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Pooja Gupta

Category : Computat..,

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October 12, 2018 5:34 pm

Hi Amlan! Saw your work on Youtube and Facebook today about making Knowledge free and am really impressed with your endeavours.

Could you please help in below case as we are not able to get any relevant information online or offline. Even Govt of India's income tax website doesn't give requisite in...

Bhavani

Bhavani

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Amlan Dutta

1.) If he registers as business , he might be able to take benefit of presumptive sections 44AD ...If he decides to continue as profession, then same benefit may not be available ( unless it is a specified profession) ...Without much information on the type of work he does, i can't comment on whether the same qualifies for specified profession for subscribing to presumptive benefit ...even if it does, presumptive profession is at 50 percent of total receipts compared to much more benefit available for presumptive business where one can show income at mere 8 % of total turnover.

2.) Advance tax payment - He has to pay every quarter as per specified dates in the proportion specified
For AY 2019 20 - 15 % by 15th June 2018 , 45 % cumulative by 15th September 2018 , 75 % cumulative by 15th December 2018 , 100% cumulative by
15th March, 2019.

Say advance tax liability is 100 rs, 15 Rs by 15th June 2018 , 45 Rs cumulative by 15th September 2018 , 75 Rs cumulative by 15th December 2018 , 100 Rs cumulative by 15th March 2019.
If he decides to pay only in one shot , let him pay before 15th June total else if he does the same in March , then penal interest under 234 B and 234 C shall apply on unpaid portion of the advance tax.
( If presumptive business , advance tax must be paid before march 15th )
For presumptive profession however, there is no relaxation and quarterly payments as mentioned above must be made

3.) If decides to show income on normal levels , then based on tax slabs ...if decides to show on presumptive basis, tax slabs on presumptive level of income

4. All crap - on total income , slab based taxation shall apply ...there is no exemption on any portion nor is there any law for the same ....

5.) 2 methods for saving tax
Go for business registration and take advantage of presumptive taxation ( check eligibility once ) and
(b) study chapter VI A deductions to see what investment would make sense - most individuals reduce taxable income by investing in eligible investment under 80 C - check if thats your friends case

6.) He/she will ITR 4 for presumptive income ( in case offering it as business ) and ITR 3 in case normal profession------note that at present the income being profession , he has no option but to file ITR 3

My answer may not make sense since i will not be in a position to go into basics ...it may take you sometime to study yourself using my or other videos and read a few books to master the basics first ...this platform is not exactly to solve questions from scratch ---but rather a extension of my YT work ...i sense many portions of the question lacks fundamentals and so this answer in many aspects wont make sense until you have a intermediate understanding ....

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October 12, 2018

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Pooja Gupta

Hi Amlan, Thank you for the detailed reply. Yes i will go trough your other videos as well to build up my knowledge.

However a few clarifications and questions:

a. He is a Software professional.

And a document of Income Tax India tutorials say:
A person resident in India engaged in following profession...

October 14, 2018

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Amlan Dutta

1.) The services offered can fall under technical consultancy and so benefit of section 44ADA can apply treating as profession and applying presumptive taxation on 50 % of receipts

2.) For ELIGIBLE BUSINESSES , it is at 8 % using section 44AD ------ for eligible PROFESSIONS , it is at 50% using se...

October 16, 2018

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Mohit

I filled my ITR 4 44 ada, according to my 26as 99% TDS deducted under section 194j , but one party deduct TDS under section 94 c, at first time I have shown all income under section 44 ada, but income tax department send me notice for this mismatch ( mentioning that Rs 19200 is not the part of 44...

October 30, 2018

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G N Sah

Category : Intimati..,

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October 11, 2018 9:50 pm

I filled Income Tax for AY 18-19 and have got notice 143(1)a. I had arrears in my income for which i filled 10E form. But IT department has not considered 89(1) relief and they have asked me to pay more tax. I have enclosed 10E form and intimation notice 143(1) for your reference.
Plz suggest how to...

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Amlan Dutta

If form 10 E had been correctly filled ( assessment year expected in place of previous year ) then proceed with submission of rectification request of intimation selecting option "reprocess of case" and then disagree with demand selecting "rectification filed with AO"...note that this is my opinion ...

October 11, 2018

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G N Sah

Dear Amlan,
In the previous years column of 10E form, I have mentioned FY 2015-16 and 2016-17 not assessment years. Is this the reason for not considering 89(1) relief ??
If so, knidly suggest how to respond to them now.

October 12, 2018

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Amlan Dutta

You will now fill up form 10 E again correctly and submit it and after that submit for rectification under option " reprocess the case"...then disagree to the demand stating that the rectification has already been raised.

October 12, 2018

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G N Sah

Dear Amlan,Thanks for ur suggesion.

October 13, 2018

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G N Sah

Dear Amlan,

To reply for the demand notice, which option I should select now from the list (snapshot already attached earlier).

Kindly suggest.
Thanks

Dear Amlan,<br /><br />To reply for the demand notice, which option I should select now from the list (snapshot already attached earlier).<br /><br />Kindly suggest.<br />Thanks

October 13, 2018

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Amlan Dutta

After you submit rectification , what should be the option be - obviously rectification filed with AO ...if i have to type every thing , same questions will flood my site even after years of work ...until the thinking process is set right i wont be able to keep answering ...here , the logic is simpl...

October 13, 2018

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Kumar

Category : Income t..,

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October 10, 2018 5:33 pm

1) I learn from one of your videos that after showing in return the exempt HRA not considered in form 16, one might get a "Proposal for e-adjustment" notice, after which one might need to apply for e-adjustment and justify that one is eligible for the HRA exemption. Did you or anyone you know get su...

Amlan Dutta

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1.) haven't seen the fields for proposal for adjustment for unclaimed HRA and so won't be able to comment ...But , i am sure there shall be fields for putting in justification for claiming benefits from unconsidered HRA and you need to select them accordingly....all this is assuming that there was p...

October 10, 2018

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Vikas Kumar

Category : Differen..,

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October 10, 2018 5:05 am

hi sir...
I have a query relating to ay 2018-19 to which I have already filed my return before due date.
my father is a salried Person so he get Form 16 ( Part a and Part b ) every year.

In the return I have furnished the total income which is shown in Form 16 (part a) which is same to the amount...

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Amlan Dutta

Your employer has filed TDS return incorrectly ...your income should have been 1102150 Rs only ...you must revise return to show this correct figure...You can take up with employer to get the TDS return corrected ............

October 10, 2018

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Vikas Kumar

How they will find the figure of rs.1102150 because in 26as also there is only rs.784586?

October 10, 2018

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Amlan Dutta

What they will figure or not is not the issue , what is correct is to be depicted ...if case taken for scrutiny then the real figures of income shall be taken for tax consideration ...if 26 as shows 0 , it doesn't mean that your income is now 0 ..what it means that your employer has done a mistake w...

October 10, 2018

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Amlan Dutta

October 10, 2018

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