Hi Team,
I am currently in Tax Bracket of 30% and recently started investing in FDs and found came across where it says if you earn income apart from Salary and tax liability is more than 10000 i need to pay Advance tax.

I have found out that my Yearly Interest income will be less than 40000.I am opting out for new regime .

1. Do I get the 40000 exempt from savings Interest for age group between 0-60 Years? If not then If I invest in Mutual funds instead and don't redeem then do i still have to pay advance tax ?
2. I am trying to understand if my company is calculating the TDS rightly on my Salary .It has below components
Suppose
BASIC SALARY -100
HRA -50
CONVEYANCE ALLOWANCE-40
CAA -10
CPD -10
Deduction are
Provident Fund -16
TDS-20

How do i calculate my TDS based on above ?

Appreciate your help.

Thanks,

What is use of form 71?

I resigned from services of private IT company in July 2024 and not employed anymore. I was given "Leave Encashment" (under that head itself) as part of Full and Final settlement, but company has included "Leave Encashment" FULLY as taxable salary in their tax computation sheet.
I am in New Tax Regime and my questions are :
1. Can I claim Leave Salary Exemption under Section 10(10AA) ? and to claim this do I have to fill in Form 10e prior to filing my ITR for AY2025-2026.
2. How to compute Leave Salary Exemption under Section 10(10AA) ? I was given Leave Encashment based on full salary of July 2024 for 45 days. As per company rules, every year we were eligible for 15 days Earned Leave which can be accumulated for "maximum encashable" 45 days and rest of EL lapses.
I am not clear on how to calculate the Leave Cash Equivalent in this condition, considering I have worked for 21 years in the same organization.

Appreciate help.

1) ASSESSEE INADVERTANTLY NOT CLAIM REFUND IN LAST YEAR FOR WHICH HE FILE FORM 71 BUT IN RETURN OF NEXT FINANCIAL YEAR TDS OF LAST YEAR NOT CLAIMED, SO RETURN OF THIS YEAR NEED TO BE REVISED, IF YES, THEN TDS REFUND NEED TO BE CLAIM OF BOTH YEAR IN SUCH RETURN OR NOT? ALSO, REFUND OF THIS YEAR IS ALREADY CREDITED BY DEPARTMENT.

2) IN FORM 71, REFUND NEED TO BE CLAIM IS OF A.Y. 2023-24 THAT CLAIM IN NEXT YEAR F.Y. 2023-24 (A.Y. 2024-25)
9. RELEVENT AY UNDER SECTION 155(20) IS 2023-24
11. SUBSEQUANT F.Y. UNDER SECTION 155(20) IS 2023-24

3) IF REFUND NOT RECEIVED THEN FORM 71 CAN BE WITHDRAWAL OR AGAIN CAN WE FILE SUCH FORM?

will i have to pay income tax for the amount received out of selling my father's house who was expired 30 years ago being the legal heir after the demise of my mother 3 years ago.

How to show ITDS in updated ITR 4 for FY 2021-22 ? Because showing actual ITDS, a IT refund claim is generated, which the software does not accept.

sir
fy 2023-24
As per the marginal tax relief, the amount of tax one needs to pay on income between Rs. 7,50,001 and Rs. 7,77,778 is the additional income above Rs 7.5 lakh and not the tax liability as per the slabs. This helps in avoiding a situation where a marginal increase in taxable income leads to a much higher increase in tax outgo. So, in the case of Person B, the actual tax liability will be Rs. 10,000 and not Rs. 27,040. We can see the table below for the actual tax liability across other income levels.
how much in fy 2024-25 ?

If notice of demand u/s 156 not issued, but we want to pay tax for earlier year demand, then which head is applicable whether 400 (outstanding demand) or 300(self-assessment tax)?

IF NOTICE OF DEMAND U/S 156 NOT ISSUED, BUT WE WANT TO PAY TAX FOR EARLIER YEAR DEMAND, THEN WHICH HEAD IS APPLICABLE WHETER 400 OR 300(SELF ASSESSMENT)?

WHAT IS TIME LIMIT TO ISSUE REFUND FOR A.Y. 2023-24 BT IT DEPARTMENT, IF WE FILE FORM 71 FOR THE SAME?