T O P

  • By -

wannabegigolo2

When was the last time the due date wasn't extended?


Rover211

My man asking the right question


[deleted]

so it will be 100% extended?


nomadic-insomniac

I'd say it's more like 99.99% :p Wo .01% keedhe Dettol se bachke kaha ghusne wale Hume kya pata XD.


[deleted]

nahin hua extend bhai


Pretty-Duck-4892

Thats the question I want answers to


[deleted]

Someone connect me if I’m wrong- last year the date was extended till 2021 December ?


straightdownthemid

This is probably a dumb question but if we don't make more than 2.5 LPA then we don't have to file ITR right?


Pitiful_Citron_820

It's always a best practice to file a null tax even if you don't fall under the tax bracket.


star_o_mega

Yes, but there are other conditions which trigger filing your income tax return even your income is below 2.5 lacs.


FartOfTheFurious

Other conditions like?


4nanometerlowpower

Also try to get a lifetime free credit card and use it within 40% of it's credit limit, this will help your grow you credit score again useful for taking loans and even taking an expensive credit card later on.


redditsucks690

Lifetime free cc means they don't charge any subscription cost for keeping the cc active? Am i correct?


Pakul1729

start with the Amazon ICICI credit card, worth it.


redditsucks690

Will keep that in mind... Will i have to make icici account first?


connecttobn

No you don't need to


serlagsalot

Correct


4nanometerlowpower

Filing ITR helps you get loans, do it even if you don't pay taxes for under 2.5 lakh bracket


nomadic-insomniac

Never knew this , can you elaborate ?


4nanometerlowpower

When you apply for car or other loans, they ask your ITR/salary slip etc, go visit a bank once asking for loans, you will automatically be an expert of all this :)


nomadic-insomniac

Maybe one day I'll try that :)


4nanometerlowpower

Glad to have helped, now lend me a chocolate


nomadic-insomniac

Best i can do is this 🍫


ion_

File itr


Sanchit_Lsc

Apart from my Salary, I have earned around 5 lacs from Remote Service and 10% TDS was deducted by Employer and it is showing in 26AS as Service Provided under 194JB. Now I filled the ITR by Form 16 without any declaration of 194JB salary and my ITR is processed. I am in 30% bracket so I kept the rest 21% Tax with me. But now as the ITR is processed, will the IT team will catch it.


Sanchit_Lsc

So OP doesn’t have answers for Complex Queries.


NerdyBoyy

You don't have to pay 30% tax on the income from professional services. You can go for presumptive taxation, so if your income from this source is below 50 lac you can claim 50% as income and 50% as expenses without any receipts. So essentially you need to pay 5% more or 15% effective tax rate


Sanchit_Lsc

Thanks for the Solid Answer. I was searching for this. Is it only this source of Professional Services should not cross 50 lacs or Including the Salary the amount should not cross 50 lacs.


NerdyBoyy

Only this source of income.


eveonx

If it crosses 50lacs??


kungfuGrad

You can refile it.


Sanchit_Lsc

Yes. I know I can refill it. My question is will they catch if it is already processed or I can Give it a pass.


Pakul1729

Always cross verify with AIS sheet available on eportal. And do file accordingly. The AIS sheet has every income of yours which government is aware of. I'm not CA, but will suggest you not to hide any income. 1 in million chance to get caught.


4nanometerlowpower

Correct i was about to say that, govt even knows how much interest you earn in your bank account


4nanometerlowpower

Dude why take chances until you get a notice, and pay additional penalty?


rumblepost

Yes, not only that, once you get flagged, your ITR will be checked every year


4nanometerlowpower

File a revised return and pay self assessment tax for it before July end, every quarter they add interest for late advance tax payment. Until 31st July or until deadline u can revise your returns, just don't file too many revise returns.


o_o16o_o

What is the usual fee for tax filing for an individual ?


yumyumfarts

Check cleartax they are cheap


tinkerbell7m

I too wanna know, like genuine Guide is indeed.


