RENT AGRREMENT AND HRA
RENT AGRREMENT AND HRA
on my company CA advice for claim higher HRA exemption, i have notarize the rent agreement and paying rent last two years of rs 150000 per month to my mother through NEFT submitting rent receipt in o
6 months ago
A. Dear
Gather Supporting Documents: Collect all relevant documents, such as your NEFT transaction records, rent receipts, and other evidence that demonstrates the legitimacy of the rental agreement and the actual payment of rent to your mother.
Consult with a New CA or Legal Advisor: Seek guidance from a new Chartered Accountant or a legal advisor experienced in property and tenancy matters. They can provide you with expert advice on how to present your case in court and address any discrepancie ...ReadMore
ITR intimation didn't acknowledge my payment
I fileld ITR using online portal of income tax in July using online eform and was assessed tax of Rs. 55710 which I paid via a link provided in the online eform. Now in October, I have received intima
6 months ago
A. Dear,
If you have made a tax payment that is not being acknowledged by the Income Tax Department, you should take the following steps to resolve the issue:
Check Payment Status: Verify your payment status on the Income Tax e-filing portal. Ensure that you have paid the correct amount and that the payment has been successfully processed. You can do this by logging into your account on the e-filing portal.
Match Payment Details: Ensure that the details you provided when making the payment, such ...ReadMore
ITR HRA claim
I am showing Rs X being paid by me to my mother as house rent. I have also filed my mothers ITR taking the rent as the source of income. I have also transferred around 70% of X directly to my mothers
6 months ago
A. Dear
Correcting the Information: Since your Form 16 did not show the HRA exemption claimed by you, there is a mismatch between the income reported by you and the income reported by your employer. By selecting option 2, you indicate that you are in the process of revising your return to correct this discrepancy.
Regards
HRA
My PG owner refuses to give his PAN number. it is mandatory for me to provide during HRA submission.
7 months ago
A. Dear Client,
If you are required to submit your landlord's PAN (Permanent Account Number) for HRA (House Rent Allowance) exemption purposes, and your PG owner is refusing to provide it, you may need to take the following steps:
Request PAN Number: Politely request your PG owner to provide their PAN number. Explain that it is necessary for you to claim HRA exemption as per the tax regulations.
Offer to Share TDS: Assure your PG owner that providing their PAN number will not result in any tax d ...ReadMore
Income Tax Appellate Tribunal Order
Remedies available to the assessee where The Income Tax Appellate Tribunal passes order allowing the appeal in favour of the assessee and gives directions to the Assessing Officer implementation of wh
7 months ago
A. Dear client,
In any event, in accordance with the mandate of law, the appeal effect order has to be passed within three months of passing of the appeal order. In view of the above HC directs that necessary appeal effect orders and payments of refunds shall be made within the said period of six weeks.
Post office NSC interest will come in ITR prefill or ais
Kindly revert by email only soon. Kindly inform if post office NSC or KVP interest upon maturity will come in ITR prefill data or in form 26AS or in AIS or in both. We need this info for ITR filling t
7 months ago
A. Dear Client,
Section 194A of the Income Tax Act, 1961 governs the deduction of tax at source (TDS) on interest payments on investments other than interest on securities. The details of interest income on post office NSC or KVP and TDS for the respective financial year appear on both AIS and Form-26AS(ATS) of the Assessee and are available online from the official website of the Income Tax Deptt.
Selling a property in India
My son is an NRI in USA. He is selling a property in India. What are the tax implications like TDS/Capital gains/exemptions etc?
7 months ago
A. Dear Client,
1. TDS (Tax Deducted at Source): When an NRI sells property in India, TDS may be applicable on the sale proceeds. The buyer is responsible for deducting TDS at the prescribed rate and depositing it with the income tax department. The current TDS rate is 20% (plus applicable surcharge and cess) on the long-term capital gains. However, if the property being sold is agricultural land, the TDS rate is typically 1%.
2. Capital Gains: The sale of property in India could attract capital ...ReadMore
Income tax section 58 4
Income tax department send me notice to pay tax on Winning from card games ,
7 months ago
A. Dear Client,
In India, the taxation of winnings from card games or gambling falls under the purview of the Income Tax Act, of 1961. Here's how you might handle a notice from the income tax department regarding tax on your card game winnings, based on Indian laws:
Understand the Notice: Thoroughly read and comprehend the notice you've received. It should specify the assessment year, the nature of income being questioned (in this case, card game winnings), and the reason for the tax demand.
Gath ...ReadMore
ITR
Hi, I am salaried employee and I joined a company in July 2023, and now my salary is a taxable before this my salary was not under the tax bracket so I was not filling ITR. When will I be filling ITR
8 months ago
A. Dear client,
The old tax regime is good for you if you have invested more than Rs 3,00,000 in tax saving schemes. If you have invested or spent less than Rs 3,00,000, then the new regime will be better for you.
I was running a micro business
I was running a micro business till March 31 2022. My returns for have been filed for that period. I have closed my business effective 1/4/2022. In the balance sheet of 31/3/2022, there is some assets
8 months ago
A. Dear Client,
Since you've closed your micro business as of 1/4/2022, the assets and stocks still showing in the balance sheet as of 31/3/2022 might need to be accounted for. If you have sold or disposed of any business assets during the closure of your business, there could be potential capital gains or losses that need to be considered. If you are regularly filing income tax returns then must file income tax returns showing taxable income as zero. Capital gains can have tax implications, so it' ...ReadMore
