I have read that maximum 14% of salary (Basic+DA) is allowed as deduction u/s 80CCD(2). But is there a maximum amount of limit of the said deduction ? If my salary is 15.00 lac (Basic +DA) and 14% of which comes to Rs. 2,10,000/-. Whether employer can deduct 2,10,000/- as NPS on behalf of me ? And whether I can get deduction of 2,10,000/- from my salary income ?

Which bussiness code , working for Deal Share Delivery . Tds have been deducted under 194c. please provide income tax business code

Dear Experts,

One of my friend filed Nil return in ITR 1 with old tax regime for AY 2023-24 before due date i.e. on 15 July. Same got process in the same month. But in December, He filed revised return in new tax regime in ITR 2 and paid some taxes. When this return got process, as per 143 intimation department assessed it as per old tax regime and put some extra tax liability as demand.

He filed Rectification multiple times but every time they process as per old tax regime and liability remains same.

My question is, Can we file rectification for revised return which is being filed after due date i. e 31 July? How can we address this situation?
Thanks in advance.

I had 262 shares of X company on various dates from 01-Dec-2019 till 01 Feb 2022.

On 22-Nov -2023, Y Company acquired X company.

Out of 262 shares 52% was converted into shares and was alloted 34 shares and for balance 48% was given as special dividend. We declared the same in last year assessment and tax was paid accordingly. The market value of shares on 22nd November 2023 was $926.40

Subsequently the shares was subdived in 1:10 ration and we were hold 340 shares.

This month we sold 10 shares $177.

What is the cost price per share to calculate capital gain?

Asseesee has not filed ITR's for AY 2023-24 & 2022-23, for which updated ITR can be filed in AY 2024-25. But he has a refund. Can he file updated ITR? Alternately, if updated ITR cannot be filed, can he file NIL ITR by not claiming TDS credit?
Kindly help.
CA Konkar

An individual having business income has filed his return of income under Old Tax Regim till AY 23.25. For AY 2024.25 he wants to file return with Old Tax Regime by filing form 10IEA. Can he go back to NEW TAX REGIME FOR AY 2025.26.

Respected Expert,
Mentioning my NAME, my office received notice u/s133(6).(I think it is due to mentioning less salary income while filing ITR,that is because of arrears amount,which is given in last month of Feb-24 and that was denied by me on AIS portal while filing ITR.).Now I revised my ITR with correct salary amount.)
Now my school says that,you (I) give online responce to that notice "INSIGHT/VER/02/e-Verification/2024-25/................." {Type-Information Confirmation under e-Verification scheme 2021}.
I have humble request Please guide me to give response to above notice .(Note-office will provide its user Id & Password to me for this purpose.)
Thanks & Regard

Sir,

How to calculate income tax on salary for an employee having inoperative PAN.

His gross salary for the year 2024-25 is Rs.532290/- before any standard deduction. (New regime).

Kindly give the workings.

Thanks.

IF WE NOT CHARGED DEPRECIATION ON FIXED ASSETS HENCE, WE CONSIDERED IN 0% BLOCK. IF SAME ASSET HAS BEEN SOLD THEN THERE IS CAPITAL GAIN ON SALE OF FIXED ASSET?

Pensioner Female Assessee is Divorcee and widow. Do not have any legal heir except her child who is 62 years old is expired. Now her child is the only legal heir for her income earned and Investments made. Her child was patient of Schizophrenia. He is unmarried. Under treatment for this mental illness since last 40 years.
1. How the return will be filed for deceased mother for current financial year. Who will be her singing authority when her legal heir is mentally retarded?
2. How the return of income for son be filed for future year if no expressly written guardian is present.
What course of action needs to be taken for income earned in future. Thank You