[sidg]

Originally Posted by youknowitbetter

Hi - just wanted to check if any one has knowledge about HUF rendering consultancy services and getting consultancy fee? Online research has not resulted in any meaningful results.

You may check following link:
https://taxbaniya.com/save-tax-by-forming-huf/

Some services required personal touch like professional service. Business of HUF is not dependent on the personal skill of any karta or member of huf. A business of HUF is run by the Karta in capacity of caretaker. You need to check if consultancy services are provided by you in your individual capacity or not.

[whitewing]

Originally Posted by Fx14

In case you do not have any transactions where the grand fathered price is involved, then just a consolidated entry for LTCG is sought.

Details are sought for the LTCG transactions where the grand fathered price is involved.

Originally Posted by dragonfire

True that. I had a lot of shares I bought in 2009-10 when I first started buying shares. I practically cleared up my demat account last year as it was a pain keeping track of so many shares. And then the MFs from long ago.

I thought I'd done a smart one by booking losses (and purchasing the same back) when the market fell in the first wave of covid stuck. While this did result in minimal tax outgo, I now see that I'd (potentially) have saved a bunch of future profits if I'd taken the grandfathering route, and carried forward the losses.

[kavu75]

Originally Posted by hondafanboy

Hi,
Just checking to see if yours got processed yet. Mine's is still not.

My wife's return got processed on Jan 14th. But mine is still not which I filed almost 2 weeks before her return.

[hondafanboy]

Originally Posted by kavu75

My wife's return got processed on Jan 14th. But mine is still not which I filed almost 2 weeks before her return.

Good to know and thanks for sharing. Yours might happens soon then since you filed almost the same time. Mine is still not processed.

[dragonfire]

Originally Posted by whitewing

I thought I'd done a smart one by booking losses (and purchasing the same back) when the market fell in the first wave of covid stuck. While this did result in minimal tax outgo, I now see that I'd (potentially) have saved a bunch of future profits if I'd taken the grandfathering route, and carried forward the losses.

Am planning to sell enough to cover the 1L LTCG exempted limit every year and buy back immediately. I mean, I plan to use up the yearly exemption as they don't accrue. I am not sure if there is a catch or not.

Originally Posted by kavu75

My wife's return got processed on Jan 14th. But mine is still not which I filed almost 2 weeks before her return.

I filed a return in October and it was "under processing" for long. Then I filed a revised return on Dec 30 as I had not shown my equity transactions in the previous one. Then the return was processed in a week and refund was credited a few days after. It's possible that my earlier return was under scrutiny for the shortcomings.

[whitewing]

Originally Posted by dragonfire

Am planning to sell enough to cover the 1L LTCG exempted limit every year and buy back immediately. I mean, I plan to use up the yearly exemption as they don't accrue. I am not sure if there is a catch or not.

No catch there.
What I meant in my previous post was - I had quite a bit of profits booked that would have fallen in the "grandfathered" category. Likewise, I had booked some losses as well. During the IT filing, I had adjusted the LTCG gain with the LTCG losses. This brought the gains to under 1L. However, if I'd taken the grandfathering path, I could have carried forward most of the losses to this year and had zero capital gains this year as well. [I'm assuming grandfathering means zero LTCG applicable upto 1Lakh gain].

[Turbanator]

Originally Posted by youknowitbetter

HUF rendering consultancy services and getting consultancy fee? Online research has not resulted in any meaningful results.

Usually, No. You can do personal under Section 44ADA.

https://cleartax.in/s/section-44ada

[hondafanboy]

Originally Posted by kavu75

My wife's return got processed on Jan 14th. But mine is still not which I filed almost 2 weeks before her return.

So, My ITR has been processed successfully. Such a relief. It seems like the pending ones might get processed in the next few days now.

I feel very good paying taxes on all kinds of Incomes but hate doing ITR stuff.

[kavensri]

Mine got processed on yesterday. There was a mis match of Rs 2020 which I duly paid it today. I had submitted it in November and I had been desperately waiting for it to get processed. Mine is ITR2 and hence it was not an easy thing (at least for me) to calculate everything. So, it is a big relief for me now

[kavu75]

Originally Posted by hondafanboy

So, My ITR has been processed successfully. Such a relief. It seems like the pending ones might get processed in the next few days now.

Looks they are clearing off back logs now.
My ITR has been processed on January 25th.

[raksrules]

Can anyone please answer my query...

I am in 30% tax bracket (>15L Income) and recently switched jobs. I need to select old or new regime (old is default) and I am not sure which to choose. I DO NOT have any HRA (live in own home) and no LTA claims I am expecting, no home loan repayment as well.
PF / VPF deductions happen but that I have been doing since long and it exhausts the 80c anyways (not applicable for new regime).
I have not opted NPS too and don't really intend to.

So basically, if I choose old regime, the only deductions are...

Standard Deduction - ₹ 50,000
80c - ₹ 1,50,000
Medical Insurance (80DD?) - ₹17,000

I have no other deductions applicable to me at all. In such a scenario, is the old or new regime better for me?

[dailydriver]

Originally Posted by raksrules

I have no other deductions applicable to me at all. In such a scenario, is the old or new regime better for me?

Not knowing the exact income, it is difficult to tell, but I think you will be benefitted by opting for the new regime.

Try the official Online Calculator for the exact figures.

[SilentEngine]

Originally Posted by raksrules

Can anyone please answer my query...

I am in 30% tax bracket (>15L Income) and recently switched jobs. I need to select old or new regime (old is default) and I am not sure which to choose. I DO NOT have any HRA (live in own home) and no LTA claims I am expecting, no home loan repayment as well.
PF / VPF deductions happen but that I have been doing since long and it exhausts the 80c anyways (not applicable for new regime).
I have not opted NPS too and don't really intend to.

So basically, if I choose old regime, the only deductions are...

Standard Deduction - ₹ 50,000
80c - ₹ 1,50,000
Medical Insurance (80DD?) - ₹17,000

I have no other deductions applicable to me at all. In such a scenario, is the old or new regime better for me?

For exact difference, better to use the calculator posted in previous post and calculate the difference. From what i remember and posted in this discussion (India Finance Budget 2020-21 hints at Tax rejig to increase take home salary - Yay or Nay?) when new regime was announced, exemptions of 2.5L is the breakeven point. Anything more, old regime saves tax, and anything less, new regime is better, so looks like in your case, new regime will be marginally better.

Edit:
You will save Rs 10,296 with new regime based on above deductions and in 30% tax bracket.

[raksrules]

Originally Posted by dailydriver

Not knowing the exact income, it is difficult to tell, but I think you will be benefitted by opting for the new regime.

Try the official Online Calculator for the exact figures.

I did try to use that but it seems to be giving me tax considering all deductions and all. I don't see a way to check and compare the tax liability in new region vis-a-vis old regime. Any such good calculator you are aware of?

[dailydriver]

Originally Posted by raksrules

I did try to use that but it seems to be giving me tax considering all deductions and all. I don't see a way to check and compare the tax liability in new region vis-a-vis old regime. Any such good calculator you are aware of?

There is an option, as seen in the following picture.