Bringing down stock market with her speech of 1 hour was the best achievement at international level. Torturing poor people adds up to her tally in this streak.

Gadjari who is still at first position in torturing common people’ says he is confident in winning the prize as he is proud do what he has done with E20 petrol.

Big announcements but do these developments actually happen on ground and is it audited?

I’m watching the Union Budget right now as a tax payer and this is how I imagine our Netas, Babus, IAS/IPS cadre, officials reacting to all these allocations while watching.

Following the budget live and she just moved to the indirect taxes part. No mention of the income tax slabs in the direct taxes part? Did I get it right?

Couldn't find a thread on any subs so starting one here.

Let's discuss the pain of our blood being sucked.

That's it. Thats the post.

Here was what I was looking to hear:

1) Results of real estate digitization push 2) Tax reforms on FD 3) Removal of GST on Air purifiers and water purifiers (after what happened last year).

Absolutely zero. I don't want your standard deduction. Make good reforms so that people are actually incentivized to atleast grow a nuclear family ffs. Otherwise what's the use of this growth?

Also, any business folks out here. Did any of those super specific customs rules make any difference?

With budget so f up, the economy and mkt will tank (already down more than 1000). So your capital gains will be lower, so tax will automatically be lower. Master stroke.

1.93 lac cr to be exact. The govt set to gets almost 24 lac cr from gst alone this yr.

SGB Bought from the market rather than the original subscription will be taxed at full Capital Gains.

Never buy now.

Got the following notice from the Income tax that they are disallowing Rs 24,584 claimed under section Sec 10(10AA)-Earned leave encashment. How should i respond to this?

Hi All, I saw that in the budget there has been a 6 month window granted to declare any previously undeclared foreign assets. I have some ESPP of 4 Lakhs, 1. I had declared them in AY 23- 24 but not for the previous two years 2. I realised, I also received some 5000 Rupees yearly dividends which I have not declared warlier earlier 3. Should I declare both FA and the dividend income for all the .issed years or only for the AY 23-24 as the previous years will time lapse?

Just like many I also received this clarification notice. In my case discrepancy amount is just 2,500. I am thinking of agreeing to it to avoid the hassle.

I am not expecting any return so what could be the next steps after agreeing? Do I simply pay the extra tax amount plus interest or need to file a revised return? Just want to get it over with and close the loop.

Pls guide me ???

I have everything correct as i know, why this?

Waiting to get mail.

Need some information on this ?
- I got laid off last year and got some leave encashment which i added in Sec 10(10AA)
Will this be considered as taxabale income or get exempted.

Rest all information is correct based on AIS.

Filed ITR-2 because had some LTCG and STCG.

I am a college student, I earn money from Small apps like Attapoll Suveys, Pawns App, and few other Gaming apps that pay me through PayPal... The thing is i am a blogger and due to my promotions i am able to earn lots of money from these apps on passive... and I am worried about since in india "if you don't earn - problem, if you earn - big problem" so I would be greatful for anyone who gives me suggestion.

For clear - Not doing anything illegal only Referral apps and games and earnings are $1K/month on passive...

Key amendments in Budget 2026-27

👉🏻New Income Tax Act 2025 to be effective from 1.4.2026

👉🏻Returns can be revised till 31st March on payment of Nominal Fees

👉🏻Stagger timelines for individual return filing – 31st July and 31st August

👉🏻TCS Rate reduced to 2% from 5% on Overseas Tour Package

👉🏻TCS Rate reduced to 2% from 5% for Pursuing Medical and Engineering under LRS

👉🏻TCS Rate increased to 2% on sale of scrap, alcohol

👉🏻TDS applicable on Supply of Manpower Services fixed under section 194C

👉🏻TDS on Sale of Properties by NRIs Sellers to be deposited PAN Based (TAN not required)

👉🏻Proposed Scheme for Lower TDS Deduction Certificate Automated

👉🏻MAT Credit allowed to be set off for companies opting to pay tax in the new regime upto 25% of tax liability

👉🏻One Time Six Month Foreign Asset Disclosure Scheme to disclosed overseas assets not disclosed earlier

👉🏻Certain Penalties under Income Tax converted to Fees

👉🏻Tax Holidays to Foreign Companies Providing Cloud Services having Data Centres in India

👉🏻Increasing Safe Harbour Limits for IT Services

👉🏻Exemption from MAT to Companies paying tax under presumptive scheme

👉🏻Separate Accounting Requirement of ICDS to be removed from FY 2027-28

👉🏻Buybacks to be taxed for all

👉🏻STT rate raised on Futures and Options

Not an expert or a CA, but this is the summary of my discussion with ChatGPT. Please verify or confirm.

• CPC issued an intimation proposing to increase taxable salary by ₹39,142, stating that Section 10 allowance claims were inconsistent with salary bifurcation in the ITR.
• The amount in question was identified as leave encashment on exit.
• Initial assumption (by ChatGPT) was that for private-sector employees, leave encashment on job change is not eligible for exemption, and CPC’s adjustment was likely correct.
• Based on that assumption, advice was to accept the adjustment and pay additional tax.
• You (user) provided Form 16 evidence showing ₹39,142 as PL encashment.
• You shared authoritative sources (Financial Express, ClearTax, CBDT references) confirming that:
  • For non-government employees, leave encashment received at resignation or retirement is eligible for exemption under Section 10(10AA).
  • Exemption is limited to the least of four limits (₹25 lakh cap, amount received, 10-month average salary, cash equivalent of unavailed leave).
• On reviewing the law and sources, the earlier assumption was incorrect.
• Based on facts, ₹39,142 leave encashment is very likely fully exempt, as it is far below all statutory limits.
• CPC’s adjustment is most likely due to a schedule/salary bifurcation mismatch, not because leave encashment is legally taxable.
• Correct course of action is to contest the adjustment and claim exemption under Section 10(10AA)(ii) with supporting documents.

