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@betterbymyself The pdf had more details. Tax audit (in case of 95% non cash transaction) is now needed only if revenue exceeds INR 10 crore.

@kla2 We think we're a couple of years away from all capital gains data also being readily filled. With SEBI and CBDT agreeing to exchange data, seems only a matter of time.

With the budget 2021 done and dusted, looks like we can start focusing on the year ahead. Few changes made to tax laws. However, big news is obviously that there is no new tax or cess. Definitely a situation of no news is good news here. We know you’ve received Whatsapp forwards from a million...

@revealedtruths This is the best explanation possible :) This is absolutely correct.

@gunderson500 Without being too specific, the names you said do come to mind. We'll have to go through some of our past data to check this. Some data is inaccessible right now due to the lockdown. May take some time.

@gunderson500 It's a little dicey to be honest. We've seen mutual funds report transfers also under SFT. Their thinking is they want to be safe and not be penalised for not reporting

@n2ustarzphawl Our understanding is STPs and switches will be included. Usually the system is unable to distinguish between a fresh purchase or a switch.

@seekingmuch ITR 2. Assuming you sold the investments

@hectorlph Unfortunately yeah. There's no other solution if the company is not willing to revise their return. There's no way to adjust in the next year's return - it'll cause the same mismatch again.

@hectorlph Unfortunately, there's no way for you to reduce the bonus amount in FY 2019-20. What you'll have to do is request the old Company to revise their TDS return for FY 2018-19 reducing the amount shown as paid to you (since you returned the money). Subsequent to that, the Form 16 will...

@disciple1997 Okay perfect. Then you can go ahead and pay the dividend.

Just to add. You'll have to pay tax at your slab rate on whatever dividend you pay yourself. So plan the dividend amount keeping in mind the taxes.

@disciple1997 Since you're the sole shareholder and sole director it doesn't really matter. A simple resolution should suffice. Amount is also okay assuming this is out of profits for the year after providing for depreciation.

@disciple1997 Okay so a couple of things. Assuming you are the only shareholder of the company. You must also be a director of the company I assume? In that case you file ITR 2 for yourself and ITR 6 for the company. Coming to the withdrawal, there's a couple of ways to do it - One is you...

@resjudicata Advantage is that your CA will spend more time on your Return and will probably thank you for starting early. We actually did a thread on why it's a good idea to start early. Linking here - Why to file return early. Yes. Deadline for FY 2019-20 is extended to 30 November. Lots...

@resjudicata Yeah it seems like most Form 16s are pending. But if you're working with your CA, they can start preparing the computation without the Form 16. Once the Form 16 is available it's a simple cross-verification.

@cjs17 ITR 2 in most situations

@cjs17 Then it has to be reported. Show it under exempt income (assuming this is Equity oriented mutual fund).

@cjs17 More than 2.5 lakh?

@cjs17 You have other income? Or just LTCG on equity mutual funds?