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Deepali Gangwar

Category : Exempt H..,

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July 2, 2018 5:07 pm

Dear Sir,

I have a query that me & my husband working in a same pvt. company and living in a rented house. My husband used to claim HRA and submit rent receipt. But as our land lord didn't provide PAN no. so we claim HRA exemption only upto 1 lakh only. My question is that our employer had not dedu...

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Amlan Dutta

Before i proceed , please avoid words like"Please reply soon"...you will understand that i do it when i get time and only if i am in the capacity to answer. Having said that i have time and this is a very simple question ..i will answer the specific questions raised

(i) HRA exemption as a eligible deduction under 80 C (lol)

The company accountant is a idiot. How can one mix salary allowances with deduction's, lol. The HRA exemption has to be provided as per rules laid out in 10(13A) and it should be considered while arriving at taxable salary i.e exempt HRA as per rules shall get deducted from gross salary for taxation . So the accountant is clearly at fault and appears to have passed his/her exams by influence /money both of which is common in India . I won't like to comment further for such idiots

(ii) Can Loan benefit be taken along with seeking of HRA

Don't confuse between availing of HRA and claiming deduction benefit of loan interest on home HRA is a salary allowance under income from salary head Whereas loan interest is a eligible deduction while computing income from house property. However , in this case you cannot claim benefit of the loan interest since property is not ready yet . The benefit for loan interest is available for only ready properties u/s 24 b . But one thing you must realize that you can get HRA while staying in rented house and also claim loan interest benefit of the ready to occupy house( under income head "house property" ...Once house possession completed , you can claim benefit of prepaid loan interest in 5 equal installments subject to upper cap of 2 lakh rs per year.

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Amlan Dutta

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July 2, 2018

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Girija Kumar

Category : 44ADA ( ..,

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July 2, 2018 5:03 pm

Hi Amlan,

Great work in helping out so many ppl. God bless!

I have income from software development consultancy/contract, transferred to my Indian bank account, for work done from India, for a couple of companies abroad.
Can I use file ITR-4 (formerly ITR 4S) for filing my returns under Sec 44ADA...

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Amlan Dutta

Yes, eligibility of specified professions does include technical consultancy and so you are eligible to claim presumptive benefit under section 44ADA to show 50% of gross receipts as income only...i believe that you already are aware of how to file presumptive return ITR 4..just keep in mind that f...

July 2, 2018

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Girija Kumar

Can you please provide reference to an example if you don' t mind. Would like to verify if what I did is correct.

July 2, 2018

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Hemen

Category : 80DDB - ..,

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July 2, 2018 11:39 am

Dear Amlan
i have two questions from two different category

Q1:-Few month back one of my colleague’s father has died due to lungs cancer. If he want to claim the deduction u/s 80 DDB, how and where he have to submit required Doctor's certificate. Is it online or offline? Kindly let me know the p...

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Amlan Dutta

Case (a) Documents required for claiming 80 DDB benefit for treatment of dependent (i)Patients getting treated in a private hospital are not required to take the certificate from a government h...

Case (a) Documents required for claiming 80 DDB benefit for treatment of dependent (i)Patients getting treated in a private hospital are not required to take the certificate from a government hospital.
(ii)Patients receiving treatment in a government hospital have to take the certificate from any specialist working full-time in that hospital. Such specialist must have a post-graduate degree in General or Internal Medicine or any equivalent degree, which is recognized by the Medical Council of India. Since it is cancer here, Oncologist having a Doctorate of Medicine (D.M.) degree in Oncology or any equivalent degree which is recognized by the Medical Council of India must prescribe the certificate
(Certificate in Form 10I is no longer required.)
The certificate must have
(a)name and age of the patient
(b)name of the disease or ailment
(c)name, address, registration number and the qualification of the specialist issuing the prescription
If the patient is receiving the treatment in a Government hospital, it should also have name and address of the Government hospital. Amount of deduction :From FY 2018-19 onwards (Assessment Year 2019-20)
40,000/- or the amount actually paid, whichever is less.
In case of senior citizen Rs, 1,00,000 or amount actually paid, whichever is less.

Case - (b) HRA exemption not declared in form 16 Solution: No documents required, however department is likely to send mismatch notice (at present the department sends proposal for adjustment of income notice when return figures don't match form 16 /26 as. At that time assessee is simply required to opt for e-proceedings and again justify the deduction.

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Hemen

....Tax, how you upgrd yourself daily, How we can also learn tax etc.

July 3, 2018

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Hemen

I have been watching your video since 2015. Ya I know, If I am remember correctly then 1 or 2 years before first time you had mentioned about your book in one of your video, but after that no news. last year I had sent a mail to you asking about the book. I am eagerly waiting for your book.

July 3, 2018

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chandanchandra

Category : TAXABILI..,

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July 2, 2018 2:26 am

How to show Exempt medical reimbursement in ITR1 online
( Exempt medical reimbursement which has been done away with from AY2019-20 ( 15000 max based on receipts).Which section it comes under. Is it Section 10?

Also how to show telephone allowance
(In my form 16 , it is all clubbed as exempt unde...

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Amlan Dutta

Before proceeding to read the answer, check attached picture to note on how to display such tax free perquisites in ITR

(i)Medical Reimbursement - It is tax-Free Prerequisites under Section 17(2) till 15000 ......

If an amount higher than Rs.15,000 is incurred on the medical bills by the employee, th...

Before proceeding to read the answer, check attached picture to note on how to display such tax free perquisites in ITR <br /><br />(i)Medical Reimbursement - It is tax-Free Prerequisites under Section 17(2) till 15000 ......<br /><br />If an amount higher than Rs.15,000 is incurred on the medical bills by the employee, the excess amount is added to the head salary of the employee at the time of ITR filing. <br /> <br />( Link - https://www.incometaxindia.gov.in/Charts%20%20Tables/List_of_benefits_available_to_a_salaried_person_Final.htm ) <br /><br /> (ii) Telephone allowance - It must be telephone reimbursement ...<br />Telephone Allowance enjoys no exemption and is fully taxable<br /> <br />(Link - https://www.incometaxindia.gov.in/Charts%20%20Tables/Allowances_Available.htm . )<br /> <br /> Most company accountants miss this point and show it under allowance head ...anyways, considering this as reimbursement also will come under tax free perquisite under section 17(2)

Employees: Benefits allowable

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Amlan Dutta

Medical allowance if given is fully taxable , however medical reimbursement is tax free under 17(2) till 15,000 rs ....You can take a second opinion , i won't be replying any further to this

July 2, 2018

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chandanchandra

Many thanks for the prompt reply....

July 2, 2018

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