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ITR filing season ... feel free to ask any queries regarding ITR filing

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ITR filing season ... feel free to ask any queries regarding ITR filing

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Super Stud Super Stud
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Free to ask or chargeable? 

Deal Lieutenant Deal Lieutenant
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Free to ask. Reply may or may not be free 😄

Deal Cadet Deal Cadet
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how to reduce ltcg from mf ? (for re we have nhai & rec )

or charity etc ?

Tax Wizard Tax Wizard
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Cant reduce mf ltcg ... have to pay tax ... But if you are willing to put whole cap gain in a new residential house , then you get exemption. 
Cool Cool
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I have allotted one IPO and the same day of allotment, I sold it. This txn  will come under intraday or STCG (15%) means I have to fill ITR 3 or 2 in this case ?

Deal Subedar Deal Subedar
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This is a thinker smile.

Like the op said, logically it's intraday but

The law can be interpreted here.  This can be considered as short term,

1. As this is a rare occurrence for you.

2. And this is MY REASONING, quite brilliant, if I can say so myself sweat_smile

You may have sold the stock on listing day. But

The shares are credited to the buyer's account, a day before the listing day.

So technically, you bought the stock the day before and sold it the next day.

This makes it short term. So filing itr2 should be enough. Pay 15% + cess as stcg tax.

Hopefully I'm right about this.
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Super Stud Super Stud
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Free to ask or chargeable? 

Deal Lieutenant Deal Lieutenant
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Free to ask. Reply may or may not be free 😄

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Deal Cadet Deal Cadet
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how to reduce ltcg from mf ? (for re we have nhai & rec )

or charity etc ?

Tax Wizard Tax Wizard
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Cant reduce mf ltcg ... have to pay tax ... But if you are willing to put whole cap gain in a new residential house , then you get exemption. 
View 4 more replies
Deal Lieutenant Deal Lieutenant
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Suppose Tds wasn't deductable on salary and employer didnt submit anything on ais or form 16. Do i need to show it on my own or can i just not mention it. Supposedly

Commentator Commentator
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reason for declaring to the employer was that they deduct the taxes accordingly so that you don't end up in paying interest at the end if the payable tax is more than 10k (advance tax), you can show the details while filing now and ensure that are within the limits of your salary like HRA etc
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Commentator Commentator
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this is regarding property (flat) sale and the deductions that can be claimed to reduce capital gains and thereby tax;

1) For purchase date consideration, should we include the date of agreement where we started paying the first instalment or the date mentioned in the final sale deed

2) Apart from a) CII b) repair work c) any 54ec capital gain bonds, is there any other deduction that can be claimed (I guess the yearly property tax/water tax etc can't be claimed 😀), thanks!!

Tax Wizard Tax Wizard
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1) For purchase date
consideration, should we include the date of agreement where we started
paying the first instalment or the date mentioned in the final sale deed

 ---- sale deed date
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Helpful Helpful
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What is the diff between highlighted options?

image

Tax Wizard Tax Wizard
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I am not sure of this

Deal Lieutenant Deal Lieutenant
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How to show pf withdrawal amount while filing? Service more than t years

Tax Wizard Tax Wizard
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Shown under section 10 exemption . Better consult a professional to do things if amount is big.  
Deal Cadet Deal Cadet
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I switched my company in June and my new company put me in new tax bracket.. I want to file itr using old tax system to take benefit.. do I need to calculate hra amount manually using all the pay slips?

Tax Wizard Tax Wizard
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Yes ... have to do manually
Budding Star Budding Star
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If i file itr on 15 june or after, will 234b and 234c are applicable?

Tax Wizard Tax Wizard
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Yes , its levied even if you file in april .
Deal Captain Deal Captain
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can we set-off carry forward FNO loss with short term gain (ipo gain)?

Tax Wizard Tax Wizard
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You can set off with any other income except salary .

Deal Subedar Deal Subedar
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there is a discrepancy between the income amount on AIS and what the income tax portal is showing for taxation purposes.

Do I need to correct it and make it exact (my tax slab is the lowest one even after adding all the income from all different sources)?

also, i have got some dividends and they have deducted TDS accordingly, can that be claimed?

Tax Wizard Tax Wizard
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1. Correct it and show.


2. Claim tds on dividend. And file itr



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Savings Mentor Savings Mentor
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Do foreign currency transactions on Indian credit card show up in AIS like they do for  any Indian bank's debit card ?

Tax Wizard Tax Wizard
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Intl cc bought in india / indian bank account ?? Yes 
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Tax Wizard Tax Wizard
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Delete 
Cool Cool
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@third.i.financial.advisors

I am doing intraday trading daily transaction are reported with a small amount of profit.

