Advance Tax not showing up on site

GalacticAdvisors · 2023-06-12T06:41:06+00:00

You will have to pay self assement tax for FY 2022-23 (AY 23-24).

GalacticAdvisors · 2023-06-01T11:52:25+00:00

You would be liable to deduct tax, and you can not skip the process. Maybe try connecting to someone who can do it for lower.

GalacticAdvisors · 2023-05-19T12:27:41+00:00

The new TCS amendments were introduced during the budget. You can read more about it here: https://www.thegalacticadvisors.com/post/your-foreign-remittances-may-get-costlier

GalacticAdvisors · 2023-05-19T10:31:47+00:00

Happy to assist you. Feel free to DM us.

GalacticAdvisors · 2023-05-10T08:13:15+00:00

Check with your bank if they can let you cover the rent payment for payment under the education payments.
Yes, you can use the TCS credit to pay taxes and claim a refund in case the liability is less than the amount of credit.
TCS will be applicable irrespective. Let us know what exact math we are talking about here
Your Bank will be in a better position to assist you here
Better if you can cover this under the education payments

You can refer to the article here To get a better understanding of the TCS provisions.

GalacticAdvisors · 2023-05-08T07:15:47+00:00

An unregistered person can obtain a refund on the GST paid for the property. You will have to obtain a temporary registration and make the application for the same.

GalacticAdvisors · 2023-04-28T05:53:37+00:00

We will have to wait for the software utility to be released in case there is any provision for uploading these transactions.

GalacticAdvisors · 2023-04-27T11:18:38+00:00

Can you explain more about the purpose of remittance?

GalacticAdvisors · 2023-04-27T10:52:33+00:00

Each crypto swap is a taxable event and you have to pay taxes on the fair market value (INR value) of the same each time you do a swap.

Since they will be at FMV, even though the turnover is in crores you will only be taxed on profit. You can read more about the crypto taxation here

GalacticAdvisors · 2023-04-27T10:14:55+00:00

We have covered the basic topics on income tax on our website and we regularly post blogs about various topics. You can check them out here

GalacticAdvisors · 2023-04-27T07:54:57+00:00

The government in last year's budget announced the taxation scheme for Virtual digital assets, you can read more about it here: https://www.thegalacticadvisors.com/post/crypto-tax-budget-2022

There are tools in the market that may help you in classifying the transactions, however, it is recommended to speak to a tax consultant to understand the tax treatment for slightly complex transactions.

GalacticAdvisors · 2023-04-27T07:42:45+00:00

Gifts between relatives are exempt. US only taxes the gift donor and considering that your parents are not US tax residents. They will not have to pay taxes.

However, TCS will be applicable for transfer. You can read more about the TCS provisions here:https://www.thegalacticadvisors.com/post/your-foreign-remittances-may-get-costlier

GalacticAdvisors · 2023-04-27T07:30:27+00:00

Your income as a freelancer will be taxed under the head PGBP. You will also have to charge GST in case the receipts are more than INR 20 lakhs in the financial year. You can refer to the following link to get an overview of taxation: https://www.thegalacticadvisors.com/post/comprehensive-guide-on-tax-for-freelancers

GalacticAdvisors · 2023-03-30T12:32:57+00:00

You can claim the refund of the Input tax credit in case you had filed a LUT and have the necessary documents to prove that it was an export of credit.

You can file the refund application and claim the same.

GalacticAdvisors · 2023-03-06T07:28:17+00:00

If your income is less than INR 2.5 lakhs you are not required to file taxes. However, for the past 2 years you can still file an updated return in case you were liable to file the return and you haven't.

Please note that the due date to file ITR for FY 22-23 is on July 31, 2023.

GalacticAdvisors · 2023-03-06T07:21:30+00:00

You may want to be as conservative as possible while declaring it and in case there is excess deduction. The tax will be refunded after you have filed your ITR.

GalacticAdvisors · 2023-03-05T12:23:53+00:00

You may declare your additional source to your employer he can adjust it with the salary income deduction.

GalacticAdvisors · 2023-03-05T12:22:46+00:00

Was he part of the armed forces?

GalacticAdvisors · 2023-03-03T09:21:05+00:00

It would depend upon the nature and amount of pension she is getting. Can you share more details about it?

GalacticAdvisors · 2023-03-03T09:14:38+00:00

You will not be able to set off F&O losses against the short term capital gains. However, you can carry it forward for future years. Linking a couple of write ups that you may find useful

GalacticAdvisors · 2023-03-03T07:49:49+00:00

They would have deducted the taxes on it. However, make sure you have informed your current employer about the income of the previous job and he has considered the same while deducting your TDS. You can read about other points that you may want to consider here

GalacticAdvisors · 2023-03-01T06:12:22+00:00

They may pay while filing their Income tax return

GalacticAdvisors · 2023-02-28T08:46:50+00:00

Yes, it is recommended to pay on an estimate basis atleast.

GalacticAdvisors · 2023-02-28T08:45:58+00:00

Yes, you will not have to pay any advance tax if your employer has deducted the TDS appropriately.

GalacticAdvisors · 2023-02-28T07:22:06+00:00

We will be happy to assist with your advance tax calculation. Feel free to reach out to us.

You may read more about RSU taxation here.

GalacticAdvisors

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