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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 ?

Finance Mentor Finance Mentor
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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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Deal Newbie Deal Newbie
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I resigned from a company in feb 2023 and due to their policy they withheld my salary till june 2023 (notice period 3 months + some processing days) and credited feb to may salary as a whole in june 2023.

For the form 16 of previous year they included my entire salary till mar 2023 (even though they didn't pay me for feb and mar promptly).

Now for this year they have provided me form 16 again and it now includes the whole amount they have credited me in June 23. Basically my feb and march 2023 salary is being considered for tax evaluation for both previous and this years tax purpose.

I have already contacted them and asked for correction but no reply yet. Is there anything I can do or any platform I can raise this issue?

Sorry for the long post.

Deal Subedar Deal Subedar
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if you know the details, you can file based on correct calculation - when you got the money

complaint to the compay for the issue. Ask them for their lawyers contract and threaten to sue for lapses in process
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Deal Newbie Deal Newbie
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My friend has Rs25 Lakhs Around Entries in UPI No cash entries , 300 debit ,300 credit entries, Mostly he has shifted from his own bank account to another of own for applying in ipos and then divode Back to 4 of his accounts and for applying again get alltogether in 1 account , Secondly He Used to Lend Money from His Father and Brother for Applying in IPO’s in HNI of Rs 2Lakhs but didnt got any whole year and used to return after ipo got over and do same , He has income of Rs 4.8 Lakh. Will there be any problems in filing itr?

Deal Cadet Deal Cadet
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Consider this

I am salaried

I give declaration to my company in such a way that I don't pay any income tax till January (when the company asks for declaration proofs).

I pay full tax due for the assessment year every year in the months of February and March.

Is there any extra tax/legal implication by doing this?

I know some may say you will anyways have to pay tax why not pay every month and all.. I know all of that. Just want to know any penalty/legal implications please?

Benefit of doing this personally for me is that I have money in my pocket all year round(I get bonus in March which balances the tax outgo). Again, it works for me, and would continue doing it if there is no penalty/legal implications.

Views?

Finance Mentor Finance Mentor
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You have asked your company not to deduct tds every month and deduct the whole tax outgo in feb/mar. Is that what you are saying?

If yes, and your company has accepted this and pays the whole tax on your behalf before the end of the financial year, it's not a problem.
Commentator Commentator
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If I have earned more than 1 lakh rupees from stock(short term) and my overall income is below 5 lakhs.I have to pay tax or not.

Finance Mentor Finance Mentor
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Yes 15% + cess on stcg.

Deal Newbie Deal Newbie
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My primary source of income is salary but have short term capital gains also (very less). Which form should I fill?

Deal Cadet Deal Cadet
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If STCG income is small, I suggest you can avoid it, file itr 1

Last year mine was 40k, still I have avoided, this time it is 2.5 lacs, need to pay tax for sure

If you want to file,then file itr2

Deal Newbie Deal Newbie
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Is topup home loan deductible for tax exemption?

Deal Cadet Deal Cadet
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Hello team 

Interest on the saving is around 100500 so under 80 ttg I tried to put that amount but only 585 amount is being accepted as it is showing under my 16A for

Any suggestion what can I do for this 

Deal Newbie Deal Newbie
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Can we carry forward loss on Fantasy Game?

Deal Cadet Deal Cadet
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If its of type casual income. Carry forward not allowed

The PostMighty The PostMighty
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I have invested 2L in MF using my mother's account in Jan but not yet redeemed? Do I still to file ITR or can be skipped till redeemed? She has no other income

Finance Mentor Finance Mentor
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You only need to file itr if you have income. I.e., when you redeem in case of mfs.

No need to file for just investing.

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Deal Newbie Deal Newbie
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This is very helpful thread, so I'm in need of guidance here.

My P&L from broker is not matching with AIS , the AIS says that my Long term gain is 8 lakh, but actually the gain is negative -20K, This is due to the fact that I moved from Reliance securities to Zerodha around 6 years back, and I did tax harvesting this March, where I sold most of the loss making shares, one example is that I had DishTV bought for Rs 1 Lakh in 2017 and I sold it for 20K this March which effectively results in a loss of 80K, but AIS shows 20K profit since the cost of acquisition is marked as Zero(like I own the DishTV), similarly I have issues with all those old share where there is a loss of around 4 lakhs and all of them are marked as profits

So can I go ahead and update the AIS, or is there any way to rectify this?

Thanks in advance.

