INCOME TAX SAVING

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This discussion explores strategies for filing an Income Tax Return (ITR) with the aim of paying minimal or no tax. The user has a salary income of over £5.9 lakh and various other incomes and deductions, but lacks rent receipts for HRA exemption. Advice is given on claiming deductions, the possibility of HRA exemption without formal receipts, and the potential tax implications of different income sources and capital gains. The conversation also touches upon the risk of tax scrutiny for certain income levels.

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CFO- at NHTF
58280 Points Posted on 26 June 2022
CA are there for strictly implementing the Income tax act and not whatever you want
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On 26 June 2022 at 22:05
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Chartered Accountant
86505 Points Posted on 26 June 2022
We also but sometimes depends on fact
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On 26 June 2022 at 22:06
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CFO- at NHTF
58280 Points Posted on 26 June 2022
Those facts are not written in Income Tax Act
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On 26 June 2022 at 22:08
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Finance professional
775 Points Posted on 28 June 2022

If your STCG includes sale of equity shares under 111A then you have to pay tax @ 15%. It doesn't matter whether income is less then Rs. 5,00,000/-

Regards

CA Sagar

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On 28 June 2022 at 18:05
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CFO- at NHTF
58280 Points Posted on 28 June 2022
Is it query or you are giving information?
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On 28 June 2022 at 19:38
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217 Points Posted on 30 June 2022
Long term capital gain from ELSS mandatory to show in itr?
1 Reply
On 30 June 2022 at 10:58
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Chartered Accountant
86505 Points Posted on 30 June 2022

Yes you need to declare

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On 30 June 2022 at 15:11
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217 Points Posted on 30 June 2022
It will be counted on total income?
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On 30 June 2022 at 15:19
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Chartered Accountant
86505 Points Posted on 01 July 2022
Yes but depends on nature of capital gain.
1 Reply
On 01 July 2022 at 22:31

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