Nine O Six
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Recent activity by Nine O Six-
Why do I need to file an Income Tax Return?
Filing your income tax return is like presenting your financial health card to the government. Here's why it's beneficial: For government to cross-check and verify your income declaration.It acts...
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Is it possible to claim HRA tax benefits if I live with my parents?
Yes, you can claim a tax exemption from the HRA by paying your parent's rent. Your parents must disclose the rent received as rental income on their income tax return. It is advisable to make a Re...
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Can I claim HRA tax benefits if I live in my spouse's house?
Certainly Yes, you can avail the HRA exemption if you reside with your spouse and make rent payments to them. It is important to maintain proper documentation, such as Rent receipts or any other p...
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Describe the Capital Gains Account Scheme.
The Capital Gains Account Scheme (CGAS) is a provision under the Income Tax Act of India that allows taxpayers to claim certain tax benefits on capital gains arising from the transfer of capital as...
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In the current year, I have paid property tax for the previous years. Can I deduct the amount of property tax paid?
Yes. The amount of property taxes paid for the previous year is deductible in the current year. This is because property tax deduction is allowed on "Payment Basis" and not on Due basis (due basis...
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Do I have to file ITR(Tax return) when my Income is below Taxable Limit(Ex- Income less than 2.5 Lakhs) ?
Generally No, if you are having a income below the basic exemption limit, it is not mandatory to file an income tax return; however, it is advisable to do so. It helps create a financial record and...
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Is it possible for me to claim the HRA tax benefit if I live in my own house?
No, you cannot claim the HRA exemption if you own the house in which you live. The total amount of HRA earned will be taxed as part of your salary.
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How can I calculate capital gains tax on the sale of property or investments?
In order to determine capital gains tax on the Sale of Property or Investments follow these easy steps: 1. Determine for how long were you holding the asset i.e whether its long term or short term2...
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What are the due dates for FY 2022-23?
The following are the income tax return filing Due dates that apply to FY 2022-23 (AY 2023-24): CategoryDue Date Individuals, HUFs, Partnership Firms, etc(non audit cases)31st July 2023Audit ...
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What are the tax implications of owning multiple properties?
If you have multiple properties, few of these properties could be rented and others could be used by you yourself or left vacant. The properties rented out are known as 'Let out property'. Amongst ...