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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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Is it mandatory to file 10IEA if I am filing my ITR in the old Regime?

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Deal Newbie Deal Newbie
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What is the best free online tax filing software?

Please share link

Deal Newbie Deal Newbie
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EZTAX.in is easy, but not free. You might want to explore this one.
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Post Emperor Post Emperor
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Any limit on claiming LTA amount

Post Emperor Post Emperor
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Any limit on LTA claim amount ? Will parents can be include ?

Deal Newbie Deal Newbie
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Yes, parents & Dependents can be included. But Siblings cannot be included.
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Deal Cadet Deal Cadet
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If I make 1.2L as LTCG and my Net Taxable income comes below 5L after all deductions (old tax regime) then do I still have to pay 10% tax on 20k LTCG?

Finance Mentor Finance Mentor
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Yes, 10% + cess.

You are including the 1.2L in the 5L, right?

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Deal Cadet Deal Cadet
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@third.i.financial.advisors What to do in case of SFT-006 line item in AIS & TIS  for "Payments made in respect of Credit card (SFT-006)" under Miscellaneous payment.
This payment is greater than 10 L for FY 23-24.
Should this need to be reported somewhere while filing the ITR? Please let me know..Thanks!

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Deal Newbie Deal Newbie
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@third.i.financial.advisors I have switched the company so i have 2 form 16s and in one of them i have provided Tax savings documents like Rent recipts, 80c proof and all ...can that create issues because of discrepancies?

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 ?

Tax Wizard Tax Wizard
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Never seen this ... logically its intraday .... and would need to file itr 3
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Deal Newbie Deal Newbie
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I  have a 30k+ deduction. Is there any way to get a refund? under new tax regime

Also, I receive a monthly 1500 laptop allowance. Should I mention this when filing my ITR.

New Tax regime
Salaried

Tax Wizard Tax Wizard
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Need to check .... cant tell by just these things. 
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Deal Cadet Deal Cadet
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My friend has received some funds in his NRE account and then transferred it to family member's account, will there be any tax needs to be paid? If yes then under which section?

Tax Wizard Tax Wizard
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Need to check the kind of income that he has received ?? Has he filed ITR for income in india ?
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Deal Cadet Deal Cadet
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I want to save some tax, can I show a rent agreement on my friend name of around 3L whose annual income is less than 50000 and I have LIC of 1.6L, is it legit?

Tax Wizard Tax Wizard
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He needs to file itr ... cant do it for 23 24 now
Cool Cool
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How to calculate DP (Depository Participants) charges for sale for FY 2023-24 ?

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Deal Cadet Deal Cadet
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I have made around 35,000 as LTCG from the sale of mutual funds. In this case do I need to show it while filing a return or not?

If yes, then how can I show it as non taxable?

Tax Wizard Tax Wizard
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Need to show it ... Varies on platform .. we use our own software .. must be easy in the income tax portal too
Deal Subedar Deal Subedar
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I am doing self assessment on itr 3

And have tried to auto fill most of the details via plugin system. 1. Quicko shows more amount as business expenses while 2. Cleartax shows less amount as business expense to be adjusted as loss.

If i file using quicko, would it be okay? Not sure why the difference in amount

Tax Wizard Tax Wizard
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Haha ... thats a good question ... Need to check the ITR and tell . No generic answers for that.  Can you share me screenshots of both ? What kind of business income u have ? 
Deal Newbie Deal Newbie
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Hi

With ref. to Schedule 112-A for LTCG (filing ITR-2 here-in) ,  need to know if trade date or settlement date to be considered ?

I sold shares on 28th Mar'24 and it got settled on 2nd Apr'24 (mentioning obligation of settlement there-in -  29th Mar was a holiday and 30th Mar & 31st Mar falling on weekend) .Hence do I have to consider this transaction for FY 23-24 or 24-25 while filing return ?

Deal Cadet Deal Cadet
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For MF LTCG, is it allowed to claim exemption if purchased second residential property or its only applicable to first home? @third.i.financial.advisors

Deal Captain Deal Captain
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Can claim u/s 54F. You can own one residential property as on date of purchase of the other residential property for claiming exemption. In simple words, can take exemption on second property but not on third property.

Deal Cadet Deal Cadet
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I am trying to fill my salary account ITR and 2 CA's that I've approached have asked for 10% of return amount along with fixed basic fee, Is this common also should I explore online options as well?

