u/DryJuggernaut6786

https://www.instagram.com/reel/DaXlYX6BlqP/?igsh=dWF4eTBlY2IzbzMx

Just in case you can't open, what he is saying is a lawyer had filed returns under 44 ADA and shown more than 50% as income (30 lac revenue,16 lac income) but his 25 lakh received via bank transfer was lying as it is as balance in the account. Based on this balance, department sent him a notice for income of rupees 50 lacs.

Unless this CA is lying or not giving the full picture in the short video, simply having balance money in account in a year leading to dept taking such steps makes the entire excercise and also the whole section futile. Because there comes the question, if more than 50% earned in one year left as balance is counted as more income, then less than 50% earned or some years losses draining balances should also be reduced income. How do we determine that? By keeping books and calculating actual profit. If that's what needs to be done, why have the section?

Salaried employee earning very well having savings of 2 crore all from salaries. Wanting to send 2 crore to his sister in UAE as a gift. Will deduct TCS and deposit as per new rules. Will this trigger a scrutiny necessarily? How troublesome is a scrutiny for someone who has salary income? Also I understand that TCS is deposited in senders account and not the receivers, please confirm.

I was looking at The "Deemed Resident" rule (under Section 6(1A) of the Income Tax Act) and it sounds to me that if you are living in a country with no personal income tax and have more than 15 lacs coming from India assets, you are RNOR by default. Is this correct?

What does it bring with it in terms of various returns filing and declaration obligations?

Also, what income with any connection to India do they mean which becomes becomes taxable. if you work in Axis bank's dubai branch, salary is taxable? If someone from Dubai is selling online marketing services to Indian customers is that taxable?

It's not clear if they will do it next week, month or yr but it is certain that E30 is coming by 2030. That's part of the policy. Then shouldn't govt be required to get confirmation from every car maker that they will honor the warranty for petrol cars sold in india if those cars used more than E20 blends?