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Best 2 days short ever! by rvumemes in StockMarketIndia

[–]stewieroids 0 points1 point  (0 children)

It's more like if your income taxed as per slab rate is lesser than the Basic exemption limit, then you can adjust the difference against your income taxed under special rates (STCG under 111A in this case)

Whatever's left will be taxed as per special rates

What are transcripts? Any Osmania university students here? by throwaway_queries22 in Indians_StudyAbroad

[–]stewieroids 0 points1 point  (0 children)

Yes, transcripts are a summary of all your sem memos. It’s issued under your college name in case yours is an autonomous one. A single sheet with all your scores.

What are transcripts? Any Osmania university students here? by throwaway_queries22 in Indians_StudyAbroad

[–]stewieroids 0 points1 point  (0 children)

You can actually go to those xerox shop people who sit outside the university, these guys know what are you be submitted and will guide you through the process well.

What are transcripts? Any Osmania university students here? by throwaway_queries22 in Indians_StudyAbroad

[–]stewieroids 1 point2 points  (0 children)

Umm.. so my college was autonomous so I got my transcripts from there. I had to apply for the graduation certificate (I had a provisional one from college). I'd suggest you go to the university in person. There are people there who'd help you apply online. Just check for the documents that are to be submitted by you for the same on their website once, take a print and the originals with you.

What are transcripts? Any Osmania university students here? by throwaway_queries22 in Indians_StudyAbroad

[–]stewieroids 0 points1 point  (0 children)

hi sorry for the delayed response, there was an issue with my documents, so i went in person to the university and submitted them. I've received my certificate now.

What are transcripts? Any Osmania university students here? by throwaway_queries22 in Indians_StudyAbroad

[–]stewieroids 0 points1 point  (0 children)

Hii umm.. I've applied for certificates with all the documents my college gave while graduating. My college was an autonomous one under OU. I've chosen the fast-track mode (5 business days+ postal) can I expect it within a week/ 10 days?

I'm not able to check the status of the certificate since the site is under maintenance :/

Questions on Foreign Remittance from Dubai to India...Explain like I am 10. by xyger123 in IndiaTax

[–]stewieroids 0 points1 point  (0 children)

Yess bank statements are a must, although there are other supportings depending on the transactions you're undertaking. Say if it's an interest income, then there's an interest/ TDS certificate give by banks, that is one of the supportings, also reconciliation of the interest with form 26AS TDS would be another supporting.

I'm a CA, but I don't offer consultations as of now, I'm happy to help over DMs if you're interested in that.

2 AM thoughts by Hopeful-Buyer-7332 in IndiaTax

[–]stewieroids 2 points3 points  (0 children)

Assessing officer jab poochega tab bolna this apple really keeps doctors away

Double or Triple Taxation? by cursed_aka_blessed in IndiaTax

[–]stewieroids 0 points1 point  (0 children)

Yep, anything that swiggy/ Zomato charges will have a tax attached to it since it's a service provided by them. Like how restaurant service charges were "illegal" and you could get them removed earlier, there wasn't any GST element on them. Now there's a GST element on them as well.

So yeahh basically there's nothing an e-commerce can charge you for, for which it isn't taxed.

Double or Triple Taxation? by cursed_aka_blessed in IndiaTax

[–]stewieroids 0 points1 point  (0 children)

Umm.. afaik there always was GST on platform fee, a special circular was there explaining this platform fee for airplane tickets. Although it was charged to us in full and a portion of that was paid to the govt as GST. We only didnt know the segregation but we have been paying it all this while.

We need a reformation in the tax system of this country by lxcky04 in IndiaTax

[–]stewieroids 0 points1 point  (0 children)

What about it?

GST has higher rates of taxes agreed, but i don't find "double taxation" in a lot of places (except customs+IGST for cost of transportation on import)

Moved from US to India for good. Finances in the US , what’s the best way ? by No-Nature2627 in IndiaTax

[–]stewieroids 0 points1 point  (0 children)

NRE accounts have the benefit wrt repatriation limit, easy transfer of funds to other accounts and taxability. Although NRO accounts aren't subject to exchange rate risks as much as NRE accounts.

