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Avin Rai

Category : Intimati..,

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February 3, 2019 10:16 pm

Intimation u/s 143(1)a
Sir, my uncle filed his tax return last year by himself i.e AY 2017-18. But while filing he didn't mention the detail of the Bank FD interest. And later he received an Intimation u/s 143(1)a, and intimation mentioned about that bank FD interest. As he is an aged person and doe...

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Amlan Dutta

Avin , i think the intimation may have added the interest income and calculate the demand based on the tax arrived upon after adding this income ...you can simply pay that off using challan 280 and keep the assessing officer informed

February 3, 2019

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Avin Rai

Sir, do i need to file any revise return or not? And informing assessing officer means i have to go local tax office physically and inform about it. Am i correct?

February 4, 2019

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Ayush Garg

Category : 80GG - R.., 80GG Eli..,

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February 3, 2019 8:28 pm

Sir good evening sir ye btaiye psu banks me officer ko kisi city me rent ke house me rahne ke liye alag se lease rent milta Hai but form 16 ya salary slip me HRA me show nai rhta to kya section 80GG ya kisi aur section me jo monthly rent paid Kar rhe Hai us par tax benefit mil sakta Hai?

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Amlan Dutta

Not sure of this Ayush , the eligibility as per 80 GG has to be looked into .....the section speaks of absence of HRA as the major condition in order to claim benefit under 80 GG and here though the company is not providing HRA , it is very similar to providing some kind of house rent assistance in terms of lease rent and so , i think the department may disallow the benefit even if it is claimed but if a fair reading of the act is done , it would suggest otherwise i.e that there is no HRA provided and that the employee can take benefit under section 80 GG if all other conditions as listed satisfied ...i request that you take a separate opinion from a tax expert as well ..besides 80 GG there is no deduction benefit that can be seeked ....

Note ------Eligibility under 80 GG.................

If you do not receive HRA from your employer and make payments towards rent for any furnished or unfurnished accommodation occupied by you for your own residence, you can claim deduction under section 80GG towards rent that you pay. Here are a few conditions that must be fulfilled –shed or unfurnished accommodation occupied by you for your own residence, you can claim deduction under section 80GG towards rent that you pay. Here are the conditions that must be fulfilled –

1. You are self-employed or salaried

2. You have not received HRA at any time during the year for which you are claiming 80GG

3. You or your spouse or your minor child or HUF of which you are a member – do not own any residential accommodation at the place where you currently reside, perform duties of the office, or employment or carry on business or profession.

4. In case you own any residential property at any place, for which your Income from house Property is calculated under applicable sections (as a self-occupied property), no deduction under section 80GG is allowed.

To claim 80 GG benefit be sure to fill up form and submit and file Form 10BA online before claiming it in return

Deduction benefit –the lowest of these will be considered as the deduction under this section-

(a) Rs 5,000 per month

(b) 25% of the total Income (income to exclude long-term capital gain, short-term capital gain under section 111A and Income under section 115A or 115D and deductions 80C to 80U. Also, income is before making a deduction under section 80GG).

(c) Actual Rent less 10% of Income (income to exclude long-term capital gain, short-term capital gain under section 111A and Income under section 115A or 115D and deductions 80C to 80U. Also, income is before making a deduction under section 80GG).( To claim 80 GG benefit be sure to fill up form and submit online before claiming it in return )

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February 3, 2019

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Ayush Garg

OK sir thanks for reply agar aapko is par kuch aur pta chle to btaiyega bhot saare psu banks employees ko benefit Hoga..

February 3, 2019

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Amlan Dutta

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February 3, 2019

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Kirti Menkudle

Category : How to f..,

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February 2, 2019 10:39 am

Hi Sir,
My father passed away in October 2018. His annual income after all deductions comes to be 7 lakhs approx. Since he worked for only 7 months in this financial year his taxable income will not be more than 4 lakhs.
Do I need to file income tax return for him ?
What will be the implications if I...

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Amlan Dutta

It is better to file return for your deceased father . You will first need to register yourself as legal heir and then do the necessary filing on his behalf . Everything will remain taxable as per actuals as per slabs....TDS may also have been deducted , you can check whether he qualifies for a refu...

February 2, 2019

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Amlan Dutta

February 2, 2019

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Akhilesh

Category : PENALTY..,

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February 1, 2019 9:57 pm

Hi Sir,
My TDS deduction is more than the sum of the total Tax and penalty amount for late filing of ITR 1. Do I still need to pay the challan of Rs.1000 separately against the penalty?

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Amlan Dutta

The return will itself calculate tax based on tax liabilities interest and any penalty applicable due to late filing ...say it is 100 Rs ...say TDS deducted is more than this i.e say 200 Rs , then you will not need to pay any further amount and shall qualify for refund of the excess amount already...

February 2, 2019

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