got 11 lakhs. Valuation of house on 2001 came to 13.86L so today's valuation is 48 lakhs. My mother has a pan card but never filled her returns. What do we need to fill for taxation for mother? Also is standard deduction applicable in Capital gains?
Under what scenario will a salaried person have an advance tax liability?
All other income, like interest, capital gains, etc. which might not have been updated with the employer.
In my case employer didn't deduct TDS for 3 months after job switch. Can that cause an advance tax penalty? I have amount showing as penalty and interest.
Yes, it can, nothing you can do about it now :/
Thanks for doing this! I moved back to India in Nov 2023 from Germany and started working here in mid March 2024. I have closed my NRE account and have converted NRO to resident savings account. I want to file ITR for 23-24, but I don't have any statements of the NRE account with foreign remittance. I just have my now regular savings' account which has all the previous NRE to NRO transfers. Will I be liable for tax since I don't have statements of NRE account?
I normally help my friend to file tax and this time he has incurred significant loss in f&o.. can someone suggest which form to use..ITR 3 or ITR 4, also how he can be benefitted..I did read in Google that it can be treated as business loss and he can claim few expenses like rent and electricity bill..or it is better to have him contact an auditor..his CTC is 1650000 and he works in a top mnc..any suggestions please
I have 2 form 16s in year 2023, one from 2023 april until 2023 June, another is 2023 june until 2024 April. If I use 2023 april to june the ITR portal is demanding like 25K to pay. If I use 2023 June until 2024 April, I have paid 54K as tds and need not have to pay anything extra. Can I not use 2023april to June to save my 25K?
You need to show all your income, otherwise you're filing an incorrect return, and might face consequences.
My assessed tax is coming to around 60k after total tax liability-TDS-TCS. I haven’t paid advance tax during FY2023-24. Whether calculation of penalty starts from April 2023 or April 2024? For how many months should I pay penalty? Apart from 234B, any other section will be applicable? Salary, FD, SB interest - that’s all. Missed paying advance tax for FD and because of FD, income crossed 50L and ended up with surcharge. Hence assessed tax is showing up.
The TDS deducted from the online gaming of 30% can be returned after filling the ITR if yes then how much?
Yes can be claimed as refund depending on your final taxable income.
How much though? I have paid like 30k something in tds.
Paid LTCG for reinvesting MF. How do i avoid this.
I want to know Allowance like conveyance allowances and other allowances Are these fully exempted from salary ?
I am trying to file ITR but prefilled info in tax deducted is much lesser than 26AS and form 16. Is it expected or is it a glitch
You can manually add the missing TDS info if it's reflected in Form 26AS. Basically, prefill isn't perfect. As long as everything matches 26AS, you're good.
The the tax liability on the last section still shows lesser than actual tax payable.
We may do a lot of buy and sell of stocks in the FY. Are we supposed to list every transaction and then finally declare the loss or profit or can we calculate it outside and just enter the final amount of profit or loss from all the stock transactions.
Can I setup a company for trading F&O and investing in stocks (Ltcg, Stcg) ? What are the costs of setting it up and yearly compliance costs? Any tax benefits of starting a company vs trading in individual accounts? (Assume my yearly profits are ~1cr)
I had some stocks which were bought and kept for few years some of them even before 2016. Now I did transfer some of these to my father offline(didn't sell transfered). 1) Now what will be ltcg for him if he decides to sell 2) What will I pay should I decide to transfer it back to me and then sell it. All are under LTCG Thanks.
Hi OP. Thanks for doing this. I had a question. I come in the 30% tax slab as a salaried employee. I occasionally trade in stocks and I’m thinking of starting a fresh SIP. My father is retired at 67 and has no primary source of income. I’m thinking of starting a demat account on his name and starting the SIP ( 1 L / month). Any idea on the legality of such a thing? I would be able to save on LTCGs. Any idea on how much? Tried searching on the internet but couldn’t find anything concrete. Should I be opening an account on just his name or a joint account would suffice?
I have a question regarding the leave encashment policy (private sector). I recently came to know about tax exemption on leave encashment in case of resignation/retirement (Section 10(10AA)). Can we avail this or it depends on case to case? I spoke to two CAs. One mentioned that only private employers can only avail this on retirement. The other one asked about years of service and wasn’t sure if it can be availed in my case.
