Nine O Six
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Recent activity by Nine O Six-
What exactly is a gratuity?
Gratuity is a special payment by employers give to employees as a mark of recognition for their long-term service, which forms part of the salary. An employee who has worked in an organization for ...
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Can I claim a deduction of home loan interest and principal repayment?
Yes, deduction for payment of interest on home loan is allowed under "Income from House Property" and deduction for repayment of principal amount of Home loan can be claimed under Section 80C as d...
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I have not received my tax refund. What should I do?
Please make sure your return has been either e-verified or you have posted a signed acknowledgment of ITR-V to CPC Bangalore after filing it and you have received back on email, a Receipt/Confirmat...
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What documents are necessary to revise my return?
To revise your income tax return in India, you may require the following documents: 1. Copy of your Original Income Tax Return (ITR)- This will help you identify the errors or omissions made in you...
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What is the tax treatment for gratuity and how can one calculate it?
Gratuity taxation varies depending on the category of the employee. Here's a breakdown: CategoryTax TreatmentGovernment EmployeeFully ExemptNon-Government Employee Covered under Gratuity Act 1972Le...
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I rented out my property for the entire year. How do I calculate the income from this property for tax purposes?
The calculation of taxable income under the head "Income from House Property" for a let out property (i.e. property that has been rented out) is done as follows: ParticularsAmount (in Rs.)Gross A...
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What is the purpose of submitting a copy of my ITR-V to the income tax department, and where should I send it?
Submitting a signed copy of your Income Tax Return (ITR) to the Bengaluru Centralized Processing Centre (CPC) serves as a verification of your income tax return, affirming the legitimacy of your el...
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Is the landlord's PAN required for HRA exemption? What to do if the landlord do not have PAN?
It is necessary to report the landlord's PAN in order to be eligible for HRA exemption, if the annual rent exceeds Rs. 1,00,000/-. Alternatively the employee can give his/her landlord's Aadhaar num...
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I have bank accounts with various branches of the same bank. When will TDS be applicable to the interest income earned from these bank accounts?
In case of Savings Bank Account: TDS is not applicable to interest earned on such deposits.In case of Time Deposits [i.e. Fixed Deposits (FD) or Recurring Deposits (RD)]: TDS is applicable subject ...
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If I don't send my ITR-V to CPC, Bengaluru, what will happen?
If you do not e-verify your income tax return, the filing process remains incomplete until you send your ITR-V to the Centralized Processing Centre (CPC) in Bengaluru. If you fail to send your ITR-...