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Mahendra

Category : Income t..,

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June 1, 2016 12:05 am

Hi Amlan,I must say, your videos are very functional and the knowledge you have is awesome.I have few question in filling ITR.I am out of India but I have some income following in India as below:

1. Property Rent (I have apartment in India, and I used to get rent of that property every month).

2. ...

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Amlan Dutta

Thank you for the wonderful compliments and also thanks for posting the query over this platform for others to benefit from your query as well.

Now , let me answer your queries directly

" How can I show all these (1,2,3) points in ITR form and in which section?

1. Property Rent (I have apartment in In...

Thank you for the wonderful compliments and also thanks for posting the query over this platform for others to benefit from your query as well.<br /><br />Now , let me answer your queries directly<br /><br />" How can I show all these (1,2,3) points in ITR form and in which section?<br /><br />1. Property Rent (I have apartment in India, and I used to get rent of that property every month).<br /><br />Solution : This is income from let out house property ...You can use income schedule House property to show this income <br /><br />In ITR 1 , you only put final figures ...say you get rent for year 110000 <br />Then gross annual value = 110000 ,<br /><br />Net annual value = gross annual value - municipal taxes = 110000 -10000( assued = 100000 Rs <br />Standard deductions 1.) 30% of Net annual value = 30,000 Rs <br /> 2.) Loan interest = Nil (assumed )<br /><br />So income from House property = 1,00,000- 30000 = 70,000 <br />This 70000 rs you are directly required to put in income under house property in ITR 1 <br /><br /><br />See attached picture <br /><br />2. Income earned on Interest (I have lend some amount and I earned interest out of that).<br /><br />Solution : This will come in income from other sources <br />Under income from other sources in ITR 1 to show this figure ( see attached picture )<br /><br />3. Gift amount (I gave some amount (more than 50k) to my brother in law and would like show that amount as gift).<br /><br />Solution : Here , since this is not income , so you don't have to show it<br />The recipient will show it in his /her tax return.

June 1, 2016

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Mahendra

Thank you for your kind clarification. Now I understood the concept and I will inform my brother in law to declare in his ITR but not in mine. Thanks again

June 2, 2016

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Mahendra

Thank you so much for your clarification.

Regarding Gift Amount: I read somewhere that the donor also has to declare the amount while filling Income tax.

http://incometaxreturnindia.com/income-tax-on-gifts/#.V03dx6hSa6A
(see q.10)

Please clarify.

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Income Tax on Gifts is tax free if received from relatives | IncomeTaxReturnIndia.com

Get gifts from Relatives and save complete tax on the gift amount. Gifts can be in form of cash, bullion etc

June 1, 2016

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Mahendra

Thank you for your kind clarification. Now I understood the concept and I will inform my brother in law to declare in his ITR but not in mine. Thanks again

June 2, 2016

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Rajendran kanniyakumari

Category : Income t..,

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May 31, 2016 12:32 am

Sir, my friend want's to register his PAN Number on the income tax efiling site.
However despite repeated attempts he has not been successful. It throws in a error of invalid surname.

Actually, whatever his pan card name displays, he has correctly entered that in the efiling site while attempting...

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Amlan Dutta

.Any individual can register in tax website against his/her PAN provided they put the name and other details as appearing in PAN properly while doing online site registration.
Note as one applies for a PAN , all details like name , date of birth , gender , place etc get stored in the ITD database

PA...

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1 How to do new user registration in the income tax website ( Individual )?

The first step while filing income tax online is to create a registration id inside the income tax registration website.Without this , no other steps will be...

May 31, 2016

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Amlan Dutta

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1 How to do new user registration in the income tax website ( Individual )?

The first step while filing income tax online is to create a registration id inside the income tax registration website.Without this , no other steps will be...

May 31, 2016

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GUFRAN BUBERE

Category : Income t..,

Unsolved

May 30, 2016 8:35 pm

What is Cash Credit Account?

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Amlan Dutta

Say, I am having a business for selling apps with the name "Mantra"
I need to make daily purchases etc .....for this business , i need more money than i have in my account to make regular sale purchases

So , i need more credit i.e money than what i have ...so i need to borrow some amount from the ba...

May 31, 2016

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GUFRAN BUBERE

Thank you so much, Amlan Sir,..as always, you have solved my doubt in few hours

May 31, 2016

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PRABIR PAUL

Category : TDS..,

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May 30, 2016 3:11 pm

When I saw old record in my company for TDS return(Q3,Q4 etc) filed for FY 2014-2015 ,I found that there were wrong amount's mentioned.

That's why one of our employee has complained to me that TDS OF 500 rs has been deducted by the employer but in his 26as tax credit statement it is showing o...

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Amlan Dutta

1.) TDS Return revision can be done ...There is no separate fees for the same except than the normal processing fees ( 31 Rs for return containing 100 Entries , 178 Rs for 500 entries and 578 for more than 500 entries ).

If TDS deposited in time and original return filed in time than no penalty sh...

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5 What happens if I do not file my TDS returns on time

5 What happens if I do not file my TDS returns on time Project - Make Knowledge Free By - Amlan Dutta I have often got questions as to what shall happen if T...

May 30, 2016

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Amlan Dutta

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5 What happens if I do not file my TDS returns on time

5 What happens if I do not file my TDS returns on time Project - Make Knowledge Free By - Amlan Dutta I have often got questions as to what shall happen if T...

May 30, 2016

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