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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icon TCS deduction and filing

I bought foreign tour package in 11/2022 and paid it in EMI till 01/2023. Tour operator asked me to send a email reply on affidavit that 5% TCS is my responsibility and didn't deduct it. What to do?

1 Response(s)

8 months ago


A. Dear client,

Understand the TCS Provisions: Familiarize yourself with the TCS provisions under the Income Tax Act and ascertain whether the tour package you purchased falls under the purview of TCS.

Review the Tour Package Agreement: Check the terms and conditions of the tour package agreement to see if it mentions anything about TCS or tax responsibilities.

Seek Clarification from the Tour Operator: Reach out to the tour operator and seek clarification on why they did not deduct TCS and what ...ReadMore

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icon HRA benefit in New tax regime

Hi , I have started my first job recently. I have a option to take 5 to 50% HRA. I am opting for new tax regime. How much hra should I take? Is there any benefit if i take more than 5%?

1 Response(s)

8 months ago


A. Dear client,
50% of the employee's salary is eligible for HRA tax exemption if they live in any of the Metro cities of India. The metropolitan cities of India include Delhi, Mumbai, Calcutta, and Chennai. In case the employee lives in any other city, then 40% of the salary can be HRA exempted.

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icon Income tax show cause notice

Respected Sir, My brother in law has died in 2022 and income tax show cause notice came for AY 2018-2019 in my brother in law name. My sister is not capable to answer this notice and not afford any CA

1 Response(s)

8 months ago


A. Dear client,
The Income Tax Act, Section 234(F), authorises the Income Tax Department to charge a penalty for noncompliance with income tax requirements. If a taxpayer fails to answer to an income tax notification, they may face a penalty of up to 1% of the tax liability per month, with a maximum penalty of 100% of the tax amount.

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icon Income Tax

I deposited income tax via net banking, but IT Department says that payment is on hold because of no response from bank. The amount has been deducted from my bank and the bank authorities say that t

1 Response(s)

8 months ago


A. Dear client,
Please send a legal notice to the Income Tax authorities. If that doesn't work out, then file a case in the civil court for redressal of your issue

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icon Unfreezing savings account in Bank

Now that the IT tribunal has ruled in my favour, how do I unfreeze my savings account that was frozen after issuing a show cause notice to me by the IT AO?

2 Response(s)

8 months ago


A. Dear client,
We would advise you to produce the judgement from the IT Tribunal with a request for unfreezing your account

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icon Capital gain

Inherted a leased property , licensee was my father followed by my mother after death of father. I became licensee in 2017 by inheritance. My father paid rs. 2,15,436/- as premium as demanded by Lesso

3 Response(s)

8 months ago


A. Dear client, this is a finance issue. Consulting a chartered accountant shall be more beneficial for you

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