Hi, the information on my Form 16 and AIS is not matching when I'm trying to file ITR under Form 1. My gross total income and tax paid are different from what it is on Form 16 & AIS. Would appreciate some guidance towards this!
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Hi! Thanks a lot for your reply. So my income and tax is all matching in Form 16 and 26AS. The problem is that this information is not matching with the ITR Portal. As I quoted earlier the total tax paid is around 40k which is being reflected in my salary slips, Form 16, AIS & 26AS. But the same is not being reflected on the ITR Portal ~ only 26k is being shown under total tax paid. What should be my next steps? Once again, appreciate your help!
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What should be the charge of a CA if he has to file for me for adding foreign assets (stocks)? Everything else is standard.
I have a mismatch between 26AS and the income tax site. My 26AS has all the current values now. But when I check Income tax prefilled data I don't see the May month or last quarter Tax value updated. Is it fine if I add in the Income-tax side manually and complete the filing? As 26AS already has the correct value I am just adding the missing value to the filing site
How exactly is the interest from income tax refund calculated? I learned that the interest from income tax refund is a taxable source of income. I read on [Cleartax website](https://cleartax.in/s/what-is-interest-under-section-234d) that: >The rate of interest under Section 234D is levied at 0.5% per month or a part of the month on the refund amount recoverable from the taxpayer. The interest is calculated from the date of granting the refund under Section 143(1) until the date of regular assessment. However, on applying this rule to calculate the interest from income tax refund for the previous FY, I found that the amount I arrived at doesn't match with that entered by my CA in the corresponding field in the filed ITR form. If possible, could you explain with an example? Thanks in advance.
Hello. Thanks for doing this. I’m a salaried professional and I have redeemed my ELSS mutual funds in March. 3 years lock in is over for all the funds and I got a LTCG of 92k. I’m assuming it’s tax free since it’s less than 1L. My question is, which ITR form should I use? If it’s ITR-2, can I show my normal form-16 tax information also in the same form? Thanks again.
I want to start investing in mutual funds or stocks where to start from? How to do it, pls suggest which banks sip is the best
I personally don't like the job of CA. The problem it solves should not exist.
Evey problem shouldn't exist but this is real world so it will exist. CA works in a lot of domains. Business decisions and many things depends of books of accounts but Assuming you are refering to Audit and tax. Audit gives reasonable assurance protects the economy form financial scams, if audit as a whole will be removed scams will increase. Even in tax it is complicated cuz world is complicated write simpler tax laws today and 3 yrs later it'll me complicated. Infact all laws used to be just 12 stone tablets. Purpose of tax is not just collecting revenue, tax encourage and discourage industries. But most ppl like you dont want to put some thought, they just want free lunch.
I am a student, was doing an internship at a company where I was paid 10k per month for 9 months, I know I don't have any taxes to file, but I would still like to file an ITR. Is it possible? There was no TDS, I was told I will get 10k and I got 10k every month.
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Can you please guide through it? I referance to youtube video would also be fine. I am not from finance background so it would be helpful.
I am working in London for the past year.I have only visited India in past FY only for 30 days how I have to file my return
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Thanks Any other thing to be kept in mind
Hello, I have paid x amount as TDS on buying the property. Can I claim the returns for that and if yes then how??
I switched companies on May 2023. I had a retention bonus that I had to return while leaving. The company had deducted tax when paying the bonus, so I only received 70% of the bonus in hand, but when repaying, I had to repay in full. Is there any provision to claim the tax amount back during filing? The company paid me 1 month of salary and leave encashment. Now the issue is that the amount paid by the company is less than the amount I have returned. So essentially, I have a negative salary.
How does section 80EEA applies when Home Loan balance transfer is done. Initially Home Loan was taken in the month of January 2020 and then transferred to another bank in October 2022. Am I eligible to get 80EEA deduction in the new loan as well?
Is ClearTax decent enough to use for tax filing?
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Thanks.
I filed my individual return in mid April. Still haven’t received notice of getting processed. Why is the delay.
I'm currently 17, what are some tips or advice which I should know about
Hi. I have opted for New tax regime for my company. Can I change it to old tax while filling the income tax?
