Nine O Six
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Recent activity by Nine O Six-
Are there any tax-saving investment options available to individuals?
Yes, there are several tax-saving investment options available to individuals in India.Some popular options include Equity-Linked Savings Schemes (ELSS), Public Provident Fund (PPF), National Savi...
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Under the Income-tax Act, what books of account should a person carrying on business/profession keep?
1. If a person engaged in specified profession and his gross receipts exceeds Rs 2,50,000/- in all the 3 years immediately preceding the financial year, then maintain the prescribed books*2. If an...
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What is the maximum amount of interest on a housing loan that can be deducted in the case of a rental property?
There is no limit on the amount of interest that can be claimed as a deduction in the case of a let-out property. The limit for the deduction of interest on a loan is only for self-occupied propert...
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Does the Capital Gains Account Scheme enable individuals to avail exemptions under section 54EC of the Income Tax Act?
No, the Capital Gains Deposit Scheme is not available to claim exemptions under section 54EC of the act.
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Is there any advantage to filing the tax return online?
Certainly! Filing your tax return online presents numerous benefits. Firstly, it offers a faster and more convenient alternative compared to traditional paper filing, resulting in time and effort s...
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Describe HRA (House Rent Allowance).
HRA or House Rent Allowance, is part of your salary paid by the employer to help you cover the rental expenses of a house. Generally, some of this money is exempt, but if you don't pay any rent, th...
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Where should books of account be kept and for how long?
The books of account of a business should generally be kept at the principal place of business or profession (i.e. where the business or profession is generally carried on).The books of account and...
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Are medical expenses and health insurance premiums eligible for tax deductions?
Yes. The provisions relating to tax deduction for health insurance premium and medical expenses can be understood with the help of following table.Section of the Income Tax ActMaximum amount of Ded...
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As REC/NHAI bonds are currently unavailable in the market, I am unable to invest my funds . What option is available in this case?
According to Section 54EC of the Income Tax Act, if the taxpayer's preferred bonds, such as REC/NHAI bonds, are unavailable for the entire six-month period from the date of asset transfer, then the...
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How long do I need to keep my tax records?
It is recommended to keep your tax records for a period of 6 years (six years) from the end of the relevant assessment year. This duration allows for any potential scrutiny or audit by tax authori...