Bro's asking Dark Web appropriate questions here just cuz this platform is anonymous... LMAO 🤣🤣🤣

Well I am not gonna ask on LinkedIn eh. Curious if people are as open about this on anon platform as on other topics.

Software Engineer

Security Engineer

Yeah dude, all of these people are called politicians

😂 but at the end of the day those who fear get screwed

AIS is not full proof. It even gets MF units wrong. Anyway, such transactions don’t come into AIS.

Design Verification

I am talking about non cash transaction and income is from a company not person. I’ve only heard the tale that it’s fine to skip as we’re not big fish and given the population, only certain automat...

Welcome to Personal Finance's Private Community

I am talking about non cash transaction and income is from a company not person. I’ve only heard the tale that it’s fine to skip as we’re not big fish and given the population, only certain automated triggers can get u noticed. Mostly it’s cash deposits or so, just wondering if someone has been fine skipping such income for tax and never gotten into trouble?

Has anyone skipped taxes for other income & remain unnoticed?

Has anyone skipped taxes for other income & remain unnoticed?- Grapevine

Just want to get inputs from those who freelance along with being salaried. I am wondering how people do ITR filing when they’re directly receiving payment from their clients abroad (inward remittance) on their own name (no company created for offering ur service) as well as have their monthly salary ? As much as I’ve read you would be filing ITR-4 but then wouldn’t this reveal to ur current or next employer that u worked 2 places?
Really curious to know as it’s ITR filing time.

Wouldn’t ITR be a mess for salaried employee who also freelances?

Quite curious about this because my understanding is that government is more watchful about cash credits. So would transactions like someone paying u through Wise/Brex/Paypal and the likes get recorded with expectation of us declaring it as extra income for tax ? I am not talking of inward remittance. Another example is u held some paytm gold for few years but now u sell some of it. Is it ok not to mention any of this while filing ITR? Anyone has some experience do share.

If a credit doesn’t show up in AIS, is it still tracked/recorded for tax?

Welcome to News Discussion's Private Community

Here's why there is criticism on FM

Growth Manager

Any full time employees freelancing here? How do you manage your taxes? Also, is it a violation of corporate policies?

Welcome to Office Gossip's Private Community

As the title suggests, I'm a lawyer and good at what I do. Haven't got anything better to do, so AMA.

Very happy to assist startups and young businesses as well!

I'm a lawyer; AMA.

Lawyer

Welcome to Software Engineers's Private Community

hey folks do you declare any side/freelancing income information during return filing?  
if your side hustle is over 5L but less than 20L, will you declare or keep it hidden?

income tax on freelancing

Engineering Manager

Hey folks,
I want to dip my hand in freelancing.
My job is quite laid back and i have a lot of free time.

I have been grinding leetcode in my free time but I'm bored of it. So, I decided why not use this to expand my real working knowledge and earn some side income too.

Any experienced freelance person, please guide on how to start and where to. I know it takes a serious hustle to break the first client. But starting itself seems daunting to me.

Thanks for your time

Start freelancing

I see many of my colleagues consulting CAs for ITR filing and getting huge returns. What I gathered from their filings were bogus Health Insurance claims, fake HRA claims etc being utilised for showcasing huge deductions. These filings were done along with ITR 2 to somehow bring down the income.

Can anyone shed light on this practice? Are these legitimate CAs ? Is this not illegal? Don't they get caught ?

Note: This post is not to undermine CAs, but to understand how few CAs are doing this ? And is there really a way to decrease your taxable income, without having legitimate investments in the first place.

CAs and Tax Evasion

Test Engineer

Welcome to IT Company Discussion's Private Community

So.. Around 2 years back I got my first payout of 50k as a referral bonus for a friend I referred to my company. 

Around same time.. My team had a few positions.. So i put it on linkedin and got a decent response.. Got another referral.. 

Next year.. I decided to scale it.. I started putting multiple posts on linkedin for positions across my company and started streaming the responses on google sheet. Having a big linkedin network of 20k helped. 

