What will happen if my current year refund amount is less than the outstanding balance of the previous years?

• Related Articles

• What will happen if I don’t pay advance tax?

  If you fail to pay the advance tax by 15th March of the previous year, you will be liable to pay interest as per section 234C.

• In case of a company which is set up less than 10 years ago, is the VRS receivable by an its employees exempt from tax?

  No. VRS will be tax exempt only for the employees who have completed 10 years of service with a company. Therefore, if the company is less than 10 years old, VRS will not be tax-exempt.

• Can I take a loan against these bonds or convert them to liquid within the five years period?

  In case these bonds are converted to money or held as security against a loan within five years of investing, then the amount of capital gain which was earlier exempt from tax shall be deemed to be long term capital gain of the previous year and will ...

• I have paid property tax for the past years in this year. Can I claim deduction for entire amount of property tax paid?

  Yes. You can claim deduction for entire amount of property tax paid. The deduction on account of property tax is on a payment basis and not on the basis of charging year of such property tax.

• What will be the tax treatment if I sell the new property within three years of its purchase?

  If the new property is sold within three years from the date of acquisition the, for calculating the capital gains, the cost of acquisition of this new property will be reduced by the amount of capital gain on which the exemption was claimed earlier. ...