Nine O Six

​No, Co-operative societies are specially exempted under the Income-tax provisions from deducting TDS on the amount of interest paid to their members and other co-operative societies.​

You are supposed to submit documents/proofs to your Employer, based on which your employer deducts Tax (TDS) on your Salary Income. In order to claim HRA exemption U/s 10(13A), following details a...

Certainly, you have the option to file your return as a belated return until the end of December of the following year. For example, if you miss the July 31 deadline, you still have the opportunity...

​Yes, you can claim the HRA exemption even though own a house. But the condition is that you have to live in a rented house and pay rent for it. It doesn't matter if the owned and rented houses are...

No. Generally, gifts are taxable under the Income Tax Act. However, the Income Tax Act specifically exempts gifts received from specified relatives. The specified relatives are as follows: (A) Spou...

If you fail to file your tax return, you might face the following consequences-Penalties and Interest may be levied by the Income-tax Department.Non-filing could lead to receiving Notices from tax ...

Yes, Individuals can claim both House Rent Allowance (HRA) and housing loan tax benefits simultaneously, provided they meet the eligibility criteria for each. HRA can be claimed if the taxpayer is ...

​​July 31st of the following year, this means that for the income earned in the financial year (April 1st to March 31st), the return is generally due by July 31st of the next year. However, belated...

Certainly, HRA exemption can be claimed by both working spouses, provided that each contributes to the rent for the rented residence. It is recommended to maintain separate Rent receipts for each i...

Preparing an individual income tax return involves several key steps. Here are the major ones: Gather Documents: Collect necessary documents, including Form 16, bank statements, investment proofs, ...