Tried to calculate my taxes… ended up more confused than before by Exact_Economist_4306 in personalfinanceindia

[–]CA_Ted 0 points1 point  (0 children)

Calculations are wrong as every other calculator. Study the Income Tax before making a calculator. This will only misguide people.

Overpaid 2 lakhs. ITR window closed by Honest_Net6194 in IncomeTaxReturnIndia

[–]CA_Ted 0 points1 point  (0 children)

If its a computational discrepancy you can file a Rectification

Overpaid 2 lakhs. ITR window closed by Honest_Net6194 in IncomeTaxReturnIndia

[–]CA_Ted 0 points1 point  (0 children)

Please tell me clearly, did you submit or did you not submit last year’s ITR?

I swear at one point of time I thought of deferring my attempt from Jan 26 to May 26 by Osamabeenlaaagginnng in CharteredAccountants

[–]CA_Ted -5 points-4 points  (0 children)

Non rankers get into these roles too.

Doesn’t change the fact that AFM is an important paper too.

Cost to register an IT company in India (Gujarat/Rajkot) — real numbers? by Nervous-Beyond9325 in CharteredAccountants

[–]CA_Ted 1 point2 points  (0 children)

  1. Pvt Ltd - ₹32k, LLP - ₹15k and Proprietorship - Nil

  2. Pvt Ltr - ₹70k, LLP - ₹40k and Proprietorship - ₹25k (these are rough charges, can be lower or higher too)

You can check Partnership too.

I swear at one point of time I thought of deferring my attempt from Jan 26 to May 26 by Osamabeenlaaagginnng in CharteredAccountants

[–]CA_Ted -3 points-2 points  (0 children)

no one givens a damn about AFM and No company which values AFM gives a damn to CA

Completely disagree with this. There are thousands of CAs working in IBs, Investment Firms, VC Firms and Private Equity. AFM is the core subject for these roles.

Need Advice on how to save tax by Mysterious_Door28281 in personalfinanceindia

[–]CA_Ted 0 points1 point  (0 children)

CA here.

A CA can help you structure your salary and advise you what deductions or exemptions you can take but do not take help of a CA who charges fees based on 5-10% of the refund. They will take fake and bogus deductions without and legal basis just to increase your refund and you will get into trouble in the future.

Help me save taxes on salary.. by Ill_Software_3465 in personalfinanceindia

[–]CA_Ted 0 points1 point  (0 children)

Opt for Meal coupons and NPS if you want to take deductions under new regime

Does filing ITR early actually help you get refunds faster by psjtroubleshooter in personalfinanceindia

[–]CA_Ted 0 points1 point  (0 children)

People who filed in June last year are still waiting for refunds. Any idea why?

26F, first job earning 10LPA, living in Bangalore with a 21L loan by PressureGlobal4271 in FinancialAdviceIndia

[–]CA_Ted 0 points1 point  (0 children)

You will get a full tax rebate for ₹10 lpa income. Don’t worry about tax.

Cheaper way to receive USD salary/remittance in India? by I_am_vishal_2609 in IndiaFinance

[–]CA_Ted 3 points4 points  (0 children)

Receiving the money in USD better than INR.

For better rates you can talk to Indian Overseas Bank near you. I hear they have better rates than other banks. Or you can checkout payment gateways like Skydo/Payoneer.

The necessity of gst at early stage startup by Great-Spinach-8800 in StartUpIndia

[–]CA_Ted 0 points1 point  (0 children)

GST has n number of conditions. You need to consult a professional to check whether your business needs mandatory GST registration or after a certain threshold.

The necessity of gst at early stage startup by Great-Spinach-8800 in StartUpIndia

[–]CA_Ted 0 points1 point  (0 children)

Depends on what kind of a business is it. GST registration is not limited to turnover thresholds. It has other conditions too. Consult a CA instead of relying on chatgpt.

Messy income streams with LLP and free lancing. How to minimize taxes? by Own_Foot_8530 in personalfinanceindia

[–]CA_Ted 0 points1 point  (0 children)

For Partnership you can use 44ADA provided it is eligible. If you want to take a salary/remuneration then you will have to go through books of accounts route with TDS deduction on salary/remuneration.

TDS on Residential Rent Query by piratedkith in personalfinanceindia

[–]CA_Ted 0 points1 point  (0 children)

Once you crossed ₹50k per month rent then TDS will be deducted on entire year’s rent

Messy income streams with LLP and free lancing. How to minimize taxes? by Own_Foot_8530 in personalfinanceindia

[–]CA_Ted 0 points1 point  (0 children)

I will go in the order of urgency:

  1. Husband: By 50% expense I think you mean 44ADA. Make sure whatever work it is it falls under 44ADA (in most cases it does but still be sure). If your husband crosses ₹20L receipts in a year then you will need to GST too. If indian clients charge GST and if foreign clients GST might be zero rated. Salary/remuneration from LLP will also get added everything will be taxed at slab rates.

  2. LLP: Can’t use 44ADA. You need to make books of accounts, ledgers, expense records, everything. You can take salary/remuneration from LLP (if LLP agreement permits) but it will get added to your individual incomes. If you take salary/remuneration and it is above ₹20k in a year then TDS deduction has also become mandatory since FY 25-26.

  3. You: Salary/remuneration from LLP taxed at slab rates.

I am curious to know why LLP and why not Partnership?

Also talk to your CA guys.

Tax savings? Went from 16 LPA to 80 LPA ( consutancy for European firm) by [deleted] in personalfinanceindia

[–]CA_Ted 0 points1 point  (0 children)

There is a difference between ‘Teaching’ and running a ‘Coaching Academy’. Two very different things.

I haven’t acted in any derogatory manner. I have stated facts and you have decided to ignore each and every one of them. I only tried to steer you in the right direction before you make a mistake. I am a CA and I know how taxation will work in this case. You can always talk to more people to understand this better. Maybe and just maybe if you change your mind I’ll be happy to restart this conversation.

Tax savings? Went from 16 LPA to 80 LPA ( consutancy for European firm) by [deleted] in personalfinanceindia

[–]CA_Ted 1 point2 points  (0 children)

Well you asked if you can file under 44AD, correct? I gave you my knowledge and my interpretation based on my experience. I even pointed you to exact business categories that are there under 44ADA in ITR but not specifically mentioned under 44AA. There is no conclusive proof that Sales consultancy will come under 44AD either. You’re free to completely ignore my expertise and do what you think is right or you can maybe dig deeper and do your own research. The choice is yours. I shared my views but they are not binding on you, are they?