CA Chirag Chauhan’s Post

23rd July Budget Day What is your wishlist? Mine 1) Reduce MMR to 30% 2) Salaried Zero Tax up to 10 lac 3) Remove Old Scheme and add HRA in new 4) Give Tax breaks to those who have paid taxes for the last ten years continuously 5) Startup new business exempt @nsitharaman

ICAI disciplinary body can act against CA Firms Good to see court impose fine of ₹1 lakh each on PWC & others!

Investors waiting for correction

31 July - Comming soon!!

8 reasons why you should avoid filing your ITR free at negligible cost, like < Rs 500, etc, on private online portals! 1) Lack of Data Privacy—Most online sites claim they do not use your data, but there are no free lunches. Most of them may directly or indirectly sell your data! 2)Leakage of Crucial Income Tax data if the server is not encrypted. The personal and confidential income tax information, when compromised, would lead to severe consequences for the taxpayer 3) Data collected by free online return filing portals might be misused. Income tax information collected intended for return filing purposes can be misused and exploited by unethical people or businesses to take benefit of vulnerable people 4) Mis-selling products: The portal may use your information to cross-sell other products, such as insurance, under the guise of ‘saving tax’. It is not wrong to save tax, but it is better to evaluate, as most of the time, sites sell products in which they earn high commission 5) Sharing of income-related data can lead to cases of identity theft. Identity theft occurs when someone uses another’s personally identifying information, like their name, identifying number, or credit card number, without their permission to commit fraud or other crimes One of the major categories of identity theft is tax identity theft. A common method is to use a person’s authentic name, address, PAN, and Aadhar to file a tax return with false information and have the resulting refund directly deposited into a bank account controlled by the thief. 6) No maker checker control while filing returns through free portals. The portal will accept any information from the taxpayer when filing, whether the information is accurate or not. Lack of maker checker controls in place will lead to the wrong filing of ITR’s 7) Forget to provide the necessary information in ITR Not many people are aware that there exist certain types of income for which your income tax liability is zero, and the same is required to be reported while filing ITR, like agriculture income, holding foreign bank accounts, etc 8) Validation of taxpayer information is done rarely. If the portal files the return in the wrong form, the tax officer, while processing the ITR form, may consider the return so filed as a defective return under the provision of section 139(9) of the Income Tax Act, leading to notice Hire a professional vs. online filing free—Paying professional fees and filing will not only avoid tax notices, but professionals also provide value-added services of saving tax beyond traditional ways by proper tax planning. The cost-benefit of hiring a professional is huge for Taxpayers.

Backbenchers in school, when they pass without grace marks, feel they should get the same respect as rank holders, & start disturbing the entire class! This has nothing to do with what is happening in parliament

4 CAs - #CADay Cake cutting in office

We CAs are the backbone of 🇮🇳 Financial System. Our dedication, integrity, and expertise are invaluable to the financial world. Thank you, all CAs, for your tireless efforts and contributions. Wishing all chartered accountants a very Happy CA Day 2024!

Budget 2024 should make one change when 🇮🇳 Wins World cup, price money received by players should be Tax free @nsitharaman RT if agree #T20WorldCupFinal

Mice die in mouse traps because they do not understand why the cheese is Free. The same thing happens with - People filing ITR for Free Online