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Prashant Goyal

Category : Return p..,
Solved
April 12, 2019 10:30 pm
  • Return processed but revision needed
Hi Amlan,
I am a salaried person with some interest income from bank FDs. For FY 2017-2018 while filing my tax returns I made an error in the TAN of bank, consequently income tax dept did not recognize any interest income and refunded me the tax i had paid on this interest income. In good faith i re...
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Amlan Dutta
A part of the question makes no sense ...even if department doesn't recognise TAN, it will not allow the TDS that has been claimed ( because incorrect TAN means a different deductor who has not deducted TDS ) but department should surely recognize your interest income offered. The tax liability sha...
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  • April 12, 2019
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Prashant Goyal
Thanks Amlan. Well, thing's unfolded exactly the way i described. Bottom line, post the TAN rectification they have raised a demand for the refund which as I mentioned previously i have already paid. There is no net liability on my side. Anyways I was thinking of filing another rectification (which ...
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  • April 12, 2019
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Pawan Kumar

Category : TDS on i..,
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April 11, 2019 4:05 pm
  • TDS on income other than salary
Dear Sir,
I take a LIC single Premium Policy with Rs 200000 on Sep 2015 and On Pre Maturity at May 2018 I Get Rs. 241368 and TDS @1% of Rs. 2414
How I Show this on ITR-1
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Amlan Dutta
For life insurance policy taken after 1st April 2012, section 10 (10 D) stipulates that in order for the proceeds to be tax free the premium must be less than 10 % of sum assured .
In this case since premium exceeds 10 % of sum assured , so maturity proceeds become complet...
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  • April 11, 2019
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elsteinc

Category : Section ..,
Solved
April 10, 2019 9:23 pm
  • Section 119(2)(b) Delayed filing
Dear Amlann, thank you for your video "HOW TO FILE ITR FOR ANY PREVIOUS YEAR EVEN AFTER BELATED PERIOD OVER| Section 119(2)(b)", it was very helpful. However, I just want to clarify one thing. I didn't file my ITR for the FY 2016-2017. My employer deducted TDS of about INR.7000. The employer never i...
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Amlan Dutta
Be informed that it is not the deductor's duty to inform you of deducted TDS. In this case, the deductor happens to be be employer)
The deductor is guided by the TDS sections to deduct TDS ( in this case section 192 for salary ) so, if the salary falls in taxable bracket, the deductor ...
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  • April 11, 2019
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hanif

Category : Standard..,
Solved
April 10, 2019 11:57 am
  • Standard deduction of 40000 u/s 16(ii)
Dear Amlan...a new ITR 1 form for AY 2019-20 which is available on income tax website. there are couple of queries in the form...as you are aware that for this ay there is a standard deduction of rs 40000/- , fyi in this new form there is a column of exempt income for reporting purpose only...last...
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Amlan Dutta
The 19200 Rs deduction benefit was not exempt income, it was deductions on account of salary medical and transport allowance which is now replaced with a standard deduction of 40,000 rs .....however to stay safe people depict this income in the exempt income reporting section .i wont be able to repl...
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  • April 10, 2019
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