Nine O Six
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Is it possible for me to claim a tax refund for the excess TDS deducted?
Yes, you can claim a tax refund for excess TDS (Tax Deducted at Source) deducted under the provisions of the Income-tax Act, 1961. If the TDS deducted from your income exceeds the actual tax liabil...
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As a government employee working outside India on official duties, would the salary I receive in India be subject to taxation as income from salary?
Yes, If an Indian citizen works outside India and receives a salary from the government, the salary would be taxable as income deemed to have accrued in India.
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What is the procedure for filing a complaint with the income tax ombudsman?
Initial Complaint: Write a complaint to Income-tax Department authorities (Assessing Officer, Additional or Deputy Commissioner) in detail.Include relevant information, like the name of the offici...
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Is it possible to report loss under the head "Income from Salaries"?
No. It is not possible to report loss under the head "Income from Salaries".
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How can I update my bank account details to receive income tax refunds?
To get your income tax refund, it's important to link your bank account with your PAN (Permanent Account Number). To do this, simply pre-validate your bank account on the income tax e-filing page. ...
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Are there any special provisions for senior citizens in income tax?
Yes, Income tax laws grant special provisions for senior citizens, aged 60 and above. They enjoy higher exemption limits on income and additional deductions, recognizing their unique financial nee...
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I have incurred capital loss on sale of property / shares during the year. Should I inform my employer about this so that my salary income will be reduced when calculating the total taxable income, considering the capital loss?
No, information about Capital Loss will be irrelevant for the employer.Salary income is only eligible to offset losses from the head of House Property. Consequently, losses under other heads, such ...
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If I have loss under the head "Short Term Capital Gains" during the year, can I set off such losses against Income under the head Salaries?
No, you cannot set off Short Term Capital Losses against Salary Income.Short Term Capital Loss can be set off against Long Term Capital Gain and Short Term Capital Gain only.
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What is the difference between a Deductions and a tax credit?
Deductions: Deductions are the amount of expenses or investments made by a taxpayer that are deducted from the Total Income of the taxpayer.For example: Deduction u/s. 80C for various investments ...
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To whom does Section 234F apply?
Section 234F applies to taxpayers who are required to file their income tax returns in India. It imposes a penalty for late filing of income tax returns, and the applicability extends to taxpayers...