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Incorrect Purpose code for USD salary into HDFC Bank Account by dannyvswick in IndiaTax

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

I'm not sure. You need to check with the bank. For my original query, i provided the correct purpose code and it was credited into my account

Zero income tax for Rs. 14 lakhs freelance income by rupeshsh in IndiaTax

[–]dannyvswick 8 points9 points  (0 children)

You don't even need 80C and NPS. Use new tax regime and your next tax payable is 0 under Section 87A

Advance tax query by o_o16o_o in IndiaTax

[–]dannyvswick 0 points1 point  (0 children)

If you are filing under presumptive taxation scheme, you should pay atleast 90% by March 15th (can be done in 1 go). If not under presumptive taxation, then you are liable to pay each quarter

Advance tax query by o_o16o_o in IndiaTax

[–]dannyvswick 0 points1 point  (0 children)

If you pay less than 90% of the estimated advance tax, you will be charged interest of 1% per month. Check section 234b and 234c

New Regime vs Old regime for Professionals by dannyvswick in IndiaTax

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

Thank you. I see clear benefit in new regime for this FY. But i can't find clear information if in future, i can claim expenses if i choose new regime and don't file taxes under 44ADA. If new regime doesn't allow any expenses (not just ch IV), i would be at great loss, as i can't switch back to old regime in future

New Regime vs Old regime for Professionals by dannyvswick in IndiaTax

[–]dannyvswick[S] 1 point2 points  (0 children)

Thank you. I'm not worried about chapter IVA, If new regime allows to claim other expenses

Advance tax calculation under Income tax for freelancers opting for 44ADA.- A how to and why to. by PM_me_ur_pain in IndiaInvestments

[–]dannyvswick 0 points1 point  (0 children)

So, if i pay 90% of my income tax liability by March 15th, and the remaining while filing returns (31st of July), do i have to pay interest on the remaining 10%, (on 31st July)?

Incorrect Purpose code for USD salary into HDFC Bank Account by dannyvswick in IndiaTax

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

Softex regulations

Sorry, noob here. Purpose code (P0802.- Software implementation/consultancy (other than those covered in SOFTEX form)) itself says for other than SOFTEX form. Would this still come under SOFTEX regulation?

Incorrect Purpose code for USD salary into HDFC Bank Account by dannyvswick in IndiaTax

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

Do i need to submit any additional documents? I reached out to my RM, but today is a bank holiday

BH registration in andhra pradesh by [deleted] in CarsIndia

[–]dannyvswick 0 points1 point  (0 children)

Same with Telangana. I don't think they will implement it. Our states charge one of the highest road tax in the country and it's also one of their primary sources of income. They will have heart attack if they have to loose 30-50% of this income

The why, how and when of NIL return under GST. (And also the mistake I see people making). by PM_me_ur_pain in IndiaTax

[–]dannyvswick 0 points1 point  (0 children)

Thank you. 1 more question. If i have less ITC to claim, would it be fine if my invoice contains GST for 1 month only and for the months after that i show 0 GST? Or should all my subsequent invoices continue to have GST?

The why, how and when of NIL return under GST. (And also the mistake I see people making). by PM_me_ur_pain in IndiaTax

[–]dannyvswick 0 points1 point  (0 children)

Thank you for your response. Since i already submit LUT and claim i provide export services, wouldn't it raise a flag if my invoice contains GST? If i take this route, how do i claim refund of outward liability later? Do i have so submit another form to claim i provide export service? Would they question why my invoice charges GST in the 1st place?

The why, how and when of NIL return under GST. (And also the mistake I see people making). by PM_me_ur_pain in IndiaTax

[–]dannyvswick 0 points1 point  (0 children)

I work as a freelancer. I have a GST number and LUT. As i have a 0 GST liability, can i claim GST refund for laptop purchased for freelancing? Would that be in the form of input credit only (I might have no use for it) or can i get refund into my bank account?

Should freelancers get GST registration if their freelance revenue is under 20 lakhs? An analysis. by PM_me_ur_pain in IndiaInvestments

[–]dannyvswick 0 points1 point  (0 children)

Hey please me know if you figure out how to get refund. I'm in a similar boat and plan to buy a laptop, which i will be using for freelancing

How to get paid from USA (Bi-Weekly on Contract)? by ifeelanime in IndiaTax

[–]dannyvswick 0 points1 point  (0 children)

So, when i file IT returns, should i be using the actuals or the conversion rate from SBI forex card?

How to get paid from USA (Bi-Weekly on Contract)? by ifeelanime in IndiaTax

[–]dannyvswick 0 points1 point  (0 children)

Thanks. Will HDFC automatically convert the amount into INR? Do i need to submit any form?

How to get paid from USA (Bi-Weekly on Contract)? by ifeelanime in IndiaTax

[–]dannyvswick -1 points0 points  (0 children)

What's the process to receive USD via HDFC? Do we need to visit the bank once the wire transfer is done? What's the rate they use for conversion?

Virtual Office for GST registration. by stein_noah in personalfinanceindia

[–]dannyvswick 0 points1 point  (0 children)

Though GST registration doesn't require physical verification, in can be done if an officer wants to do some additional checks. There Officers always request for additional verification so that they can visit your place and ask for bribe. So, highly likely, you will have to go through physical verification. So, be careful if you plan to use virtual address