How is crypto tax free?
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Your AIS will show these types of entries.... Verify AIS before you file your Income Tax Return....
- Thread starter RAMESH BABU N
- Start date
- Replies 64
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by simply not disclosing it and using dex
There won’t be any issues for anyone who does any kind of transactions which are genuine and declared appropriately…
Whatever data they are are showing now/ will be shown in ais soon in near future is already there with ITD for a long time…
It is just now getting shown back to the tax payers for their understanding and visibility purposes…
ITD has access to all this data for last several years
RAMESH BABU N
TF Legend
My take.
How many TaxPayers are reporting interests earned on ALL their SB accounts ? Including POSB n digital bank accounts (like Airtel Payment Bank, NSDL Bank... ).
AIS will show all such data. You need now to disclose it in your ITR.
Similarly, many share market investors do not calculate n disclose the STCG and LTCG in their ITR.
AIS will show all such data. You need now to disclose it in your ITR.
Due to 360 degrees scanning, since last 2 years, now ITD has a lot of info about you. And, on your incomes n expenditure. Your foriegn trips, your CCs, your DCs, your dealings in MFs, Cryptos, properties, Lockers, investments, movable Assets...
May not be 100% accurate - but closing the gap by leaps n bounds.
How many TaxPayers are reporting interests earned on ALL their SB accounts ? Including POSB n digital bank accounts (like Airtel Payment Bank, NSDL Bank... ).
AIS will show all such data. You need now to disclose it in your ITR.
Similarly, many share market investors do not calculate n disclose the STCG and LTCG in their ITR.
AIS will show all such data. You need now to disclose it in your ITR.
Due to 360 degrees scanning, since last 2 years, now ITD has a lot of info about you. And, on your incomes n expenditure. Your foriegn trips, your CCs, your DCs, your dealings in MFs, Cryptos, properties, Lockers, investments, movable Assets...
May not be 100% accurate - but closing the gap by leaps n bounds.
No need to worry! For the NSCs and such, just keep all your yearly tax payments well-documented, to be able to prove that they add up exatly to match the tax liability based on any consolidated report from the PMG. --- I believe the CBDT are well aware of such issues.
As indeed they must also be about the fact that the AIS is an work-in-progress. At least it has been so thus far. It is so very inaccurate in reporting various things! Necessarily so, because quite often the people responsible for reporting are not on top of things, and look at this work as a burden!
As a result the AIS reports have various things reported very wrongly.
Although CBDT apparently expect us to find those out and report, I have found it to be an intractable problem. More so, because banks usually don't help and fall silent (at best! One SBI employee once asked me to take my business to another bank!).
So my solution has so far been to ignore the AIS so far as the intractable data are concerned, because I'm quite on top of my finances, with everything well-documented, and nothing to hide. So if CBDT come knocking someday because of some AIS issues, I'm sure I'd be able to satisfy them, and tell them to go fix the AIS themselves!
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Deleted member 26954
TF Premier
Irony is that IT department is doing all the hard work to milk more & more tax from only 4 Crore tax payers whereas there is a market share of 36 Crore household still to be tapped. Whatever they do & they also know that it is NEXT to IMPOSSIBLE to bring these 36 Crore household under tax net.
Indians are SO SMART that they dodged demonetization and converted their BLACK money to White (99.8% Currency was returned back to RBI)
Indians are SO SMART that they dodged demonetization and converted their BLACK money to White (99.8% Currency was returned back to RBI)
Attachments
doraemon
TF Legend
The thing is
Even after several more demonetisations
People will still be rotating their money and will never get caught (I mean it ,except some big ones)
I know someone who converted 2 crores of 500-1000 notes in just 5 days just by having some good rapport with managers
Deleted member 26954
TF Premier
People who follow rules are screwed the most and those who break the rules are are rewarded the most..I learned this hard truth the hard way.
doraemon
TF Legend
Yes
What I have learned is
Money is the key everywhere
If u have money u have everything at your tip
hariselio
TF Premier
This is true.. happened to me few years before. I had to submit all the proofs including my travel documents, tax paid in other country...
Was working in one of the Schengen country for three years(2012-15) . Later in 2019, almost after four years, Intelligence & Criminal Dept from Income Tax Chennai office sent a postal letter to my hometown asking so many details like the income received, why i went there, how much tax paid there and what is the income during that in india and did i pay tax for that like this so many details 🙁 They had complete details of the income i received there and more questions on how much tax i paid there and did i had any income here in india.. bla bla. They got all the details from there including my permanent address in india which i have given in that country.
I was in Bangalore that time and no one my home(hometown) opened that letter, then later after a month they sent another letter asking why i've not replied and asking me to reply with in a week or so. Even that also no one opened. Then 3rd letter came with more strict warning like there will be criminal action against me if i dont respond with in a week. Usually in my home they stack all the letters mostly from banks/insurances/shares in my room and I check only whenever i visit.
By now i visited my home and saw all those letters 🙂 Initially bit scared because i did not store all the tax returns from that country. Anyways luckily i had maintained the mobile number from that country as i was using bank account for few more years after i left. So logged in to tax portal there and downloaded all and sent mail with all travelling document, employment details, work permit.. and reason why i did not reply for earlier letters.
After that no response from them. Hopefully no more letters 🙂
I was in Bangalore that time and no one my home(hometown) opened that letter, then later after a month they sent another letter asking why i've not replied and asking me to reply with in a week or so. Even that also no one opened. Then 3rd letter came with more strict warning like there will be criminal action against me if i dont respond with in a week. Usually in my home they stack all the letters mostly from banks/insurances/shares in my room and I check only whenever i visit.
By now i visited my home and saw all those letters 🙂 Initially bit scared because i did not store all the tax returns from that country. Anyways luckily i had maintained the mobile number from that country as i was using bank account for few more years after i left. So logged in to tax portal there and downloaded all and sent mail with all travelling document, employment details, work permit.. and reason why i did not reply for earlier letters.
After that no response from them. Hopefully no more letters 🙂
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And this applies to every facet of life and the salient feature of Kaliyuga !! Unfortunately…
Income tax babu seeing this and sennding notice to Dada to disclose IP.
there are even ways to buy it via tor, so for those who are willing to learn and exploit this corrupt system no one can stop them.
Thanks for this warning.
I was just about to start working on our tax returns.
Now I'll wait till July 1.
Every year, always file your return in the first week of July.. Not earier than July 1 , not later than July15 ..
RAMESH BABU N
TF Legend
And, verify (and re-verify) each entry in AIS/TRACES before finally submitting the ITR. More so, the TAN details in the TDS section and breaking up the dividends recieved into the specified periods. Even 1 rupee difference results in non-acceptance.
It is better n prudent to spend another half an hour extra in such re-verification than in spending a lot of time/effort later in filing REVISED returns.
Oh man the struggle I faced last year ☠️