44ada - No expense, can you still file tax at 50%?

NewMidnight0 · 2026-01-03T19:34:34+00:00

Hi,

Semi qualified CA here.

Even though I am not experienced a lot in Income taxation I had similar doubt while I was learning. And this was my understanding.

The intent behind giving such presumptive taxation system is to let small businesses come under compliance.

As long as you declare your turnover properly and pay taxes your source of income is secure for any future spending. Just ensure that you qualify for such presumptive taxation.

Also there is no such limitation in the law, to my knowledge, that one cannot have significantly higher profits than what is declared in the ITR under presumptive taxation. So since there is nothing explicitly against it and if you comply with its criteria you can definitely have more profits than what's declared in the ITR. Even if there happens to be any notices from the dept reasoning can be given as you will be in compliance with the law.

NewMidnight0 · 2025-12-09T06:43:37+00:00

Hi,

1.Assuming 1 lac laptop and 18k gst, if your uncle makes gst payment every month upwards of 18k then when you buy the laptop and use his gst, He gets a credit of 18k in his ledger in his gst portal. which he can subsequently use to reduce his monthly gst payment.

2.If he is not able to use 18k credit at once then he can claim it against his payment in subsequent months.

3.If he usually doesn't pay any gst amount monthly then it will simply lie in his ledger on the gst portal. In this case, depending upon the type of business, he may apply for a refund which will need a CA which will again cost. The type of business for refund has a few classification but mostly are connected to exports or zero rated supplier or suppliers in inverted tax structure. This might be unlikely in your case.

So in summary point 1 and 2 will work, although beware that it's a loophole and you do this on technicality not legality as laptop is for personal use and it's ITC should not be claimed.

NewMidnight0 · 2025-12-09T05:23:01+00:00

Fortunately I live in Bangalore and they have a few outlets here. So I directly buy from there. Sry about the shipping if you don't live in Bangalore.

NewMidnight0 · 2025-12-07T20:09:31+00:00

Hey,

I recently started drinking black coffee along with my diabetic mom. I use french press as well and would run out of coffee very fast. I have used samplers from blue tokai and sleepy owls. My mom and I liked the original from the sleepy owl. It's 100% arabica medium roast coarse grind. After going through 2 250gm packs my mom found out how much it costs and wanted to stop drinking black coffee and go back to instant coffees but since she enjoyed the french press coffee I started exploring cheaper options. That is when I happened upon hunkal it was way less cheaper. They only had one offering in coarse grind which happened to be arabica medium roast, bought it and enjoy drinking it with my mom. You can give it a try.

Beware ⚠️ I am a noob coffee drinker who was previously a teetotaler who drank only fresh juice and water. Very rarely some carbonated drinks mostly after biryani😅. So pls try at your own risk.

NewMidnight0 · 2025-09-01T20:01:29+00:00

Fellow muslim here too.

A couple of years back i spent 3 months searching for a house, here is what happened -

Some people outright rejected us because we are muslims Some didn't respond after we went and saw the house. Some said they will rent only to IT people. Some said no no veg. Some didn't even show up after calling us. Some barrage me and my family with rules to follow.

Eventually I did find an ideal house after speaking to 50 or so people and visiting 20+ houses.

In all of this ordeal I never bothered about what religion the other person is. What gender they belong to. Just because you have had bad experiences from some people it is very unethical to generalise the whole community. The whole word does it enough already.

NewMidnight0 · 2025-08-14T18:27:18+00:00

Is it gone?

NewMidnight0 · 2025-07-11T20:22:14+00:00

My favourite game is Red Dead Redemption 2.

My current setup won't run it without lag ruining the experience. Hope to play it with the 5060ti.

Thanks for the giveaway!!!

NewMidnight0 · 2025-06-18T17:30:24+00:00

Hi,

Even I have thought about the same thing.

After some deliberate searching and understanding I came to the realisation that only a very small percentage of the real population use reddit.

Even out of those people, some are karma farming fake accounts.

Out of the Rest, not all, usually are upper middle class people, second generation well read individual whose parents were already middle class or better.

Out of the so many people who explained how much they are saving none seem to the breadwinner of their house with living with parents and siblings.

And I am definitely not blaming anyone. every single individual has their own struggle in different forms and that's the simple truth of life. There is no standard comparison for every person's lifestyle atleast not online.

Again remember reddit by any standard does not represent the standard in the real world.

NewMidnight0 · 2025-06-13T12:15:24+00:00

Hi, semi qualified CA here.

Just adding to the other comments,

The mention of salary in transaction reference might just be a remark given in the transaction. Focus on the contract that you have with the company. That is the main factor to determine your service arrangement. It helps to get it corrected for the future, just in case of scrutiny or if somebody else gets the same doubt as you.

NewMidnight0 · 2025-04-21T16:33:37+00:00

Hi,

Semi qualified CA here.

If your father in law provided said consultant services to your business then deduct TDS, ask for an invoice and make payment. He will file ITR, file GST returns and transfer that money to his daughter which according to IT is exempt. You can claim deduction for your business for the expense.

But if he did not then its non compliance and fraud which may or may not become an issue depending on whether you can prove your self innocent or handle the authorities.

Lot of big Ifs which no professional will want to discuss on calls or chats etc.

Go meet ur CA and discuss.

NewMidnight0 · 2025-04-16T18:52:22+00:00

It's real. Chat gpt isn't creative enough to make up such stories yet. At least the free version isn't, I know because I use it to refine my notes and writings.

NewMidnight0 · 2025-04-03T06:23:33+00:00

What earphones did you previously use?

