Tax
icon resident status

in the tax year 2022-2023 I was out of india for more than 180 days. this year i started the year outside of india, and came back to visit india and have stayed here for more than 60 days but will lea

1 Response(s)

6 months ago


A. Dear Client,
I would like to inform you that determining your residency status for tax purposes in India is governed by the Income Tax Act, 1961. As per the Act, an individual's residency status is determined based on the number of days spent in India during a financial year (not the calendar year) and certain additional criteria.

To determine your residency status, you need to consider the following criteria as per Section 6 of the Income Tax Act:

1. Resident Indian: If an individual is pre ...ReadMore

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Tax
icon Internet alliwance

I get internet allowance in my salary slip is it taxable or not? Amt is rs 1000 per month

1 Response(s)

7 months ago


A. Dear client,
As per Rule 3(7)(ix) of the Income Tax Act, all telephone/internet reimbursements which employees get for conducting their official duties are not taxable. Thus, individuals can claim a 100% tax exemption on the billed amount.

These reimbursements include the following:

Landline bills
Mobile phone bills
Mobile internet bills
Home Wi-Fi connection bills
According to government rules, there is no prescribed limit on the amount of reimbursement the employer can provide. However, it ...ReadMore

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icon income tax rebate on home loan taken in 2013-14

Can I get an income tax rebate against home loan interest ?? I have taken a loan in 2013-14 and got possession by the supreme court receiver in 2022-23, till this financial year interest amount is mor

2 Response(s)

7 months ago


A. Dear Client,
As per Sec.24(b) of the Income Tax Act, 1961, in respect of self-occupied residential house property, you can claim a tax deduction of up to Rs. 2 lakhs on the interest incurred on capital borrowed from the Bank/FI for the purpose of acquisition or construction of house property. The deduction shall be allowed if capital is borrowed on or after 01-04-1999 and acquisition or construction of house property is completed within 5 years. With effect from Assessment Year 2020-21, the ded ...ReadMore

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Tax
icon ITR filing

I filed ITR-2 in previous years . This financial year i have no transactions in stock , f&o or any capital gain( P&L statement has no transactions record). Only dividend and interest on savings accou

1 Response(s)

7 months ago


A. Dear client,
ITR 2 is required to be filed only when you have income from the sale of shares and securities or mutual funds. It is not mandatory if you have no income from those sources.

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icon Revert to old tax regime when switching from professional to salary income

I have professional income declared for FY 22-23. Opting for new tax regime is saving me significant amount of money for the current ITR. However, in the current financial year (FY 23-24), I will not

2 Response(s)

8 months ago


A. Dear client,
Individuals with business income will not be eligible to choose between the two regimes every year. Once they select new tax regime, they have only once in a lifetime option for switching back to the old regime. Once they switch back to the old regime, they won't be able to choose a new regime anytime in future

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icon Extra TDS due to inclusion of exempted allowances in Gross Salary

Sir, I have checked my Form 16 where I have noticed that Travelling Allowance(Exempted to the extent received), Uniform Allowance(Exempted to the extent received) Risk & Hardship Allowances( Upto 13

1 Response(s)

8 months ago


A. Dear client,
If you, the taxpayer are not satisfied with the computation, you can contact the income tax officer or request a comprehensive report online. The extra TDS deducted will be credited to the taxpayer's bank account, which must be specified when completing income tax returns electronically.

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icon Arrear on salary

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 this ar

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 Query regarding TDS deduction on rent paid to UAE-based NRI property owner

Hello, This is to request your guidance regarding TDS deduction by the tenant before paying rent to the NRI owner of a residential property in India. I live in a rented flat in Noida, U.P., paying a r

1 Response(s)

8 months ago


A. Dear client,
Tenants paying rent on properties owned by NRIs are required to deduct 31.2% tax at source and submit the aggregate amount to the tax to the relevant tax authority. So yes, you can deduct the TDS

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Tax
icon I am getting risk allowance

I am getting risk allowance as state police personnel and posted in LWE affected district shall I claim exemption u/s 10(14)(ii) rule of Income Tax under Highly active field area compensation

2 Response(s)

8 months ago


A. Dear client,
This is solely a matter regarding your finances. Please consult a relevant chartered accountant who may assist you better

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icon Taxation in crypto and resell advertisment

1. In crypto Income tax = sale price - cost price. But what if I buy 1000 usdt (86 INR/usdt, for example), after that got in debt 100 usdt from foreigner and sold all this quantity - 1100 usdt (87 INR

2 Response(s)

8 months ago


A. Dear Sir,
Please consult any Auditor or Chartered Accountant as issue related to Tax matter and they are well versed with the said subject.

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