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If my Income is taxed in India as well as abroad, can I claim relief from the double taxation?
Yes, you can claim relief on income which is charged to tax both in India as well as abroad. Relief is either granted as per the provisions of double taxation avoidance agreement entered into with that country (if any) by the Government of India or ...
How do I calculate the relief u/s 89 of the Act?
Carry out the following steps to calculate the exemption u/s 89: Step 1: Calculate the tax due in the current year by including the arrears in your total income. Step 2: Calculate the tax due in the current year by excluding the arrears from your ...
What is the tax treatment for salary given in arrears, or in advance? How does the I-T Act protect my interest in this case?
You have to calculate your tax liability on the total income received during the current financial year. If your total income includes any past dues paid in the current year, or any advance for the succeeding years, you may be worried about paying a ...
Is there any relief provided for capital gains arising from sale of any long-term asset which is not a residential property?
Yes, u/s 54F, any gain arising from sale of long-term asset can be tax exempted if the entire sales proceeds are invested in · Purchase of one residential property within one year before or two years after the date of transfer of the asset, or ...
Advance/Self Assessment Tax
Advance tax - It is the Tax amount paid by you on or before the 31st of March,19. Self assessment tax - It is the tax amount paid by you after 31st march,2019 and before filing income tax return. For Advance/Self Assessment Tax you will have to ...