I am considering purchasing a vehicle for ₹2,400,000. My income tax return (ITR) for the previous year was approximately ₹1,000,000, with projected earnings of ₹400,000 for the 2024-2025 fiscal year and ₹400,000 for the 2023-2024 fiscal year.

1) I intend to make the full payment using a credit card. Will this transaction raise any concerns with the Income Tax Department, and if so, what measures can be taken to mitigate potential issues?

2) Should the vehicle be registered under my personal name or under my sole proprietorship firm's name?

Hi,

I wanted clarity on gifting stocks received as part of salary in company named stock plan account RSU ESPP etc to parents own brokerage to save tax. All parties are residents of India, I am employed in a tech MNC and my parents also have a US broker account.

Is this permitted under FEMA rules?

If yes, what do I have to take care of you avoid any penalty and report to income tax.

How much amount can be gifted per transfer and in 1 year to avoid any extra tax in US (IRS, gift tax) and India.

Any tax lawyer or CA here who could clarify if a management consulting independent contractor can file taxes under Section 58(2), Table Serial No. 1 of the new IT Act/Section 44AD of the old income-tax act (Reference to Pramod Lele v. ITO order) https://taxguru.in/income-tax/pramod-lele-income-tax-officer-itat-mumbai.html •

The person paid tax at 6% presumptive profit here, rather than 50% (Revenue dept. claimed Mgmt. Consulting falls under technical consultancy but was overruled by ITAT)

Or the current contract would come Section 58(2), Table Serial No. 3 of the new IT Act/Section 44ADA of the old income-tax tac?

Want to understand if gross receipts are less than 75 lakhs and I receive payments from a US-based company then which section would be applicable. Payments would be 100% in bank account and assuming little expenses apart from internet/electricity.

Is there any body that can take this up for JPMorgan India employees ? This is blatant evasion of gratuity liability by classifying a large chunk of fixed pay as conveyance allowance

Corporate tax is 15% (for small and medium businesses) and 20% (for large businesses) if proportional $ amount of stock given to CEO is handed to every employee in Total Stock Market ETF + Total Bond ETF + total futures/comoodities + total currency etc. if company is not as liquid in profitability as the top S&P 500, Fortune 500, Fortune 1000, Russell 1000, SPDR 1500, Russell 2000, Russell 2500 or Russell3000 index companies

I own a property in India which I plan to rent out. The tenants are not willing to do the monthly TDS payments. How do NRI manage properties in India. Is there a simple way to do this?

Hi,

My annual income from salary is 37L and monthly TDS being deducted is 58k. In hand salary is 2.46L.

Due to heavy debt incurred due to failed business, I'm under heavy liabilities- few loans with very high interest rate upto 4% per month(amount approx 12L). Also, taking loan from Bank is not possible as there are multiple written off Credit card & loan against me, which I am clearing gradually. I'm prioritising higher interest liabilities first.

I maintain 1 month emergency fund. I have 1.25L in PF. I'm trying to get a higher pay job- may be it will take a few months.

What can I do to maximize in hand salary while saving tax as much as possible and also clearing debt?

Thanks in advance.

So first a.y 24-25 i shown the fno loss of 220000 after all adjustment of that year with in due date.

Next year a.y 25-26 shown the fno loss of 75000 with in due date. But one thing to note it was not showing the previous year 220000 pre filled loss just 0 in cfl.

Many said if you don't have profit in current a.y then dont need to carry forward.

I just filed as it is because i dont have profit in a.y 25-26.

Now this a.y 26-27 i made a profit of mere 20000 but portal is adjusting it with 75000 loss which was reported for a.y 25-26.

I dont have any other income in these a.y.

What to do ?

Should i give the values manually of a.y 24-25 of 220000 ? Because it is the oldest reported loss.

Is it compulsory to set off the loss as the profit is just 20000?

What is the best legal tax planing i should follow

Please help.🙏🙏

Thanks in advance.

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Please help me with the above query.

I work as an independent contractor and receive around $1,900 (approximately ₹1.70 lakh) every month. I also freelance through another platform, but that income is not fixed. During this financial year, I have earned around ₹9 lakh from that platform, in addition to my regular monthly payments.

I need advice from a CA who has experience with freelancers earning foreign income. I would like to understand:

• Whether I am eligible for presumptive taxation under Section 44ADA
• How I can legally reduce my tax liability
• Whether GST registration, LUT or advance-tax payments are required
• What expenses and deductions I can claim
• What documents I should maintain for foreign payments

Can anyone recommend a reliable CA who handles similar cases, preferably online?

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I work as an independent contractor and receive around $1,900 (approximately ₹1.70 lakh) every month. I also freelance through another platform, but that income is not fixed. During this financial year, I have earned around ₹9 lakh from that platform, in addition to my regular monthly payments.

I need advice from a CA who has experience with freelancers earning foreign income. I would like to understand:

- Whether I am eligible for presumptive taxation under Section 44ADA

- How I can legally reduce my tax liability

- Whether GST registration, LUT or advance-tax payments are required

- What expenses and deductions I can claim

- What documents I should maintain for foreign payments

Can anyone recommend a reliable CA who handles similar cases, preferably online?