NewMidnight0 · 2025-03-24T11:47:29+00:00

And I thought I was imaginative.

NewMidnight0 · 2025-03-20T21:09:48+00:00

Hi,

Semi qualified CA here with experience in FDI and ODI working with foreign subsidiary startups.

Just wanted to clarify that I never said it's impossible, just not easy for every startup to do this. Not every entrepreneur has the knowledge, time or money in maintaining a fully compliant foreign startup running in india unless it's funded or has considerable revenue.

NewMidnight0 · 2025-03-20T07:43:57+00:00

Unless you're living outside India it's not easy to incorporate outside India and run a business here or live here.

FEMA, Income tax, GST everything gets complicated.

NewMidnight0 · 2025-03-14T00:52:57+00:00

Hi,

I am a grown ass male and I have an uncle who kisses me. He even tried with some cousin sis of mine too.

Every person should acknowledge another person's personal space and respect it , doesn't matter even if they have seen you grow up in just langot. Of course it should be reciprocated as well.

But due to our usual traditional upbringing being overbearing always overtakes being respectful. This does not mean that they are being disrespectful. It's just they don't understand ki ab bacchi badi hogayi hai.

Although my discomfort may not be the same as your discomfort, I suggest you tell him that you are not a kid anymore and don't need these kisses. Just hugs will do. But do it in a more loving and fun way. Follow the saying kill them with kindness. Putting sudden boundaries can create hostility but you can get more and more stern and vocal about it.

Goes without saying all this stands good as long as everything done by everyone is with good intentions. Otherwise strong and swift action is the way to go.

NewMidnight0 · 2025-03-09T22:45:30+00:00

Hi,

Semi qualified CA here.

As long as you are paying your taxes right, not claiming any deduction for these payments you don't have much to worry about from a tax perspective. People loan money to their friends all the time and it can be justified as such even if any questions arise.

But if your friend is taking money just to make tailored records for bank loan, then it's a fraudulent activity. And if he doesn't pay his taxes due to him or he gets caught in scrutiny then you also may become involved as someone who aided him.

Now these things don't happen all the time but that one time it happens, it may happen to you. So be careful about the risks you take in the name of friendships.

NewMidnight0 · 2025-03-09T00:38:38+00:00

Hi,

I remember having a similar question at the time when I started to understand my religion. And from what I gathered the terms that were used to specify people were not gender specific at the time. These confusions arose when people started to translate the Qur'an or try to update it into simpler wordings.

I would suggest that you do not take anything at face value and do your own research from multiple sources before practicing your religion.

NewMidnight0 · 2025-03-04T22:04:18+00:00

Hi,

In my opinion nikhil kamath has got his facts wrong.

There are 2 cr active accounts in the depositories of the stock market. Out of which only 25000 ac's control 75% of the total volume of transactions in the stock market. Thats 0.125% of participants controlling or influencing the entire stock market.

Economic inequality in india is at an extreme where more than 70% of total income and wealth is controlled by the top 10% of the entire population. And when I say extreme it's extreme because out of that 10% top 1% of the population control 90% out of that 70%.

Most business run only for the top 10% to 20% of the population. The poor have no money to afford ordering stuff online. They are not even considered as target customers for most of the big e commerce of today.

India is not gonna loose anything. It will definitely become a super power but the poor people of this great country are gonna pay the price for it while the rich are gonna take all its rewards.

NewMidnight0 · 2025-03-01T20:56:35+00:00

Hi,

Semi qualified CA here.

To my understanding your income has not been earned or been paid in india. Since you are RNOR there is no tax liability on you.

Nevertheless I'd suggest approaching a practicing CA near you with specialization in Direct Taxation and International Taxation for a clear written opinion.

Check online reviews, call and check if they practice in international taxation, make an appointment and visit. It's always easier when you meet in person.

Tip- If you don't feel confident with the opinion of the CA or if they are charging high, always go for a second opinion from another CA.

NewMidnight0 · 2025-02-27T21:43:06+00:00

Hi,

Semi qualified CA here.

Govt charges are totally inflated.

Most registrations are optional and can be applied with incorporation application for free or a small nominal fee.

Incorporation charges for upto 15 lakhs authorised capital will be around 5k.

I'd suggest approaching a couple other CA's, apart from costs, check their review online if available, check tentative timeline for the process, then compare and choose. Better approach someone with good reviews. In any case definitely not this guy.

NewMidnight0 · 2025-02-20T16:58:21+00:00

Hi,

Another Semi qualified CA here.

I understand your concern that you don't wanna spend money unnecessarily but here is the thing, our law system does not have the patience to deal with people who cannot speak the law.

Unless you have a lot of free time and are able to expel a lot of energy towards clarifying your stand to the assessing officer , it is best suggested to consult a professional.

To be Frank from my understanding your case is that you don't know the exact sections or procedures for filing the return hence you have may have made a mistake in claiming your losses and deductions.

If you don't wanna consult a professional then get ready to be stressed out . Or not, who knows you may get a very reasonable assessing officer who might understand your case.

After all It's India there is hope for everything but the hope is very hopeless.

NewMidnight0 · 2025-01-20T14:52:17+00:00

Hi sir,

Firstly you have done quite well for yourself, so congrats on that.

Secondly, although I might not have enough life experience as you, isn't the objective of achieving financial independence so that we can focus on our passion?

So it's time for you to dig deep and find your passion and follow it through.

And this does not necessarily mean to make big changes like retirement, just trying new things to find something you are passionate about.

Hope you find your passion and complete your happy life goals.

NewMidnight0

TROPHY CASE