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Question & Answer


M

Mayank Niranjani

5 Sep 2025

I got some stock options (listed in NYSE) from my employer in FY 23-24. They added the equivalent cost in the "Gross salary" itself and also deducted the tax accordingly.
However I missed to report it under the Foreign assets in the ITR.
Now in this year's ITR, how should I report it?

No Reply  


A

Arant Agrawal

23 Jul 2025

I am looking to understand the NRI Income tax requirements for a person with Indian Income > 15Las. What is the maximum stay in India allowed

Replies (1)                          

CA Vanshika Bhardwaj       24 Jul 2025

You're not alone in wondering this, Arant — it's a common concern for NRIs. If your income from India is more than ₹15 lakhs in a year, then how many days you stay in India becomes really important for tax purposes.
To keep your NRI status- you need to stay in India for less than 120 days in the financial year.
Once you cross 120 days, the tax department may treat you as a Resident (Not Ordinarily Resident), which means:
1. Your Indian income will still be taxed.
2. Your foreign income won’t be (good news!)
3. However, you might lose some NRI-specific benefits.
If you stay 182 days or more, you’ll be considered a full Resident, and then your global income becomes taxable in India too.
In a nutshell, if your Indian income is over ₹15 lakhs, try to keep your India stay under 120 days to avoid complications.
We would be happy to walk you through how this applies to your specific situation, including key FEMA rules you should be aware of.

You can reach us at
Vanshika Bhardwaj & Company
vanshikabhardwajandcompany@gmail.com
+91 7838 440098

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J

Jagmohan

17 May 2025

My CA ( another state) called multiple times and i failed to respond due to my health condition :( after that my phone got stolen and i lost his phn no. Its been 5yrs i have been running my company without compliances but still active....what to do am going blank ?

Replies (2)                          

CA Deepak Kucheria       19 May 2025

We suggest to do the compliances now as the late fees and penalties increase on daily basis. Already its been too late which would cause you paying hefty penalty, so you have to get the compliances done asap. Kindly connect with us at +91-9911744028 or deepakkucheria@gmail.com.

CA Amit Kumar       19 May 2025

Hey, no worries — I completely understand. Health always comes first, and losing your phone must have made things even more difficult.

Now that you’ve reached out, don’t stress too much about the pending compliances. Even though it’s been five years, we can still work things out. Just share your company’s name and CIN (if available), and I’ll check the status and guide you step by step — ROC filings, tax returns, or anything else needed.

The good thing is the company is still active, so we have something to build on. Let’s take it one step at a time and get things back on track.

Feel free to call or message me whenever you’re ready: 7042776297.

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S

Sarang Bhutada

6 May 2025

I am looking for a project P&L calculation for purchase and lease-out arrangement for a commercial property.

Replies (1)                          

CA Deepak Kucheria       19 May 2025

Hi, We will prepare it for you. Kindly connect with us at +91-9911744028 or deepakkucheria@gmail.com

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V

Vinod

2 Mar 2025

I am a freelancer and currently file my taxes using ITR-4 under the presumptive taxation scheme (Section 44ADA). I maintain basic records such as income, expenses, and invoices, and my income has so far remained below the ₹50 lakh threshold.

I have a query regarding tax audit under Section 44AB:

If my income exceeds ₹50 lakh in the next financial year(25-26), making a tax audit mandatory under Section 44AB, will the audit be limited to this particular financial year only, or will the auditor also review records from previous financial years?

I would appreciate your guidance on this matter.

Replies (1)                          

CA Thammana Padma Teje Sree       12 Mar 2025

If your gross receipts surpass this threshold in FY 2025-26, the tax audit will pertain solely to that specific financial year. Auditors typically do not examine records from previous years unless necessary to verify opening balances or address specific discrepancies. Therefore, the audit will focus on the financial records of FY 2025-26 and not extend to prior years.

It's advisable to maintain accurate and comprehensive records annually to ensure compliance and facilitate any necessary audits.

I hope this clarifies your query

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