Nine O Six
- Total activity 680
- Last activity
- Member since
- Following 0 users
- Followed by 0 users
- Votes 0
- Subscriptions 341
Articles
Recent activity by Nine O Six-
If I have loss under the head "Long Term Capital Gains" during the year, can I set off such losses against Income under the head Salaries?
No, you cannot set off Long Term Capital Losses against Salary Income.Long Term Capital Loss can be set off against Long Term Capital Gain only.
-
What is section 234F? Describe Section 234F in detail.
Section 234F of the Income Tax Act, 1961, addresses the late filing of income tax returns in India. It imposes a late filing fee on taxpayers who fail to file their returns within the due date.Tota...
-
If I have loss under the head "Income from House Property" during the year, can I set off such losses against Income under the head Salaries?
Yes, you can set off losses under the head "Income from House Property" against Salary Income.However, you can set off maximum of Rs. 2,00,000/- House Property Loss against Income under any other h...
-
If I have loss under the head "Income from business and profession" during the year, can I set off such losses against Income under the head Salaries?
No, you cannot set off Losses from business and profession (freelancing).As per provisions of Income Tax Act, 1961, it is specifically stated that Loss under the head "Income from Business and Prof...
-
Does my employer have to deduct income tax (TDS) from my salary?
Yes, Employers are typically required to deduct income tax at source (TDS) from employees' salaries according to the Income Tax Act, 1961. TDS is calculated based on the applicable income tax rates...
-
In addition to my salary, I also have other income that is not tax free. Do I need to tell my employer about this in order to deduct taxes?
You may let your employer know so that he can calculate the appropriate tax deduction from your salary. If you do not disclose these facts to your employer, you may be required to pay advance tax...
-
How can I explain to my employer the advantages of Section 89 and the resulting reduction in TDS rate in a simple way?
You have to consider the deductions provided by Section 89 and determine the amount of tax due and provide it to your employer inForm No. 10E(Rule 21A, Income tax Rules, 1962).
-
How do I notify my employer of my estimated tax liability for a specific year?
Rule 26B enables you too disclose your additional revenues, losses or TDS deducted by other parties through a statement produced along with the necessary documentation.
-
What if I don't give my PAN to my employer for TDS deduction?
It is recommended that you provide your PAN in order to receive the amount (income) after the tax is deducted. If the payee does not provide the payer with their PAN, the payer will deduct tax at t...
-
I accidentally gave my employer's deductor the incorrect PAN. What are the consequences?
Providing an incorrect PAN (Permanent Account Number) to your employer's deductor could lead to several consequences: Tax Deduction Issues: If your PAN is incorrect, your tax deductions may not be ...