Home > Money > Question

Sign In | Create an account

Language:

Now in हिन्दी too

Need Expert Advice?Our Gurus Can Help

Mihir Tanna |1026 Answers |Ask -Follow

Tax Expert - Answered on Jul 21, 2023

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more

Asked by Anonymous - Jul 21, 2023Hindi

Money

Ssy=80000, lic 50000, nps (tier-1, medatory) = 90000. Can i claim 150000 in 80C and 50000 in 80ccd1b

Ans: Deduction u/s 80CCD(1B) is available for contributions made by individual taxpayers towards the NPS over and above the benefit of Rs. 1.50 lakh deduction.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

MoneyReply

You may like to see similar questions and answers below

Hardik Parikh |106 Answers |Ask -Follow

Tax, Mutual Fund Expert - Answered on Jul 23, 2023

Asked by Anonymous - Jul 20, 2023Hindi

Money

Hi, i have been laif off from company and i got compensation mention as seperation, can i show under section 10(10c) to get tax benefit? ( my age:41 year). 2. Can i get benefit of both section 10(10c) and section 89?

Ans: Hello,

I understand your concern about the tax implications of your separation compensation.

Under Section 10(10C) of the Income Tax Act, any amount received by an employee on voluntary retirement or separation is exempt from tax, subject to a maximum limit of Rs. 5,00,000. So, yes, you can show your compensation under this section to get a tax benefit.

However, please note that if you claim exemption under Section 10(10C), you will not be eligible for relief under Section 89. Section 89 provides relief when salary or compensation is received in arrears or advance, but it cannot be claimed in conjunction with the exemption under Section 10(10C).

So, in essence, you can get the benefit of either Section 10(10C) or Section 89, but not both. I would recommend consulting with a tax advisor to understand the best approach for your specific situation.

I hope this helps!

Samkit Maniar |180 Answers |Ask -Follow

Tax Expert - Answered on Jun 19, 2024

Question by Amar - Jun 11, 2024Hindi

Money

I have a Total Gross Income of 7,69,882? After claiming standard deduction (50k) & professional tax (2.4k) .... Along with 80C (1.5 Lakhs), 80CCD(2B) 50k .... Taxable Income comes to 5,16,882. I am filing ITR for FY 23-24 so no option to invest or something. So what are my options to make it below 5 lakh. After some research I found somethings that are applicable to me but not sure whether i can claim them. Any suggestions would be helpful: 1.> 80D we can claim preventive health checkup upto 5000 that is done in cash. Also I have a health insurance of 1999 so that makes it 6999. But for 5000 can i claim without any receipt? For 1999 I got receipt. Or if not 7000 can i claim a total of 5000(1999 + 3000) though for 300p also i don't have receipt. 2.> Food coupon/ allowance can be claimed under 10(14) (i) upto 26,400. But my employer deducts the food contribution from salary shown in payslip. So can I claim this ? Total amount is 10000 3.>. Also we can claim Internet Allowance under 10(14) (ii) but my employer gives internet allowance named as Other Allowance in payslip. So can I claim that . Its total 6000. Also I donot have bills of broadband. Please suggest if I can claim any of the 3 mentioned or anything other than theses that i can claim

Ans: Do you have any education or housing loan? Saving bank interest can be deducted under section 80 TTA.

Latest Questions

Prof Suvasish Mukhopadhyay |458 Answers |Ask -Follow

Career Counsellor - Answered on Mar 04, 2025

Question by Poonam - Feb 28, 2025Hindi

Career

Which is the best engineering college from cuet with strong alumni network and good placement?

Ans: I can't comment,because if I comment it will be considered as a biased comment.

Prof Suvasish Mukhopadhyay |458 Answers |Ask -Follow

Career Counsellor - Answered on Mar 04, 2025

Asked by Anonymous - Feb 28, 2025Hindi

Career

Sir I scored 88 percentile in mains 1 session and belong to obc catagory . Which college I get to btech CSE or NIT with lower branch

Ans: In low ranked NITs and State Government Engineering Colleges you will have good chance.

Prof Suvasish Mukhopadhyay |458 Answers |Ask -Follow

Career Counsellor - Answered on Mar 04, 2025

Question by dr - Feb 24, 2025Hindi

Career

Is school integrated program of gravity good for jee in lko

Ans: Your question is not clear

Prof Suvasish Mukhopadhyay |458 Answers |Ask -Follow

Career Counsellor - Answered on Mar 04, 2025

Asked by Anonymous - Feb 24, 2025Hindi

Career

Hello what is the cutoff percentage for Computer science branch in NIT for SC category

Ans: Check in the respective website of the particular NIT.If you don't get please communicate with the director of that NIT through mail and get the mail ID of the Director from the website of the respective NIT.

Prof Suvasish Mukhopadhyay |458 Answers |Ask -Follow

Career Counsellor - Answered on Mar 04, 2025

Asked by Anonymous - Feb 24, 2025Hindi

Career

Sir, my son scored 92.27 percentile in jee mains Ist attempt with OBC ncl category. My home state is M.P. what are my best possibilities to get nits or IIIT.

Ans: He should get relatively low ranked NITs.

Prof Suvasish Mukhopadhyay |458 Answers |Ask -Follow

Career Counsellor - Answered on Mar 04, 2025

Question by V - Mar 03, 2025Hindi

Career

Hello Sir, my daughter is in ICSE grade 7th. She doesn't like Math, but has a deep liking for physics , chemistry, biology and computer science. What are the possible career options she can have in science field if she drops Math and chooses economics science and computers in 10th board

Ans: Since she doesn't like math don't give her computer course.She can go for Economics, Biotechnology, Biochemistry and Microbiology.

Prof Suvasish Mukhopadhyay |458 Answers |Ask -Follow

Career Counsellor - Answered on Mar 04, 2025

Asked by Anonymous - Mar 03, 2025Hindi

Career

Are NITs better than IITs? What about IIITs? What is the difference? What is the eligibility criteria to get into NITs? Can you please share some insights?

Ans: Old NITS are hundreds times better than new IITS.IIIT is a relatively new concept.Prefer good NITs.For NITs you need a decent percentile in JEE MAIN.

Prof Suvasish Mukhopadhyay |458 Answers |Ask -Follow

Career Counsellor - Answered on Mar 04, 2025

Asked by Anonymous - Feb 25, 2025Hindi

Career

Can i get NIT integrated physics with 93.48 JEE mains score. Female, General category and telangana home state

Ans: Yes,you should get it surely.Because most of the higher percentiles will go for engineering.

Prof Suvasish Mukhopadhyay |458 Answers |Ask -Follow

Career Counsellor - Answered on Mar 04, 2025

Asked by Anonymous - Nov 13, 2024Hindi

Career

Hello, I am doing MBBS in Georgia and I could not give fmge in India as NEET is not qualified so what could me the career option in India or in Canada ?

Ans: Try for Canada only.India will be difficult for you.

Prof Suvasish Mukhopadhyay |458 Answers |Ask -Follow

Career Counsellor - Answered on Mar 04, 2025

Asked by Anonymous - Mar 04, 2025Hindi

Career

Dear sir mere january attempt main 97.34 Percentile hai aur main SC catagory se hu kya mujhe achi NIT mil sakti hai

Ans: Yes, certainly you will get top ranking NITs.

See more questions »

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

Video Reply
Audio Reply

WhatsApp
Facebook
Twitter
Copy link

Delete

Close

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus

Sign up

email

uname

mobile no

Country Code

Mobile number

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

LOGIN

x