Nine O Six
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Recent activity by Nine O Six-
What is regular assessment tax and how is it paid?
Under the Income-tax Act, every person has the responsibility to correctly compute and pay his due taxes. After filing a tax return, the Income Tax Department checks it, and if necessary, asks for ...
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How many leaves can an employee encash?
Based on the number of unutilized leaves his company has granted him in accordance with the employment policy, an employee may redeem any number of unutilized leaves. According to the Income-tax Ac...
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What safety measures should I take while filling-up the tax payment challan?
When filling out a tax payment challan under the Income Tax Act, 1961, be sure to: Specify the correct PAN allotted to the Taxpayer / Assessee. Specify the correct Assessment Year.Select the approp...
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Is it possible to encash casual leaves, sick leaves, etc.?
There is no specific restriction on encashing sick, casual, or any other types of leaves under the Income Tax Act. However, the possibility of encashing these leaves is subject to your employer's ...
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Is it necessary for me to demand payment confirmation from the banker to whom I have submitted the challan?
While it is not mandatory to insist on proof of payment when submitting a challan, it is advisable to maintain documentation for all financial transactions for record-keeping and audit purposes. H...
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Consider that I availed an exemption of Rs. 1,00,000 exemption for leave encashment received in previous years. Will I be still eligible for availing exemption for leave encashment now?
Yes, you are eligible to avail the exemption as many times as needed.Nevertheless, the cumulative exemption should not exceed Rs. 25,00,000. Consequently, any unused portion of the exemption, (i.e....
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How can I check whether the Government has received the amount of taxes that I have deposited in the bank?
To check whether the government has received the amount of taxes you deposited, you can follow these steps: 1. Verify Challan Status: Visit the Income Tax Department's official website and use ...
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Both of the companies where I worked gave me leave encashment. Can I request a Rs. 25,00,000 exemption in each of these cases?
The exemption provided as per Income tax shall not exceed Rs. 25,00,000. Therefore, the total exemption for leave encashment from both firms cannot be greater than Rs. 25,00,000.
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Is my obligation under the Income-tax Act over upon payment of taxes?
No, paying taxes alone does not release you from all obligations and responsibilities under the Income Tax Act, 1961. After paying taxes, you are still required to fulfil other obligations, such as...
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When an employee passes away, is the leave encashment received by the nominee or legal heir taxable?
No, any leave encashment received by the nominee or legal heir is exempt.