Avi

[Neil Borate @ActusDei]

Welcome to the Hunger Games - Indian Income Tax Version

Every year the Indian State plays a version of hunger games with its taxpayers. Those who have made the mistake of earning RSUs (ESOPs) abroad by working in multinationals or those who have dared to invest abroad through entirely legal channels, trying to take some shelter from an ever-falling rupee, have to run the gauntlet of something called Schedule FA. This Schedule (along with other related parts like Schedule FSI) is an exam that only the most skilled CAs can pass - or they think they can, until the robot singing the song stops and a single foot has inadvertently moved ahead. You then get hit by the horrors of the Black Money Act. The funny thing is the real black money sits in crypto and that is way more relaxed in terms of reporting norms in Schedule VDA.

So let's go back to the hunger games. You have to know first of all that even if you have disclosed your foreign assets or income elsewhere, it must also be present in Schedule FA. Not just present, but in the right way with things like date of investment, peak balance and other minute details correctly recorded. It must be in calendar year although everything else in the ITR is financial year. You have to ensure that the asset is disclosed in rupees using the SBI TT rate (which SBI itself doesn't actually put out). Your CA has to be smart enough to fetch the TT rate from some website the unofficially records it from SBI. If by some miracle you've been a class topper and filled every single detail correctly, you could still end up with a notice. Because 'the system' has flagged it.

Most Indian citizens who invest overseas in listed equity have every intention of paying tax. There is a paper trail at every point - from the remittance to the actual investment with annual information sharing between countries. Sometimes, they make the mistake of thinking tax is payable when there is actually income (schedule FA applies even if you don't actually have any income from abroad that year) and fail to disclose it. If they don't 'do the needful' they are hit with a 10 lakh penalty if they're lucky and prosecution if they are not. In recent years, the State has waived penalty for small mistakes (up to Rs 20 lakh) but for many, the annual hunger games are a brutal as ever. As more and more people flunk the exam, the government has tried SMSes and 'nudge' to get them to pass.

But here's a simpler idea. Just prefill Schedule FA and FSI using the info you get from foreign countries and let citizens 'agree' with the tax. Just as happens with the AIS for all other types of income. Alternatively give a relaxation from hunger games for those investing in listed equity - these are not the black money people. They're just trying to make a quick buck by scoring the next Nvidia or they actually work in Nvidia.

Unless the State has every intention of playing these games so that scapegoats can be found, while politicians continue to sink black money into real estate and crypto without check. In that case, lose your best and brightest to Dubai, faster than ever.

[Avi @Avi_Twi]

@flipkartsupport @umakantwali @flipkartsupport @Flipkart Is it a new way to add to the top and bottom line by earning interest income. The orders worth a huge amount are wilfully delivered late.

[Umakant Wali 🇮🇳 @umakantwali]

I’m incredibly frustrated with this ordeal and done with constantly tracking and contacting support. I want to cancel my order and get a full refund immediately.@Flipkart @flipkartsupport

[Aviral Sangal @sangalaviral]

Even though I usually do not fall for the @CRED_club jackpots, but yesterday I just played the friday jackpot without having any hope of getting anything meaningful. But I scored the JACKPOT and it wasn't a small one. It included a Macbook, Ipad, Airpods Max and a TUMI bag worth INR 3.25L.

I filled out the form to receive the items and they took my PAN to pay the TDS on the jackpot. BUT few minutes back I get a call from Cred team that they had to cancel the jackpot because of some technical issue and they crediting back the coins and good will gesture INR 1K cashback.
@kunalb11

[Avi @Avi_Twi]

@umakantwali @IRCTCofficial @RailMinIndia Ticket 2024081812541 with @RailMadad @Rail

[Avi @Avi_Twi]

@umakantwali @IRCTCofficial @RailMinIndia @RailwaySeva @RailMinIndia
PNR: 4405551533
Train: 11312
Coach: S8

[Avi @Avi_Twi]

@umakantwali @IRCTCofficial @RailMinIndia #RailwaysHelp

[Umakant Wali 🇮🇳 @umakantwali]

@IRCTCofficial @RailMinIndia Train No : 11312 , Hi Sir, S8 is full of general ticket holder passengers. Can you please check and take appropriate actions .

[Avi @Avi_Twi]

@umakantwali @IRCTCofficial @RailMinIndia @RailMadad Please help