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Prasad Shirodkar

Category : Exempt I..,
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July 27, 2019 8:17 pm
  • Exempt Income
Dear sir:
I am filing my ITR1. I have a PPF account. I get interest from PPF account. I want to show this interest in exempt income: for reporting purpose section, in ITR1. Where should I show it. Also I want to show interest from EPF (Employee Provident Fund). Where do I show this interest in the n...
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Jitendra B
Actually one ET article says that PPF interest will have to be reported in dropdown "Any Other" and mentioning "PPF INTEREST" rather than choosing u/s 10(11).
ITR 1 filing | Income tax returns: How to report tax-exempt incomes in ITR-1
This year in ITR-1, tax-exempt incomes have to be reported in the tab, 'Computation of income and tax'.
  • July 31, 2019
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Jitendra B
As far as I know EPF Account interest is not be reported in the ITR as that account is in control with the EPFO. Moreover, the annual interest credits by EPFO are not timely as they are dependent on interest rate confirmation from government and finance ministry. Last year the annual interest on EPF...
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ITR 1 filing | Income tax returns: How to report tax-exempt incomes in ITR-1
This year in ITR-1, tax-exempt incomes have to be reported in the tab, 'Computation of income and tax'.
  • July 31, 2019
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Sachin hissaria

Category : DTAA.., DTAA IN..,
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July 27, 2019 6:36 pm
  • DTAA
  • DTAA INDIA USA
Hi Amalan, hope you doing well and keep up the great work

I am working in TCS and stayed in US from 31 Jan 2016 to 22nd Jan 2019. As per rule it seems I am resident of India.
So do I have to pay tax in India for the amount earned in US . And in India whole year tax was deducted though I wasn't getting...
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Amlan Dutta
How as per rules do you classify to be a resident???? If you are out on employment and if you are less than 182 days in India , you are clearly a NRI ( other rule for figuring out residency doesn't apply to people going outside india on employment ).

Basically the following rule is used to determin...
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  • July 27, 2019
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Sachin hissaria
I have got this reply from my company :-------- The high income tax is due the change in your residency status. Since you have returned back from San Francisco as on 27 Jan 2019, you are considered as resident Indian for the current financial year 2018 to 2019 and tax has been calculated with e...
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  • July 27, 2019
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Suhas

Category : NRI Taxa..,
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July 27, 2019 6:27 pm
  • NRI Taxation
Dear Amlan,
I have moved to US 3 years ago and returned in Oct 2018.I fall under NRI category for this financial year as I stayed more than 180 days in current year. Do I need to disclose the income earned in US and get it exempted in ITR. Please throw some light on this.
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Amlan Dutta
If you are a non resident (am assuming you are ) , your US income is not taxable and you don't need to declare it in ITR at all
  • July 28, 2019
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ELANGO

Category : Filing I..,
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July 27, 2019 2:38 pm
  • Filing Issues
Dear Amalan, Suppose if I get a refund for previous AY from the Income Tax department with some interest, do I have to show this REFUND amount for reporting purposes? If yes, how to mention this in ITR-1?
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Amlan Dutta
The interest income from refund is taxable and is offered as income under corresponding head in ITR under income from other sources and this field in particular and not just shown for reporting purpose ...it will add to your taxable income and shal be taxed as per slabs you fall into
  • July 27, 2019
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