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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

Dear Client,
TDS is applicable on the purchase of immovable property wherein the sale consideration of the property exceeds or is equal to ₹ 50,00,000 (Rupees Fifty Lakhs). TDS @ 1% should be deducted by the purchaser of the property on the Date of Payment or Credit to the Seller whichever is earlier. The tax so deducted should be deposited to the Government through challan-cum-statement in Form No. 26QB electronically within 30 days from the end of the month in which the deduction is made. In

Dear Client,

A Current account, commonly known as a business account, is a type of bank account designed for businesses, corporations, and trusts with a high volume of transactions. It is not intended for direct personal transactions. To manage personal expenses, one should initiate a funds transfer from the current account to a savings account, often referred to as drawings. This allows the use of the transferred funds for personal purposes. In a proprietorship, distinguishing between persona

Dear client,

The amount of tax you owe will be displayed on the I-T department website when you file your income tax return (ITR). However, the first question you are asked when filing income tax online, or when filing an ITR offline, is which tax regime to use: the old or the new one. Under the new regime, there will be a tax rebate if the taxable income is up to 7 lakhs under Section 87 of the new tax regime. The rebate limit remains at ₹ 5 lakh for individuals who choose to pay tax under t

Dear client,

The TCS charge would increase the amount you are paying for the total trip. Under the new regulations, a 5% TCS is applicable to foreign travel.

Please ensure that while filing your ITR, fill out form 26AS and maintain bank transactions with regard to the foreign transaction. The timeline for paying on between 1st April to June, the TCS return should be filed by 15th July. It is advisable to pay during the financial year of the trip as you may be required to prove foreign transac

Dear client,

As per the income tax benefit for financial year 2023-2024, you will not be charged for transfer for housing loan. However, you may be entitled to tax benefits. You may be exempted from tax for up to 2 lakhs as per Section 2 of the Income Tax Act.

Thank you

Dear Client,
Capital gain is broadly calculated as Capital gain = ( full value of the consideration received on transfer) - ( cost of acquisition of capital asset + cost of improvement of capital asset + expenditure incurred in connection with transfer of capital asset). In the case of long-term capital gain, capital gain = final sale price - (transfer cost + indexed acquisition cost + indexed house improvement cost). LTCG is calculated based on the market value(MV) or the set forth value whiche