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Mahendrakumar Kolhe

Category : Presumpt..,
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July 7, 2019 11:26 pm
  • Presumptive taxation
Hi Amlan Sir,

I have income from salary, income from share trading, Income from Amway business commission. I tried filling ITR3. Income from salary is 1200000
My doubt is regarding income from Business. (income received 105000 on Amway) expenses incurred 130000 on annual. I dont maintain books of acco...
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Amlan Dutta
Commission income cannot be declared on presumptive basis so any presumptive basis etc cannot be taken ...not sure of what eligible expenses apply on commission business, if at all .....if any apply they shall get debited to PL account .......
  • July 9, 2019
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Kapil Sharma

Category : Arrear R.., Revised ..,
Solved
July 7, 2019 3:56 pm
  • Arrear Relief under section 89
  • Revised Return U/s 139(5)
Sir, my friend submit his itr for ay19-20 but he forget to claim relief u/s 89 for his arrear now he wants to claim i said him fill form 10e online and after that revised his return before it's proceed .is it ok or any kind of other processes he should to be follow
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Amlan Dutta
You have recommended the right steps....form 10 e needs to be submitted online before original /revised return is uploaded claiming arrear relief u/s 89.
  • July 7, 2019
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Avinash Kumar Singh

Category : Deductio..,
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July 7, 2019 1:28 pm
  • Deduction benefit of NPS
I am a govt employee. My 80c investment is 120000, nps contribution is 60000 and nps employer contribution is 60000. For claiming deduction in 80ccd(1b) we should invest further or claim 60000 or 30000 i.e exausted amount of 80c
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Amlan Dutta
Employer contribution towards NPS for 60,000 shall come in 80 CCD(2) ..As far as your own contribution towards NPS is concerned, you can fill 80 CCD(1B) with 50,000 and for the remaining 10,000 you can put in 80 CCD(1) Sum total of 80 C and 80 CCD (1) cannot exceed 1.5 lakhs...Since that would ma...
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  • July 7, 2019
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Amlan Dutta
Avinash , sadly your comment deleted...you wrote "Understood. Need clarification on 80ccd 1 and 80ccd 1b. My form 16 shows 80ccd 1 as 60000 and 80c as 120000. What should be 80c, 80ccd 1 and 80ccd 1b while filling ITR".....for you 80 CCD (1) should be 30000 and 80 CCD(1B) should be 30000....reread ...
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  • July 7, 2019
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Sam Lama

Category : Deductio..,
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July 7, 2019 12:44 pm
  • Deduction benefit for self occupied house property
Hi sir! I am a govt employee, and last year i had spent around Rs 1.7 lakh in house maintenance and took a loan of Rs 50,000 on house property for repairing. I had searched in YouTube but i am in confusion where to show the loss of Rs 1.7 lakh which i spent in house maintenance in ITR 1. For loan i ...
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Amlan Dutta
It appears to be a self occupied house . The interest paid on a home loan is allowed for deduction under section 24(b) of the Act. The benefits depend on the purpose of the loan.

If loan is for purchase , then the limits are set at 2 lakh rupees ( this doesn't apply to your case) and

if the loan is...
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  • July 7, 2019
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Sam Lama
Thanks a lot
  • July 9, 2019
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