Some interesting things I learned from income tax filing last few years.
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1. For someone like me who does direct equity + foreign stocks (Google), filing it myself is too complex. Been using ca parths +91 98246 53531 help last 3 years. Charges me very nominal rates. Very professional. Fast. Efficient.
2. We have to pay tax near the event of income. I am supposed to pay tax on this income once a quarter. The interest rate they charge is 18% per annum. If you made 10 lakhs in apr 20 & file taxes in Dec 21, you would have a lot in interest on tax.
3. A quick dirty easy way is to approximate how much gains you made through equity, pay maybe 10-15% of that as advance tax.
incometaxindia.gov.in/Pages/tax-servβ¦
The process is rather straightforward. maybe like 5-6 clicks.
incometaxindia.gov.in/Pages/tax-servβ¦
The process is rather straightforward. maybe like 5-6 clicks.
4. If you end up paying extra in income taxes in advance tax, you can always ask for a refund in ITR filing (it's called income tax RETURN for that reason).
Government pays 6% interest on extra tax paid. That's actually much higher THAN FD RATES OF SOME BANKS. π
Government pays 6% interest on extra tax paid. That's actually much higher THAN FD RATES OF SOME BANKS. π
5. My ca tells me that these days government seems to be automatically processing refunds in few days to try & save on their interest payments.
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