r/TaxPlanning_India

I started playing this year and I’ve been playing a lot of instant online games. I was looking at my account summary today and although I’ve deposited about $600 and only withdrawn $300 it’s saying my total wins are $1900. When taxes come around is that $1900 number the one I will have to report?

I doubt I will be getting a WG tax form since that $1900 is from all the small wins the instants give. If that’s the case and that number is the one that will be reported it doesn’t rlly make sense.

You deposit $20 and by the time you get to $35 and withdraw you’ve already made $50+ in small wins that is added to that large sum that you will have to report. Literally start with $20 you drop to $10 then get back to $20 drop to $15 then eventually you get to a profit which by then in that whole process you’ve accumulated many small wins that’ll just bite you back when taxes come.

Please correct me if I’m wrong. I just want to understand this better before I dig myself into a deep hole.

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?

Everyone near and around me have got the refund but my portal does not mention anything about it.
And there are no notifications as well. What should I do?

I heard 39 percent of the profit is the tax u have to pay if ur profit is more than 1 cr, does any one have any idea on saving on taxes

[supprimé]

I am currently living in the EU (Czechia) for more than 4 years. I still have some business income sources in India and it is taxed at around 30% in India on that income.

Until now, since tax was already deducted in India, I did not report this income (since past 2 years, since I started the business time) in my country of residence.

However, I recently spoke to a CA who told me that I should have also reported this income in my country of residence (Czechia). I am also still holding normal saving account, still not converted to NRI/NRO account yet. I have an ongoing issue with my bank on this. The income is sourced and credited in india itself.

I am a bit afraid that if I report now, will I have to pay penalty? Or maybe gets taxed more on that despite DTAA? Has anyone went through similar experience? What did you do?

Also, usually Czechia tax the income at 15 %, so if I report the indian income, will i get tax credit and possibly reduction of tax from 30 % indian tax?

I am paying approx 72k income tax per month, is there any option to save maximum tax.

I have chosen new tax regime

Looks like the latest ITR2 excel utility (released yesterday) has added under Schedule EI, under other exempt income, "Receipts not in the nature of Income" as one of the sub categories with this revision. Is this to show capital receipts like gift received for family, etc., I have already filed my ITR, now with this revision do I need to revise the ITR to show gift received. Thanks?

I was in Canada for whole of Indian FY April 2025-March 2026. I had no such income in India, except bank/FD interest. Should i file ITR for this year, and if yes, then as an NRI?

Please note that i never transfered Money from Canada to India in my stay as i dint need it. so no NRE/NRo account was opened in this period.

Ask me questions if needed

Im going to save many with hours of headache by writing this post. If you receive a balance notice related to form "8288", You need to contact the International Business department within IRS. Phone number is (267) 941-1000. The number will often give a busy tone so you may need to call many times to connect. There will be several call prompts. Once you connect and select a language, the promps should be "4" and then "3". The one you want is where you "are calling from outside the US for a business filing". Prompts make zero sense but thats how you get to the right person. The IRS is apparently notorious for not associating escrow checks with the correct account which results in huge and incorrect tax bills. One audit I read stated they process 50% of FIRPTA cases wrong. However they are happy to send you letters saying you owe a ton of money despite giving them the 10 or 15% withholding from a house sale. I cannot stress enough.... do not call the general IRS line for this issue. They have no clue what it is nor can they see balances on your account related to this. They are a completely separate entity. I went through two years of being told "you dont have a balance" only to be referred for wage garnishment by this international business division that nobody seems to know about. It took congressional interest and tax advocacy help to get the FIRPTA issue resolved. Feel free to reach out to me via reddit for help. This really was an absolutely horrible experience that I dont wish on anyone.

Update: Once missing escrow checks are located and associated with your account, it may take several months for the IRS to get the funds applied to your record. Meanwhile, they may continue collection actions against you. Apparently the money sits with another section of the IRS called "unclaimed funds". This branch takes a long time to "send" the unclaimed funds to the international business section that will then credit your account.

I am a noob in this thing but I have some questions. If anyone can help, I will be grateful.

Since we are in the middle of tax season , have been reading up about the regimes , slabs and various scenarios .
Wanted to get the opinion of the forum on one of them .

The Scenario -

1. Normal Income ( Interest ) - 9 Lakh
2. Debt STCG - 2.50 Lakh .
3. Debt LTCG ( Section 112 ) - 2 Lakh

( the LTCG is Debt MF's bought before April 2023 and held for more than 24 months .Hence per 112 taxed at 12.5% without indexation .

Total Gross Income - 13.50 Lakh .

The Query -

In this case , is the 87A rebate applicable on the non Special Rate income ( i.e 1+ 2 ) ?

I checked in multiple resources and multiple versions of AI & getting the below 2 possibilities .

Possibility 1 -

• Section 112 is special Rate Income and hence excluded from the threshold calculation .
• With that exclusion, the Normal slab income is 11.5L ( <12 Lakh ) & hence 87A Rebate applies on this part .
• Section 112 income will need to be paid as per the special rate of 12.5% .( Infact even if Gross Total income would have been under 12L , tax would still need to be paid on this part ) .

Possibility 2 -

• Gatekeeper Rule checks if your combined taxable income is greater than 12 L .
• Since it is greater in this case , no 87A rebate applies .
• Tax will need to be paid on 11.50 Lakh at slab rate and 2 Lakhs on Special Rate .

 

P.S - I am not a CA or a tax expert . Just a retired guy with too much free time on his hands 😄
hence Looking forward to the clarifications from the experts .

Thanks .

 

I have an Android app with very few users paying for a subscription. In my developer account, Google requires me to put in my GSTIN. I have entered the GSTIN, but it appears that a current account is required when using a GSTIN for tax purposes. Is that a mandatory requirement?

For those of you with very few paying users, how do you monetize your app on Google Play? Do you also have to go the same path of maintaining a GSTIN and a current account?

I am a freelancer. Received $550 usdt as freelancer income on Binance.

Then, I sent that to other people's Binance and some amount decentralised wallets. Never did P2P through. Not any tds got deducted from Binance.

On my AIS portal, no VDA is reflecting in TDS or in anywhere.

I am under 3 lakh income per year (2025-2026).

Also, I transferred usdt to spot. Made only ₹20-30 profit. 🙂. Not did much spot trading there.

So, Do I need to file any tax or VDA tax. Or If yes, so of only spot trading profit or on all $550.

Pls help. Any guidance is useful from who know well or did the same.

A rental commercial property is yielding 5 lacs/ month as rental income. What is the scope of splitting the rental income between the husband and wife for better tax planning?
The property is in the name of husband.

Looking for a CA to help an NRI file ITR-2 in India, claiming DTAA benefit on mutual fund capital gains using a Tax Residency Certificate (TRC) UAE+ Form 10F from the country of residence.

Need someone who has actually handled NRI + DTAA + capital gains cases before, not just generic ITR filing. Please share your fee upfront . budgeting around ₹3,000–5,000 for this, which seems to be the going rate, so please skip if you're quoting premium-firm pricing for a fairly standard case. Happy to share more details over DM.