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Rakesh Patil

Category : How to f..,
Solved
July 24, 2019 9:51 am
  • How to fill Salary breakup in ITR 1
Hi Amlan,

The company where I was working was taken over by other company. And the migration was done from 1st May. So only for April month I got salary from old company. Now the issue is for that one month they haven't deducted tax. Remaining all months tax is deducted. Now while filing returns how ...
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Amlan Dutta
Simply add chargeable salary income from both companies in ITR and arrive at taxable income , return itself shall compute tax liability as per slabs on taxable income....check TDS credit available .....if tax liability as per slabs is more than available TDS credit , then pay off balance tax usin...
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  • July 24, 2019
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Samir Mehta

Category : Taxabili..,
Solved
July 23, 2019 11:12 pm
  • Taxability of Interest Income
Hi Amlan, this is regarding declaring interest income in which FY? interest on NCD (Tata NCD), as the interest will be credited from date of allotment (allotment date - 27/09/2018) and not on pro-rata basis in march end, please suggest in which FY whether 2019-20 or in 2018-19 interests to be declar...
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Amlan Dutta
Ask the entity issuing non convertible debenture for interest statement and check whether any interest (accrued or paid) has been credited for FY 2018 19 ...if yes, then such income needs to be declared , you yourself don't need to do any prorata calculation etc anything ...

If no interest has bee...
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  • July 24, 2019
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Suresh

Category : Tax Audi..,
Solved
July 23, 2019 7:18 pm
  • Tax Audit
Sir,
I made loss in Future and Options about 25000/-, and turnover not exceeded 2 crores, and don't want to carry forward losses. Sir should I audit or not? ( I don't want to carry forward losses)
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Amlan Dutta
This answer needs revision and therefore i am editing my answer ...section 44AB governs audit and one therefore needs to look at it for guidance .....According to section 44AB ,a business is required to go for audit if it's gross receipts exceeds 1 Cr for business and 50 lakhs for profession and it...
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  • July 24, 2019
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Jitendra B

Category : How to f.., Income t..,
Solved
July 23, 2019 5:32 pm
  • How to fill ITR
  • Income tax
In ITR1 dropdown, there is a dropdown "Nature of Employment". One of that value is "Not Applicable". Which taxpayer category can choose "Not Applicable" for the Nature of Employment?
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Amlan Dutta
This is for unemployed people i.e If taxpayer has no salary/pension and is using ITR 1 to depict income from other heads - House property or interest etc , then clearly employment doesn't apply to him/her. He/she would the select employment category "Not applicable" in such a case for the simple fac...
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  • July 23, 2019
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