Need help to manage taxes

[jack333]

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

We have to deposit advance tax ourselves every quarter max in first and least in last

 

[Riya]

We have to deposit advance tax ourselves every quarter max in first and least in last

That's why TDS was created... So we don't have to deposit advance tax in case of FDRs... And in his case the interest income is already miniscule and he's worrying so much about it

 

[Vishal4u2]

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.

What mistake did he commit ?

 

[moneyMaker]

Yr yeh Tax ka kaam automate karo.

Mujhse na ho paye.

 

[Riya]

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.

He didn't created a money trail... All he did was investing in too many short term FDRs... Which first of all is a bad decision as it gives negligible returns...
Secondly as far as I can sense is he constantly deposited and withdrew amount from his trading account which leads to this figure of 40-50L

 

[prash1161]

He didn't created a money trail... All he did was investing in too many short term FDRs... Which first of all is a bad decision as it gives negligible returns...
Secondly as far as I can sense is he constantly deposited and withdrew amount from his trading account which leads to this figure of 40-50L

You are my bro😚😚😚😚😚😚😚
Inko kuch aur hi lag raha tha
Ye muje rich smj rahe thy😂😂😂

 

[Yugi]

He didn't created a money trail... All he did was investing in too many short term FDRs... Which first of all is a bad decision as it gives negligible returns...
Secondly as far as I can sense is he constantly deposited and withdrew amount from his trading account which leads to this figure of 40-50L

For someone who is just looking at his bank statement would look like he has received 40L and spent 40L that is the money trail he has created. With explanations and supporting proofs Income Tax people will then understand what has happened. So yeah if system flags him, he has to explain everything.

 

[Yugi]

What mistake did he commit ?

He paid the self assessment and while filling the reference number in ITR he made mistake because of which there was tax mismatch and they held 2L from his next year's tax refund.

 

[prash1161]

He paid the self assessment and while filling the reference number in ITR he made mistake because of which there was tax mismatch and they held 2L from his next year's tax refund.

No when I said this?

 

[Yugi]

No when I said this?

Not you, I telling about my friend who made a mistake and had run around to get it fixed. Read my initial message where I said this.

 

[prash1161]

Not you, I telling about my friend who made a mistake and had run around to get it fixed. Read my initial message where I said this.

I got that
But in your frnds case
He received 40l from another party and sent to another it was fresh money
In my case it would be like 8-10 max
40l is huge it may be considered as money laundering if not provided proofs