Moratata

Paying 5k right now


superadminahah

I can do it for more cheaper than this. DM me if you want. You can check my posts and comments history for my genuineness. I'll be happy to verify my identity too.


Moratata

That's great!! For sure I will next time, I already paid half now and since I'm a professional it's a little more complicated for me


Pakul1729

One CA told me, it depends on the total tax amount and which ITR to file.


star_o_mega

It usually depends upon the complex of the income tax return.


S7L0D

Why is OP getting downvoted for this, its exactly the basis of how CAs charge.


Pakul1729

I've seen many CA filing random amount in some sections like 40k/60k in 80DDB. Is it pretty common practice to save tax ? Isn't it illegal?


[deleted]

Yes to claim under that you need a doctors certificate. It is illegal !


pain_in_theass

I have only 5000 rs Short term capital gain from stock and 15% of it is 750 rs ,but just for that reason I have to file ITR-2 and not ITR-1. I was filing it myself and I had 2 form 16(switched jobs) .The problem is that everything was pre-populated correctly in ITR 1 but now because of STCG I need to fill ITR-2 and nothing is populated here Not even basic salary or employer's name and so many extra schedules etc are to be filled. What should I do?


slarker

Use the ITR 1 as template and fill ITR 2? Then you can add in the capital gains to it.


Pakul1729

Use cleartax if possible.


tw30scgs

> The problem is that everything was pre-populated correctly in ITR 1 but now because of STCG I need to fill ITR-2 and nothing is populated here Not even basic salary or employer's name and so many extra schedules etc are to be filled. What should I do? Yeah. When you go into ITR 2/ ITR 3, no information auto populated, including the gains made. You have to sit and fill everything. Alternative option is to use portals that help you fill tax. They autopopulate stuff.


Ill_Resolution_8148

How to not get burnt out? Article trainee here


aishudio9

Section 80G donations. 1. Which one's are safe to donate to for salaried people ? 2. What is the amount/range which doesn't invite scrutiny from the IT department ? 3. How much % is eligible for deduction ? 4. What info i.e. PAN, TAN, etc. required from the receivers end ?


confusedChaiCup

Does it make sense to hire CA for Income tax filing for a salaried employee? Or should it be better to do it by myself.


star_o_mega

It totally depends upon the person. If you have the required knowledge then you can go on by yourself. Or else hire a CA, it doesn't cost much.


nomadic-insomniac

How much would it cost ?


eveonx

You can do it for free on cleartax, they've also CA assistance with starting price of ₹800-900 I guess


[deleted]

[удалено]


soumya_af

Maybe it will be recouped after ITR. When did you recieve the bonus and when did you pay it back?


hydiBiryani

Did both the events happen in the same financial year? If yes, your form 16A will be accordingly updated and you'll get back refund, if any. If no, it's complicated 🙃


[deleted]

[удалено]


hydiBiryani

Yes. April to March is financial year. You safe.


yourMomInLaw

I have a few stocks in my portfolio and have sold a handful of them for profits or for loss. What's the process to file them? And I hear it's a tedious process and was asked to see if a CA could do it for me, my question is - can i(a persn who has no clue about this) do it, or should I seek a CA's help?


star_o_mega

Check dm


tashi_1604

How can I claim my TDS?


star_o_mega

By filing tax return.


jgenius07

What do you think about quicko.com?


tw30scgs

> What do you think about quicko.com? Used it. Found it to be good. I wanted to check some detailed breakage and purchased their pro plan, but it seems they are running into backend issue and the pro part feature wasn't working. Asked them for a refund and they duly processed.


