r/IndiaTax

I filed my itr through someone who i am not sure now is even a ca, she got me full 3l + refund but now i got this notice, and she has blocked me from everywhere.

I took advice from a family ca and he is saying that best chance is to avoid penalties and we should wait it out and shouldn’t reply to notices since there are no proofs of the filed exemptions, and half cooked receipts can be harmful and would put us in more trouble.

I am really not sure what we can do here and what are the options now. Can someone please help here

Basically what the title says, bills are paid via her netbanking account. Will this create issue with income tax department and fines in worst case scenario?

Hello , My employer has added rs3000 of gift card voucher in value of perquisites in form 16 and the same claimed as exemption u/s10 . But when i am filing ITR i am adding "Allowances to the extent exempt u/s 10 " there is no option as Voucher/gifts Or other to take exemption. Please advise under which section 10 should i add the gift exemption?

https://preview.redd.it/csy4hyr8rfbh1.jpg?width=1086&format=pjpg&auto=webp&s=c1da9e4d0578290bb71e85ac2bbf184577ff54cd

https://preview.redd.it/wu8syrlprfbh1.jpg?width=1102&format=pjpg&auto=webp&s=368c39969e8732a798ef969a3fe6e4fed96b76d2

Husband 55yr , no source of income,

only 3cr in savings acc and FDs ,

3 land plots worth 2cr.

wife 50yr , home maker, no source of income

To build capital for my wife 50yr

I have 3cr in account , I loan my wife 2cr @ 4% , she puts it in fd at 7%

I invest remaining 90 Lkh in Arbitrage fund for 3+ years , rest 10lkh for expenses (enough for 2 year expense)

will the the 4% be picked up for scrutiny . loaning to my wife at 4-5% interest justifiable

Hello all,

I worked in two companies in FY25-26. Here are my earnings:

Company 1: 12 Lakhs CTC (May 2024 to Dec 2025)
Company 2: 16 lakhs CTC (Jan 2026-Present). Total income till March is 5.7 lakhs including Joining bonus of 2 lakhs.

Now while I was filing taxes with TaxBuddy, I got a slap of 1.24 lakhs to be submitted as Tax to the IT portal since my total income is 17 lakhs plus.

Company 1 and 2 have deducted zero taxes.

I am worried about paying 1.24 lakhs as tax as I have barely any savings and I had no idea about the tax systems. Is there a way out or a rebate option available later? Please help out. Please I request.

My family is dependent on me (chronic diseases) and such a huge amount puts a dent in my emergency funds.

Ok, I have a very specific issue with ITR filing this year. I do some mentoring for B school students and earn some money out of it. Last year I filed ITR 4 too and selected the Business code 17006. It worked rather well and there was no issue in validation. This year though I am getting the error Select the business code from the dropdown menu !! This is kind of supremely irritating as that is exactly what I am doing, how else can you do it anyway ?

Internet suggested some different codes, clearing cache, redoing the return etc and I have done all of those but to no avail whatsoever. My experiences earlier with the ITR helpdesk has not been great and they are probably closed for the weekend anyway.

Can someone help with this frustrating scenario ? Appreciate your time to read the post :)

On an honest note, leaving politics aside.

I recently joined a new company that offers Pluxee benefits. For years, I had been using my HSBC credit card for Blinkit and Zomato because it gave me 10% cashback.

However, Pluxee has been a game changer. With the higher limit provided by my employer, I'm effectively saving around 30% on my eligible food orders, compared to the 10% I used to get with my HSBC card.

For context, I fall in the 30% income tax bracket.

How much estimated tax have you paid to this shithole country so far ?

Tax audit u/s 44AB applicability — F&O loss, never used 44AD — which version of the rule applies?

Facts:

• Salaried individual, also trade F&O (futures & options) on a recognized exchange, settled entirely through broker/bank — no cash transactions.
• FY2025-26: F&O turnover (absolute sum of profit + loss across all trades) ≈ ₹ more than 1 crore.
• Net result this year: a loss of ~₹15.65 lakh (post brokerage/STT/exchange charges).
• Have never filed under Section 44AD / ITR-4 in any prior year — every past return has been ITR-3 with actual books and a real P&L, never presumptive.
• Total income across all heads (salary + other sources, after set-off) is well above the basic exemption limit — this isn't in question.
• Want to carry forward the F&O loss to future years.

Question:
Given I've never opted into Section 44AD, does the tax audit requirement under Section 44AB(e) (post the Finance Act 2016 amendment, which introduced the 5-year lock-out via Section 44AD(4)) apply to me this year? My understanding is that this specific audit trigger only fires for someone who previously used 44AD and is now declaring lower income within the resulting 5-year lock-out period — i.e., it shouldn't apply to someone who's never used 44AD at all, regardless of turnover being below ₹1 crore or the result being a loss.

Separately: is F&O trading even considered an "eligible business" for Section 44AD purposes in the first place (turnover is below the ₹2–3 crore 44AD threshold), or is presumptive taxation simply inapplicable to derivatives trading as a category, making this whole question moot?

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?

Filing season last year, I did everything I was supposed to. Downloaded Form 26AS, matched TDS with Form 16, entered capital gains from my broker's tax P&L. Filed before July 31, got my acknowledgement, thought I was done.

August. Defect notice from IT department.

Turned out my AIS had an SFT-018 entry for a mutual fund redemption from a folio I'd forgotten about — an old ELSS fund I'd started in 2018, finally hit the 3-year lock-in, and later redeemed. The redemption value was about ₹85,000. I'd completely forgotten this folio existed. It wasn't in the capital gains statement my broker sent me because it was with a different AMC.

The AIS had the entry. My ITR didn't declare it. System flagged it as underreported income.

To fix it I had to file a revised return, which meant going back through the whole process, recalculating gains (purchase NAV vs redemption NAV, LTCG above ₹1L at that time), paying the shortfall tax plus interest under 234A and 234B.

What I should have done: downloaded my AIS before filing and read every SFT entry, not just the TDS entries. Form 26AS didn't have this. AIS did.

How to get your AIS: incometax.gov.in → login → AIS/TIS tab → download PDF. Password: your PAN in lowercase + date of birth in DDMMYYYY format. So if PAN is ABCDE1234F and DOB is 5 March 1985, password is abcde1234f05031985.

What to specifically look for in the SFT section:

Cross every SFT entry against your own records. If you have investments scattered across platforms, this is where the gaps show up.

July 31 is less than 4 weeks away. If you haven't looked at your AIS yet — do it before you file, not after.

Happy to answer questions if anyone has specific AIS entries they're confused about.

I know I am late, Don't berate me I was in tough situation in my life

I am filing ITR-1 for the first time using the Income Tax e-Filing portal.

Before submitting, I want to make sure my ITR-1 return is correct. What should I do ? What would be your best advice?

Any guidance or checklist for a first-time filer would be helpful. Thanks!