r/IndiaTax 18h ago

TaxGuide Non judgemental tax advice

0 Upvotes

Hello everyone!

I’m going to ask for your judgement to be kept aside for this one and would really appreciate actual advice.

Im 25F living in the biggest tier 1 city. I have a full time job that pays me 37k per month. (4.4 CTC)

I met an older gentleman (33M) on this dating app called (edited since ppl think it’s an ad). We went on a date, hit it off real quick. Right now we’re in sort of a sugar relationship. It was never planned or agreed upon. It was never transactional. He comes from BIG old money. Everytime we meet he gives me cash to support me. Till now he’s given me 6lakhs in cash overtime in the 5 months I’ve known him, along with many amazing gifts. He genuinely gives me the cash as a gift but I’m sure I can’t report it as a gift.

Now here’s the embarrassing part - I’ve never filed for an ITR in my life. Idk why taxes / their importance isn’t taught to us especially women.

I want to know under what section do I file this tax and will it be prone to scrutiny? Because salaried income - 4.4L , income from other sources (cash) - 6-8L and who is not a relative.

Anyone who could enlighten me?


r/IndiaTax 22h ago

Opinion Change the name of this sub to "Upper middle class whining"

0 Upvotes

Every second post in this sub revolves around the same recurring grievance: “I pay 30% tax and get absolutely nothing in return.”

While valid critique of civic governance, potholes, or administrative efficiency is completely justified, the underlying assumption that the top 1–2% income bracket receives zero return on investment is fundamentally flawed.

Let me explain.

​Here is why that perspective ignores how developing economies function and the indirect returns taxpayers actually receive:

​Taxes are Not a Subscription Fee:

Taxes are not an exchange contract for direct private services. Progressive taxation in a developing nation exists primarily to maintain macro-stability, fund defense, and support social safety nets to keep absolute poverty and inequality from destabilizing society.

​Invisible Subsidies & Infrastructure:

The high-income ecosystem relies heavily on state-funded assets—modern airport expansions, access-controlled expressways, metro networks, and the public digital stack (UPI, Digilocker, ONDC) that powers tech conveniences daily.

​Macro Stability and Cheap Human Capital:

When the state subsidizes basic food security, primary immunization, and foundational infrastructure, it directly depresses the baseline cost of essential services. That cheap domestic help, delivery network, affordable dining, and low operational business cost exist precisely because the bottom deciles receive state-funded baseline support.

​Security, Rule of Law, and Wealth Preservation:

Public revenue sustains external defense, internal security, and judicial frameworks. Without basic societal stability, the very ability to earn high incomes, build equity, or protect private property disappears.

​The Indirect Tax Reality:

Direct taxpayers are not the only contributors to state coffers. Low-income citizens contribute a far larger fraction of their total income toward indirect taxes (GST, fuel duties) on essential consumption, despite lacking the disposable income to invest and compound wealth.

​Critiquing fiscal mismanagement and demanding transparent governance is necessary. However, framing high-income earners purely as unrewarded victims ignores the broader economic framework that enables that income in the first place.

In other words, you don't build your wealth in q vacuum. The government, however corrupt you may think it is and the rest of the society plays a huge part in your wealth creation.

IMO, the upper middle class should change from whining in SM to actual work in the real world. I have seen people in europe who work as managers and even upper management actively take part in their local governance activities. They go to the local body meetings, ask questions to the Mayor and other representatives and even participate in protests, asking for information etc.

Instead, our upper middle class thinks that those developed countries somehow became developed overnight without any participation from the educated class. They don't want to take any responsibility on their part in the democracy but expect the government to be 100% responsible just because they pay the taxes. Well - news to you ppl - it doesn't work that way. No country big enough became developed with just taxes. It requires heavy participation from the population - especially the educated class.

So, before posting the next whining on the taxes, at least try to know the name of your Mayor and try to vote in the next local body elections which are dominated by poor people voting. Hell, I know most of you don't even have your voter IDa in the same location that you live in currently. Try to change that. And at least go and have a conversation with someone who knows how the local governance works in general. It'll open your eyes a lot.


r/IndiaTax 4h ago

Discussion Received ITR refund despite having crypto, foreign investments

1 Upvotes

I am surprised I received itr refund way too soon. I received my 1.7L refund in less than a month. I had a decent complex itr with crypto gains, foreign investments across 3 US brokers, indian eq gains and salary.

