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[
{
"prompt": "Calculate tax for ₹10,00,000 at 30% rate.",
"response": "The tax is ₹3,00,000."
},
{
"prompt": "Explain Section 80C of the Income Tax Act.",
"response": "Section 80C allows deductions up to ₹1,50,000 on PPF, EPF, and life insurance."
},
{
"prompt": "What is the tax on ₹8,50,000 with a 20% slab?",
"response": "The tax is ₹1,70,000."
},
{
"prompt": "How does the new tax regime differ from the old tax regime?",
"response": "The new tax regime has lower tax rates but fewer deductions, while the old regime allows more exemptions."
},
{
"prompt": "What is the exemption limit under the new tax regime for FY 2023-24?",
"response": "The exemption limit is ₹3,00,000 under the new tax regime."
},
{
"prompt": "Is HRA exempt from income tax?",
"response": "Yes, House Rent Allowance (HRA) is exempt under Section 10(13A) based on salary, rent paid, and location."
},
{
"prompt": "How to save tax under Section 80D?",
"response": "Section 80D allows deductions on health insurance premiums up to ₹25,000 (₹50,000 for senior citizens)."
},
{
"prompt": "What is the capital gains tax on the sale of property?",
"response": "Long-term capital gains (LTCG) on property are taxed at 20% with indexation, while short-term gains are taxed as per the income slab."
},
{
"prompt": "Can I claim deductions on home loan interest?",
"response": "Yes, under Section 24(b), you can claim up to ₹2,00,000 per year on home loan interest."
},
{
"prompt": "What is the GST rate on restaurant bills?",
"response": "The GST rate on restaurant bills is 5% for non-AC restaurants and 18% for AC restaurants."
},
{
"prompt": "What is TDS and when is it deducted?",
"response": "Tax Deducted at Source (TDS) is deducted by the payer on salaries, rent, and interest payments as per prescribed rates."
},
{
"prompt": "How can NRIs save tax in India?",
"response": "NRIs can save tax through DTAA benefits, NRE accounts, and exemptions on certain investments."
},
{
"prompt": "What is the corporate tax rate in India?",
"response": "The corporate tax rate is 22% for domestic companies under the new regime and 30% under the old regime."
},
{
"prompt": "Are agricultural incomes taxable?",
"response": "No, agricultural income is exempt from tax under Section 10(1)."
},
{
"prompt": "What are the penalties for late ITR filing?",
"response": "A late fee of ₹5,000 applies if filed after the due date, and ₹10,000 for income above ₹5 lakh."
},
{
"prompt": "Explain Section 80G of the Income Tax Act.",
"response": "Section 80G allows deductions on donations made to eligible charities, ranging from 50% to 100% of the donation."
},
{
"prompt": "What is Advance Tax, and who needs to pay it?",
"response": "Advance Tax is payable if total tax liability exceeds ₹10,000 in a financial year and is paid in installments."
},
{
"prompt": "What is the basic exemption limit for senior citizens?",
"response": "The exemption limit for senior citizens (60-80 years) is ₹3,00,000 and ₹5,00,000 for super senior citizens."
},
{
"prompt": "How does tax loss harvesting work?",
"response": "Tax loss harvesting helps offset capital gains by selling loss-making stocks to reduce taxable income."
},
{
"prompt": "What is the standard deduction for salaried employees?",
"response": "A standard deduction of ₹50,000 is available for salaried and pensioned individuals."
}
]
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