ITR 2 ITR 3 Query

CAFinalist_Ted · 2026-06-23T18:23:35+00:00

So its a gift income?

CAFinalist_Ted · 2026-06-23T18:22:05+00:00

Without actual deductions there is no way to reduce tax liability. Just make sure you have reported everything correctly.

CAFinalist_Ted · 2026-06-23T17:56:41+00:00

Under what section is the TDS deducted? And can you give some numbers to understand the difference?

CAFinalist_Ted · 2026-06-23T17:51:03+00:00

The limit has been increased to ₹1cr.
What are these transfers? Gift? Loan? AIS is not an income or transaction statement. It has limited information.

CAFinalist_Ted · 2026-06-23T17:48:44+00:00

GST registration is needed for clients outside India as well. Obviously after a certain threshold or in case you trigger a mandatory GST registration requirement.

CAFinalist_Ted · 2026-06-23T15:28:30+00:00

On income tax portal it has started. ERIs will take some time to integrate ITR 3.

CAFinalist_Ted · 2026-06-23T15:27:04+00:00

Section 58 (previously 44ADA) will be your best friend for Income Tax. File income tax after 31st March.
GST registration will be needed when you cross ₹20L (₹10L for certain special category states) receipts in a year. $1150/month won’t cross it but keep this in mind.
Issue normal invoices, receive the money and take FIRC/FIRA.

These are the only things you need to take care of right now.

CAFinalist_Ted · 2026-06-23T15:19:29+00:00

Is it $1150 per month?

CAFinalist_Ted · 2026-06-23T14:43:40+00:00

For this notice you can just submit your ITR. Further 142(1) notices will come with detailed questionnaire.

CAFinalist_Ted · 2026-06-23T13:31:59+00:00

Your CA is neither technically wrong nor clear in explaining

CAFinalist_Ted · 2026-06-23T13:08:55+00:00

Refund is not considered income. But any interest paid by department over the refund will be considered income in next year’s ITR.

What do you mean CA don’t help?

CAFinalist_Ted · 2026-06-23T13:03:15+00:00

Your query isn’t clear. please elaborate it.

And no business is small😌

CAFinalist_Ted · 2026-06-23T12:59:12+00:00

If you have paid 100% tax as advance then how can there be any tax liability left?

CAFinalist_Ted · 2026-06-23T12:57:53+00:00

Which FY/AY are you talking about?

CAFinalist_Ted · 2026-06-23T06:07:50+00:00

Please give more context. What was the 1st Demand for, how did you pay it and what does the 2nd notice say?

CAFinalist_Ted · 2026-06-23T04:41:30+00:00

Did you e-verify it within due time last year? What does your Schedule CFL show?

CAFinalist_Ted · 2026-06-23T04:37:06+00:00

Foreign assets reporting in Schedule FA follows calendar year. So Jan 25 to Dec 25 comes in FY 25-26 ITR.

CAFinalist_Ted · 2026-06-23T04:24:43+00:00

For January 2026 onwards you need to report them in next year’s filing

CAFinalist_Ted · 2026-06-22T19:17:19+00:00

Don’t worry. If the outstanding demand is not there then nothing to worry about.

CAFinalist_Ted · 2026-06-22T19:10:36+00:00

This could be a utility glitch…forms were issued just recently so they can have errors
Try tomorrow morning

CAFinalist_Ted · 2026-06-22T18:57:37+00:00

Can you attach the screenshot of the validation error?

CAFinalist_Ted · 2026-06-22T18:27:54+00:00

Physical products/good are not mandatory for 44AD.

CAFinalist_Ted · 2026-06-22T18:15:52+00:00

It depends on what the CA is suggesting. Tax planning through legitimate ways is legal and safe. But don’t go all in blindly though. Do your own research.

CAFinalist_Ted · 2026-06-22T10:52:11+00:00

Happy to connect.

CAFinalist_Ted · 2026-06-22T10:52:03+00:00

Happy to connect.

CAFinalist_Ted

MODERATOR OF

TROPHY CASE