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R. R. Sharma

Category : 80GG Eli..,
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July 20, 2018 12:26 pm
  • 80GG Eligibility
I am entitled for HRA @ Rs. 14000 per month W.E.F 1st July 2017 however my HRA has not been adjusted till date in my salary but I am paying house rent @ Rs.21000 per month W.E.F. 1st July 2017. How and under what section tax rebate for house rent to be claimed for full HRA entitled amount as while ...
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Amlan Dutta
There are two things here ...You are claiming benefit of 80GG in absence of HRA ...so , clear one thing first that you don't receive any HRA even if you are entitled to ...because any receipt of HRA makes this 80GG deduction ineligible ...So, figure out 80GG eligibility first ...if you are eligibl...
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There are two things here ...You are claiming benefit of 80GG in absence of HRA ...so , clear one thing first that you don't receive any HRA even if you are entitled to ...because any receipt of HRA makes this 80GG deduction ineligible ...So, figure out 80GG eligibility first ...if you are eligible , then first submit 10 BA online giving self declaration that you qualify for 80GG deduction w.r.t to all points and lastly , under 80 GG , the deduction benefit is is the lowest of the following three amounts:<br /><br />(i)Rs. 5000 per month (Budget 2016 has increased the limit of rent from Rs. 2000 per month to Rs. 5000 per month)<br />(ii)25% of individual’s total income.<br />(iii)Rent paid in excess of 10% of individual’s total income (ie. Rent paid minus 10% of total income)...so, accordingly it qualifies to be 5000 x 12 = 60000 Rs in your case ....Until 10 BA is submitted online , the deduction benefit of 80GG shall be disallowed by the assessing officer...check attached pictures ....please select query category carefully next time to avoid question getting auto deleted ..(.all questions posted in general will get auto deleted after 7 hours ....) if you get HRA , then the treatment is totally different.
There are two things here ...You are claiming benefit of 80GG in absence of HRA ...so , clear one thing first that you don't receive any HRA even if you are entitled to ...because any receipt of HRA makes this 80GG deduction ineligible ...So, figure out 80GG eligibility first ...if you are eligible , then first submit 10 BA online giving self declaration that you qualify for 80GG deduction w.r.t to all points and lastly , under 80 GG , the deduction benefit is is the lowest of the following three amounts:<br /><br />(i)Rs. 5000 per month (Budget 2016 has increased the limit of rent from Rs. 2000 per month to Rs. 5000 per month)<br />(ii)25% of individual’s total income.<br />(iii)Rent paid in excess of 10% of individual’s total income (ie. Rent paid minus 10% of total income)...so, accordingly it qualifies to be 5000 x 12 = 60000 Rs in your case ....Until 10 BA is submitted online , the deduction benefit of 80GG shall be disallowed by the assessing officer...check attached pictures ....please select query category carefully next time to avoid question getting auto deleted ..(.all questions posted in general will get auto deleted after 7 hours ....) if you get HRA , then the treatment is totally different. +2
  • July 20, 2018
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sandeep

Category : How to f..,
Solved
July 20, 2018 12:15 pm
  • How to fill financial particulars of Business/Profession
Hello Sir,

This is Sandeep & i am working as a professional. my total annual income is 4766617 Rs. i am applying ITR refund under 44ADA. can you please tell me fields should be zero under "Financial Particulars of Business" or need to enter amount. i had taken some loans from bank and some of other...
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Amlan Dutta
Following the business entity concept , all transactions for other than business/profession need to be kept separate ...your home loan etc loans that are personal in nature need not be reflected in the financial particulars of the business ...check the answer options - video for this answer to see r...
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Following the business entity concept , all transactions for other than business/profession need to be kept separate ...your home loan etc loans that are personal in nature need not be reflected in the financial particulars of the business ...check the answer options - video for this answer to see relevant video for knowing what to fill in the financial particulars of the business/profession...
  • July 21, 2018
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Faheem Akram

Category : Preparin..,
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July 20, 2018 12:04 pm
  • Preparing Balance sheet
While filing ITR3 ? What will be kept in mind to avoid tax audit?
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Amlan Dutta
Audits fall under section 44AB .......You can check eligibility criteria ......Audit is required mandatorily for business or profession when turnover exceed the specified limits and also when one declares income lesser than presumptive levels i.e 8% of gross receipts for business and 50% of gross re...
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  • July 21, 2018
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SANTOSH NADIG

Category : 80 DDB -..,
Solved
July 20, 2018 10:40 am
  • 80 DDB - Senior citizen - Self or dependent
hi, Amlan ji
i had spent 15000 towards the operation of my father who is 65 years of age, can i avail tax benefit for this, if yes under which section
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Amlan Dutta
Operation for what exactly ......Section 80 D ( premium on mediclaim policy under section 80D ) Note had your parent been a super senior , the answer would have been very different...........also,operation doesn't exactly qualify for health check up expenses , so the 5000 rs benefit ( recently int...
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Section 80D: Income Tax Deduction For Medical Insurance - H&R Block
Claim tax deductions u/s 80D if you have incurred expenses towards medical insurance. Read more about section 80D deductions in this guide by H&R Block.
  • November 27, 2018
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