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Navin
Can Rs.58K withdrawal of EPS (not EPF) after leaving a private company after working 7 years, be declared under exempt income in ITR? Or is it partially exempt as per Chapter 3, Section 10(10A)(ii)? Or is it fully taxable?
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Nirupam Kaushik
Hi, in reg to Long term capital loss, I am facing an issue. I have a LTCL from FY 2019-20 (Eg 1 lakh). In the subsequent FY 2020-21, I have the following Long term capital gains (i) Indexed gains from Debt funds = 20,000 (ii) Gains from Stocks and equity funds = 50,000. Since, the Long term equity gains below 1 lakh are not taxable, ideally only the LTCG from Debt i.e 20,000 should get set off against the carry forwarded loss of 1 lakh and still carry forward LTCL should be 80,000 (1 lakh - 20,000). However, as I face and am informed that the computation SW from the IT department is considering to set off the total gains from Debt and equity against the carry forward loss, i.e setting off 50,000 + 20,000 = 70,000 against the carry forwarded loss of 1 lakh and allowing me to carry forward only 30,000 (1 lakh - 70,000). With this, I lose the benefit of non taxable equity gains below 1 lakh in a FY. Could I get a resolution from this technical issue of the IT computation Software. Thanks
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Nirupam Kaushik
Hi, I have a query in regard to Long term capital loss. The Long term capital loss was filed in IT return for FY 2019-20 (Eg 1 lakh), however a wrong figure (Eg 20,000) was entered in IT return of FY 2020-21. Can the correct figure of the carried forward loss from FY 2019-20 (1 lakh) be entered in IT return of FY2021-22.
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Dear Nirupam Kaushik,
To the best of knowledge now revision is not possible
Thanks CA Rahul Dwivedi. My point was to ignore the FY 2020-21 incorrect figure and since there are rows for each FY in the IT return template, can we use the relevant row from the FY 2019-20 (original year of loss) to enter the loss amount
T&C applyS
Siddharth Jain
I was told by my CA that I compulsarily need to file for new tax regime if I have dividend income.
Is it true or do I have the option to file my tax using old regime?
No, you can under old regime also
CA Rahul Dwivedi 28 Jun 2022Dear Siddharth Jain,
You can choose any regime which is beneficial to you.
But one thing needs to remember that in case you have business income you can swich the tax regime one once.
For further consultation you can reach us at ca.rahuldwivedi@gmail.com or 9004485377
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Siddharth Jain
I was told by my CA that I compulsarily need to file for new tax regime if I have dividend income.
Is it true or do I have the option to file my tax using old regime?
No there is no such compulsion for dividend income.
You can choose old or new regime.
If you need any consultation you can book phone consultation with expert at: https://www.taxontips.com/tax-notice-personal-consultation/
