ITR REFILING
ITR REFILING
I submitted my compliance against the SMS received from CPC department. Do I need to file the return again? if so, under which section? Because I have not received any notification from IT Department.
3 years ago
A. Hi,
You should wait till any further notice from the said department once the compliance has already been done.
Thank You
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Ayantika Mondal @ Prime Legal
Tanmoy Chattopadhyay
From 15H
I am 70 yrs old female. My total income is from FD interests totalling 3.5 lakhs. Can I sign 15H form and is it mandatory for me to file ITR. I am a house wife and not filed ITR till now.
3 years ago
A. It is advisable that you file Form 15H with your each bank where you have account if your income from your account and/or FDs and such other investments with banks is over a particular cap provided by the public authority to avail exemption from deducting tax otherwise tax might be deducted irrespective of the fact that you are housewife or not income tax payer. I think the cap is at around Rs 40,000/- in respect of interest at annual basis, however the exact figure you can check with your bank. ...ReadMore
Vaidehi Samant
Ayantika Mondal @ Prime Legal
Income Tax Pay or Not Clarification
My joining date is 1st March 2021 and my salary now increased to 7L package, previous company package 4.8L. Should I need to pay income tax for full of 2020-2021 or only for March month?
3 years ago
A. As per the provisions of the income tax . The person who crossed the basic exemption limit of 2.5lacs of gross income in the financial year is mandate to file the income tax return.
in this scenario already the previous company was paying the 4.8L package which means the income already crossed the basic exemption limit of 2.5L.
you must have to file income tax return. but i am assured that your tax payable in nill. It means no tax is payable.
if you want file the return without paying tax the ...ReadMore
Govardhan Marada
Ayantika Mondal @ Prime Legal
DEPRICIATION
i have constructed a godown and give it on rent to third party, i am claiming standard deduction on rent income generated under head income from house property can i also claim a deprication on godown
3 years ago
A. Hi,
Rental property depreciation allows real estate investors to take tax deductions for their property.
It will be your obligation to convince the court as to why your are claiming depreciation value. Further, it'll be the discretion of the concerned authority.
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Ayantika Mondal @ Prime Legal
Jagannath S Pawar
Tax benefit on a Jointly owned Home Loan
1). I have a property Jointly owned (registered) along with my Mother (Sr. Citizen). 2). I have taken a home loan along with my Mother to purchase the said property. 3). However it's only me who is co
3 years ago
A. Hi,
Yes, you should be eligible for such a benefit. However, we will need more details about your income to determine to what extent you will qualify for the same.
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Ayantika Mondal @ Prime Legal
EXCHANGE OF LAND BETWEEN TWO REAL ESTATE FIRMS IN IMMEDIATE VICINITY WITHOUT ANY MONETARY TRANSACTION. IS IT TAXABLE
EXCHANGE OF EQUAL LANDS IN IMMEDIATE VICINITY BETWEEN TWO REAL ESTATE FIRMS WITHOUT ANY MONETARY CONSIDERATION BY REGISTERED DEED. IS IT TAXABLE IN INCOME TAX. SINCE NO MONEY TRANSACTION IS INVOLVED A
3 years ago
A. Hi,
Yes, it is taxable. Income Tax will have to be paid for the same. Thank you
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Ayantika Mondal @ Prime Legal
LTA carry forward
I have made a purchase of goods in November 2020 with GST of 12% or more, but forgot to claim LTA in FY 2020-21. Can I claim LTA using same receipts in FY 2021-22?
3 years ago
A. Hi,
Leave travel allowance relates to transport costs and would not cover the purchase of goods.
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Ayantika Mondal @ Prime Legal
LTA cash voucher on goods
I got entitled for LTA in FY2019-20 of Rs 70k (Unclaimed in ITR). I haven't got any LTA entitlement for FY 2020-21. I have purchased goods in November 2020 for 2L. Can I claim LTA for FY2020-21 eFilin
3 years ago
A. Hi,
Yes, you can claim this amount for the financial year 2021-22.
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Ayantika Mondal @ Prime Legal
LTA on goods purchased
Can I claim LTA for traveling in a year different from the current financial year? For example, I have travelled in October 2019, can I claim LTA for that same travel in the financial year 2020-2021?
3 years ago
A. Hi,
Yes, you may go ahead and claim the allowance for this year.
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Ayantika Mondal @ Prime Legal
PARTITION OF HUF
Dear Sir / Madam, This is to inform that we have recently partitioned our Family HUF by mutual agreement by all members. There was only Bank account held by HUF, the amount of which we have distri
3 years ago
A. Hi,
1. Yes, but will need to provide proof of the same.
2. Either option is viable, but the deduction cannot be claimed before the income has been assessed.
3. We will be able to guide you through this.
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Ayantika Mondal @ Prime Legal
Jagannath S Pawar
