Categories
Normal Grid Pagination Scroll
Saiyeda Mohiyul Ain

Category : Income b..,
Solved
July 22, 2018 11:36 pm
  • Income below threshold level
Hello sir
I have only fd interest income that is less taxable income of 250000(individual). I was charged just 14/- tax by bank ..but my concern is..am i correct in saying it's not mandatory to file if income is less like above..but if i do so(not bothered about refund 14/-)...will it be non complia...
View More
  • Hide Placeholder
  • Hide Discussion
Saiyeda Mohiyul Ain
Even I don't know..it says for 143 /-, 14/-tax deducted ..there were 2 sections under same bank... 1)details of tax deducted at source and above 2) details of tax deducted at source for 15g...their it's 63000 and 0 tax..
I don't know the reason why tax was deducted as form 15g was given.. so I am s...
View More
  • July 23, 2018
  • LikeLike
  • Select as Answer
Saiyeda Mohiyul Ain
Hello..?pls do reply whenever possible..
  • July 23, 2018
  • LikeLike
  • Select as Answer
DAK

Category : Exempt I..,
Solved
July 22, 2018 11:05 pm
  • Exempt Income
Hello Amlan Sir,
I have a PPF Account in SBI which will mature in 2024 only. I understand that [U/s 10(11)-Statutory PF received] interest income from PPF is exempt and it has to be shown in IT Return for Reporting purpose. Account statement for the FY 2017-18 shows a credit interest of Rs.27, 894/-...
View More
  • Hide Placeholder
  • Hide Discussion
Amlan Dutta
Very good question ....It is to be shown and reported under 10(11) ...accrued income is also a form of receipt only......
  • July 23, 2018
  • LikeLike
  • Select as Answer
Yash S

Category : Taxabili..,
Unsolved
July 22, 2018 8:14 pm
  • Taxability of PF
Hi Amlan,

I worked for a company from Feb 2011 to July 2014 and then switched to another company however did not withdraw or transfer my provident fund money in 2014. Currently In Nov 2017 i withdrew my that Provident fund account money before rendering 5 years of continuous service. Could you please...
View More
  • Hide Placeholder
  • Hide Discussion
Saiyeda Mohiyul Ain

Category : Exempt I..,
Solved
July 22, 2018 8:00 pm
  • Exempt Income
Hello Sir
Appreciate your efforts in creating such tutorials. However I have a major confusion with regard to PPF interest..(mine is non govt bank...canara)..You have mentioned to declare PPF in statutory pf section..but this is the pf earned by govt employees..Some say use section 10 (15) descriptio...
View More
  • Hide Placeholder
  • Hide Discussion
Amlan Dutta
This is a brilliant question and like you correctly point out Public providend fund is actually different from statutory and recognised setup ....but 10(11) provides for -10(11) any payment from a provident fund to which the Provident Funds Act, 1925 5 (19 of 1925 ), applies 6 or from any other prov...
View More
This is a brilliant question and like you correctly point out Public providend fund is actually different from statutory and recognised setup ....but 10(11) provides for -10(11) any payment from a provident fund to which the Provident Funds Act, 1925 5 (19 of 1925 ), applies 6 or from any other provident fund set up by the Central Government and notified 7 by it in this behalf in the Official Gazette];.....this is satisfied by the PPF setup and therefore PPF interest can be shown using 10(11) ....section 10(15) speaks of different interest and not PF interest and so that section cannot be used ........( please avoid words like asap etc ...i do this only when i get time )
  • July 22, 2018
  • LikeLike
  • Select as Answer
Saiyeda Mohiyul Ain
I actually meant the same ..asap in context...whenever possible by you..sorry if it was inappropriate. However I didn't understand these "5 (19 of 1925 ), applies 6..." as ppf is 1968act..just to reiterate..mine is ppf from Canara bank (private bank).
  • July 22, 2018
  • LikeLike
  • Select as Answer