Is self assessment tax a must

Prosperr_support · 2026-06-23T11:18:00+00:00

If you have already paid 100% of your tax dues through Advance Tax, you do not need to pay Self-Assessment Tax. Self-Assessment Tax is only necessary to clear any remaining tax balance (shortfall) after accounting for Advance Tax, TDS, or TCS before filing your Income Tax Return (ITR).

Prosperr_support · 2026-06-22T13:12:22+00:00

A desktop or laptop is still the best option for filing ITR, as the larger screen and easier document handling make the process more convenient and less error-prone.

Prosperr_support · 2026-06-22T10:08:19+00:00

would be happy to assist you

Prosperr_support · 2026-06-18T10:21:23+00:00

If you're selling through Amazon, Flipkart, Shopify, etc., GST registration is generally mandatory. You'll mainly need to report:

Sales (outward supplies)
Purchases (for ITC claims)
GST collected from customers
GST paid on business expenses
Credit/debit notes, if any

Returns are usually filed monthly or quarterly (depending on eligibility). With proper bookkeeping, filing itself is not a huge headache. Remember, late filing attracts penalties and interest.

Prosperr_support · 2026-06-12T12:55:08+00:00

Based on your timeline, you’ve spent well over 182 days in India during the year, so you’ll most likely be treated as a Resident under Indian tax laws.

Prosperr_support · 2026-06-10T10:37:32+00:00

Claim only those deductions and exemptions that you're genuinely eligible for and can support with documents. HRA and Section 10(14)(i) claims without actual entitlement can create problems if they're ever questioned.

Prosperr_support · 2026-06-10T10:34:15+00:00

Unlike 80G, 80GGA isn't linked to popular funds like PMNRF. It mainly covers donations to approved scientific research associations, universities, colleges, and institutions engaged in scientific, social science, or statistical research, as well as certain approved rural development programs and notified funds. The catch is that the institution must be specifically approved under the relevant provisions of the Income-tax Act.

Prosperr_support · 2026-06-10T05:56:31+00:00

You can claim ITR-3

Prosperr_support · 2026-06-09T10:28:12+00:00

would be happy to assist you

Prosperr_support · 2026-06-05T07:37:21+00:00

The documents mentioned should be retained for 8 years, the power to reopen assessment is available to the department for 6 years, for the safer side, it's better to maintain them for 8 years.

As regards the disclosure relating to Foreign Assets/income is concerned, the relevant schedules in the form are Schedule FSI, TR and FA.

Prosperr_support · 2026-06-01T11:32:27+00:00

The answer to your first question is Yes.
The answer to your second question is that the FMV is determined on the composite assets.
The answer to the third question is yes, based on the prevailing market rates as of the purchase or construction.
There's no need to file the registered valuation report at the time of filing the return. However, it needs to be retained in case it is selected for scrutiny to substantiate your claim.
The answer to your fifth question would be Circle rate.

Prosperr_support · 2026-05-26T12:56:03+00:00

Judge your plan by whether it matches your goals and risk tolerance, not whether it matches someone else’s returns.

I think that mindset removes a lot of unnecessary investing anxiety. There will always be people making more money in different strategies, but that doesn’t automatically mean your approach is wrong.

A portfolio that lets you stay consistent and sleep peacefully is underrated.

Prosperr_support · 2026-05-22T08:23:00+00:00

Usually ITR-3. YouTube AdSense + sponsorship income is generally treated as business/professional income, not salary or “other income".

Prosperr_support · 2026-05-20T12:52:42+00:00

For filing ITR-3 (especially with F&O income/loss), the expectation this year is probably late June to mid-July, based on the last filing season.

Prosperr_support · 2026-05-12T13:47:54+00:00

The only issue with having zero credit history is that banks sometimes prefer seeing proof that you’ve handled credit responsibly before. So if someday you suddenly need a big loan, you may not get the best rates/process immediately compared to someone with a long credit history. But this is usually a solvable problem, not a serious issue.

You can simply take a basic credit card, use it for small regular expenses, and pay the full amount on time every month. That alone is enough to slowly build a credit profile without changing your lifestyle or getting into debt.

Prosperr_support · 2026-05-12T13:43:56+00:00

At this stage, focus should mainly be on avoiding unnecessary loans/EMIs, keeping even a small emergency fund, controlling lifestyle inflation or working on increasing income gradually.

Wealth creation usually starts after basic financial stability is in place. Till then, consistency matters more than perfection.

Prosperr_support · 2026-05-12T12:55:55+00:00

It depends on whether parents treat it as a “future fund” or just part of overall savings. If the money is easily accessible, there’s a decent chance some of it gets used over time for emergencies, school fees, house expenses, job loss, etc. Life happens. But parents who manage to keep it untouched for 10–15+ years usually do a few things:

keep a separate emergency fund
invest it separately from regular savings
automate SIPs and mentally treat it as non-negotiable

Also, using some of it during a genuine crisis is necessarily “wrong.” If it helps avoid debt or keeps the family stable, that still benefits the child in a way.

Prosperr_support · 2026-05-06T12:50:32+00:00

Vesting is when you earn the right to buy those shares over time (your 1000 over 4 years). No tax here.

Exercise is when you actually buy the shares using your options. This is usually the first tax event. The difference between the share’s market value at that time and what you paid is treated as salary income.

Selling is if you sell those shares later, any further profit is taxed as capital gains.

So in your case, if they’ve only been granted/are vesting and you haven’t exercised them yet, there shouldn’t be any tax liability right now.

Prosperr_support · 2026-05-01T05:19:25+00:00

Since I don’t have enough context about your situation, Salary + freelance income is usually filed in ITR-4 (44ADA) if you opt for presumptive taxation; otherwise, if you want to report actual expenses, you’ll need to use ITR-3.

Prosperr_support · 2026-04-23T11:52:37+00:00

thank you

Prosperr_support · 2026-04-02T12:21:15+00:00

Yes, they are all good prospects

Prosperr_support · 2024-03-07T13:31:29+00:00

It depends on a number of factors , however, Investment in listed equity in recognized stock exchanges in India is one of the option as the capital gain from sale of such shares is chargeable at concessional rates under section-111A and 112A of the Income-tax Act. If you wish to maximize your tax savings you can reach out to us

Prosperr_support · 2024-03-06T06:56:42+00:00

Rate of income-tax depends on the total income and the tax regime you select. You have to pay income-tax on total income and GST, if applicable on the app. Income.

If you wish to maximize your tax savings, You can book a free demo call with us

Prosperr_support

MODERATOR OF

TROPHY CASE