This year I scaled it to 4L a year... But then it all stopped after one fine day there was a HR circular to not undertake commercial level sourcing of profiles on linkedin.. And only refer ppl I know. 

It's a different matter that I could manage to source almost 20-40x more relevant profiles as compared to my HRs even with their third party agencies. More than half of my team members are my referrals :). 


While scaling this hustle.. This is what I learnt. 

1) You will get lots of spam.. I feel sry for some candidates .. But sometime even civil grads will apply for semiconductor jobs. 

2) Better to invite applications using a google form with proper filters.. Only serious ppl will apply. 

3) Do not refer everyone.. Reduce your effort and only refer candidates who have a chance. 

4) Engage with candidates, followup after interviews. 

5) Do not trust your employer will automatically honor referral payouts if you don't track.. I literally lost more than 2L coz of inefficient referral tracking system. 

6) Control your greed.. Even if you scale up.. Limit yourself to a decent no.. Say 2L a year.. Referral policy is for company's benifit.. They will shut you down one way or another if they find you are gaining. 

7) Handling it at scale is a lot of work.

What Using/misusing employee referral policy has taught me.

Never heard using referal as a side hustle. Great job

Data engineer

This is known issue but as an developing nation, this needs to improved and worked upon

The Data for % of Tax Payers are Insane

Software Developer

Warning: This is a lengthy post. 

Filed some salaried ITRs during this tax period. Following are some of the common mistakes which can be avoided

1. If you have changed jobs ensure that income from previous job is disclosed to the current employer and TDS gets deducted correctly. One basic check you can do is the TDS deductions made by new employer should not be lesser than monthly deductions done by your previous employer unless you have lower CTC compared to your previous job or have additional deductions.

2. During Feb/March take your bank statement, trading account statement and declare the income from capital gains, dividends and interest to your employer, so TDS can be deducted accordingly. Helps in avoiding surprise cash outflow in July and saves from paying interest @ 1% per month on this tax

3. If you have ESOPs/RSU from Foreign Companies this should be disclosed in Foreign Assets and liabilities schedule. Some employers would have opened bank accounts in that country to settle your ESOP transactions. This is also required to be disclosed under foreign bank accounts. If the ESOPs and RSUs are from unlisted Companies then it also has to be disclosed under unlisted shares held. Additionally if you are Indian resident as per the Income tax law (most of you will be) your global income becomes taxable and any dividend received on these ESOPs or capital gain on sale of ESOPs of foreign Companies has to be offered to tax. However, if there are taxes deducted on these transactions the same can be claimed by filing Form 67.

4. For current year if you are in salary bracket above 20 lakhs then new regime will be beneficial mostly unless you have housing loan interest  from Self occupied property. Under new regime Employer contribution to NPS up to 10% of basic salary can be claimed as exemption.

5. Get a good consultant today itself and plan the your finances accordingly. In case of salaried individuals there are very less avenues to save tax after March

Income Tax

Chartered Accountant

IT department sending moonlight notices apparently 

https://twitter.com/ravisutanjani/status/1689301324158930945?s=46&t=-Y8gJsKWsnMPnWZzk9ilMQ

Careful if you’re a moonlighter

Product Head

Guys... I made some good decisions and ended up having an opportunity to pay myself 36 LPA but, that means, about 9.4LPA tax.

What do I do? I want to get a home loan so keeping a higher salary would make the banks happy but then I also lose almost half of it to taxes.

Any advice from high earners and other fellow startup founders?

Tax 😨😨😱

Founder

Welcome to Fintech India's Private Community

Just downloaded my form 26 to be prepared for tax filing and found out that my company hasn't made any TDS payments. It just says no transactions are present. What are my options cause I am getting a little scared now 🥲?

Found out that my company hasn't made any TDS payments

AI Engineer

is there any risk involved with this? please comment if you been submitting fake receipts since a long time and how you do it.

Has anyone skipped taxes for other income & remain unnoticed?

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