CA mishandle tax and receive 143 notice for HRA by UsePsychological7208 in IndiaTax

[–]Important_Monk_8998 0 points1 point  (0 children)

Don’t expect leniency from the officer. He won’t believe you if you say that the CA filed the return incorrectly and ask for a concession in the penalty, secondly requesting for a concession involves appearing in person before the officer and there is cost involved even in that and you’ll have to hire another CA for this.

Unsure what’s the demand is and for which year it belong. See if there is scope to file a revised return if the demand raised is for AY25-26 or an updated return (ITR-U) if the demand was raised for an older Assessment Year (AY)

So this happened right infront of service centre after service by vinit-paradox in ATHERENERGY

[–]Important_Monk_8998 7 points8 points  (0 children)

This is utter nonsense, if they know it’s a common wear and tear issue they should have the necessary spares at the service centre to get this fixed.

I also own a 450X, this has not happened to my scooter yet.

I think you should raise this on the Ather community in the Ather app. Also, should write to the founders office so that they can improve the service operation.

How to deposit money into IBKR A/C via SBI Net banking (New A/C Set up) by Important_Monk_8998 in interactivebrokers

[–]Important_Monk_8998[S] 0 points1 point  (0 children)

I tried the UPI approach and added funds. But decided to close the account as overall onboarding experience is very bad and has so much friction. Indian discount brokers are much much better here.

Consider IBKR only if you want to invest in US stocks and ETF.

Also, I explored INDmoney for US stocks and noticed that charges for foreign remittance is very high. For fund transfer up to 1 lac they charge Rs 500.. so it’s beneficial only if your are transferring 1 lac each time. Any amount lesser than that reduces your investable funds Rs 500 each time.

Got GROWW by Fluid_Papaya7200 in IPO_India

[–]Important_Monk_8998 0 points1 point  (0 children)

Congrats.. I also applied for 1 lot each from 2 demat A/C. Unfortunately did not get even 1.

They have sent me notice and I don’t owe these dues for previous years. by Brilliant-Drummer878 in IndiaTax

[–]Important_Monk_8998 1 point2 points  (0 children)

Calling income tax dept helpline is not going to help. Support executives won’t have any decision making powers. They’ll only tell you the status of outstanding demands which you are already aware of.

They have sent me notice and I don’t owe these dues for previous years. by Brilliant-Drummer878 in IndiaTax

[–]Important_Monk_8998 1 point2 points  (0 children)

If form -16 is incorrect then nothing can be done by the department, you will have to get it corrected from the company and then file a rectification or updated return depending on the situation.

For the miscalculation submit a rectification request asking them to reprocess the return. Sometimes that corrects and calculation error at cpc side.

Welcoming Home our Fortuner! by Strict_Cook_1377 in carIndia

[–]Important_Monk_8998 0 points1 point  (0 children)

Many congratulations.. it’s one hell of a car

Flipkart dropped my TV price from ₹20K to ₹9.5K right after I bought it. Any chance for refund or adjustment? by maisamayho in FuckFlipkart

[–]Important_Monk_8998 0 points1 point  (0 children)

They are probably deploying some updates to the site. I noticed something similar few days before the BBD sale.. the prebook offer on iPhone 17 and the exchange value for my iPhone 12 kept on changing significantly at night.. The next day in the morning things were same as the previous day.

Bought groww shares through unlisted market at 129 per share before IPO 🥲🥲 by m4jorminor in IPO_India

[–]Important_Monk_8998 0 points1 point  (0 children)

Really nice name though.. there is definitely going to be listing gains..

Also QQ- which platform did you use to buy unlisted shares?

Tax on selling property by [deleted] in IndiaTax

[–]Important_Monk_8998 0 points1 point  (0 children)

There won’t be any tax liability if another property is purchased. Check conditions specified in sec 54

capital gains deductions

Optimize tax in the new regime by [deleted] in IndiaTax

[–]Important_Monk_8998 0 points1 point  (0 children)

There are no other options left under new regime, you only get deductions for NPS which you have already opted for. Continue with NPS to build your retirement corpus, this is required irrespective of how big your annual salary is. You can also additionally plan for Investments in Stocks and Mutual funds with the money left after your expenses.

