HRA benefit in New tax regime
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%?
9 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.
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
9 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.
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
9 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
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?
9 months ago
A. Dear client,
We would advise you to produce the judgement from the IT Tribunal with a request for unfreezing your account
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
9 months ago
A. Dear client, this is a finance issue. Consulting a chartered accountant shall be more beneficial for you
Leave encashment exemption under sec 10 (10aa)
I worked for a Private (non government) Indian employer for 10 years and recently resigned. In the last 3 years of my job, I was working for the same Indian employer but from overseas (USA). I recentl
9 months ago
A. Dear client,
If you were working abroad, then you would have paid taxes abroad. Hence, you cannot claim leave encasement as exemption under section 10aa of the Income Tax Act
tell me if it is under tax evasion or not
like their is a person retires in govt. services he only shows his pension to the bank statement but he is running a hostel and he didn't showing that statement to bank he takes cash from hostel peopl
9 months ago
A. Dear client,
This is tax evasion, since there is an alternate source or income that the person is not declaring in their income tax filings
Income Tax on ULIP Maturity
I purchased ULIP plan of SBI Life (No insurance) on 06 March 2007 with yearly premium Rs 60000 which was matured on 06 March 2022 with a fund value of Rs 2478000.I bought annuity of whole amount and g
10 months ago
A. Dear Sir,
This matter is purely related to financial and income tax as such it is better to consult any auditor or chartered accountant.
My gross income after standard deduction
My gross income after standard deduction is rs.1047568 annually. I am paying a home loan of emi rs.17000 monthly. Can you advice on how much income tax I have to pay? I am salaried. And how much shoul
10 months ago
A. hi client,
You need to consult a tax consultant or a Chartered Accountant , for such assistance.
Thanks and Regards
Simi Paul
A. Dear Client,
Agricultural Land in Rural Areas in India is not considered as capital asset. Therefore, any gains from its sale are not taxable under the head Capital Gains.
As per Section 2(14) of the Income Tax Act, 1961 agricultural land in rural areas does not treated as Capital Assets.