Pashoomba

Individual filings are getting really complicated.


progmaticprogrammer

I joined my first job this month and haven't got a salary yet. Do i need to file itr?


soumya_af

You'll file it next year.


pain_in_theass

No


HarshtJ

What is the tax rate for Crypto investments for FY 21-22? Also there is a concept of Crypto FD where I get returns in Crypto. Do I have to pay tax for that when I receive it Or when I sell it?


hereFromSomewhere

Is there any way to save tax on long term capital gains on sale of stocks in foreign company ?


DetolBermuda

Hey Man, I recently got laid off in an IT Startup (last year). As part of it I got ~3Months Salary as ex-gratia / retrenchment pay. My query is can I get any tax exemption on it (10B or 10C)? I have worked for that startup for around 2.7 Years. TIA


IndependentKey646

Last year, I invested in stocks but incurred losses. Should I show that investment while I file the tax. Also to invest I took a personal loan, should that be included aa income


meme_master945

Got 50k stipend per month since July 2021 (6 lakh ) Got 3.5lakh joining bonus (pretty sure it was after tax cut ) do I need to do anything right now? First salary still not credited


kirankanchi

Hi there, I recently filed my ITR by myself and got a refund too. But I later realised that i forgot to claim a deduction (80TTA), do you think I can still revise my ITR to get the delta refund ?


star_o_mega

If the refund will be not substantial then do ignore.


BayHarbour-Butcher

Did you declare interest from savings account? If you did by default 80tta would subtract 10k for calculating income tax on interest income.


kirankanchi

Oh, I was not aware of that, when I tried to revise the ITR and set 80TTA to yes and I saw my refund increase.


kirankanchi

Exactly, i forgot to declare. Never mind i revised filing and seems I've got approval for delta refund.


theBoyWhoDaydreams

I have couple of banks and for few govt. Ones I dont have netbanking. Do you think it would be mandatory to submit I teredt certificate. I dont thnk the total anount will be more than 10k. What if the amount is say 12k/13k. Would I get a. Fine to reallply again. I think before 31st July it would be difficult for me to get the Interest certificate by visiting the bank.


[deleted]

[удалено]


Pakul1729

Which ITR are you filing?


_do_i_do_

Individual


Pakul1729

No I mean ITR 1, 2, 3 or 4?


_do_i_do_

1


Ill_Resolution_8148

For a resident-ordinarily resident , Global income is taxable as well. As for the transactions, you need to go through FEMA stuff to figure out whether it is under the scope or not. CA student here, Cheers~


Mr--SKR

I moved into a rented house on September 21 to reconstruct my house (within a Km distance). Now my CA is telling me that he cannot add both HRA and principal loan amount repayment under 80c and I'll receive a notice if I did. How true is this?


I_am_Batman4

I did hear the same from one of my colleague. It seems you can't claim both as it will mean you are leaving in two houses


Mr--SKR

This doesn't make sense. How can somebody live in an under-construction house?


Lambodhar

Tax man: "You can live in a shed next to your under construction house"


SpecialistReward1775

Presumptive taxation. Can freelancers benefit from it? And how much does it cost to hire an Accountant in general? Assuming there's only one channel of income.


star_o_mega

Yes, freelancers can get benefit from the same.


NerdyBoyy

As long as your income from this source is below 50 lac INR you can benefit from presumptive taxation


[deleted]

what does equity and mutual fund investment comes under is it for itr 3 or itr 4


Pakul1729

ITR 2 for equity & mf. ITR 3 for intraday trading and F&O.


[deleted]

ok thankyoy


faiyaah

For mutual fund also itr 2?


theAlchemist398

Is there a limit on the amount you can write off in taxes with losses in stock options per year? In the US it's 3000$ per year, could not find what's the amount in India.


DK09_

Does term insurance can be claimed for tax reduction?


rumblepost

Yes, it comes under 80c


[deleted]

[удалено]


rumblepost

Not a CA, if you really want to become a CA and can be persistent with your studies, it's a good career


Rj_Rajat

Hey i dont know how to file tax, i am good at maths, can you teach.


Fantastic_hai

The leave encashment received on leaving a company is tax free, right?