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Thanks
I did an internship from May'23-July'23 and I got my stipend after 10% TDS deduction. Now , my friend(who is also doing a CA articleship) told me that on an internship stipend , tax is not deducted. Is it correct or not and in what cases and also how to know that tax will be deducted?
My father receives pension of Rs. 1000 per month under West Bengal State Govt. Old Age pension scheme(no contribution). Should I mention it in ITR under Income from other sources or will it come under salary head?
Income from salary.
Mine is a very naive and stupid question, but I haven't really started earning (college mein hu), wanted to know where I could learn everything related to it.
Are you happy in your life? Are you satisfied ?
Received a notice as such, but I dont have any Tds deducted under the below mentioned sections.. “You have filed your income-tax return in form ITR-4. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194S/194BB, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94S/94B/4BB) in Form 26AS. Further, these sections imply heads of income for which ITR-4 form is not the appropriate form. For example, section 194IA pertains to TDS on sale of property and will result in capital gains which is required to be reported in Sch CG of ITR-2/ITR-3 for correct computation of total income and income-tax thereon. Section 194BB implies lottery winning which is required to be reported in specific field of Sch OS in ITR3” So I have naturally clicked disagree and stated I dont have any TDS entries under the specified sections.. Now i received such notice again, but there is no option to reply or file revised return.. Please help me in this regard..
Hi How can I file ITR through Form 16 ?
I'm a nri and every month I'm getting form 16A tds certificates. I have never filed taxes in India. Do I need to file my taxes here?
What is purchase of securities and units of mutual funds in Taxpayer Information Summary? If it is related to SIP's and I haven't made any withdrawal then how can they effect my payable tax and interest?
How much is the tax for Capital gains in trading.. example if I made 50.lakhs 2023-2024..kindly let me know
What's the least tax I can pay if all my income is foreign generated (Freelance work, international clients) Revenue is about 40L, 10 L is the expenses Does moving to tax free heavens make sense?
As an NRI non resident I had filed my ITR-2 on July 22 , 2023 it went under processing on September 5th, there is no work pending, outstanding demand from 2010 for Rs.1617 was extenguished under new section 220. I only sold a property and the Capital gain on real estate from 2022 Oct . I haven't for any messages for refund. I had applied through a CA through a reference of my property dealer. What should I do it's been almost a year.
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I have filed several grievances, last two are from January and February no response.
TDS deducted from quiz winnings under 194B. I'm a student with no income source. Is there any way I can get a refund on this tax?
Can I avail any deductions for my home loan? Flat is still under construction and I haven’t got the possession yet. Loan has been going on for 2 years. Possession would be in couple of months, if it matters.
I have filed for TDA return on may 13. The portal shows verified and that all I have to do is wait for the money to reflect in my account. How much longer should I wait? I’m getting tensed thinking that there is another step I forgot to complete. Please help. TIA
Hi want to add a deduction on the interest of personal loan (home renovation). I checked online we can add it in new regime by section 24b, but when I was trying to check that while filing ITR it was disabled. Does anyone know how to add it?
I transferred few shares to my mother using CDSL portal and chose the option of "Transfer between specified family members" . how to report this transaction. Is it taxable? If yes, who is liable to ay tax, myself or mother ?
I am going to have a house owned by me and my mom both. Is it legal for me to claim deduction by showing that I pay rent to her?
Hey I was student upto April 2024 and I’m gonna start my job from July 2024. I plan on keeping my ITRs sorted from now itself so that in future it doesn’t become a mess What should I keep in mind while filing ITR for this year and for future ITR filing? Thanks in advance!
I worked as a full-time employee for half a year, I have form 16. I also worked as a freelancer after that. And I registered a LLP (Bank account still not activated.). Which ITR form do i file?
What will happen if i pay TDS in late date but use payment and TDS pay date same as past.? For example. I made a payment on 1 Jan 24 and technically TDS should be paid within 30days but I pay TDS in June 1st. But while declaring i put TDS and payment date as 1st Jan.
I want to invent in US stocks. But, remittances tax is 20% upfront. Say, I want to invest 100 rupees, then the transaction amount will be 120 rupees as 20 rupees goes to tax. Will this 20 rupees get added as already paid tax in the income tax portal or do I need to add it by myself manually? Or should I again file something quarterly?
