Nine O Six
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Recent activity by Nine O Six-
How is income tax collected by the government?
The government employs three methods for tax collection, which are as follows: Tax voluntarily paid by the taxpayers through various banks designated by the Government. For example, Advance Tax an...
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Is it permissible for an individual with an annual turnover or gross receipts exceeding Rs. 2,00,00,000 to opt for the presumptive taxation scheme U/s 44AD?
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What happens in the case of the death of the Sukanya Samriddhi Account Holder / Depositor (i.e the guardian or parent of the girl child)?
In case of death of legal guardian or parent of girl child, the scheme can either be closed, and the money is given to the family or the girl child. Alternatively, the scheme can keep going with th...
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What is the definition of "appurtenant land" as used in Section 54?
In Section 54, "appurtenant land" refers to the land attached to the main property, typically used for the same purpose or connected in use to the main property being transferred. This term is ofte...
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If I transfer my house to my unmarried minor child, will the income from the house property be taxable in his hands?
No, If you transfer your house to your minor unmarried child without adequate or no consideration , you are generally presumed to be the 'Deemed owner' of the property. However, this rule doesn't ...
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Are MLAs / MPs / elected representatives eligible for the same tax exemptions and deductions as employees and professionals in India?
No, MLAs/ MPs/ elected representatives are not eligible for certain exemptions and deductions that are available to an employee. However, there are certain exemptions available to them.
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Who is the Assessing Officer? How can I find my Assessing Officer?
The Assessing Officer is an individual designated by the Income Tax Department with jurisdiction over a specific geographical area in any city or town, or over a particular class of persons.You can...
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Is the income received by the Managing Director of the company to be taxed as Income from ‘Salary’?
The classification of income received by the Managing Director as "salary income" or "income from other sources" depends on the specific nature and source of the income and the relationship betwee...
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How much time it takes to generate the acknowledgement for the return?
After the preparation of the return all the details provided in the return are validated and then the same is uploaded on the income tax portal Once you successfully e-file your return, the acknow...
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What is the maximum fee that can be charged under 234F?
Late fees under section 234F: Total Income Maximum Late Fee More than 5 Lakhs 5,000/- Between 2.5 Lakhs to 5 Lakhs 1,000/- Below 2.5 Lakhs Nil