[warrioraks]

Originally Posted by TheRandomGuy

I am so confused what to do, it’s like a 50-50 split with people I ask on what I should do.

I would say consult a CA, just pay the necessary tax and move on. This is not a make or break amount in the long run.

But an IT case and subsequent proceedings can definitely take away your peace of mind for years.

A very famous quote says - Taxes and death are the only two certainties in life.

So no point losing your sleep over them.

[rx100]

Originally Posted by TheRandomGuy

I am so confused what to do, its like a 50-50 split with people I ask on what I should do.

First thing to do is check with your employer, may be they have included this amount and you might have missed to notice in Form 16. Usually payroll software in most companies provides the tax report with breakdown details of each component. Please double check to make sure this is not an oversight from your end.

If the joining bonus is not really included in your Form 16, please ask them to provide a new one. It will help you to calculate correct taxes and pay self assessment tax accordingly.

[pandey.jai]

I sold my car recently to a company dealership who transferred the amount to my account. Does this transaction come under the ambit of “income”? Just want to make sure one way or the other.

[hserus]

Originally Posted by pandey.jai

I sold my car recently to a company dealership who transferred the amount to my account. Does this transaction come under the ambit of “income”? Just want to make sure one way or the other.

If it is a personal car and not used as part of business then the sale amount is not taxable. However you need to collect tax at source and remit it for the purchaser.

https://taxguru.in/income-tax/income...cle-india.html

[rx100]

Originally Posted by kushagra452

Rs.3000 inclusive of GST.

I have filed my ITR 2 with ClearTax today. It was self filing without the help of their consultant.

With proper documentation, it is easy to do a self filing as they have option to upload files and generate the correct amounts. It cost me 1700 incl GST after discount.

[Samfromindia]

Originally Posted by rx100

I have filed my ITR 2 with ClearTax today. It was self filing without the help of their consultant.

With proper documentation, it is easy to do a self filing as they have option to upload files and generate the correct amounts. It cost me 1700 incl GST after discount.

I filled ITR-2 myself on ITR portal by watching the YouTube video below as a refresher. Really simple once you know the process, took me around 2-3hrs for the entire process.

Cost of DIY : Priceless !

https://youtu.be/iuVxJgOm5TY

[tanwaramit]

Originally Posted by rx100

I have filed my ITR 2 with ClearTax today. It was self filing without the help of their consultant.

With proper documentation, it is easy to do a self filing as they have option to upload files and generate the correct amounts. It cost me 1700 incl GST after discount.

I file my parents ITR on the ITR website in 5 mins flat with no costs. Direct to the original destination.

The ITR website is quite simple and takes all values prefilled unless you have some complexities in your income or deductions etc.

[rx100]

Originally Posted by tanwaramit

I file my parents ITR on the ITR website in 5 mins flat with no costs. Direct to the original destination.

The ITR website is quite simple and takes all values prefilled unless you have some complexities in your income or deductions etc.

Yes, filing ITR 1 is quite simple through IT website. But ITR 2 is bit tedious with all capital gains/losses calculations. Either we have to manually enter all the details or download the template in csv format and fill it and upload it back.

But like Sam mentioned above, with a bit of patience we can do filing with free cost. I am yet to file my spouse’s ITR 2, and will try to do direct filing with IT site.

[saisree]

Two Questions

1. Does the TCS deducted when we buy the car reflect in the Form 26AS?
2. If the TCS deduction gets reflected, this should be considered as additional Tax Paid on the taxable income. Correct?

[rx100]

Originally Posted by saisree

Two Questions

1. Does the TCS deducted when we buy the car reflect in the Form 26AS?
2. If the TCS deduction gets reflected, this should be considered as additional Tax Paid on the taxable income. Correct?

Yes, it will reflect in Form 26AS and you can claim refund on the same. I did this with latest filing, hopefully refund gets credited in a month.

[binand]

A quick question.

In FY2022-23 I transferred some money from my foreign bank account to my wife's Indian bank account (the foreign bank's remittance system was not accepting my own Indian bank details because of some tech issue). While that money was parked in her account she opened several short-duration FDs (7 days to 1 month) and earned some interest, but over the subsequent 6-8 weeks she transferred it all out to my own bank account in India.

Now, the interest she earned - we know where it should go in her ITR (schedule OS, 1(B)(bii)). But we're not clear how to handle the principal, which is reflected in her AIS as "Purchase of time deposits (SFT-005)". Not only is the amount very large compared to her total income being reported in the ITR, but because she rebooked FDs with the same principal it is actually a larger amount in the AIS than actual.

