Income tax regime
Income tax regime
My salary is 1683000 and my basic 49088 per month and 80c deduction 150000 and nps 1500 per month and HRA allocated is 132000 and using 99896. Can you please tell me which regime is good and what I ca
2 years ago
A. Dear Client,
You may take advice from a chartered accountant who would have a better knowledge regarding the matter.
We are getting NPS management share @14%. Can we get the exemption all 14% under 80ccd(2) or we are entitled for 10% only
I am an employee of Kendriya Vidyalaya Sangathan, an autonomous body under ministry of education. We are getting NPS management share @14%. Can we get the exemption all 14% under 80ccd(2) or we are en
2 years ago
A. Dear Client
As per the Section 80ccd(2) you are allowed to seek tax relief only up to 10% of your salary. Section 80CCD (2) allows salaried individuals to claim deductions up to 10% of their salary which includes the basic pay and dearness allowance or is equal to the contributions made by the employer towards the NPS.
LTA for journeys during new year
I we travel during new year e.g. on 25th december 2021 and come back on 2nd January 2022 by Air travel, how will it be calculated in LTA claim?
2 years ago
A. Dear client,
It does not seem like these dates will be problematic for you since under a Leave Travel Allowance (LTA), one can claim LTA for two times in a block of 4 years. Moreover, the actual calculation depends on your salary as well.
Thank you.
Can I file ITR of a deceased person if the approval is awaited?
I have submitted the request to register as a Representative of Assessee as a Legal Heir on 12 Dec 2021 but its approval is still awaited from the IT department. So, can I file the ITR of my deceased
2 years ago
A. Dear Client,
As per the facts mentioned, after the demise of a person there’s no need to file ITR on his/her behalf.
HRA Exemption
I had opted for the new regime with my employer. However, I received a salary hike during the year. Now, my employer is deducting TDS. Can I claim HRA exemption by transferring rent to my parents in a
2 years ago
A. Dear Client
You are advised to get in touch with a chartered accountant for the same as a CA will be in a better position to help and guide you on this matter with more clarity and certainty. But legally be advised that creating a back dated agreement has its own fallouts
Loan on under-construction property
I am the sole owner of a residential flat in Kolkata. In 2018, I had purchased another under-construction residential flat in Mumbai in 50-50 ownership with my wife. We jointly took loan for the flat
2 years ago
A. Dear client,
All you questions are relevant for a Chartered Accountant and a CA will be the best person to clarify your questions. Hence suggested that you get in touch with a Chartered Accountant for your answers.
Taxation in NRE fund
My son in UK(NRI) having NRE account in India.I was in middle east,retired recently and back to India.Can I park my NRE fund at son's NRE account and then close my nre a/c and then open resident a/c?H
2 years ago
A. Dear Sir,
Please approach any chartered accountant or advocate specialised in the above matter.
I could have explained more if background is known to me.
Please give me FIVE STAR if satisfied by my answers.
Tax exemption for investment in 54EC bonds
I want to invest the amount received from sale of land in 54EC bond jointly with my wife. I was the sole owner of that land. Will I get tax exemption if I invest it as stated above?
2 years ago
A. Hi,
Asper section 54 of the Income Tax Act, taxation over capital gains from sale of property can be avoided by investing the money in other property or bonds. 54EC bond also comes under this category whereat is exempted. Thus, you can invest in the 54EC bonds to get such exemption. For further clarifications, please reach out to us.
If you like my answer, then please rate me.
Tax liability on commuted pension
I retired from a CPSU. I was the member of pension fund of LIC under NHPC self contributory and post retirement benefit scheme( I have switched over to HDFC life on my retirement). At the time of swit
2 years ago
A. Yes, commuted pension will be exempt as per Section 89 of Income Tax Act read with rule 21A(4) from taxability. Therefore, you can very well avail this benefit.
If you found this helpful, leave me a rating.
Is tax audit applicable in case of F&O transaction
I am resident individual having the following source of income for the AY 21-22 Business income Non speculative loss- 1,00,000 Speculative profit- 20,000 Income from other sources- Interest from FD-
2 years ago
A. Hi,
As an F&O trader if your turnover does not exceed 2 crores you can choose to declare income at the presumptive rate. Under the new clause, an audit is required only if a taxpayer has declared income at the presumptive rate in any of the previous five years but wants to declare losses or income at less than the presumptive rate in the current year, provided his total income in the current year exceeds the basic exemption limit.
Please rate my answer
Thank You
Ayantika Mondal @ Prime Legal
