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Avinash

Category : Selectio..,
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June 30, 2018 1:48 pm
  • Selection of Return
Hello, i have profession income, 194D (LIC commission income), i have seen your videos for LIC commission income, but i don't understand which ITR to choose,

You have two videos about LIC income taxation, one is shown using ITR 1(2014-15), second is shown using ITR 4 (2015-16),
I am confused, ...
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Amlan Dutta
When commission is not primary source of income , commission income can be shown as income under other sources ...when commission itself is primary source of income then it has to be offered as professional income ...for example if a salaried guy is deriving commission income , he can show it as inc...
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  • June 30, 2018
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Vipin Ambedkar

Category : How to s..,
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June 29, 2018 11:57 pm
  • How to show salary arrears in return
Dear Bro,
In financial year 2017-18, I received salary arrears amount(₹22167) and received bonus (₹6000) where should I put this figure in itr1 for AY 2018-19 .
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Amlan Dutta
You should understand that the form 16 already comprises of all components i.e arrears , bonus etc

1.) Arrears received and considered in form 16

First, get a copy of form 16 (Part B )and 12 month pay slips
(you are recommended to watch my salary breakup using form 16 )

Next, note down from form 16 P...
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You should understand that the form 16 already comprises of all components i.e arrears , bonus etc <br /><br />1.) Arrears received and considered in form 16 <br /><br />First, get a copy of form 16 (Part B )and 12 month pay slips <br />(you are recommended to watch my salary breakup using form 16 )<br /><br />Next, note down from form 16 Point 1(a) i.e gross salary ...This portion of gross salary does not comprise of perquisites and profits .<br /><br />Basically this gross salary comprises only of exempt , non exempt (containing arrears non exempt portion) and basic salary<br /><br />1) So, first figure out basic salary from the 12 month payslip <br />Add to this the salary arrears and put combined value under salary <br /><br />2.) Next check the salary exempt allowances from form 16<br /><br />3.) Subtract from gross the salary exempt allowances and salary basic <br />to arrive at non exempt allowance <br />...(THIS FIGURE WOULD CONTAIN THE ARREARS NON EXEMPT PORTION )<br /><br />4.) You can put in figures of perquisite and profits from form 16<br /><br />5.) Next offer deduction under section 16 ...<br /><br />you will thereafter arrive at chargeable income =<br />(Basic salary + non exempt allowances ( including arrears) + perquisites + profits - Deductions )<br /><br /><br />Case 2 - Arrears received but not shown in form 16 <br /><br />Put basic arrears in basic salary <br />Put other arrears component in non exempt allowances <br /><br />Rest all remains unchanged <br /><br />(ii)Bonus - The bonus would appear in form 16 under heading" profits in lieu of salary" ...if It does, then put it under same head in return .<br /><br />if it does not reflect any figure i.e shows 0 , then it is already covered in gross <br /><br />(iii)likewise for perquisites ...if perquisites are mentioned , then mention it under perquisites else it is taken care of in gross ...No need to worry separately)<br /><br />(iv) Check for deductions under section 16 i.e tax on employment and entertainment allowance <br /><br />Now, salary + non exempt + perquisites + bonus - deductions<br /> = CHARGEABLE INCOME FROM SALARY <br />(This would cover your arrears , bonus and be the final figure from salary that is subject to tax)<br /><br /><br />*******Check answer options - Video on this answer for relevant videos on the topic****** You should understand that the form 16 already comprises of all components i.e arrears , bonus etc <br /><br />1.) Arrears received and considered in form 16 <br /><br />First, get a copy of form 16 (Part B )and 12 month pay slips <br />(you are recommended to watch my salary breakup using form 16 )<br /><br />Next, note down from form 16 Point 1(a) i.e gross salary ...This portion of gross salary does not comprise of perquisites and profits .<br /><br />Basically this gross salary comprises only of exempt , non exempt (containing arrears non exempt portion) and basic salary<br /><br />1) So, first figure out basic salary from the 12 month payslip <br />Add to this the salary arrears and put combined value under salary <br /><br />2.) Next check the salary exempt allowances from form 16<br /><br />3.) Subtract from gross the salary exempt allowances and salary basic <br />to arrive at non exempt allowance <br />...(THIS FIGURE WOULD CONTAIN THE ARREARS NON EXEMPT PORTION )<br /><br />4.) You can put in figures of perquisite and profits from form 16<br /><br />5.) Next offer deduction under section 16 ...<br /><br />you will thereafter arrive at chargeable income =<br />(Basic salary + non exempt allowances ( including arrears) + perquisites + profits - Deductions )<br /><br /><br />Case 2 - Arrears received but not shown in form 16 <br /><br />Put basic arrears in basic salary <br />Put other arrears component in non exempt allowances <br /><br />Rest all remains unchanged <br /><br />(ii)Bonus - The bonus would appear in form 16 under heading" profits in lieu of salary" ...if It does, then put it under same head in return .<br /><br />if it does not reflect any figure i.e shows 0 , then it is already covered in gross <br /><br />(iii)likewise for perquisites ...if perquisites are mentioned , then mention it under perquisites else it is taken care of in gross ...No need to worry separately)<br /><br />(iv) Check for deductions under section 16 i.e tax on employment and entertainment allowance <br /><br />Now, salary + non exempt + perquisites + bonus - deductions<br /> = CHARGEABLE INCOME FROM SALARY <br />(This would cover your arrears , bonus and be the final figure from salary that is subject to tax)<br /><br /><br />*******Check answer options - Video on this answer for relevant videos on the topic******
  • June 30, 2018
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GEETA DEVI Boris

Category : Taxabili..,
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June 29, 2018 5:02 pm
  • Taxability of Interest Income
Thanku Amlan for making e-filing easier for us. i have FD of fellowship money which i keep on renewing every year and i am not getting fellowship since last two years and interest amount is more than 10000. My question is whether this interest is taxable or not as fellowships are non-taxable.
if i...
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AYUSH
Hello Geeta as per your query interest on fd on fellowship or any other such kind fixed deposit are taxable under the provisions of income tax act as per your query you are not getting fellowship it does not mean you have not received interest on same fd which has been accrued on same as per my opin...
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  • June 29, 2018
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Amlan Dutta
Income from fellowship is exempt but if you make a fixed deposit of this sum and gain interest income from such then it is taxable AS PER SLABS ...think of it , the the income now no longer now pertains to fellowship and is rather now of a interest bearing instrument i.e fixed deposit ...admist i...
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  • June 29, 2018
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AYUSH

Category : Processi..,
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June 29, 2018 4:25 pm
  • Processing of returns
Hello sir, I have on query I have filled my original itr on 19/5/18 which claims refund of 18000 after few days later I come to know that my deductor forgot to file his tds return my deductor file his tds return on 1/6/18 and on same I revised my return on 17/6 which claim refund of 17000 and on 25...
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Amlan Dutta
Typically,if the original return has not been processed and revised return submitted within due period , the revised return should be processed and the original return should be ignored ...you would like to raise a ticket under e Nivaran and meet your assessing officer , if possible....under e file...
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  • June 29, 2018
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