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icon Form10E

Sir i have never filed itr before though tax was deducted in those year. Now while filing form 10E in the current year can i show my taxable amount for the previous year whose arrears i got this year?


A. Dear Client,

Yes, you can certainly show your taxable amount for the previous year while filing Form 10E in the current year, even if you have never filed an Income Tax Return (ITR) before. Form 10E is used to claim relief under Section 89(1) for arrears or advance salary received in the current year pertaining to previous years. However, it's important to note that if tax was deducted in those years, you should have ideally filed an ITR to claim a refund of any excess tax deducted. Nevertheles ...ReadMore

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icon TAX INCOME TAX

WE HAVE FILED FORM 10A UNDER -"01 Sub Clause (i) of clause (ac) of sub - section (1) of section 12A" on 18 Jan 2022 for provisional registration by mistake. Now we want to resubmit Form 10A under this


A. Dear Sir,
You may approach any chartered accountant or auditor as your question involves income tax matter.

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icon Homemaker Wife investing with money earned by husband

I am a salaried person earning Rs 1 lakh a month. I transfer Rs 20,000 every month to my wife's bank account who is a homemaker. She has started a mutual fund SIP of Rs 20,000 per month. Lets say afte


A. Dear Client,
The income has to be computed according to their respective heads to calculate the taxable amount. It is important to analyze the intricacies involved in computation to answer the query precisely. It is advisable to contact a tax lawyer or a chartered accountant to guide you through the receipts and provide an appropriate legal remedy.
Hope it helps.
Thank you.

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icon Income Tax

My wife used to work earlier but now she is a housewife; she has her own trading account and we have been trading through it and she has also been filing her income tax returns for many years. Whateve


A. Dear Client,
The income has to be computed according to their respective heads to calculate the taxable amount. It is important to analyze the intricacies involved in computation to answer the query precisely. It is advisable to contact a tax lawyer or a chartered accountant to guide you through the receipts and provide an appropriate legal remedy.
Hope it helps.
Thank you.

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icon Crypto Trades

Hi, I am residing in Dubai and I have nre account. I did crypto trades both in AED and INR. I was using 1 lakh in INR for trading that was circled many times from AED to INR. Total amount was 1 lakh


A. Dear Sir,
You may approach any chartered accountant or auditor who is having expert knowledge in the said trade.

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icon Income Tax threshold for tax free pension

I am defence pensioner and fully retired. My defence pension is tax free as I am a gallantry award winner (this is approx. Rs 14 Lakhs PA). My only other income sources this year are interest from a


A. Dear Client,
It is important to identify and analyze the intricacies involved in your sources of income to calculate the taxable amount. The details on the same is vital to identify the head of income and precisely answer this question. It is advisable to connect with an Income Tax Practitioner or a Chartered Accountant to get assistance in this matter. They will be able to get into the nuances of the matter and provide a solution.
Hope it helps.
Thank you.

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icon What should I opt Old Regime vs New Regime

My current package has 28lakh fixed amount. I have a home loan of around 83 lakhs for 30 years. Can you please suggest which should be better for me old regime or new regime?

3 Response(s)

2 months ago


A. Dear Client,

To ensure you make an informed decision that best protects your interests in this matter, it's advisable to seek guidance from a Chartered Accountant (CA) or an Income Tax Practitioner. They possess the expertise and knowledge of tax laws and regulations and can provide you with proper guidance and advice.

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icon Exemption on interest education loan

I'm taking Higher education loan for aboard and my brother pay the Emi .. So. He claim in there income tax or not ..

3 Response(s)

2 months ago


A. Dear client, once you avail of an education loan, the interest paid (which is a component of your EMI) on the education loan is allowed as a deduction under Section 80E of the Income Tax Act, 1961. This deduction is available for a maximum of 8 years or till the interest is repaid, whichever is earlier.

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icon Tax query

Hello I am From Jammu ans Kashmir... I am a student and few days ago I joined a company as a payment collector I have few savings accounts for it... my job is to collect the payment from the users and

1 Response(s)

2 months ago


A. Dear Client,

Based on the limited facts you have stated, Take an assumption regarding the calculation of income tax in a financial year of your transaction where the amount is X from which 98% of X goes to the company and 2% Of X goes to you. if that 2% of the X is more than Rs.2.5 Lakhs then income tax needs to be paid to the Government. If it is less than Rs.2.5 Lakhs then income tax need not be paid.

Coming upon the transaction which you are dealing with :
According to section 269ST of t ...ReadMore

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icon Claiming Leave Travel Allowance while filing ITR

I receive around 15k annually as an LTA component in my salary from my organization. Now, as per organization's policy this amount can only be claimed for travel taken during a consecutive 3 days le

2 Response(s)

2 months ago


A. Dear Client,

If you claim the exemption for Leave Travel Allowance (LTA) in your Income Tax Return (ITR) without actually availing it, it could be considered income tax evasion. If your ITR is scrutinized by the Income Tax Department, you may face legal consequences, including penalties. It is advisable to consult with a Chartered Accountant (CA) or Income Tax practitioner for clarification and guidance on the matter before filing your ITR to ensure compliance with tax regulations.

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