Nine O Six
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Recent activity by Nine O Six-
What is the deadline for filing income tax returns for FY 2023-24?
Due dates for Income-tax return filing for F.Y. 2023-24 (A.Y. 2024–25) are: For Individuals, HUFs, Partnership Firms, etc without any Tax or Statutory audit requirement31stJuly 2024For Busines...
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Updated Return - Everything you need to know about the new tax filing alternative
Section 139(8A) of the Income Tax Act, 1961, deals specifically with the filing of updated returns. In this blog post, we will delve into the intricacies of Section 139(8A) exploring its provisions...
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What are the repercussions of not filing a tax return within the specified timeframe?
If you fail to file your tax returns within the stipulated time, you are supposed to file a belated return and file a new ITR as the older one becomes null and void. Under section 234F Late filings...
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What is the difference between exempt income and taxable income?
Exempt income means income that is specifically exempt from taxation under the Income-tax Law, and hence no tax is payable on such Exempt Income. (Examples of Exempt Income are income from Agricult...
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What is the Presumptive Taxation Scheme (PTS) for Professional and who can benefit from it?
Section 44ADA of the Income Tax Act provides a simplified method of taxation for small professionals with gross receipts under Rs 75 lakh (revised from Rs 50 lakh). Under this scheme, professionals...
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What is an Income Tax Department notice, and when is it usually issued?
An Income Tax Department notice is a formal communication sent to taxpayers regarding their tax affairs. It can be issued for various reasons, including scrutiny or assessment of tax returns, remin...
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Which forms can companies and firms use for filing Income Tax Returns?
Companies use ITR-3, ITR-4, and ITR-5, while firms specifically use ITR-6 for filing Income Tax Returns.
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What is the method for calculating and payment of advance tax?
Estimate Income: Calculate your expected total income for the financial year.Determine Taxable Income: Subtract eligible deductions to find your taxable income.Calculate Tax Liability: Use income t...
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Can I claim any kind of relief for double taxation if my income is taxed both in India and abroad?
Yes, you are eligible to file a claim for relief in relation to income that is subject to tax both in India and abroad. The Government of India may either offer relief in accordance with the terms...
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I am a non-resident Indian. Is it still possible for me to file my tax return with you?
Yes, You can absolutely file your tax return with us, even if you're an NRI.With our user-friendly online assistance services, you can conveniently file your taxes without needing to visit our offi...