icon Crypto

Hi, I wanted to ask about crypto. If i recieve my salary in crypto. And sell it at same price or in loss, still i have to pay 30% tax? Or i should file taxes in normal slab rates 1% tds also get dedu

1 Response(s)

7 months ago


A. Dear client,

In India, the taxation of cryptocurrency transactions depends on various factors, including the nature of the transaction, the holding period, and the individual's total income. If you receive your salary in cryptocurrency, it is still considered a form of income and is subject to taxation.

When you sell the cryptocurrency received as salary at the same price or at a loss, it could still be considered a taxable event. The tax implications will depend on whether it is classified as ...ReadMore

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icon 80 D Deduction

Sir,health insurance taken in the name of my wife.Wife is working as contractual in government department. Bt I pay the premium for his health insurance.Can i claim 80D deduction for this premium paid

2 Response(s)

8 months ago


A. Dear client,
as you are the principal proposer, you can claim a rebate under section 80D of the IT Act

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icon Itr 2

I have a overall loss of 2000 I n delivery stock trading. I don't want to carry forward the loss. Do I need to file itr 2

2 Response(s)

8 months ago


A. Dear client,
Losses sustained in the stock market can be leveraged to reduce your tax liability. Income Tax Act differentiates stock market transactions as "Capital Gains" or "Business Income" depending on various factors. Capital gains are further classified into long-term or short-term depending on the period of holding of shares. A long-term capital loss can be offset only against long-term capital gains. Whereas a short-term capital loss can be adjusted against both short-term and long-term ...ReadMore

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icon Income tax notice

Sir i am student I am using my father credit card he also pay tax But my query is that I am owner of cafe from which i earn 20k monthly,i open a business account on name of my cafe and i do transacti

1 Response(s)

8 months ago


A. Dear client,

Using your father's credit card to make transactions for your business and then paying off the credit card bill with your business earnings could raise some tax-related concerns, and you should be careful about such practices.

Here are a few points to consider:

Business Transactions and Accounting: Make sure to maintain proper records of all business transactions and keep your personal and business expenses separate. This includes maintaining clear records of the money transferre ...ReadMore

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icon TDS on employee contribution to PF above Rs. 2.5 Lacs

I had accumulated about Rs. 7.5 lacs of employee contribution in my PF account over a period of 8 years in my old company. I recently changed companies and transferred this amount in July 2021 to the

1 Response(s)

8 months ago


A. Dear client,
We would advise you to consult a CA or any person who is an expert in the financial field as this is solely a financial matter

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icon ITR

Can i skip to file ITR for a year and continue to file ITR from next year?

1 Response(s)

8 months ago


A. Dear client,

Skipping the filing of ITR for a year, when required, can lead to potential penalties, interest, or legal consequences. Here are some points to consider:

Legal Obligation: If your income exceeds the specified threshold, you are obligated to file your ITR as per the tax laws of your country.

Penalties and Interest: Failing to file your ITR on time can lead to penalties and interest charges. Additionally, it may create difficulties when you need to provide tax-related documents for ...ReadMore

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icon I have made profit in Fno and some STCG

I made 6500 gross profit in Fno in fy22-23 and some 300 rupees in STCG. Should I file my ITR and if yes then in which form? ITR2/3? My turnover for both equity and options is approx 43000 only

1 Response(s)

8 months ago


A. Dear client,
ITR filing is mandatory if income exceeds the maximum exemption limit. If investors instead make a loss on their F&O activity through the financial year, they have no income to report and as such do not need to file an ITR

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icon Books of account for salaried professional having F_O income

Dear Team, I am a salaried professional with income of 9 lakhs & I have F&O turnover of 4 lakhs with profit of 30 thousand. While filing ITR3 do I need to maintain books of account under 44AA

1 Response(s)

8 months ago


A. Dear client,
Books of accounts/accounting records have to be maintained if the gross receipts are more than Rs. 1,50,000 in 3 preceding years for an existing profession. This also applies to a newly set up profession whose gross receipts are expected to be more than Rs. 1,50,000.

The accounting records to be kept have been prescribed in Rule 6F. The below professions are required to maintain Books of accounts/accounting records:

Legal
Medical
Engineering
Architectural
Accountancy
Technical con ...ReadMore

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icon Arrear on salary /Tax Deduction

(1) Sir,i have got arrears for last two years(for nursing allowance) in my account from the employer.But this arrear was not given with salary(it was given separately in the mid of march). Sir,but thi

1 Response(s)

8 months ago


A. Dear client,
Please ask your employer to show the proof of arrears of salary. Else the relief cannot be claimed.
In case of receipt in arrears of any sum in the nature of salary, relief can be claimed u/s 89. In order to claim such relief, the assessee has to file Form 10E. The Form must be filed before filing the Return of Income.

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icon I get conveyance allowance in my salary slip. Is it tax free?

I get conveyance allowance,internet allowance in my salary slip. Is it tax free?

1 Response(s)

8 months ago


A. Dear client,

Yes, you can. Irrespective of which tax slab your income belongs to, you can avail a tax exemption of Rs. 1,600 per month or Rs. 19,200 per annum as the conveyance allowance exemption limit set under Section 10 sub-section 14(ii) of the Income Tax Act (1961) and Rule 2BB of Income Tax rule.

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