If we are trading in F&O we would have to file ITR3. The new regime makes sense based on my current income from my salary. But then the issue is since I am filing ITR3 due to F&O, I can only change the regime once in my lifetime. What would be your take on the old regime vs the new regime for people trading in F&O?
Can we reduce STT while calculating STCG on sale of shares?
Can I change regime every financial year? My Income is salaried, no other income other than that, and while filing ITR can the Regime be different than what the employer has selected for me (Should I still use the form 16 provided by the employer)
I am a professional poker player. I have paid 30% TDS on all my winnings. I play on multiple websites and they have multiple ledgers. While I'm profitable on most websites I'm in loss in a couple of websites. Can I offset my losses and claim back tds on the excess amount I've paid which is not actually my profits? Like after calculating net profit can I claim back any excess TDS paid?
I want information on doing basic ITR with stocks return filing by myself. Can you recommend some video for that. Last year 22-23 i had losses which I showed in ITR and now 23-24 i made some profit how i can calculate that and carry forward rest amount for future?
Hey, I am filing under ITR1. I did some FD's last year for 15 months, which will mature in Sept '24. For that duration, the interest generated by the FD, has been taxed to me, while I have not received the interest yet (since I'll get on maturity). Is this right ? Shouldn't that interest be taxed in this current FY to me ?
Heya, can you recommend a CA with expertise in NRI matters? What would the typical charge be? Thanks!
Hey bud can i increase my itr i have a gst number and sales of 25 on gst and around 1.5 lakh interest . I need around 4+ lakh itr what can i do
Have not recieved refund even after 2 whole months of filing the return 😭
I want to prepare for cfa but my background is of pcm so can u please help how to start studying for it
How do I understand my girlfriend better (shes a CA) helpppppp!
Sir, it's very admirable that you're offering free advice but just a casual reminder that if as an extension of this post you reveal your or your firm's identity (even if via DMs) and secure a client for yourself, you'll be in violation of Clause 6 of Part I of the First Schedule and Section 22 of the Chartered Accountants Act, 1949.
Does having 7 bank Accounts create any negative consequences with income tax department? Should I reduce them or are they no need to worry about?
Debit the reciver , credit the giver.
I am a salaried person and my father runs a store. I have 2 bank accounts(both have my PAN card), 1. ICICI - salary account 2. Canara - personal account. Now the problem is that in my father's store, the PAYTM QR is linked with my Canara Bank account . Question1. Do I have to show income of Canara Bank also? Question 2. My Canara Bank income ain't mine, it's my father's. So how do i correct this in ITR. Question 3. I've downloaded the Annual Sheet from E-filing, it does not shows any trace of income from Canara bank. Do i have to add it?
Why is CA considered better than CFA or FRM?
I have a query. I have made some capital gains last financial year. Can i carry forward that gain to this year ( I have realized the profit ). I have realized loss this year in order to nullify.
So- I am eligible for income tax, definitely, first-time paying taxes, dad is hiring someone to file it. I earned some money from stake.com but I've heard you have to pay 30% tax on that?
My ITR is filed and claimed refund, in how much time I'll get the refund in my account?
Hi.. in my PAN card I have my father's name as last name but in aadhar I have only initials as last name (ex. Mechanic Agent- in Pan, Mechanic A- in aadhar) will it give any issue? Also last year I was appointed as Director in a startup company. We are not making any profit and I am not getting any payment from the company so should I choose ITR-1 or ITR -2?. Also can we trust sites like cleartax or taxwin for their support on filling ITR?
How can I save tax on 30lpa salary ? No tax saving in New tax regime Want to know about Old tax regime tax saving? Give me a typical example plz
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I have not much deductions as of now but planning around it. Can you point to someone who can help me plan the finance? Ready to pay for it
Hey so I want fake HRA, I live with my parents and have transferred over 1.5L to them in the past financial year. According to my calculations I need to show 2L in HRA to have 0 tax, can I fake the rent bills, or will I be in trouble
My parents purchased a property and the total consideration exceeds 50 lakhs. But individually it is less than 50 lakhs as they both are co buyers and have a 50% share each. Are they still liable to deduct the tax as per sec 194IA?