To avoid any future complications, we want to show this amount somewhere:

1. Treat it as gift from spouse, which needn't be reported in ITR?
2. Show it in Schedule EI (section 3?).
3. Some other mechanism?

(The foreign bank account and the income that comes into it are all reported in my own ITR.)

[Gansan]

I see there are now two "schemes" under which IT returns can be filed, one is the usual method where 80c and other reliefs are applicable, and one where no relief is available but the tax rates are lower. Can someone explain up to what income level the old method is best, and at what level the new one will be better?

[NomadSK]

Originally Posted by binand

A quick question.
In FY2022-23 I transferred some money from my foreign bank account to my wife's Indian bank account (the foreign bank's remittance system was not accepting my own Indian bank details because of some tech issue). While that money was parked in her account she opened several short-duration FDs (7 days to 1 month) and earned some interest, but over the subsequent 6-8 weeks she transferred it all out to my own bank account in India.

Hi,

Correct me, if my interpretation is wrong.

You are holding an NRE/NRO account and Transferring the money to your Wife's resident account/Saving account, if this is true,

- Transfer from your NRE account to your wife's resident account may be treated as monetary gift/loan given to her. In both cases it does not result in any income to her. Hence there is no tax implication to any of you. Gifts from specified relatives (spouse, brother/sister, Parents, few blood relations) are outside the scope of Section 56(2) of the Income-tax Act, 1961.

- That said, IT authorities could ask your wife to furnish the source of your income/bank transaction/your NRI proof to verify that the money sent by you is not an illegal transaction. If the transaction is above 50L in a financial year, it will surely be flagged in their systems and anticipate the query. (That’s what I was being told)

- Also, if you are in a country, where your income gets taxed, you can take benefit of DTAA (Double Tax Avoidance Agreement)

- if she has transferred the money back to your NRO account (she can't transfer it back in your NRE account), then keep the trail of the transaction handy as they might ask you to furnish the source of this money, which again goes in a loop.

From past 3 years, I have been dealing with IT guys for one of the issues related to transaction happened in FY 2013-14. It’s a back and forth process and every 3 months they keep on raising some random queries, which I keep answering. Good thing, during this process came to know how their "system works"

Hope it clarifies.

[mtripathi13]

Originally Posted by binand

A quick question.

To avoid any future complications, we want to show this amount somewhere:

1. Treat it as gift from spouse, which needn't be reported in ITR?
2. Show it in Schedule EI (section 3?).
3. Some other mechanism?

(The foreign bank account and the income that comes into it are all reported in my own ITR.)

Originally Posted by NomadSK

Hi,

Correct me, if my interpretation is wrong.


- Transfer from your NRE account to your wife's resident account may be treated as monetary gift/loan given to her. In both cases it does not result in any income to her. Hence there is no tax implication to any of you. Gifts from specified relatives (spouse, brother/sister, Parents, few blood relations) are outside the scope of Section 56(2) of the Income-tax Act, 1961.

- That said, IT authorities could ask your wife to furnish the source of your income/bank transaction/your NRI proof to verify that the money sent by you is not an illegal transaction. If the transaction is above 50L in a financial year, it will surely be flagged in their systems and anticipate the query. (That’s what I was being told)

- Also, if you are in a country, where your income gets taxed, you can take benefit of DTAA (Double Tax Avoidance Agreement)

- if she has transferred the money back to your NRO account (she can't transfer it back in your NRE account), then keep the trail of the transaction handy as they might ask you to furnish the source of this money, which again goes in a loop.

Hope it clarifies.

Dear Sirs,

Transfer of money to wife's account, as a gift is not taxable as spouse is a relative as per definition of section 56 and its relevant provisions. But, here the amount has been returned back and hence the gift angle is not logical. In any case the said amount can be justified as short term loan and its repayment. Nothing in law bars it.

The only thing that can be a bone of contention, is that the interest earned by your wife on such fd may be clubbed in your income as per section 64.

Other than that if the money trail can be clearly established and documents kept in records, I do not see any reason to worry. The figure in the AIS is cumulative. So please keep the records of the maturity and reinvestments proceeds. If you are able to explain the same, I do not see any cause for worry. Please do not report anything as exempt income.

Regards
Manish

[Shiftlock]

Hi everybody,
Is there any member who is a CA, whom I can approach via a pm?