My client received LEAVE ENCASHMENT & SEVERANCE PAY & EX-GRATIA from employer (PRIVATE SECTOR) as part of Separation Agreement of for discontinuing/termination of employment due to Lay-off due to general Global economic Slowdown. He can join any other job after separation. In from 16 Employer deducted Tax on all salary including above terminal payments. In salary Slip for that month its shown as "LEAVE ENCASHMENT & SEVERANCE PAY & EX-GRATIA" without mentioning whether its exempt or not. Shall I take this as exempt in a salary & if yes then under which section.

partnership firm having turnover 2.46 cr and Profit is 3% , firm receipt and payment is from banking channel ,weather firm is liable to tax audit?

My brother residing USA and when filing ITR found that
115A(1) (a)(iii) -Income received in respect of units of UTI purchased in foreign currency
but he didnt purchase any
can we delete and proceed or what can do?

Hi All,
Is there any website or any reference guide for Individual Taxation Rules which can explain any new rules or taxation laws for any layman to understand the Filing Income Tax for Individual. For example there is 10% Surcharge for income above 50 lacs etc . Any website which can explain clearly with examples or calculate it for you with all latest rules showing the workings as well.

Really appreciate your help.

Thanks,

Dear Experts,
We have f&o loss, in ITR3 of trading Account should I report sale value of f&o in other operating revenue ?? And at serial 12 (A) turnover from intraday (b) income from intraday. Should report only f&o turnover in 12(A) with -f&o loss in 12(B). ??

Pls suggest

Thanks

My employer has included a certain amount of money in my income called "Tax paid by employer on behalf of employee", though this was never received by me. They have also shown this amount as an exemption in my form 16.
I also observed that the total TDS deposited by me (as shown in AIS and form 16) is the total income tax deducted from my salary plus this amount of "tax paid by employer on behalf of employee".

My query is - is this the correct way to handle tax paid by employer on behalf of employee. Should it be included in the TDS?
Should it be included in my salary, if yes should it be exempt while calculating taxes? What is the reason for that?

I stay in ancestral property. I have one property jointly owned by me and my wife which is rented out. what will be Income tax treatment for rent received, property tax paid, and repairs expenses? Can any one of us claim such property as self occupied?

an assessee received salary from local body as a casual worker, which is below 250000, hence no tds was deducted by the employer. Now Assessee also have business income, hence he is filing ITR 3.
IN the salary details section -Salary as per 17(1) it says "as per form 16/ AIS".. now as there is no form 16, should he just put his actual salary from payslips here?

I am getting the following error :
Error :Deduction u/s. 54EC claimed here (Table D) should match with total of deduction(s) claimed in respective asset.
Please help

Date of agreement - 08.07.2024. Joint Buyers - Mr X & Mr Y. Total Sale consideration Value Rs 63,51,206
Total TDS Rs 63512. Stamp Duty Amount Rs 3,11,209
Questions:
1. Payment type = Installment / lumpsum?
2. Total amount paid/ credited in previous installments, if any (A) - what should be this amount?
3. Amount paid/credited currently (B) - what should be this amount?
4. Total stamp duty value of the property (C) - what should be this amount

I have selected Lumpsum.
Total amount paid/ credited in previous installments, if any (A) - 0
Amount paid/credited currently (B) Rs 31,75,603
Total stamp duty value of the property (C) Rs 3,11,209

I am getting 2 error messages as 1. "Please enter proportionate share of Stamp Duty Value." 2. "Difference between Amount paid/credited currently (B) and Stamp Duty Value (C) is more than 20%."