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Dear Client,
HRA exemption is allowed under section 10(13A) of the Income Tax Act. Further, Rule 2A of the Act stipulates the conditions to be satisfied to claim HRA exemption. One of the conditions given in Rule 2A is: the allowance must be specifically granted to the employee by his employer to meet expenditure actually incurred on payment of rent in respect of residential accommodation occupied by the assessee. Accordingly, the HRA exemption will be available only in respect of the rented res

Dear client,
You can book the loss from the early termination of your post office term deposit on your tax return by adjusting the interest earned. Although you cannot directly deduct the penalty paid, you should reflect the actual amount earned by reporting the total interest received and then subtracting the penalty to calculate the net interest income. For example, if you earned ₹8,000 in interest but had to pay a penalty of ₹3,250, you should report ₹4,750 as your net interest income i

Dear sir,
You may immediately check with your chartered accountant and accordingly get draft legal notice and threaten to initiate to file civil and criminal case.

Dear Client,
The sale of agricultural land may be exempt from income tax under certain conditions specified in the Income Tax Act, 1961. If the agricultural land is situated in a rural area, it is exempt from capital gains tax under Section 10(37) of the Income Tax Act. Rural agricultural land is defined as land that is not situated within specified limits of a municipality or cantonment board having a population of 10,000 or more, or within specified distance from such municipal limits.

If you

Dear Client,

In your situation, since you sold your plot at a net loss, you indeed have a long-term capital loss rather than a gain. According to Indian tax laws under the Income Tax Act, 1961, particularly Section 48 which deals with the computation of capital gains, you can set off the capital loss against any other capital gains you may have in the current year or carry it forward for up to eight assessment years to set off against future capital gains.

To reflect this in your Income Tax Re

Dear Client,
Under Section 195 of the Income Tax Act, 1961, NRIs are required to pay TDS in the range of 10% to 30%. For income generated in India, non-resident Indians (NRIs) are required to file income tax returns. UPI transactions in India are taxed in a similar manner to that of Income from Mutual Funds and fixed deposits. UPI transactions are considered income from other sources and are taxed under Section 56(2) of the Income Tax Act. TDS applies to such NRIs for any amount generated from b

Dear Client,
It is important to serve the required notice period and adhere to the exit procedure to avoid the issues of PF overlapping. In case of overlapping, you have to rectify the discrepancy between the joining date and exit date of the company to avoid future disputes and overlapping. If there is an overlap in the PF records it might show dual employment during the background verification. So, in this case, you need to approach the office of the Regional P F Commissioner and seek to resol

Dear Client,

Under Section 194J of the Income Tax Act, any entity except individuals or Hindu Undivided Families, paying a resident for professional or technical services, must deduct TDS at a rate of 10% from the payment. The threshold for TDS under this section is Rs. 30,000 per financial year, calculated separately for various categories like professional fees, service fees, non-competence fees, and royalties.

Dear Client,

The Capital Gains Account Scheme, introduced in 1988 by the Central Government, is a fixed deposit account with select banks, used solely for exemption under Section 54 of the Income Tax Act. Participating banks include Syndicate Bank, Central Bank of India, IDBI Bank, Bank of Baroda, State Bank of India, and Corporation Bank. To open an account, visit authorized branches with necessary documents. The account can't be held for more than 2-3 years from the asset transfer date. Inte

Dear Client,
A financial year ends on 31st March of the year and the assessment year of that FY ends on 31st March of the next year, In between an income tax assessee has to file an ITR within the due date of filing through the respective form online to get back the TDS if on the computation of his gross income from all sources and after deduction of the standard rebate available to an assessee under I T Act, the taxable income qualify for the refund of TDS deducted by your employer. It is alway