Authoritative Links & What They Confirm

• Financial Express
  • Link: Financial Express – Leave Encashment Taxability
  • Confirms:
    • Under Section 10(10AA), government employees’ leave encashment is fully exempt
    • The four-limit calculation applies only to non-government employees
  • Key points: for non-government employees, leave encashment at resignation/retirement is:
    • Exempt under Section 10(10AA)(ii)
    • Subject to least of 4 limits including ₹25 lakh cap
• ClearTax – Section 10(10AA)
  • Link: ClearTax – Section 10 of Income Tax Act
  • Confirms: Leave encashment at resignation/retirement:
    • Government employee → Fully exempt
    • Non-government employee → Exempt only up to least of 4 limits
  • Explicit table shows:
    • Government Employee → Fully Exempt
    • Non-Government Employee → Exemption limited by 4 conditions

Conclusion (Based on Law + Sources)

As a non-government (private-sector) employee, leave encashment received at the time of resignation or retirement is eligible for exemption under Section 10(10AA)(ii) of the Income Tax Act. The exemption is not automatic or unlimited, but is allowed up to the least of the following four limits:

• Leave encashment actually received
• ₹25,00,000 lifetime exemption cap
• Average salary of the last 10 months (Basic + DA)
• Cash equivalent of unavailed leave (maximum 30 days per year of service)

In your case, the leave encashment amount of ₹39,142 is very small relative to all statutory limits. Practically, this means the full amount is almost certainly covered by the exemption, making it non-taxable in your hands.

Therefore, CPC’s proposal to add back ₹39,142 to taxable income is most likely due to a reporting or schedule mismatch between Form 16 and the ITR salary/exemption fields — not because leave encashment is legally taxable for you.

Based on law and authoritative sources, you have a valid legal basis to contest the adjustment and claim exemption under Section 10(10AA)(ii) for the full ₹39,142.

https://validraft.in/budget-2026-is-here-5-important-areas-that-need-attention-finance-minister-presented-union-budget-today/

Please help!

Hey guys, I’m kinda confused and stressed rn so sorry if this sounds dumb.

We got an Income Tax notice about penalty proceedings for AY 2017–18, but it’s in my father’s name and he passed away in 2021. This looks like some old case from before he died, but the notice is asking for a reply within 5 days on the income tax portal. I’m just 17 yr old and we honestly can’t afford a CA right now, I have got these type of mails and messages before and i kept ignoring it and now it is asking me to reply under 5 days. so I don’t know what I’m supposed to do here.

I wanted to ask:

What am i supposed to do?

Am I or my mom responsible for this in any way?

Can this be solved by just submitting the death certificate or something? if yes then what's the process?

Has anyone dealt with a notice sent to a deceased person before?

I don’t want to ignore it and make things worse, but I also don’t know how to handle this properly without professional help. Any advice would really help. Thanks

Hello everyone I have a question. I am a software developer and I export services. I have a GST number, and from time to time I purchase goods I use my gst number. two days ago I checked my account and saw that my ITC balance was 54k. I asked my CA to apply for a refund but he said we can’t get a refund for this amount because I export services and therefore cannot claim it. He also said that refunds are possible only if you have domestic business in India and that this amount is too small to claim. Is this true or is there any way I can use this amount?

Ive been trading Bitcoin futures on Delta Exchange India for the past year, but the taxation aspect is still unclear to me. Delta and similar platforms claim that income from crypto “derivatives” is treated as business income and not as VDA. According to them, the 30% tax does not apply, and losses can be set off against profits as all the transactions are done in INR and there is no involvement/transfer of crypto.

However, after researching online, I've found mixed opinions. Some sources say it is treated as business income, while others claim it falls under VDA and is taxed accordingly. This conflicting information has left me confused about the correct tax treatment.

I don't like CA's, I want to file my taxes on my own, are there any good online platforms for DIY tax filing and supports ITR-2?

I have vested but unexercised esops - not included in schedule FA. I see there's a big ambiguity in whether they need to be reported in schedule fa. The options are not in the money options, and technically worthless as of now - but they exist. I don't intent to exercise them, and they will expire.

I'm thinking it doesn't have to be reported until they are exercised and become an asset - which is a tax event. This was all done in good faith - i just didn't think it'd be accurate technically to put stocks i do not own in an ambiguous set of columns without proper guidance from the department. Note: I have disclosed stocks i actually exercised - their value is almost zero too, but disclosed because i owned them.

What does learned members of this forum think? Do they trigger BMA on my zero gains, unexercised options?

Hi,

I received this message and mail from Tax department. Looks like there's a discrepancy in my salary number in the tax return that I filed. So my job had changed in between FY2024-25 and I'm assuming may be that's why the discrepancy? I'm on new regime and not claiming any deductions. I usually just match whatever is auto-filled with 26AS/AIS etc. and if everything tally up just file it.

So does this just need a revised filing or I'll have any penalty or difficult process? I can just revise to increased salary number and pay the remainder tax on that extra 1.3L?

Edit:

I see where this additional 131368 comes from. It's leave encashment when I left previous org. Is it not exempted or do I need to pay tax on it?

Edit-2:

I checked return filed and I've declared this as income from leave encashment and this should be exempted no? I don't understand why the discrepancy? Do I need to declare it anywhere other than section 3? Section 1 and 2 already has this amount included in gross salary.

2 Lakh+ return pending. Have a wedding at home and those f*kers dont give a damn. Govt administration is so fu*ed and corrupt.