Questions tagged [india]
For questions that relate to the laws, practices, and products of India
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Updated Indian tax returns
Suppose one needs to update ITR-2 filed for AY 2023-24 at a later time.
If in the updated return, the person has professional income (loss actually) and has to include schedule FA,
will the system ...
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Forgot to submit w8-BEN so received 1099-B
I reside in India and work for a US-based multinational company. I am on India payroll. As part of my compensation package, I receive RSUs (Restricted Stock Units) that vest annually. When I opened my ...
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US Custodial accounts - tax in India and USA
Consider minor children who are citizens of USA, but residents of India. If the Indian citizen resident parent operates custodial accounts (with foreign equities) in their name (they are owners), is ...
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India - inflation indexing for cost of acquisition of equities (long term capital gains)
For computing cost of acquisition of equities while reporting long term capital gains,are we allowed to apply Cost Inflation Indiex (CII)?
Some websites say no -
the benefit of inflation indexation ...
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Indian Tax Schedule FA - assets in foreign retirement accounts
Suppose one has foreign retirement accounts (eg. IRA, Roth IRA, 401k in USA); and one has submitted form 10EE (Rule 21AAA) to defer taxation to withdrawal time. Should one still declare assets therein ...
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India long term capital gains (LTCG) - schedule SI
Here is a snippet of a return filed for AY 2023-24, generated by Indian Income tax website -
How did they get 6567 as tax ? (10% of 405289 is much greater)
I tried to look up "instructions",...
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Query on Tax & Cess deduction in SBI NRO Savings account
I have an SBI NRO Savings account. On 30.03.24 and 30.06.24 Tax and Cess has been deducted in my above SB a/c. What is this and how to avoid
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What's the tax system for foreign money earned in India through an international gaming business?
I run a solo gaming international business from India. People purchase gaming virtual products in GBP (Pounds) through my website hosted on "Tebex" which charges Sales Tax, Gateway Fee & ...
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ELSS NAV bought which were not shown as investment in ITR Can be redeemed before three year?
I invested in bandhan elss fund in 2022 and claimed in ITR, next year I again invest in same fund as it had good return but I did not claim it in ITR deduction as I opted for new tax regime and it was ...
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Value of gst and income tax
For country India
Let I am registered gst tax payer under composition scheme. I am a trader selling burnt clay bricks. Rate of composition gst will be 1% for me. I get 1 crore 40 lakhs in current ...
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Calculation of value of supply in gst
The total sales according to invoices is 3 lakh, but I received 10 lakh in the current account registered with GST.
What will happen and how will GST be calculated?
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Confusion in filing gst and income tax return
If you start filing gst returns then is it necessary that you should file income tax returns also
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I need help to understand Income tax will be applicable if working in Saudi Arabia and salary transfer to Indian account
I am working in Saudi Arabia and my salary is getting credited into Indian Bank Account and the account is regular not NRI. So, I'll be eligible to pay Income tax on my earnings as per taxation rule ...
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(India) What can be done after claiming lapsed ITC mistakingly?
What to do if you claimed a lapsed ITC (not knowing it's lapsed) one month after the deadline, 4 years back, only to be notified now (4 years later) by the government that, that ITC claimed was ...
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I am finding hard to understand the trading charges and brokerages. can someone please answer the below queries
I am new to trading a finding it difficult to understand the below. Can anyone please clarify? Thanks in advance
As per the attached screenshot at 12:09 PM today i have cancelled ‘Cover Order’ which i ...