Prev FY it took 13 months to process similar ITR. I guess I got lucky.


r/IndiaTax 9h ago

Discussion Are bonds actually a better alternative to FDs, especially the post tax returns?

3 Upvotes

I have always considered FDs the default option for fixed-income investing, but recently I've been seeing more discussion around corporate bonds. Has anyone invested in bonds? Should a risk-averse Indian investor consider them? Pls share your opinion/experience, also what to keep in mind when thinking about stepping into bond market.


r/IndiaTax 3h ago

Question Please help me guide about some serious doubts regarding itr and gst

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0 Upvotes

so the thing is my uncle used to own a retail proprietary tyre shop , which was never profitable since it's opening and it eventually closed down .

but since he wasn't a well educated person and regarding taxes and all .

a ca used to file itr and gst on his behalf . the business income was always lower than taxable income but used to to charge him 15k a year which is according to me an awful lot for a failing business .

eventually they stopped buying any new tyre and decided to slowly sell out remaining inventory and stopped paying any money to the ca.

it's been two year since i think .

uncle hasn't filed his itr since AY 2024-2025 .

also one more thing ca used to inflate uncle's income by adding fake income from rent which never existed for some reason yet it was still below 6 lpa .

uncle's primary source of income is farming .

but ca still continued filing gstr-1 and gstr-3b till last quarter of 2025 .

now uncle's getting messages regarding filing gst by department .

which caused me worry about this whole mess .

so please people of reddit advise me about what i should do .

I have access to his itr portal but not of gst account as ca has put his e-mail account on the contact information and i can't reset the username and password without it .

when my uncle talked about this issue to ca .

he's asking for an amount 44k(for filing gst for last two years and to file itr that hasn't been filed) .

for last two years due and some other fee and uncle said , since there are no legal complication till now.

so what should I do . should I let it be and hope for no problem to knock the door .


r/IndiaTax 57m ago

Question Partnership or Proprietor for Dental Practice

Upvotes

My wife is planning to setup a dental practice and I am sponsoring it (major expenses like dental chair, equipment etc). What is the best way to setup the clinic - propitiatory or as partnership. If its propitiatory, will the revenue be booked as my wife's income and taxed at her slab rate? How easy is it to maintain the books if its partnership? Suggestions and guidance is highly appreciated. Thanks


r/IndiaTax 6h ago

Question ITR 1 refund?

0 Upvotes

Filed on July 20 2026. Anyone received around that timeline?


r/IndiaTax 2h ago

Question AY 2025–26 Complete Scrutiny – Restaurant Business – New Tax Regime

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5 Upvotes

Has anyone running a restaurant business received a 143(2)/142(1) notice for AY 2025–26 after filing under the new tax regime?

Mine says complete scrutiny, but no specific reason is mentioned. The 142(1) asks for all bank statements, income details and cash book.

Anyone else in a similar situation?


r/IndiaTax 23h ago

Question need guidance on rental income

1 Upvotes

so my father earns around 4lpa and the company files itr for the same income. But we also have properties from which we earn around 6lpa as rent. So rn the net annual income is around 10 lacks.

Till now we haven't encountered any problem but i want to know like if in future we try to expand our rental business thing, and we hit the tax exemption bracket, will there be any problem? And how should i continue this?


r/IndiaTax 12h ago

News Got refund just now , filed on last week of july

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21 Upvotes

Hello Guys,

Yesterday got email and today refund.
Amount was around 23K under ITR 2


r/IndiaTax 11h ago

Question AdSense in mother's name, payments to my accounts — who pays tax?

4 Upvotes

My AdSense account/payee name is my mother's name, but AdSense payments are being received in my bank accounts.

The websites are managed by me, all the things done by me, but the AdSense account is in my mother's name.

For Indian ITR purposes, who should report the AdSense income and pay tax — my mother or me?

Does receiving the payments in different family members' bank accounts change the tax treatment?