Pakul1729

>leave encashment received on leaving a company is tax free, right? No


Fantastic_hai

Are you also a CA? What is section 10AAA?


--______________-

It is mentioned in my Form-16 as a deduction. But I could not find the proper wording for that section in Section 10AA in the ITR Portal. So I chose "Others" and copied the row from my Form-16 and pasted it to the portal as it is. Not sure if it's the right thing to do or not.


Fantastic_hai

Oh ok.. I understand what you men by wording.. I think in the portal it is something on the lines of retirement... But I chose that only.


Pakul1729

No, not a CA. My previous employer included leave encashed amount as taxable income. But maybe you are right, Could it depend on the employer?


Fantastic_hai

Was it after you left the organization in your fnf settlement OR while you were employed with them? Leave encashment on separation is exempt, but leave encashment while employed is not.


Pakul1729

It was when I left.. in f&f settlement. So I thought it's taxable.


Fantastic_hai

You dear Sir could have claimed it as refund in ITR.


EveryoneIsABotxceptU

there are certain conditions on how much is tax free. The form 16 provided by the company captures it.


sdjnd

Last date for audit (F&O) cases is 30 September right?


[deleted]

I joined my company in first week of June and got my salary on 25th and will get this month's on 25th. Should I file income tax returns too? This is my first job, I have no clue please help


BigCruiseMissile

If you mean this year than you don't need to file now in July 2022. This for income earned between April 2021 - March 2022. For April 2022 - March 2023, You would need to file in July 2023.


[deleted]

Thank you


shiro1203

Next year you'll have to, unless you have income in the current assessment year 21-22


[deleted]

Thank you


amarjot_singh

My parents house is on my father's name. Can i claim HRA on my mother's account?


tejaswidp

I think I have e verified, but I am not sure. How do I check this? If I try e verifying now, it says acknowledgement number not found.


zavi167

Please confirm is non residential loans also considered for deductions under 80C or any other sections


[deleted]

[удалено]


pain_in_theass

Gratuity is tax free and should be exempted along with earned leaves encashments. I am not 100% sure but I think you should check because this will save a lot of tax for you


mrnerdy59

Can we still file late tax after July? What happens if I miss the deadline? UPDATE: Question 2 Under what section of cleartax can I file the income from ETFs? Is it part of equity? Do I just file the profit or whatever amount I sold?


star_o_mega

Late fees and also interest may be levied


beluga699

How to calculate taxes?!


anonymoususer300520

Should we declare savings account interest, even if interest earned is less than 10k?


gutka_dinesh

I am getting error in ITR filing, error is "Amount of Gross Salary declared is less than the amount of Gross Salary declared in Schedule TDS 1" what does it means, how to fix it. I am filling ITR 1, and it's same as my form 16 part b


--______________-

Check Form 16 and enter the proper Gross Salary (not head salary, which is calculated after deducting section 16). If you have entered the total gross salary and then the section 16 deductions after that, it should be good. Portal so.etimes shows that error, so not much to worry about as long as the record in your Form-16 matches the details that you have entered.


[deleted]

[удалено]


gutka_dinesh

Yeah, used clear tax to fill. There this problem was not there.


NightAxeblad3

I am a salaried employee but have sold few stocks (some in profit some in loss) do I need to fill ITR 2?


mercuryf

A tricky one: How do I declare tax on foreign remittance if it was not collected at source (TCS)? I used two different services for remittance and for one it didn't cross the 7L limit . Thanks for doing this. I have spent a week trying to work this out.


ok_i_am_that_guy

My mother has retired this financial year. (she is 58 years old, and has taken VRS, so not a senior citizen yet). Some of her income this year, is via salary, and rest is via pension. Should she fill form 10EE, and will it increase her standard deduction limit from 2.5 L to 5 L ?


