V
Veinu
My CTC is 27 lacs. Do not have any home loan, stay in rented place. Which tax regime is beneficial for me
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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
P
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
G
Gaurav Yadav
I am an Independent Contractor. I have a 1 yr Contract with my Client. I provide them with IT (Software) services, and they pay me via a foreign bank. Am I eligible for Presumptive Taxation?
Whether you are trading in software or providing inhouse built customised software?
For more detailed consultation, you can connect with me at ca.pujasharma@outlook.com.
Yes since you are providing freelancing service you are eligible. However, need to check whether you will be eligible for 44AD or 44ADA.
Also, you need to check on taking GST registration.
For more details click here: https://www.taxontips.com/is-it-beneficial-to-work-as-an-employee-in-a-company-or-to-work-as-freelancer-taxability-when-working-as-a-freelancer/
E
E Venkateswara Reddy
S
Satyam
I received an Intimation u/s 143(1) email from Income tax department on filing my income tax return with a demand for some amount difference due to interest calculation. I have made the payment for the difference amount using the link shared in the pdf attached in the email. Do I need to file a revised return post this or only payment was the required task from my end? Would the challan slip work as acknowledgement for future reference in case I don't need to file a revised return?
Ensure that payment has been made as Tax on regular assessment (400). Submit the response online against the Intimation under E-Assessment/Proceedings.
After the response is submitted with challan details, there is no need to take any other action.
Thanks for the clarification Puja Ma'am.
I had already made the payment as "Tax on regular assessment (400)". I checked the incometax portal under the "E-Proceedings" section as well as under "Response to Outstanding Demand" section by searching using Assessment year as well as by Demand Reference Number, but I am not able to find any entry to respond to with the challan details.
Do I need to send it as email or by any other mode in such a scenario in case the entry has not been to be reflected on the portal? Or can I rest assured that no remaining task is needed from my end?