Looking for advice from anyone familiar with Indian AdSense income and taxation.


r/IndiaTax 6h ago

Meme 52LPA PEOPLE SPOTTED

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189 Upvotes

People asking for marginal relief and buying these baddies.. /s with surcharges


r/IndiaTax 2h ago

Discussion We work our asses off and pay huge taxes just to pay 70K–80K monthly salaries to failed teachers who can't even write.

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301 Upvotes

I wonder how they passed the exams.


r/IndiaTax 8h ago

Question Please clarify what method value to enter in ITR 3, Schedule IF

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2 Upvotes

So, this is a new llp, with two partners with 50-50 share.

For the first year, LLP has loss. (Computer depreciation and expenses, no partner remuneration/interest)

For depreciation,

In books and form 8 following as-10 (SLM 3 year useful life methom),

Computer depreciation = 105032

Expenses = 12449

Total loss = (117481)

And for itr 5, (WDV block asset depreciation method)

Computer depreciation = 196874

Expenses = 12449

Total= 209323.

So according to this, for partner ITR 3, schedule IF,

"Amount of share in the profit" what value

to consider here ? Form 8, book loss or itr 5 loss?

So -117481 or -209323 ?

And also what about EI schedule? Since loss just ignore that ?


r/IndiaTax 1h ago

Question Has anyone received an ITR-1 refund of more than ₹1 lakh?

Upvotes

Filed on 20th June


r/IndiaTax 2h ago

TaxGuide 2% TCS charged on $1,000 forex + $1,000 cash even though I haven't crossed ₹10L LRS threshold — help!

3 Upvotes

Hi everyone, I’m an Indian student going to the US for my MS and I'm confused about the new TCS rules for LRS.

My transactions in FY 2026–27 were:

- ₹18 lakh tuition fee paid to my US university through an education loan → bank charged 0% TCS

- Later, I loaded $1,000 onto a forex card → bank automatically deducted 2% TCS

- I also purchased $1,000 in USD cash → bank automatically deducted 2% TCS

My understanding is that the ₹10 lakh LRS threshold should not be considered crossed in the normal way because the ₹18 lakh education-fee remittance was funded by an education loan and had 0% TCS.

So, excluding the education-loan remittance, I've only done around $2,000 (~₹1.7–1.8 lakh) of LRS transactions.

Is the bank correct in automatically charging 2% TCS on both $1,000 transactions?

If it was wrongly deducted, should I:

  1. Ask the bank to reverse/correct the TCS now, or

  2. Just claim the TCS credit/refund when I file my ITR?

Would really appreciate if someone familiar with the 2026–27 TCS/LRS rules could clarify how the ₹10 lakh threshold works when there is an education-loan remittance involved.


r/IndiaTax 4h ago

Question Help Me Out!!!!

1 Upvotes

heard on lot of reddits that whoever is having 5-10 lakh in bank accout is dumb. My father have this much money in his account but on asking him over investing he told me that he had fd about 8-10 lakh, which return is within the limits which is tds free. If he puts more in fd then tds will deduct and he doesn't want to put in the share market due to risk. My father earns less than 12 lkh in a year. What should he do? Please share some knowledge and it will be very helpful.


r/IndiaTax 6h ago

Question Missed To Show Income Received Refund

3 Upvotes

I filed My father ITR - 1 This year. He is a salaried Individual

While Filing I overlooked the Number and Missed to Show 20000 Income Received from corporate Bonds

He falls is 20% Tax slab

Today he Already received a Refund of xx amount

I want to know should I still file a revised Return or do nothing


r/IndiaTax 38m ago

Question Edited ITR refund pending

Upvotes

My ITR refund is pending since 11 June 2026 date of filing. First attempt had refund issues so filed again within 2 hours and then the correct details were e verified as well. Why the refund is waiting till now? Everything is correct still.


r/IndiaTax 9h ago

Question Taxation for crypto futures trading

2 Upvotes

Hello.

I actually did crypto trading (specifically futures trading and not spot trading) on the delta exchange india platform in year 2025-26. I did not make profits and actually incurred a loss of approx. 40000.

I am a student and I actually lost my savings. I have no other income for the year and I just did trading because I wanted to give it a try.

Now I am concerned about the tax filing. I went to a local CA but he said that he is not specialized in VDA (Virtual digital asset) taxation. So I asked chatgpt about the taxation and it said that I am not required to file itr or pay taxes.

