Tax for partioned property
Tax for partioned property
3cents of property is partioned into1.5 each. But we are getting tax for whole 3 cents each. May i know y??
9 months ago
A. Dear client,
The tax assessment on your property may depend on several factors, including local tax laws, assessment practices, and the specific circumstances of your property. Without more specific information about your location and the details of your tax assessment, it is difficult to provide a precise answer. However, here are a few possible explanations for why you might be receiving tax assessments for the entire 3 cents for each partitioned portion:
Unchanged tax assessment: If the pro ...ReadMore
Is multiple royalty applicable on usage of raw material
Hi, we procure lime stone for manufacturing of Soda ash, after the process some waste material be there mostly lime stone is there (not in its original form), when we procure lime stone from mines we
9 months ago
A. Dear client,
Yes, it is applicable. Section 9 of the MMDR Act 1957 provides that the holder of mining lease shall pay royalty to the government in respect of the minerals removed or consumed from the leased area.
capital gain
my grandfather received a land form refugee relief rehabilitation department west bengal . after his demise i sold this land for 35 lacs. do i need to pay capital gain tax on it???!!!
9 months ago
A. Dear Client,
A land gifted by the Govt. of WB to a refugee under the Refugee Relief & Rehabilitation Scheme to your grandfather, it got a locking period of 10 years from alienation/transfer of title to anybody. If the said immovable property left intestate by your grandfather then surviving family members/legal heirs become entitled to an equal share in the said property. Thus, the share of your father devolves upon you as an ancestral property which is also shared by all the legal heirs equally ...ReadMore
professional tax advise
can we ammend the registration certificate of PTEC after the grant of registration?? because i want to change my incorporation date of business.
9 months ago
A. Dear Client,
Both Certificates of Registration and Certificate of Enrolment are issued by the respective State Govt. under the Tax on Professions, Trades, Callings, and Employment Act, and both certificates can be amended on necessity and merit in the application of Certificate holders. Where the holder of a certificate of registration desires the certificate to be amended, he shall submit an application for this purpose to the assessing authority setting out the specific matters in respect of ...ReadMore
NPS investment
I have 80k NPS investment and 2 lacs 80c investment now can I claim 30k in 80ccd1 and 50k in 80 ccd1b
10 months ago
A. Dear client,
NPS account tax benefits extend up to ₹2,00,000 per annum for each individual. As an investor, investing this amount will make you eligible to claim ₹1,50,000 tax deduction under Section 80C and an additional ₹50,000 under Section 80CCD(1B). While there is no limit on the NPS maximum contribution per year, any investment above this threshold will not be eligible for tax deductions.
my mother has a plot on her name and she is house wife
my mother has a plot on her name and she is house wife,i am her only son,i took home loan and paying all EMI alonely. can i claim rebate in income tax under home loan
10 months ago
A. You can avail deduction on the interest paid on your home loan under section 24(b) of the Income Tax Act. For a self-occupied house, the maximum tax deduction of Rs. 2 lakh can be claimed from your gross income annually, provided the construction/ acquisition of the house is completed within 5 years.
A tax payer can deduct both the interest paid on a house loan as well as the principal amount that was repaid on the loan. In the case of self-occupied property, section 24 allows a deduction on th ...ReadMore
Insurance claim received on insurance
Under which section the insurance claim received on accident should be shown as exempted
10 months ago
A. Under Section 80C of the Income Tax Act, 1961, claims received against personal accident policies are not eligible for tax deduction. However, compensation awarded by Motor Accident Claims Tribunal – Interest awarded on compensation in motor accident cases cannot be considered as taxable income under the Income Tax Act, 1961- Interest on compensation awarded up to date of order of Tribunal or Court is also held to be not taxable.
Tds ducted under section 194b
I won 1 lakh in poker and when i withdrawal around 31k tds deducted under section 194b and i received 69 k in my account. My question is that at end of financial year i lost all my winning and now i a
11 months ago
A. Dear Sir,
The question purely related to Income Tax and Finance matters as such you may contact any chartered accountant or auditor for effective answer.
Tax Exemption
I live in Sixth Scheduled Area.Does my stock trading earning fall exemption income of under section 10(26) ?
1 year ago
A. Hello,
Under section 10(26) of Income Tax Act 1961 it is clearly states that any member of Scheduled tribe falling under clause 25 of article 336 of constitution of india is exempted from payment of income tax .
Tax evasion by individual
want to complain about tax evasion by individual in south Bangalore. Cold you please let us know whom should we write to in the Income tax department so that necessary action can be taken
1 year ago
A. Dear Client
For that, You can submit the complaint letter to the Income Tax Department's local office in South Bangalore or contact the Income Tax Department's toll-free helpline at 1800-180-1961 or file a complaint using the Income Tax Department's online complaint portal.