I am fine paying them fix amount but this 10% from refund is something I want to avoid

Deal Subedar Deal Subedar
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not at all, approach some other professional !
DO CHECK THE COMPUTATION BEFORE FILING, ELSE THEY WILL ADD UNNECESSARY DEDUCTIONS IN ORDER TO GET MORE REFUND.
Deal Cadet Deal Cadet
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I don't usually do intraday but may be because of some sale purchase on same day zerodha shows 700 rs intraday profit, apart from ltcg and stcg gains. Is it must to fill itr 3 or I can do itr 2 given the amount is very small? @third.i.financial.advisors

Tax Wizard Tax Wizard
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Always better to file ITR 3. ITR 2 might not create a problem but since most work is done by systems now , it can trigger a notice.
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Cool Cool
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Can Section 54F ltcg exemption be claimed by husband and wife seperately for buying one house  if both their proceeds from ltcg are used to buy 1 single residence ?

Tax Wizard Tax Wizard
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Even i dont know this ... need to check on this.
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Deal Newbie Deal Newbie
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What are the tax benefits that I can take out of taking a home loan of more than 50L.

The things on the internet are confusing.

Tax Wizard Tax Wizard
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Its the same as any other home loan
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Deal Newbie Deal Newbie
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Freelancer kaun c irtc file kerte hai.

Category?

Deal Cadet Deal Cadet
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@third.i.financial.advisors I had some 2.5k gains from Mobikwik Xtra. As those investments don't reflect in AIS I forgot to declare them while filing ITR. Should this be a concern?

Tax Wizard Tax Wizard
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No ... Its ideal to share it but till the time ITD doesnt know it , its fine.
Deal Newbie Deal Newbie
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I filed my income tax on wrong ITR, it should have been itr2 but filed the itr1 on July 1. On July 2, I received a notice saying it was defective itr as I had filed under wrong itr and it had option to respond with updated itr json. I did a mistake while refiling the new itr2, instead of filing under u/s 139(9) I filed under u/s 139(5) which json is not getting accepted while responding to notice. My question is, is it essential to respond to this notice, if yes shold I file again new return under 139(9) or just ignore the notice since i have already refiled it under 139(5)

Tax Wizard Tax Wizard
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Must reply to notice , and file correct return.                      ...     When your king is in check, you always stop that first. isnt it ? You dont give counter check !!
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Deal Newbie Deal Newbie
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1. I have changed company during last FY . Both companies given 50k standard deduction in form 16. How to correct it?

2. I have sold gold and some debt MF. Which form should I fill ?

Tax Wizard Tax Wizard
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1. REMOVE 1                      2. ITR 2
Deal Cadet Deal Cadet
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@third.i.financial.advisors I do not see one line item for Savings interest of Equitas bank in AIS or anything deducted in Form 26 AS by the bank & today is 13th July. Rest of the items are available in AIS.
Till what time should I wait to file my ITR ? Any date by which we can see all the interests & FD deposit interests in AIS as I don't want to keep it till the last. Please suggest! 

Deal Subedar Deal Subedar
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dont wait, get the interest certificate from bank, enter the details manually and file ITR
Deal Subedar Deal Subedar
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can u plz tell where to show the buyback sell value/profit....i know the profit from buyback is exempted but where exactly is to be filled in ITR2

Deal Newbie Deal Newbie
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Hi, I am planning to register as a SEBI registered research analyst, and I need to submit 3 years income tax returns (ITR) as part of the application process. I have not filed any ITR yet. For the financial year 2021-2022, my income from freelance job was ₹1,50,000, and for financial year 2022-2023, my income was ₹4,60,000. Can I file ITR-U ( ITR4 ) for both financial years with presumptive scheme deduction of 50%. Do I need to pay any late fees or can I file both ITR-U without any late fees because my Income not cross basic exemptions limit?.

Deal Subedar Deal Subedar
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ITR U can only be filed, if you deposit tax. You cannot claim refunds in it.
Minimum income required to file ITR U is 2.5L. You have to show at least 2.5L as income which can be filed after paying 1000 rs as late fee.
Deal Subedar Deal Subedar
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I received foreign US stocks through company RSU vesting in 2022 & 2023, but wasn't aware that declaring them during ITR is mandatory, and tds has been deducted for them already at vesting. Can I declare all those vesting from previous years in this year ITR without facing any issues? Like receiving notice on why those weren't declared before?

Tax Wizard Tax Wizard
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Ideally should have been done then only. It may or may not create an issue. Sometimes depends on luck too . Pls pm if you need help with filing of returns with foreign stocks.


The PostMighty The PostMighty
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In March month, I got a sms to submit/confirm the shares purchased on e-compliance, which I did already...now I again in SFT I see some shares marked as "expected" , so do I need to click each item and confirm information is correct or not, or they can be ignored? I didn't receive any sms though this time...and there are many entries

Tax Wizard Tax Wizard
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Cant tell without checking.  Most probably it wont be an issue unless there is a variance in return filed and this.
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