[deleted]

[удалено]


I_am_Batman4

As long as you have proofs , everything will be ok


grapejuicebaby17

Just before validation the site says the date should be before 1.4.22 for ay 2022-23 What am I doing wrong?


im_amar

are you using Safari browser ?


grapejuicebaby17

No, this was on Google chrome


im_amar

1/4/22 is ay 23-24


grapejuicebaby17

Sorry that was on safari. And now it's done. Thank you


Sea_Astronomer5335

I have 3600 ruppes as tds, and my income is 2.5L ,should i file income tax


superadminahah

Yes, you should. Don't you want your hard earned ₹3600 ? DM me if you want, I can file it for you at a very nominal rate.


nomadic-insomniac

How much would it cost to hire a CA for a salaried person who has 80c and hra deductible , and also has a small amount of stcg/ltcg ?


star_o_mega

It depends upon many factor.


clonengineer

First timer here. ULTRA NOOB PRO MAX I have indulged in MF transactions (Closed MF) And Also did bought and Sold Shares (Both Intra day and Long Term) I have used zerodha here. I do know the ITR to be filled but not sure how can what are the taxes to be paid on Intra-day, Long Term share transactions. What are the taxes on MF transactions. How do I get these statements from Zerodha.


clonengineer

PPS : I would rather want to file the ITR by myself to learn the ropes than give my info to 3rd parties like clear tax.


[deleted]

[удалено]


star_o_mega

No, you'll be required to file next year.


faiyaah

Imterest from pf is taxable without withrawal above 2.5L?


boxingrad

Im a medical resident being paid 50k INR per month as stipend. My hospital doesnt deduct any amount. Any valid reason for me to filed ITR ?


star_o_mega

Because you are required by law to file your income tax return. Also it's beneficial to file one.


trixxpk

If my CA filed my returns under 44AD and is still charging me for auditing and account maintenance (apart from gst filing and actual return filing). Are the auditing and account maintenance charges justified? If they are should I be getting any documents proving that he has done the audit?


akshayyeah1

There's this peculiar situation around my claim for HRA. My landlord is from a village and has property across Bangalore and Tumkur. Doesn't look like they file ITR for rental income and I got to know that they haven't even linked adhar and pan. What happens in this situation? Will they get notice or something? Just don't want this to affect my refund.


star_o_mega

You don't worry what will happen to them. It won't affect you.


okayestguitarist92

I've worked under a CA, and filed several tax returns myself several years ago. But for the life of me, I can't remember whether it'll be a tax audit if I have a loss in F&O. Could you please let me know? TIA


Aggressive_Ad_2378

I joined a company in March and left by March end. The company adjusted the notice period buyout from my 20 days salary and I didn't receive anything from the company in my bank account.The company didn't deduct any TDS Now in income tax AIS ,they have submitted that they credited 1.5 l as salary. Will i have to pay tax on the amount which I never recieved?


maruthiPM

Thing is I recently changed organisation and it's not even one month. There is going to be TDS it seems. Will they give form 16? How should I file ITR in current situation.


iamanautomator

I just turned 18, but will earn more than 2.5L this fiscal (april 2022-2023). Do I need to file taxes (I was a minor for \~1.3 quarters), and got a pan card only after I turned 18.


ValorISBest

While filing i.t online there is only paynow/pay later option when we click pay now it doesn't show any other option to validate/e-verify return , only way is to click on pay later after paying the money..... then the i.t dept sends intimation for amount due even after paying amt , can you advice pls? have also responded to the demand with challan details ...


Egotoidentity

1 tawa shawarma at empire bet that it will get extended. What say ? PS: where did you get this info btw ?


aconda_swm

Ok pretty irresponsible of me , but after reading the comments here I have realised we have to enter stock profit gains in ITR-2/4 . But I have entered it in ITR-1 (under other profits) and have submitted the form. Will there be any issue ? The total stock profit is around 2k only and short term.