Deal Subedar Deal Subedar
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AIS doesn't show gains, only amount bought and sold.

gains are not supposed to be net sell - net buy. but it's per stock basis
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Deal Lieutenant Deal Lieutenant
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I have salary income amounting to 20% tax bracket, short term capital gain of 1.5 L and long term capital gain of 2L. My doubt is that will the income be chargeable at 20% flat or 20% for salary, 15% for stcg and 10% for ltcg

Patron Patron
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Up to 20% for salary, 15% for stcg and 10% for ltcg after 1L

Deal Cadet Deal Cadet
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I deposited 2.4 lac in my wife's account during the year (20,000 per month). Under which head should I show this income? Income from Business/Profession or Income from Other Sources?

Deal Subedar Deal Subedar
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nowhere, it's not her income
Deal Newbie Deal Newbie
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Bro. Sorry for Hindi

Bhai meine share market mein previous year mein total buy 13 lakh and total sell 14 lakh ki krii hain to itr kitne par fill hoga and kya kya kesse show Krna padega

Deal Cadet Deal Cadet
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Get your profit and loss statement from broker account where you will get total LTCG and total STCG. On LTCG 10% after 1 lacs and on STCG 15% tax to be paid. If your Overall profit is less than 1 lacs, you can take a risk if your salary or any other income is not much.

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Talk-Of-The-Town Talk-Of-The-Town
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Till when will AIS be fully updated to consider for filing? Heard that there are still new and correction entires being reported by FI's

Deal Cadet Deal Cadet
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Do we really need to rectify AIS for the stock/MF issue of wrong value of gain? OR we can just ignore it and fill our ITR as per actuals.

Deal Cadet Deal Cadet
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Pay taxes on Capital gain if it is more than 1 lacs, it can be tracked

Deal Newbie Deal Newbie
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STCG ADDED TO THE SALARY OR NOT ???

Deal Cadet Deal Cadet
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No, 15% fixed tax - itr2

Specialist Specialist
Moderator
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Please guide me as to where to enter exempt income under 10(D)  in ITR 2

A screenshot of the schedule and sub schedule will be helpful

edit   - got it

Screenshot2024-06-18at6.53.56AM

Deal Subedar Deal Subedar
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I have paid penalty with interest of 5500 recently. Showing like this, my ITR penalty is settled.?

IMG20240617232525

Deal Newbie Deal Newbie
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My friend has Rs25 Lakhs Around Entries in UPI No cash entries , 300 debit ,300 credit entries, Mostly he has shifted from his own bank account to another of own for applying in ipos and then divode Back to 4 of his accounts and for applying again get alltogether in 1 account , Secondly He Used to Lend Money from His Father and Brother for Applying in IPO’s in HNI of Rs 2Lakhs but didnt got any whole year and used to return after ipo got over and do same , He has income of Rs 4.8 Lakh. Will there be any problems in filing itr?

Deal Newbie Deal Newbie
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As an insurance agent which itr to file

Deal Newbie Deal Newbie
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As a promotion to grow my new instagram page filling CA assisted ITR at just Rs.199

Cool Cool
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Can I also file my ITR ?
Hotshot Hotshot
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Deal Newbie Deal Newbie
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Does anyone filing ITR 2 here and checked on website that the data are prefilled ? I heard somewhere that after 15th June data will be auto filled to portal but still not done in my case.

Like Magnet Like Magnet
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Yes today I filled but yes pre-filled data is false SO you need to manually fill with AIS

Deal Newbie Deal Newbie
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How to use form 26as or ais to fill tax returns and blog or YouTube link also works thanks 

Deal Cadet Deal Cadet
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I worked in 1 organization from April23 to Jan24, Tax deducted from source. From Feb24 I'm working in another organization for these 2 months Feb and March Tax was not deducted at source. Now how should I file ITR

Deal Cadet Deal Cadet
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bought Property in March 23 . Sold another one in November 23. How to claim long-term capital gain tax deduction in above scenario also how to calculate gains made from sale of second property.
Deal Cadet Deal Cadet
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Is rebate U/s 87a available to HUF ?

Deal Cadet Deal Cadet
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My employer has deducted Tds in section 194h, can I claim the income  receipt in section 44ADA?

Deal Newbie Deal Newbie
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I have purchased second hand car worth 2.5l for my personal use.is it compulsory to show in itr.

Deal Cadet Deal Cadet
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Is it your income?

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Deal Newbie Deal Newbie
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Hi

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