S
Shiva
If a peraion is filing itr for last 2 years and in next year if he does not have any income and does not file the itrr for the year je does not have any income and in further any year he have any taxable income then can he start again filing itr
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Yes , If income is above the minimum exemptions limit , ITR should be filed even if you have not filed ITR in earlier years. For more info connect us @ www.tarunguptaca.com
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Priyamvada Shende
1. Where in my ITR can I show the following?
a. My father loaned me few lacs to pre-pay my home loan.
b. I received multiple cheques as wedding gift
2. Which ITR to file if there is salary from multiple jobs, and also income from shares.
3. One of my employer has deducted tax on my payslip but hasn't provided Form 16. The TAN number is also not mentioned in pay slip. How to handle this?
ITR 2 will be filed for Income from salary and Shares Income. Login and view 26AS to check TDS has been credited in your account . For more info connect us @ www.tarunguptaca.com or call @ 9216216819
V
Vaibhav
Last year I moved to UK and spent over 60 days in the FY 2023-24. And will be considered as India resident. I’ve all my income in UK with tax paid per the UK slabs. But since now my income needs to taxed in India, can I get any rebate like HRA & LTA… There is no component in my UK salary for such rebates or salary break down…
With the same salary entered for taxation in India is coming out to have additional tax liability? has anyone worked on queries like this before?
Hello Vaibhav, I understand that you have moved out of India in the FY 2023-24 for the purpose of employment. Your period of stay in India before moving out is 60 days. If that's the case, then you will be considered resident of India, only if your stay in the FY 2023-24 182 days or more.
If your stay is less than 182 days in FY 2023-24, then you don't have to offer the income earned in UK for tax in India.
However, if your period of stay in India is more than 182 days, then your will have to offer the Income earned in UK to tax in India. If the salary structure does not provide any breakup of LTA, HRA etc,. then it will not be possible to claim it in your Indian tax filing. Only a credit for Tax paid in UK can be claimed in the Indian Return.
Hope this gives you some clarity. Let me know if you require any further details.
Hello Vaibhav, I understand that you have moved out of India in the FY 2023-24 for the purpose of employment. Your period of stay in India before moving out is 60 days. If that's the case, then you will be considered resident of India, only if your stay in the FY 2023-24 182 days or more.
If your stay is less than 182 days in FY 2023-24, then you don't have to offer the income earned in UK for tax in India.
However, if your period of stay in India is more than 182 days, then your will have to offer the Income earned in UK to tax in India. If the salary structure does not provide any breakup of LTA, HRA etc,. then it will not be possible to claim it in your Indian tax filing. Only a credit for Tax paid in UK can be claimed in the Indian Return.
Hope this gives you some clarity. Let me know if you require any further details.
No, you will not be considered as Resident for FY 2023-24 because your stay was less than 182 days during the previous year.
There is an exception to the rule of stay for 60 days or more, in case yoyu leave the country for employement purpose.
D
Diksha
My current package has 28lakh fixed amount. I have a home loan of around 83 lakhs for 30 years. Can you please suggest which should be better for me old regime or new regime?
If you are eligible to claim full deduction u/s 80C and u/s 24 B than old regime is better otherwise go for new regime. For any kind of professional help , reach us @ www.tarunguptaca.com or call at 9216216819.
CA Puja Sharma 24 May 2024The choice of regime depend upon your salary structure also like it contains HRA, Children Education Allowance etc ehich can reduce your taxes along with home loan interest component under the old tax regime.
T&C applyG
Giresh P
Hello, i am a student who doesn't have any income from any source. If i profit something from crypto below 2.5 in a year is it necessary do i have to file itr ?
If your Gross Total Income is below from minimum exemption limit of income tax, only than you are not required to file ITR. But as professional i will suggest, it is always better to file ITR to declare your income. For any kind of professional help , reach us @ www.tarunguptaca.com or call at 9216216819.
