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Jul 10 • 8 tweets • 1 min read
7 Funny Tax Related Question asked by Clients !!

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#sundayvibes
1)      Can I Claim in case of Cumulative  FD of 5+ years interest as long term capital gains or indexation benefit?
2)      Why I need to pay capital gain Tax on Mutual Funds when I already purchased new MF?
3)      Can we claim depreciation on car use for travel to office in Salary Income ?
4)      If I give I phone to my mother in law can I claim depreciation?
5)      Father-in-law : Can I get deduction on expenses incurred on Marriage ?
6)      I got my hand fracture, can I claim deduction in 80U for disability?
7)      Last one wired though not in relation to tax, but when client know I am doing LLB….I had a break up my GF, can all expenses on her recovered by sending legal notice ?

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More from @CAChirag

CA Chirag Chauhan Profile picture
Jul 11
16 years before on 11 July 2006 Mumbai Train Terror attack changed my life forever, those who don’t know do read the thread

#MondayMotivation #CAChirag
School Days : I was promoted in std 8, scored first class for first time in SSC & continued scoring first class in all college years. Lost my father when I was in HSC too young to handle it.

Now I am CA. Remember your past performance do not define your future
My father always told me to do a professional degree, and then you can pursue whatever career you want, as it will be like backup to fund your life in monetary terms.

You should always listen to parents advice as they have wisdom through life experience
Read 15 tweets
CA Chirag Chauhan Profile picture
Jul 9
Know 24 different investment and expenditure you can claim in 80C upto 1.5 Lakh while filing your tax returns

Taxpayers do share so no one miss to take tax saving benefits this year and also plan for coming year
1. ELSS: An ELSS is the only kind of mutual fund eligible for tax benefits under Section 80C. Returns 12 to 15% Lock in 3 years
2. NPS: National Pension System (NPS) is a retirement benefit Scheme introduced by the Government of India to facilitate a regular income post retirement to all the subscribers. Returns 8 to 10% Lock in Till age 60
Read 25 tweets
CA Chirag Chauhan Profile picture
Jul 8
11 hidden / unpopular / less known tax deduction or benefit Salaried Taxpayer miss while filing Income Tax Returns
1)Taken Home loan from Friends or Relative to buy new house? Interest payment can be claimed as a deduction under section 24.
2)Exemption on medical bills of uninsured parents - If you have senior citizen parents who are not covered under any insurance policy but took medical treatment, taxpayers can claim a deduction on their medical bills u/s Section 80D up to Rs 50,000
Read 12 tweets
CA Chirag Chauhan Profile picture
Jul 6
14 Mistakes taxpayers usually makes while filing their income tax returns in India
1) Not disclosing all bank accounts - in future if income tax identifies non-disclosure may send notice. Current tax laws also require you to provide details of all bank accounts that were closed during the financial year.
2) Not showing exempt income like interest, gift received - Mentioning all of these different incomes along with their sources is mandatory at the time of filing ITR even if such income is exempt from tax.
Read 15 tweets
CA Chirag Chauhan Profile picture
Jun 29
Shocking news : E&Y - Ernst & Young significant No of Auditors do not qualify to hold CPA for several years as most of them cheated on exams for several years …. Read the 🧵
Ernst & Young has been slapped with a record $100 million fine from the US government after regulators discovered that the company knew some of its auditors were cheating on exams for several years and did nothing to stop it.
EY admits, over multiple years, a significant number of EY audit professionals cheated on CPA exams & various CPE required to maintain CPA licenses, including ones designed to ensure that accountants can properly evaluate whether clients’ financial statements comply with GAAP
Read 5 tweets
CA Chirag Chauhan Profile picture
Jun 25
7 Advantages of filing ITR even if total income is below exemption limit < 2.5 Lakhs
1)It is an Income Proof for any small business which can be used to get insurance and other products. Further it serves as proof of accumulated earnings over the years
2)It helps in Hassle-free visa application procedure, as at times visa authorities ask for copies of past tax returns
Read 9 tweets

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