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naresh kumar

Category : Income t..,
Solved
May 12, 2018 1:30 am
  • Income tax
Dear sir amlan
I am a salaried person. I have purchased a car from CSD which price is 11 lakh something . when i am filing my ITR, my car price is reflecting in itr form , where can i put my car amount in ITR 1. please help me.
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Amlan Dutta
Car price is your expense not income ...you are not required to show it at all ......in case you took a loan , then maybe TCS has been deducted ...you can take credit of deducted TCS to meet your tax liability or seek refund as the case may be ......but rest assured that the car price doesn't trans...
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  • May 12, 2018
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Naresh Yadav

Category : Return f..,
Solved
May 11, 2018 11:23 pm
  • Return for Salary, Interest
Dear,sir I have a one question is I am sallired employee and have income of interest of lic premium .so which ITR have filled.ITR 1or ITR 3
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Amlan Dutta
Selection of return must be such that a person can depict all income heads applicable to him /her in the return ...in your case , your scope of income is from salary and interest income ( income from other sources) ...clearly the same can be presented using ITR 1 ....so , you can use ITR 1 ...you ha...
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Selection of return must be such that a person can depict all income heads applicable to him /her in the return ...in your case , your scope of income is from salary and interest income ( income from other sources) ...clearly the same can be presented using ITR 1 ....so , you can use ITR 1 ...you have no business income so why should you use ITR 3 and complicate matters ..........check the attached picture where you shall put the salary and the interest income.......
  • May 12, 2018
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Naresh Yadav
Thank you sir.
  • May 12, 2018
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Sudarshan patidar

Category : 44 AD ( ..,
Solved
May 11, 2018 8:45 pm
  • 44 AD ( Business income)
Dear sir, i have a query about that if i have 2 bussines.1st business for medical store and second for electricity equipment shop.

Now if i file my return under sec 44AD then what should i take my gross turnover it should aggrigate of both business or single in itr 4

And what is position of debeto...
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Amlan Dutta
Turnover of both business is to be considered while computing gross turnover and accordingly you shall have to declare minimum 8 5 of such turnover as presumptive income Debtor mean...
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Turnover of both business is to be considered while computing gross turnover and accordingly you shall have to declare minimum 8 5 of such turnover as presumptive income Debtor means any recievables and creditor means any one the business has to pay Again this is for both businesses and not each business ........ There is no provision to do it for each business anyways .....
  • May 11, 2018
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Manjit kumar

Category : 80D - He..,
Solved
May 11, 2018 7:36 pm
  • 80D - Health Insurance premium
Dear sir
I have spend on 45000 Rs on medical treatment. Can i take deduction benefit of section 80D ?
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Amlan Dutta
Medical treatment for what???? I am assuming that you have spend it on yourself and is towards preventive check ups ...if yes, read the following else you can safely ignore knowing that there is no deduction benefit available under 80 D for any other medical expenses pertaining to treatment ...
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Medical treatment for what???? I am assuming that you have spend it on yourself and is towards preventive check ups ...if yes, read the following else you can safely ignore knowing that there is no deduction benefit available under 80 D for any other medical expenses pertaining to treatment <br /> Typically, section 80 D is primarily for health insurance premium (25000 ( for self OR spouse OR dependent children) and 25,000/30,000 for parents/senior parents (increased to 50,000 for senior parents in Budget 2018) . <br /> <br /> However, there is a certain benefit towards preventive health check up also now in 80 D which is however limited to 5000 Rs total ( self , spouse , dependent children OR Senior citizens ) and not individually for each person.... <br /> Again note , that the sum total of the insurance premium plus the preventive checkup expenses cannot still exceed and contained in the limits defined above <br /> . In your case however , it is not amount spend on health insurance and rather medical expenses(assuming towards preventive health check up ) ........the maximum benefit you can therefore derive is 5000 Rs under section 80 D.......
  • May 11, 2018
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