Need help to manage taxes

[prash1161]

we all though you had 50 lakhs- 50l mean 50 Lakhs..

50l in transactions dear

 

[Riya]

CA will take 1000-2500 rs... itna paisa ghumaya.. online help mein aur phansoge

Itna paisa ghumaya and the interest is 5k max... That's weird...

 

[Yugi]

initial money is 3-5l, rest is transaction

Yes, it can be 3-5L, but you created a money trail of 40 Lakhs with all transactions. When there is an enquiry from IT they ask proofs for all of it. Do you want to go through the hassle of it. In the end you many come out clean but it will cost you more and spend a lot of time around it.

PS: My friend made a small mistake while filing ITR, because of which IT took 2L from his refund. Later he rectified the filing. Now, it has been more than 6 months he paid CA 10K+ to get that 2L back. Get the lesson from here.

 

[vaibhav111vaibhav111 is verified member.]

50l in transactions dear

you had 50,00,000 lakhs in your own account?? in trnx what that means? did amount of total Sum of 50,00,000 lakhs got credited from 1st april 2023 to 18th Feb 2024?

 

[prash1161]

Itna paisa ghumaya and the interest is 5k max... That's weird...

5k bhi nhi hoga
reason - fd jaldi break kiya

 

[John Since]

bro p2p is like
i am paying u in inr and u r sending me crypto in offline wallet
and i am sending it to another person and he is sending me inr
so its not through any website
i do not think any issue
so i do not have to fill itr right?

then it's fine until unless they give you a notice for explanation of such transactions.
no need to file ITR.

 

[Vasuki]

i never filled ITR before
this year i did transaction across 5 banks total of 50-70l , mostly it was like fd break ,create and sending money from my one bank to another.
and there were total of 4l cash deposit
earned 40k in stocks
lost 12k in fno
i have no job
so i have to pay taxes?
i do not know much,
your help will be appreciated.

Filing itr doesn't mean paying taxes. .

Till 7 lakh income its all free

 

[KingAAR]

Filing itr doesn't mean paying taxes. .

Till 7 lakh income its all free

is it 3.6Lakh for no tax?

 

[KingAAR]

I also have a doubt, if one gets money from some source and spends it using debit card, should he pay taxes?

 

[Riya]

you had 50,00,000 lakhs in your own account?? in trnx what that means? did amount of total Sum of 50,00,000 lakhs got credited from 1st april 2023 to 18th Feb 2024?

He must be transacting 1L every week of the year 😂😂 so he counted 50 L

 

[prash1161]

He must be transacting 1L every week of the year 😂😂 so he counted 50 L

you had 50,00,000 lakhs in your own account?? in trnx what that means? did amount of total Sum of 50,00,000 lakhs got credited from 1st april 2023 to 18th Feb 2024?

50l debit 54l credit
just saw bank statement and i was shocked to just like you people

 

[Vasuki]

is it 3.6Lakh for no tax?

You mean if ?
Tax depends on source .
If you earn From say stocks
Over lakh u have to pay differently .

But u can always save taxes ..till 10 lakh income

After 10 lakh its hard untill u have business

 

[Riya]

50l debit 54l credit
just saw bank statement and i was shocked to just like you people

Debit and credit agar check karenge to crores ki figures aaengi...
Everyone rotates money in bank accounts 😂😂
Don't worry, ITR or CBI won't be chasing you now

 

[Vasuki]

50l debit 54l credit
just saw bank statement and i was shocked to just like you people

You want to file ...file it .
You want to relax relax .

Untill u breached some limit to come under radar u will come regardless u filled or not ..

You have to justify souce of fund once ..
Then you play Hand to hand with that money in your home ( own savings account ) thats none of their business.

 

[Vasuki]

Debit and credit agar check karenge to crores ki figures aaengi...
Everyone rotates money in bank accounts 😂😂
Don't worry, ITR or CBI won't be chasing you now

CBI ...

Shaktiman will come

 

[Riya]

CBI ...

Shaktiman will come

Usse bhi source of income pooch li thi 😂😂

 

[jack333]

whoaaa.....
Never filed an ITR and had FDRs worth 50L.... you are either paying too much TDS on your FDs and eventually missing out on the refund.... or it's probably inherited money and you don't know money management....
taking things one at a time....
if you are rotating money within your accounts then it won't cost you a paisa in taxes....
secondly banks deduct TDS on FDs automatically so get your AIS from incometax website...
for STCG and FnO income your broker will provide you with a summary which you can fill in ITR...
still there are very much chances that you'll mess the ITR so get a CA and pay small amount providing him all the above details... not a big deal

Many private banks don't deduct tds from fds these days. They just report the fd and interest earned from it to AIS

 

[prash1161]

thanks to all of you guys for clearing my doubt

 

[Riya]

Many private banks don't deduct tds from fds these days. They just report the fd and interest earned from it to AIS

That's a loss of interest on tax to be paid at the end of FY

 

[Yugi]

I also have a doubt, if one gets money from some source and spends it using debit card, should he pay taxes?

Yes, the money you got from source is considered income and taxes may be applicable based on tax slabs.