[saubi2299]

Originally Posted by dailydriver

Quoting you to draw attention to the query.

New Tax Regime allows standard deduction of 50k and employer's contribution to NPS under 80CCD(2).

My employer (state government) or I have never included the actual sum contributed by the employer as part of my salary. Form 16 too doesn't mention the amount either as a credit for me or towards NPS. Can I still claim deduction under 80CCD(2)?

Add the employer contribution to your salary and then claim deduction. Our DDOs often make mistake of not including the amount in salary. But including it will help in projecting a higher net worth.

[warrioraks]

Can someone share a reliable ITR filing service which is not too heavy on the pocket? I checked cleartax but they seem to be charging Rs 4500 for someone with capital gains. Too expensive in my opinion.

[isandy]

Funny legal way to avoid tax, that makes mockery of so many so called agriculturists of our country who pay 0 tax in this video shared on Twitter/X.

The jugaad we Indians can think of

https://x.com/akhilpachori/status/1816357016576663576

[Capri89]

Originally Posted by isandy

Funny legal way to avoid tax, that makes mockery of so many so called agriculturists of our country who pay 0 tax in this video shared on Twitter/X.

The jugaad we Indians can think of

https://x.com/akhilpachori/status/1816357016576663576

Not as simple as it sounds.

First of all no employer will agree to this. Reason ? As there would be no salary there is no employer - employee relationship. This throws up a lot of legal questions in case something wrong happens at the workplace. Plus there would be no benefits like PF, Gratuity etc.

There could be several other problem areas that I am not able to think of immediately. Others can chip in.

[SLK]

Originally Posted by isandy

Funny legal way to avoid tax,

The video is a mockery of itself and nothing else. This is not legal, you are actually providing services to your employer and will call those 9 to 5 working as selling grass? The employer will be in tax trouble for claiming so much grass as business expenditure, unless your employer also sells grass! non-sense.

Originally Posted by Capri89

Not as simple as it sounds.
There could be several other problem areas that I am not able to think of immediately. Others can chip in.

Too many issues, this is blatant fraud so, a 300% type penalty can be levied. Even the employer will be in trouble.

The video is just fooling uninformed people and that's most of the population

[DigitalOne]

Originally Posted by Capri89

Not as simple as it sounds.

First of all no employer will agree to this.

Originally Posted by SLK

The video is a mockery of itself and nothing else. This is not legal, you are actually providing services to your employer and will call those 9 to 5 working as selling grass?

The post is clearly marked as "#Satire".

[rx100]

Originally Posted by Capri89

There could be several other problem areas that I am not able to think of immediately. Others can chip in.

Originally Posted by SLK

The video is a mockery of itself and nothing else.

The video is just fooling uninformed people and that's most of the population

Chill, the video is just a satirical take, don’t it take it seriously. CA guy clearly added #satire hashtag.

[rx100]

Originally Posted by warrioraks

Can someone share a reliable ITR filing service which is not too heavy on the pocket? I checked cleartax but they seem to be charging Rs 4500 for someone with capital gains. Too expensive in my opinion.

I filed myself in ITR site, if you have all the details with you it is not difficult to file ITR2.

I got the following offer from ClearTax thru Whatsapp, try the same code works if you want to file through them.



File *NOW* and use code *TAXBHARO75* to get *FLAT 75% OFF* on ITR Filing.

[vinodh_eee]

Hi All - I have a question regarding bonds.

I had some zero coupon corporate bonds that matured last year. The proceedings are wrongly captured as "other income" in the AIS. However, my understanding is that the proceedings fall under STCG or LTCG, as there is no annual interest payout. Is my understanding correct?

[Rodie09]

Guys,

For the LTCG for listed equity, we need to fill up Schedule 112A details. This requires filling up a CSV file to calculate the capital gain. Please help with couple of questions below:

1) How to arrive at Fair Market value. It talks about price on date 31 Jan 2018. What if shares were bought after this date? Can we put 0 here. That is what I got in my broker P&L statement.

2) What is to be filled in "Expenditure wholly and exclusively in connection with transfer(12)" ? Is it the STT charges etc. for buying and selling?

TIA

[rx100]

Originally Posted by Rodie09

Guys,

For the LTCG for listed equity, we need to fill up Schedule 112A details. This requires filling up a CSV file to calculate the capital gain. Please help with couple of questions below:

1) How to arrive at Fair Market value. It talks about price on date 31 Jan 2018. What if shares were bought after this date? Can we put 0 here. That is what I got in my broker P&L statement.

2) What is to be filled in "Expenditure wholly and exclusively in connection with transfer(12)" ? Is it the STT charges etc. for buying and selling?

TIA

After LTCG introduced in 2018 budget, they added godfathering clause for the instruments bought before 31/01/2018 and FMV will be calculated based on that day. If you bought after 31 Jan 2018, then only actual cost needs to be consider.

As for the expenditure, one can claim brokerage, stamp duty etc except STT and DP charges it seems. I left it as empty as it’s tedious to calculate for all transactions and it may comes as a small amount.

https://qna.tax/t/what-expenses-can-...tal-gains/1260

[V.Narayan]

Originally Posted by poloman

Taxes collected at western rates with condition of living worse than some African countries is the real cause of this upheaval.

Touche'. Well said @ poloman. Not only is our tax rupee not spent efficiently the collection mechanism at least for the larger tax payer is fraught with hurdles and one jab too many.

Originally Posted by SLK

we are a very poor country. In that taxing the rich can't be considered unjustified. But yes, our govt. machinery needs to be more considerate on how they use our limited money.

As a tax payer I am quite ok if my tax rupee is used to create jobs and thus livelihoods for the economically disadvantaged. But all Govt's including the current one use our taxes to fund subsidies designed to catch votes. Some directed subsidies are essential in a poor country. But most subsidies today are vote buying devices.

[mtripathi13]

Originally Posted by dailydriver

My employer (state government) or I have never included the actual sum contributed by the employer as part of my salary. Form 16 too doesn't mention the amount either as a credit for me or towards NPS. Can I still claim deduction under 80CCD(2)?

Sir, I am sorry to have missed your query. Pressure of July, you see. Kindly note the figure needs to be added to the total salary income and then deducted.

[thanixravindran]

Originally Posted by mtripathi13

.

Hello Sir - My relative expired in Mid July and though he calculated the returns (he is Pensioner) but didn't file ITR. It seems his is ITR 1 and refund is expected.

We contacted a local CA before 31 July but he told without legal heir certificate, he cannot initiate return filing on behalf of deceased and legal heir.

Do we get charged the penalty since we couldn't file before 31 July? And will the refund come to the bank account of deceased or legal heir?

[mtripathi13]

Originally Posted by thanixravindran

Hello Sir - My relative expired in Mid July and though he calculated the returns (he is Pensioner) but didn't file ITR. It seems his is ITR 1 and refund is expected.

We contacted a local CA before 31 July but he told without legal heir certificate, he cannot initiate return filing on behalf of deceased and legal heir.

Do we get charged the penalty since we couldn't file before 31 July? And will the refund come to the bank account of deceased or legal heir?

Sir, yes to file as legal heir the required documents are first to be approved by the department and only then a separate login shall be activated for filing. So he is correct.

Regarding the refund, this is very tricky. I have seen cases where the refund keeps being sent to the deceased bank account. No amount of grievance redressal seems to work, but there are ways to get this done. It is a tricky situation for a refund, so if the amount is substantial do get help from a professional. If you try to do it yourself, you might face situations which will frustrate you.

Kindly note that as return is filed beyond the due date, penalty u/s 234F of maximum 5000/- shall apply.

Regards
Manish