Do i need to file ITR.

Tax Wizard Tax Wizard
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Will have to check the amount of trn
Generous Generous
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@third.i.financial.advisors

I sold some ESOPs in buyback from investors of my employer. In Form 16, they've added it as perquisite and according to tax slab, tax was deducted.

I already got some percentage deducted at the time of money being credited in bank account, since all of this was handled in USD and the US, I already paid tax in the US, then in India, according to tax slab. For Indian stocks, it's flat 10% for LTCG and 15% for STCG but paying tax as per tax slab isn't beneficial for those falling in high tax bracket.

Any idea on this?

Deal Subedar Deal Subedar
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Your query is not very clear to me.

1.You sold your employer shares in a buyback.
2. They deducted tds at your slab rate? 3. Paid to us govt?

4. Again paid tax to Indian govt? Why did you this, if you did?

US and India have a tax agreement to avoid double taxation. You could have just claimed credit for the tax to paid in US.

Am I close to what you actually meant? Is there anything else?
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Benevolent Benevolent
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is the last date for all itr's like itr 1,2 etc. 31st July without fine?
Tax Wizard Tax Wizard
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Yes .. unless its a tax audit case
Finance Ninja Finance Ninja
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One of my friend had used cc UPI for rotation because of multiple offers and it shows up now in ais. There is a option to update details now. Shall he update it now or wait for the it to send notice? If update now, what to update?

Tax Wizard Tax Wizard
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What update do u mean ?
Benevolent Benevolent
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Post office RD has reported the interest for the complete duration (5 years) in the final year under AIS. 

I was expecting it to be reported per year wise. Isn't that the case?

Tax Wizard Tax Wizard
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Have u reported 4 years income in itr before this ?? If thats done, then nothing to worry.
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Helpful Helpful
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How to enter details of US stock investments while filing for ITR?

Deal Subedar Deal Subedar
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Do we need to mention if we are not selling and just owning? I have not done before but want to make sure I mention this time.
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Deal Newbie Deal Newbie
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Mine HRA was rejected by employer stating agreement was not valid. And whole tax on hra was deducted in month of march.

Can i show while filling itr hra?  Will they ask agreement?

PS. My agreement was expired 6 months ago and we did not renew due to owner constriant

Generous Generous
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@third.i.financial.advisors I too have similar doubt, I didn't claim HRA via employer but will show it at the time of filing ITR. I'll even show the rent amount as income in my maternal grandmother's account although there's no transfer of money from my bank account to hers in FY 2023-24 and there's no rent agreement too.
Is PAN of landlord asked at the time of filing ITR ?

This FY 2024-25, I'm transferring amount to her bank account quarterly as rent and will claim HRA via employer this time.
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Vanguard Vanguard
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I took a home loan of x amount  last year..how to show it in ITR?

Tax Wizard Tax Wizard
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Do u file itr urself ..
new or old regime ?
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Deal Newbie Deal Newbie
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My 90% income is from gains of shares trading

I have 30k bank intrest

1k fd interest

30k dividend

Can I save tax anyway ? Income around 10-13lakhs

Tax Wizard Tax Wizard
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Thats too big a question to answer here .. there are so many variables . What did u file last year ? ITR 4 ? or 3 ? or ITR 2 ? 
Deal Brigadier Deal Brigadier
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if income is less than 9 lacs in new regime can we claim rebate?

or above 7 lacs no rebate

Deal Newbie Deal Newbie
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no rebate if total net income exceeds 7 lakh

Deal Cadet Deal Cadet
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For salaried person, how to do tax chori. Straight question

Deal Newbie Deal Newbie
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Donate to political party 🤪

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Patron Patron
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How to report income from the buyback process in ITR?

Tax Wizard Tax Wizard
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Which company shares ? when was it repurchased ?
Deal Cadet Deal Cadet
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If I pay advance tax 15 days after due date, will 15 days be also included in additional interest calculation? 

Critic Critic
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Yes
Deal Cadet Deal Cadet
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I am not able to modify the HRA amount while filling ITR. Any changes in portal or rule. I have failed to update rent slip for 3months

Deal Newbie Deal Newbie
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Can I get back Professional TAX ?

Deal Subedar Deal Subedar
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No

Talk-Of-The-Town Talk-Of-The-Town
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My friend took 2.5 Lakhs from me last year... He is not responding to my calls till now... To pay that I am rotating the amount in my credit card... Do I need to file ITR???? My income is 6 lakhs per year....

Deal Subedar Deal Subedar
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If your income is above 2.5L you are required to file ITR. No matter what.

replyuser
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