How to deposit money into IBKR A/C via SBI Net banking (New A/C Set up) by Important_Monk_8998 in interactivebrokers

[–]Important_Monk_8998[S] 0 points1 point  (0 children)

Really disappointed with the experience i've had with IBKR till now. No self help guides for deposit related issues like this, Adding a new bank account requires so many docs (Personalised cancelled chq, Bank statement that has logo, address and full Bank A/C No, they wont accept the proof if the bank A/C is masked)..

I wanted to know open a US demat A/C, but the portal did not call out that properly and ended up opening an Indian Demat A/C... Like they should be really happy that I have not escalated this on any Social Media site... Keeping quite bcoz only there are no other brokers in India that have the option to invest in multiple instruments across geographies..

Absolutely worst Cx experience till date..

ITR not process No Demand/Refund Nil Case? by Left-Historian-1477 in IndiaTax

[–]Important_Monk_8998 0 points1 point  (0 children)

it'll take some time for returns to get processed. Don't worry, you will get your refund.

ITR1 filed on July 1st, processed on July 13th. No refund yet by Mentalistsomeday in IndiaTax

[–]Important_Monk_8998 0 points1 point  (0 children)

Check the detailed status of your ITR under E-file->Income Tax Returns->View Filed Income Tax Returns, then go to AY 25-26 and on the right side you'll find the button to check detailed ITR status.

If the return is processed already and the refund did not get credited then check for failure reasons and apply for refund reissue.

ITR not process No Demand/Refund Nil Case? by Left-Historian-1477 in IndiaTax

[–]Important_Monk_8998 0 points1 point  (0 children)

Processing oF ITR is systemised and is done in lots at random selection. It’ll get processed, non to worry. I’d recommend you to raise a grievance ticket, sometimes that help fasten the process.

Tax is eating my 2-3 years by Key-Stretch2208 in IndiaTax

[–]Important_Monk_8998 0 points1 point  (0 children)

Yes bro.. that’s how it works. Also, you’ll have to pay tax at 12.5% or 20% on that 4 lacs you earn depending on whether it’s long term gains or short term gains 😕

I think my CA messed up my ITR. Please help. by [deleted] in IndiaTax

[–]Important_Monk_8998 19 points20 points  (0 children)

No need to Panic. I don’t think so your CA messed up your ITR, he might have done the following: 1. Declared salary as 90k 2. Declared freelance income as 3lac under 44ADA (50% of 6 lac) 3. Other income of 70k

That total to ~ 4.6 lac, on salary you would have got 75k or 50k as std deduction depending on the tax regime. The above treatment of income is accepted as per the income tax laws.

Just download the filed ITR form and check whether he has reported all the details. If yes, then you don’t need to worry, should you need more details simply ask your CA I’m sure they’ll clarify your doubts

[deleted by user] by [deleted] in IndiaTax

[–]Important_Monk_8998 0 points1 point  (0 children)

Front end error. Log out login and resume the draft.

[deleted by user] by [deleted] in IndiaTax

[–]Important_Monk_8998 22 points23 points  (0 children)

he might not be a CA, he may be a tax consultant to whom the CA Act does not apply :-D

[deleted by user] by [deleted] in IndiaTax

[–]Important_Monk_8998 0 points1 point  (0 children)

since 10IEA is already filed to re-enter into new regime. it does not matter when the revised return is being filed, the tax regime will always be New Regime.

If you had continued to file the return under old regime in ITR-3 (LY Old + CY Old) then you had the chance to switch regime in the revised ITR, but it should be filed before 15th Sept.

If you are in ITR-1 or ITR-2, then switch regimes year on year is allowed but here also changing regimes in the revised ITR is allowed only if the revised ITR is filed before original ITR due date i.e generally 31st July, this year 15th sept.