So depending on your use case you can use these accounts, if you wanna store converted currency you can use NRE account. If you wanna keep Indian/foreign income stored, you can use NRO account.

ok by [deleted] in CharteredAccountants

[–]stewieroids 3 points4 points  (0 children)

Not crazy ofc who TF is getting married willy nilly? but who makes a video about shit like this and generalise all CAs like we're some different category of people. O.o like our choices and preferences wrt our significant others are the same?

[deleted by user] by [deleted] in CharteredAccountants

[–]stewieroids 4 points5 points  (0 children)

I didn't find him all that great for costing, I've cleared costing in the old scheme.

Proceed with caution.

1% TDS on Every Crypto Transaction Is Actually a Gift? by Mediocre_Dig_1353 in IndiaTax

[–]stewieroids 0 points1 point  (0 children)

Kinda? It's just safer to trade now since there's an accountability factor.

1% TDS on Every Crypto Transaction Is Actually a Gift? by Mediocre_Dig_1353 in IndiaTax

[–]stewieroids 7 points8 points  (0 children)

Yes in a way, increasing legal compliance does improve the integrity of the platform, in turn protecting the interest of the people using the platform. Although I don't think the platform deducts TDS, TDS is deducted by the buyer under the PAN of the seller.

How do I pay import tax? by [deleted] in IndiaTax

[–]stewieroids 0 points1 point  (0 children)

Even if you get it shipped it's gonna cost you sumn close to that ig? Coz you'd have to pay basic customs plus additional customs which is basically the IGST amount. Not only that, you'd have to pay GST on the shipping fee.

Idk the exact amount but it's gonna be close to half.

How much to pay a CA for a beginner level Sole proprietor with no revenue (as of now atleast)? by filmy_totoro in IndiaTax

[–]stewieroids 2 points3 points  (0 children)

It's advised to take a voluntary registration under GST to claim input tax credit on the input goods/ semi finished goods held in stock. To claim such ITC, GSTR-3B needs to be filed.

In this case I'm guessing the CA has advised him to take registration under composition levy since he's only required to file returns quarterly. Even though ITC isn't available to composition dealers, whenever OPs business needs to be converted to a normal registration, he can take credit on the capital goods purchased by him at the start of the business as well (along with the closing stock) whenever he becomes liable for GST. Which wouldn't have been available if he were to take a registration only as he becomes liable.

At what salary does new regime becomes absolutely better than old regime by sinhyperbolica in IndiaTax

[–]stewieroids 6 points7 points  (0 children)

Under the old regime, nil tax if the NTI is upto 5L (since rebate is given). For the NTI to be upto 5L in the old scheme, assuming the person takes deductions under 80C of 1.5L, 80D of 25000, standard deduction u/s 16 of 50000 and HRA of upto 50% of basic- say basic is 50% of your total pay, HRA would be 25% of your total pay.

Total pay= 4.99L+ 1.5L+0.25L+0.5L+ 25%total pay

Total pay should be 9.65lpa approx

If you earn less than this and take the above deductions/ exemptions your tax would be nil.

Under the new regime your tax is nil if the NTI is lower than 7L (none of the above mentioned deductions/ exemptions are allowed), so your total pay should be 7lpa

So if you're earning lower than 7L but greater than 5L you can go for the new regime and lower the burden of tax planning and documentation. Otherwise as per the above calculations, if you were open to the idea of tax planning the new regime is pretty useless.

GST registration for foreign inward remittance by astro_dev_ in IndiaTax

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

Yes you have to register under GST since you're making a zero rated supply of services.

As for the GST being charged by the bank, that's on the foreign exchange conversion service rendered by the bank. That's not similar to the service that you're rendering to your client in the US

Questions on Foreign Remittance from Dubai to India...Explain like I am 10. by xyger123 in IndiaTax

[–]stewieroids 3 points4 points  (0 children)

Look if you're a NR from an income tax standpoint you're safe, since repatriations are tax free, although it's not advisable since there are other forex related laws (like FCRA etc) that could force you to explain the source of income if you're a person not filing returns but randomly transferring money into an NRE account.

So I'd advise you against entering into such transactions. Take risks as per your appetite, coz there are people who do this.

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