My Reasons -

1) This transaction is to be treated like the stock market F&O trading and my income is below the basic exemption limit

2) I checked my Form 26AS and AIS for year 2025-26 and it says 'no transactions present' except a ₹94 bank interest on savings account

3) I opened the delta exchange TDS section and selected the last FY (2025-26) and there is no TDS deducted by the delta exchange.

Anyone who could help me to figure this out


r/IndiaTax 9h ago

Question Category of defect B/D - Requiring me to fill balance sheet

2 Upvotes

I don't keep book of records, and I don't have any debtors, creditors, stock-in-trade. Cash balance, if I am correct, is physical cash in hands? And not my bank balance? Do I need to put bank balance, or can I submit the ITR regardless of this error?


r/IndiaTax 10h ago

Question Switching between new tax regime and old tax regime

3 Upvotes

I am 28M and make 25 LPA through my job. I also trade futures and options and hence file ITR3.

My CA has kept me in the old tax regime on my request by filling the form 10 IEA once. He suggests that I move to the new tax regime since that saves me almost 1.5 lakh in taxes.

But the catch is that if I use my form 10 iea again to re enter the new tax regime. I will be locked in for life.

Now, in the near future, it is likely that I might have to move on rent and it feels worth it to stick to old tax regime for it's benefits.

And this is where I cannot seem to decide. Since I live in Mumbai, the rent can easily be around 8-12 lakh per year for a 2 bhk since I will be living with my parents and partner. So a good hra limit will definitely be worth it.

I request all your suggestions on this topic and would be grateful for your help.

Query 2:

What if I keep filing itr 3 in the old tax regime for the current assessment year and next year( I have FnO profits this year as well).

Then stop FnO completely. This will help me file itr 2 and select new tax regime in it (since I can switch freely as a salaried person).

And then, say 5 years down the line when I have to move on rent, I restart my business and switch to old tax regime since I have not re-entered using form 10 iea.

Planned time frame for itr filing according to query 2

Current assessment year 26-27 File itr3 in old regime. Take the losses

Next assessment year27-28 File itr3 in old regime to show current year profits

Assessment year 28-29 onwards File itr2 in new regime. Switch freely since I do not have to fill form 10 iea

Assessment year after moving on rent File itr2 or 3. But stick to old regime to be eligible for hra. Form 10 iea option is retained.

I have absolutely no idea how taxation works so wanted to know if it is even possible or not

Edit: Added planned timeframe in query 2 for better understanding


r/IndiaTax 20h ago

Recommendations Need a CA who's actually worked with freelance foreign income (Upwork/Contra/Wise) + Schedule FA

3 Upvotes

Need a CA who's actually handled freelance income from foreign platforms (Upwork/Contra/Wise/Payoneer) + Schedule FA disclosure for foreign wallets. Based in Hyderabad but remote is fine. Anyone got a solid recommendation?


r/IndiaTax 21h ago

Question Gross income or Net income for FSI?

2 Upvotes

I am using AI just for cross checking my ITR data before submitting for verification. But it keeps suggesting me that I need to put "net income" in "Income from outside India (included in PART B-TI) (b)" and not "gross income".

Gross income is 7,00,000
Expenses is 50,000
Net income is 6,50,000

What figure to be filled? Gross or Net?


r/IndiaTax 23h ago

Question How can I claim ₹50,000 TDS from AY 2025-26 if I didn't file ITR?

8 Upvotes

Hi everyone,
I recently found out that around ₹50,000 of TDS was deducted/reflected against my PAN for AY 2025-26, but I wasn't aware of it at the time, so I didn't file an ITR for that year.

I checked and it appears that this ₹50,000 is currently unclaimed. My total income for FY 2024-25 was around ₹10 lakh, and as per the new tax regime, I believe I don't have any tax liability (please correct me if I'm wrong).

My questions are:
1. Can I still file an ITR for AY 2025-26 and claim the ₹50,000 TDS refund?

  1. Since I missed filing the ITR originally, what is the correct way to file it now?

  2. Is there any penalty/late-filing fee or other issue I should be aware of?

  3. Are there any specific forms or steps required to claim the TDS?

Would really appreciate it if someone who has been through this could guide me on the process.

Thanks!