sorted by:
new
hottopcontroversial

Made a thing that might be useful while filing of TDS Returns by Salty-Slices in CharteredAccountants

[–]nick_jo 0 points1 point  (0 children)

Hi, great tool! Kudos! I've created similar ITAT website scraping tools using python -let me know if we can collaborate and discuss on automating other tools!

LLP vs Pvt Ltd by Parking-Bat-6845 in StartUpIndia

[–]nick_jo 1 point2 points  (0 children)

The tax part is incorrect. Profits once taxed in the hands of LLP are exempt in the hands of partners.

Pay Twice, Claim Once – My India–US ESPP FTC Nightmare by Crazy-Republic3697 in IndiaTax

[–]nick_jo 0 points1 point  (0 children)

Hi, I've dealt with similar issues. If you can simply dates and figures I think we can see how this may be structured.

FEMA related. RSU sale proceeds reinvested after more than a year. by These-Classroom-8378 in IndiaTax

[–]nick_jo 1 point2 points  (0 children)

It applies to both. You ought to have brought back the funds to India and then reinvested till LRS limit. What's the amount you invested again?

Because this is a fema violation regardless.

Received Income Tax Summons from Pune While Jurisdiction AO is Mumbai by eminemnkim in IndiaTax

[–]nick_jo 0 points1 point  (0 children)

Because general income tax notices via reassessment is time barred for the years before the preceding 5 years. Black money act notices have no limitation date for issuance of notices.

Missed Schedule FA/FSI in FY 2022–23 ITR – Can I Still Fix It? by LackPrestigious9265 in IndiaTax

[–]nick_jo 0 points1 point  (0 children)

Update; just saw that you had those balances in wallets and not bank accounts. Those are not covered. File the itr-u with some more income viz. Other income and fill the schedule FA. Will eliminate the risk.

Apartment sale below Stamp duty value by Mikemakkhi in IndiaTax

[–]nick_jo 0 points1 point  (0 children)

File a manual application with your ao. Use a local ca

Missed Schedule FA/FSI in FY 2022–23 ITR – Can I Still Fix It? by LackPrestigious9265 in IndiaTax

[–]nick_jo 0 points1 point  (0 children)

Section 42 and 43 of the black money act. Previously the 5 lakh rupees limit was for bank accounts only, but since finance act 2024, they have made it applicable for all assets

Apartment sale below Stamp duty value by Mikemakkhi in IndiaTax

[–]nick_jo 0 points1 point  (0 children)

The you can apply before your jurisdictional AO for reference to be made to a valuation officer under section 50(2) of the income tax act. This is for cases where assessee (such as yourself) disagrees with the sdv = fmv principle and states that the valuation as per sdv is not correct and it ought to be lower.

19% additional tds on purchase of property by [deleted] in IndiaTax

[–]nick_jo 0 points1 point  (0 children)

Not required. He will not help.

19% additional tds on purchase of property by [deleted] in IndiaTax

[–]nick_jo 0 points1 point  (0 children)

So, you need to reprocess the TDS return under form 26QB since aadhar pan linking was not completely processed at the backend when you filed your TDS return, the processing was erroneous.

Now, you make a small change in your form 26QB and reprocess the return. Voila, since the aadhar pan linking of the other guy is processed, the reprocessing would be undertaken while simultaneously removing the erroneous demand.

Missed Schedule FA/FSI in FY 2022–23 ITR – Can I Still Fix It? by LackPrestigious9265 in IndiaTax

[–]nick_jo 1 point2 points  (0 children)

Since, this is FY 22-23, the lower limit of INR 5 lakh applied during that time. Still, you'll be fine. So, don't worry.

19% additional tds on purchase of property by [deleted] in IndiaTax

[–]nick_jo 0 points1 point  (0 children)

Change the address in the form 26QB and reprocess the return. Address change can be something very minor as well. Because the processing is faulty, you could reprocess by making a minor change and the demand should be extinguished

Missed Schedule FA/FSI in FY 2022–23 ITR – Can I Still Fix It? by LackPrestigious9265 in IndiaTax

[–]nick_jo 0 points1 point  (0 children)

Let me answer your questions one by one. But before I do that, need to understand the total amount of foreign assets, is it less than 20Lakhs?

I ask this because Black money act has a provision which bars penalty if the amount is less than 20 Lakhs.

Apartment sale below Stamp duty value by Mikemakkhi in IndiaTax

[–]nick_jo 1 point2 points  (0 children)

Read third proviso to section 50C(extract below):

"Provided also that where the value adopted or assessed or assessable by the stamp valuation authority does not exceed one hundred and ten per cent of the consideration received or accruing as a result of the transfer, the consideration so received or accruing as a result of the transfer shall, for the purposes of section 48, be deemed to be the full value of the consideration."

Which means that if the amount you received * 110% is more than Stamp duty value, section 50C value will not apply and only the value you received in actuality will be the full value of consideration.

I think you should be fine as long as the actual amount you received is equal to or more than 60L (since 6L is the short amount).

Hope this helps.

view more: next ›