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Akansha Baruah
I am trying to declare taxes and am stuck with the HRA part. I am currently at home but will start renting a place from August 2022 (exceeds 1 lakh) in Mumbai. How do I declare for the future rent as I neither have a landlord right now nor any pan card number for it.
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Dear Akansha Baruah,
Generally at the time of Initial declaration companies doesn't ask PAN car or agreement copy. Employer ask for the Proof of Investments, Rent agreement or PAN card copy in the Month of Dec. so you can show your Rent which you are planning to pay p.M. in near future. Hoever pls note HRA deduction depends on certain other thins as well like your basic salary (not gross salary). One more thing even if employer dosen't give HRA benefit we can claim it while filing ITR as per applicable rule.
For further Consultation you can reach us on ca.rahuldwivedi@gmail.com or 9004485377
You can declare the rent to your HR when you strat paying it in August 2022,
T&C applyR
Rohit Pathak
Hi Experts, I have a query related to Car leasing. In my company we have car lease policy, where employee can lease a car which is registered in the name of my organization. The EMI of Car lease (lease rental) is deducted by employer from my salary, hence it never comes to my bank account. Which gives benefit of not paying tax of EMI amount. Now I terminated the Car lease by paying some x amount. I want to sell this car to third party now. As the car is in name of my employer and will directly be transfer to third party, my name won't come in RC transfer process. I will, however, get money for selling car which will be say x+y. This x+y is less the x+EMIs I paid. However, I don't have record to show EMIs I paid as it was deducted by employer. The car was used for both official and personal purpose. Do I need to pay tax here? if yes on what amount and how can I show in ITR ? Thanks in advance.
Dear Rohit,
As I understood from your query is that the Car you wish to sold is registered in the name of Your company & you want to sale that car. In such car the profit or loss whatever will arise will belongs to company and not to you as you are not the legal owner of that particular asset. It wiill be reflected in companies financial and not your irrespective of the fact that you had paid the EMI. for further consultation you can reach us at ca.rahuldwivedi@gmail.com or 9004485377
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Rohit Pathak
Hello Sir/Madam, In my company we have car lease policy, where employee can lease a car which is registered in the name of company. I pay EMI for the car and claim income tax exemption on the EMI being paid. After the completion of car lease, i have to pay 20% of residual value to finish the lease. Post that, i can sell car directly to anyone. Sale proceed will come to my bank account. What will be the income tax implication on the money received from the car sale. I am asking this question because it is different than the car sale. In this case, the car is not registered in my name but it is registered in my company's name. I have NOC from company to sell it after paying residual amount of 20%.
By Paying 20% of residual value, you have acquired the ownership of the said vehicle,
income tax implication will be
Sales consideration you get - 20% of residual value you paid to your employer.
For more Queries/Consultation feel free to take appointment by sending mail on cayashchopra@gmail.com,
9980725175
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Veinu
My CTC is 27 lacs. Do not have any home loan, stay in rented place. Which tax regime is beneficial for me
Kindly consult at +91-9980725175 for tax advisory and hasle free Filing
CA Puja Sharma 18 Apr 2022Details of your complete salary structure are required to decide which tax regime is beneficial for you. For a detailed discussion you can connect with us at ca.pujasharma@outlook.com
CA Rahul Dwivedi 18 Apr 2022Dear Veinu,
Analysis of Tax regime depends on may things like Investment U/s 80C, 80D, 80G, NPS investment, HRA deduction etc. Home loan is not only one deciding factor. Generally if your Investment U/s 80C is 1.50 L and you have Mediclaim Policy & NPS investment then old regime will be beneficial for you else New Regime. For proper guidance need your complete details.
For further Consultation you can reach us on ca.rahuldwivedi@gmail.com or 9004485377
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Pritam
My income is below 5 lakhs I have never filled any ITR will I get penalty if I fill ITR now and I have never had any notice
first of all now you cannot file any income tax return for earlier years and since your income is between 2.5 lakh to 5 lakh you should file Income tax return.
To file Income tax return CLICK HERE. https://www.taxontips.com/income-tax-return/
So i will not get any fine if I file ITR this year right
CA Puja Sharma 18 Apr 2022Income Tax Return is required to be filed if your total income earned duirng the FY exceeds Rs. 2.5 Lakhs. Upto a total income of Rs. 5 Lakhs a person can claim rebate u/s 87A upto Rs. 12500 and thereby no tax will be payable by him.
You cannot file your belated ITR now. Its better to start filing your ITR now to save from future non compliances.
For more consultation, you can connect with us at ca.pujasharma@outlook.com