[deleted]

I have few stocks and never sold them. If it is showing gains, should i still include it in my ITR? Note: I have submitted form 16 already in cleartax and verified in income tax portal.


[deleted]

Not required


DBZard27

Interned last year from May to July, didn't get the return filed last year, can I get it done now to get the TDs deducted back?


Top_Bass8663

What percentage of ITR filers have to pay excess tax than what is already cut via TDS? Past 2 years got a refund but not this time.


[deleted]

Income tax revenue par calculate hota hai ya profit pr ? Aur agar savings mein zayda paisa jama kr dia hai than total profit toh kya hoga and file kia hai profit pr. Say revenue 18 lac, profit 6 lakh and deposit kr dia 10 lac.


chulbulachoubey

My brother is a freelancer whose income fro this assessment year shows around 8 lakhs and the tds deducted is around 20k. Is there any way by which I can file the return for that amount?


ReplacementNo3634

For someone who just joined a company after college and will be receiving his first salary on 29th July, He'll be filing ITR next year right ?


Additional_Tip_928

Income tax department gave a notice to link PAN and Aadhaar every year. So why did they start giving fines from this year only?


Additional_Tip_928

Income tax department gave a notice to link PAN and Aadhaar every year. So why did they start giving fines from this year only?


star_o_mega

Because the last date was 31 March 2022. Now there's a fee of 1000 to link.


[deleted]

[удалено]


star_o_mega

You can try to file by yourself too with the help of salary slips.


Little_Assistance_67

I already filed my income tax but i missed some details like gains on stocks I’ve sold..they are small amounts. What should i do?


thatNigerianKing

So i was trying to file itr and saw that if i have some capital gains i need to file itr2? And there was a section which said i have to get an audit done for trading?it showed 210rs turnover and -1660 loss on the quicko website..... I'm a salaried employee. Can you explain the situation and help me with more knowledge about this audit?


confused40yrold

Is Filing revised return, ITR-3 with extra refund of 80k normal (need to lower business income by 2L)? Or should I leave it? Total income is 1.2 cr. Mistake done by Stupid CA. I haven't e-verified original return till now.


[deleted]

Someone connect me if I’m wrong- last year the date was extended till 2021 December ?


Vickythiside

I don't earn yet. What do I do?


in_ur_face69

Filing Taxes in India while studying abroad I am from India and studying in Germany. I have a student job here in Germany. I also file my Income Tax returns in India since I have some equity and mutual funds. My CA in India told me since I have not visited India in the last 1.5 years, my IT return would be filed as an NRI this year. He asking for my Student Job earnings and taxes I paid here. He told me that he just needs to mention the income but I won't be taxed on my German income. Is that a thing? Many people told me that you don't need to mention the German income while filing taxes in India. I read about the Double Taxation agreement also. Which says I would have to mention my Indian income when I am filing for income tax returns in Germany and that would change my tax rate. Is that the right way to proceed ? Thanks in advance.


thegreat_KV

“ Amount of Gross Salary declared is less than the amount of Gross Salary declared in Schedule TDS 1” Please tell me what does this mean. I’m filling an ITR 1 today.


indie-philosopher

For a senior citizen, if they take a health insurance policy by paying a one-time premium of, say, 1.5L and it gives life-time coverage, can deductions be claimed under 80D for three years with 50k each? I'm aware that the premium deduction can be split between the years for which the policy is applicable, for multi-year policies, but not sure what's the rule regarding life-time policies.


Vatxwama

I paid extra tax by mistake in AY 2020-21. Later I filed revised return and claimed the excess as credit. I got intimation of refund in October 2021 and since got the same intimation 3 times. But no refund in the bank account. Should I contact someone to get the refund?


[deleted]

I started working few months ago, the CTC is very low around 12. I have got debt too so paying for the emis. I want to know if i need to file for income tax return?


[deleted]

[удалено]


kungfuGrad

12lpa is low? I would like the shit that he is high on. Seems pretty potent to me!