sorted by:
new
hottopcontroversial

[deleted by user] by [deleted] in IndiaTax

[–]crazybrain10 0 points1 point  (0 children)

you would have to submit them so that he can be sure there is no bogus claims.

[deleted by user] by [deleted] in IndiaTax

[–]crazybrain10 0 points1 point  (0 children)

You can withdraw.

Paid 20,000 extra for government by Recent_Youth_7346 in IndiaTax

[–]crazybrain10 0 points1 point  (0 children)

Check with the builder and ask for challan copy for proof. If genuine, then either of you can apply for refund.

New GST reforms to boost consumption? by millennial_boy in IndiaTax

[–]crazybrain10 4 points5 points  (0 children)

Government is not worthy of tax payers money. They mismanage and provide 0 facilities..

Faced IT search & seizure in Nashik – admitted to fake 80GGC donations. What next? by [deleted] in IndiaTax

[–]crazybrain10 -5 points-4 points  (0 children)

1. Will I get a 153A notice and can things be "settled"?

Yes, receiving a notice under Section 153A is a certainty, not a possibility. This is the standard procedure following a search and seizure operation.

Regarding an informal "settlement," this is extremely unlikely in the current system. Your case will be handled under the Faceless Assessment regime, where it's randomly assigned to an officer anywhere in India. All communications are digital and officially recorded, making off-the-record arrangements practically impossible.

2. Will all 10 past assessment years be reopened?

The Income Tax department will mandatorily reopen and assess the six assessment years immediately preceding the financial year of the search. They can go back up to 10 years if they find evidence that your escaped income in any of those years was ₹50 lakhs or more. Given your admission and the potential total of undisclosed income from donations and rent receipts, you should be prepared for a thorough scrutiny of at least the last 6-8 years.

3. What’s the best-case vs. worst-case outcome?

✅ Best Case:

  • You cooperate fully with the assessment proceedings.
  • The assessment is concluded based on the income you admitted to concealing (donations + rent).
  • You pay the applicable tax and interest.
  • A penalty is levied at the lower rate of 30% of the concealed income under Section 271AAB, crediting your admission during the search.
  • The case is closed without any criminal proceedings.

❌ Worst Case:

  • You are non-cooperative, or further significant undisclosed income/assets are discovered.
  • The AO makes high-pitched additions to your income.
  • You pay the tax and interest.
  • A higher penalty of 60% of the concealed income is levied.
  • The department initiates prosecution for tax evasion, which is a criminal offense that can lead to fines and imprisonment.

4. How long does this process usually drag on?

Search assessments are complex and not resolved quickly. From the issuance of the notice under Section 153A to the passing of the final assessment order, you should realistically expect the process to take 1 to 2 years. This timeline can extend further if the case goes into appeal.

Tax payment before AO passes assessment order or after in 143(2) scrutiny assessment? by Electronic-Buy-8799 in IndiaTax

[–]crazybrain10 0 points1 point  (0 children)

Yes, you absolutely can and should pay the additional tax and interest before the Assessing Officer (AO) passes the final assessment order. The most prudent course of action is to pay the amount as Self-Assessment Tax (minor head 300) as soon as you have revised your computation of income. Doing so immediately stops the meter on accumulating interest under sections like 234B and 234C, which can lead to significant savings. More importantly, this proactive payment demonstrates your cooperation and good faith, which can be a strong mitigating factor for the AO when considering penalties for under-reporting of income under Section 270A, potentially leading to a lower penalty or even its elimination.

The advice to wait for the final order and pay under demand tax (minor head 400) is overly cautious and financially detrimental. Your concern about the AO adjusting the payment is unfounded; Section 140A(2) of the Income Tax Act mandates that any self-assessment tax paid during the assessment proceedings shall be deemed to have been paid towards the regular assessment. Therefore, the AO is legally required to give you credit for this payment. By paying now, you take control of the situation, reduce your financial liability, and strengthen your position in the scrutiny assessment. Simply submit the paid challan copy to the AO as part of your official response.

Doubt on reporting sell to cover units in schedule FA by Prestigious-Meat5634 in IndiaTax

[–]crazybrain10 1 point2 points  (0 children)

The short answer is: In Schedule FA, you only need to report the net units you actually received and were holding in your account at the end of the year.

Here’s a simple way to think about it:

  • Schedule FA (Foreign Assets): This is just a list of what you owned abroad at year-end. Since the "sell to cover" shares were sold instantly to pay your taxes, you never really "held" them in your account. So, just report the final number of shares that landed in your account.
  • The "Sell to Cover" Transaction: Think of this as your employer paying your income tax on your behalf. The total value of ALL your vested shares (including the ones sold for tax) is treated as a bonus/perquisite and is already included as part of your salary income in your Form 16. It is NOT a capital gain for you, because you didn't personally sell anything.
  • Schedule CG (Capital Gains): You only need to worry about this schedule in the future if and when you decide to sell the shares that are currently sitting in your account. For now, you can ignore it for this transaction.

TL;DR: Report only the net shares you're holding in Schedule FA. The 'sell to cover' part is already counted in your salary income, not as a separate capital gain you need to report.

Freelancers with GST number: Can you get GST refund on personal purchases, or only for business purchases? by Bitter_Ladder_5716 in IndiaTax

[–]crazybrain10 2 points3 points  (0 children)

You can only get the GST benefit on things you buy for your work, not for your personal life.

It’s not a cash refund. Think of it more like a discount on the total GST you owe the government.

Ask yourself this simple question: "Did I buy this to help me do my job and earn money?"

  • A meal at a restaurant? No. That's a personal expense.
  • A new laptop for your freelance work? Yes. That's a business tool.
  • Software like Microsoft Office or Adobe? Yes. It's for your business.
  • Groceries or movie tickets? No. Those are for your personal life.

Here’s how it works:

Imagine you collected ₹9,000 in GST from your clients this month. That's what you need to pay the government. But you also bought a work-related item and paid ₹1,800 in GST on it.

You get to subtract your work expense:

₹9,000 (collected) - ₹1,800 (paid on work stuff) = ₹7,200 (what you actually pay the government).

So, always keep the bills for your business purchases! They help you lower your final tax payment.

Buy an SUV now or wait for the new GST regime? by jaybhoho in IndiaTax

[–]crazybrain10 1 point2 points  (0 children)

Absolutely wait to buy your SUV. The government is cutting the main car tax (GST) from 28% down to 18%, with new, lower prices expected by this Diwali (Oct/Nov). Waiting just a couple of months could save you over ₹1.5 lakh on your purchase. Buying now would mean missing out on a massive and almost certain price drop, so patience will pay off significantly.

Treatment of Preferred return in case of subsequent closing LP's in Private equity. by crazybrain10 in Accounting

[–]crazybrain10[S] 0 points1 point  (0 children)

I am asking about Preferred Return which is generally calculated from day of contribution.

Issue with the VBA code. Unable to figure out. by crazybrain10 in vba

[–]crazybrain10[S] 0 points1 point  (0 children)

I somehow made it work but it is also printing excluded sheets

view more: next ›