Categories
Normal Grid Pagination Scroll
SRINIVASA NAIDU

Category : TDS ON N..,
Solved
April 18, 2018 12:32 pm
  • TDS ON NRI PURCHASE
hi sir, can you tell me about TDS applicable on buying asset(Immovable property) from NRI?
  • Hide Placeholder
  • Hide Discussion
Amlan Dutta
TDS on NRI purchases is to be deducted irrespective of the transaction value of the property( unolike domestic transfers where only TDS has to be deducted if the sale value exceeds 50 lakhs ) ......Section 195 clearly stipulates that the buyer is to deduct 20 % TDS on capital gains after obtaining a...
View More
  • April 18, 2018
  • LikeLike
  • Select as Answer
hanif

Category : ITR 1..,
Solved
April 17, 2018 10:54 pm
  • ITR 1
dear amlan,
how r u? there is a confusion in filling a new column ie.allowance not exempt. i get a salary slip where in there is a break up of BASIC + CCA +,REFRESHMENT, + HRA, +CONVEYANCE = gross salary and minus PT+ VPF + IT = net salary. do i have to add cca/refreshment/hra/conveyance in the allo...
View More
  • Hide Placeholder
  • Hide Discussion
Amlan Dutta
i can't go into detail of these , but the salary schedule in ITR 1 is nothing new and we have already seen the same salary schedule earlier in ITR 2 and other higher tax forms of last years where salary schedule was kept separately.....( people are used to using the ITR 1 for filing and so the pres...
View More
i can't go into detail of these , but the salary schedule in ITR 1 is nothing new and we have already seen the same salary schedule earlier in ITR 2 and other higher tax forms of last years where salary schedule was kept separately.....( people are used to using the ITR 1 for filing and so the present schedule may have looked a bit different comparing earlier years returns)<br /><br /><br />you need to do this with your form 16 and not your salary slips ...once you get your form 16 ( check part b of it ), try and see the income chargeable under head salary(Point 6 )....this is what gets offered for tax after giving benefit of all exemptions etc ...<br /><br /><br />Say, gross salary( say 100 Rs) , <br />(ii)Exempt allowances say 20 Rs ->(Exempt HRA(10) , exempt conveyance(10 Rs)).....................Not taxable<br />(iii)Non exempt allowances say 10 Rs ->( Taxable HRA (10 Rs) )...................... ................Taxable<br />(iv)Perks, perquisite say 10 Rs -> Profit in lieu of salary (bonus etc 0 rs ) .................Taxable<br /><br />(v)Deductions say 10 Rs -> ( Tax on employment (10 Rs) , Entertainment (0 Rs))<br /><br />Then, salary under field 1 (salary excluding everything )= 100- (20+ 10+10)= 60<br /> Exempt allowances is = 20 rs, Non Exempt allowances = 10 Rs <br /> Perks/perquisites = 10 rs ..<br /><br />Deductions (10 Rs)<br />entertainment allowance = 0 Rs , Tax on employment = 10 rs ,<br /><br /> So, income chargeable under salary head shall be <br />= 60+10(non exempt allowances)+ 10(perks , if any) -( deductions)<br />= 80- deductions <br />= 80 - 10 <br />= 70 Rs.<br />This shall be point 6 of your form 16 ( Not that bonus is totally taxable , other allowances may be partially exempt ( which is made clear in form 16 ) <br /><br />See this video - https://www.youtube.com/watch?v=r1syPCJ11KY<br />Read Description as well in the video (shows filling up of salary schedule in a similar live case )
Play
HOW TO FILL UP SALARY SCHEDULE IN TAX RETURN USING FORM 16 | INCOME TAX
772(Income tax) How to fill the salary Schedule in income tax return using Form 16? Video Link - https://www.youtube.com/watch?v=r1syPCJ11KY Filling up the s...
  • April 18, 2018
  • LikeLike
  • Select as Answer
SWARNA CHANDRIKA

Category : TAX CRED..,
Solved
April 17, 2018 12:39 am
  • TAX CREDIT
Hi, I've 4 FDs in SBI, which my father used to handle, recently he got very sick,so asked me to submit 15G form online.when I logged into the A/C I found that the bank has deducted 20% TDS from all the fixed deposits(despite giving Form 15G and PAN Card number) and also my found that bank has not up...
View More
  • Hide Placeholder
  • Hide Discussion
Amlan Dutta
There is and really depends on how well the banks co-operate ...here, you will have to request bank to revise the TDS return they submitted. Anyone who deducts TDS has to submit a TDS Return of all the TDS deducted by them and that is how this information reaches your Form 26AS. At present since th...
View More
  • April 17, 2018
  • LikeLike
  • 1 person
  • Select as Answer
Chaitanya Kumar

Category : DTAA..,
Solved
April 16, 2018 11:28 pm
  • DTAA
I'm resident of India and in US now for temp work, as part of global tax i'm being asked to pay tax for medical insurance paid in US and which is non-taxable in US and also in India. Do i need to pay/calculate tax for medical insurance amount? pls suggest
  • Hide Placeholder
  • Hide Discussion
Amlan Dutta
W.r.t indian taxation system, no .
  • April 16, 2018
  • LikeLike
  • Select as Answer