What should I opt Old Regime vs New Regime
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?
4 days 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.
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 ..
1 week 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.
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
2 weeks 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
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 weeks 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.
Income tax notice Under sec148
We have received an income tax notice under section.148 against my husband on 23.12.2023 who has passed away on 23.12.2021 with which I replied to the department of his demise by uploading death certi
3 weeks ago
A. Dear Client,
Section 148 of the Income Tax Act, 1961 grants authority to the Income Tax Department to issue notices for reassessment of previously filed income tax returns if there is suspicion of escaped income assessment. Such notices cannot be issued after three years from the relevant assessment year, except in cases where the Assessing Officer (AO) possesses evidence indicating escaped income. In such instances, notices can be issued up to ten years from the relevant assessment year, even ...ReadMore
CLARIFICATION ON OFF MARKET
i purchase shares from a demat account and transfer the same to another demat account of mine. if i sell shares from the 2nd dp what will be considered the purchase date (original purchase from the fi
1 month ago
A. Dear Client,
You might want to consult with a specialized professional who handles the buying and selling of shares to receive sound legal advice.
Exemption related to Batch Reunion Contributions
Voluntary Contributions from Batchmates for Reunion were deposited in my bank account and utilised for the same. It was a No Profit No Loss event and the Financial Statement has been consolidated indi
1 month ago
A. Dear Client,
For filing a Tax Return and claiming exemptions under the Income Tax Act, 1961, a detailed personal statement of accounts reflecting income and expenditures may be necessary based on your bank account transactions during the financial year. It is recommended to seek guidance from a Chartered Accountant (CA) or Income Tax Practitioner for further clarification and assistance with the necessary steps.
IT returns
By mistake for financial year 2024-2025 i declared my IT investment with proofs which was old tax regime for salary 6,28,000 rupees, IT deduced in TDS for January, But now I changed to New tax regime
2 months ago
A. Dear client,
The amount of tax you owe will be displayed on the I-T department website when you file your income tax return (ITR). However, the first question you are asked when filing income tax online, or when filing an ITR offline, is which tax regime to use: the old or the new one. Under the new regime, there will be a tax rebate if the taxable income is up to 7 lakhs under Section 87 of the new tax regime. The rebate limit remains at ₹ 5 lakh for individuals who choose to pay tax under ...ReadMore
Tax notice
Recieved show cause notice A.Y 2017-18 under sec.148 in the name of my father who has passed away on 23.12.2021. Death Certificate has been uploaded. Tax authorities came took legal heir certificate
2 months ago
A. Dear client,
A show cause notice against a deceased person is not legal as per Section 148 of the Income Tax act. Section 148 of the Income Tax Act, 1961 deals with the issuance of notice wherein any income is found to have escaped re-computation, r assessment or reassessment.
Any show cause notice against a deceased person is void ab initio which is null and unlawful from the beginning. Any show cause notice against a legal heir of the deceased is also void and unlawful. The Delhi High Court ...ReadMore
Updated itr3 under sec 139 8a how to show already refunded amt
Sir i had filed my itr1 on 12/07/2023 my net income was 4.53 lacs after all deductions.. I also received refund of Rs. 25040. But i realised that i had not shown my intraday trading losses around 2
3 months ago
A. Dear Client,
In the given scenario, where you initially filed an ITR1, later revised it to include intraday trading losses, and now intend to file an updated ITR3 under section 139(8a), you need to address the received demand and show the adjusted figures accurately. While filing the updated ITR3, ensure that you include all the necessary details, including salary income and intraday trading losses. If the system is not allowing you to file due to a mismatch in refund figures, it might be a tech ...ReadMore
