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Hema Latha

Category : Tax Comp..,
Solved
July 13, 2019 1:57 pm
Sir,
Please explain the new income tax slabs for FY 2019-20. My gross income is above Rs. 5 lakhs. But my total taxable income after all permissible deductions is below Rs. 5 lakhs. As per the recent budget, am I eligible for tax exemption or not? Please explain.
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Amlan Dutta
Hema , i recognise you as a valued visitor to the site ...if i may assume that you are a resident non senior indian, then the tax slab's for FY 2019 20 remain pretty much unchanged i.e 0 -2.5 lakh - Nil , 2.5 - 5 lakhs - 5 % , 5 - 10 lakhs - 20 % and above 10 lakhs - 30 % , ...Note importantly...
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  • July 14, 2019
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Vivek Shukla

Category : Tax Comp..,
Solved
March 26, 2019 8:13 pm
Hi Amlan,
I bought a car in 2017 @ 7.4 lakh. I have sold the same in March 2019 at 5 lakh.
I would like to understand the tax computation on the above transaction
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Amlan Dutta
As per sec 2(14) of income tax act personal belongings are not covered under definition of capital asset and hence no LTCG is determined .It is the sale proceeds of the car (a personal asset) which he would have purchased earlier.

So, the amount from sale proceeds of old car doesn't result in income...
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  • March 26, 2019
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Hemant Modi

Category : Tax Comp..,
Solved
February 13, 2019 10:29 am
Hi,

I am a government employee. I had got a notice to pay an excess salary which was credited to my account a couple of years back. Below is the amount.
Base Amount: 52000
Interest Amount: 62000
Total: 114000

I have paid the above amount to the employer. Please let me know if I am eligible to get tax exe...
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Amlan Dutta
The year in which you got the amount i.e salary and interest , the same year , you had to declare and pay taxes ...salary under salary head and interest under income from other sources ......for question of exemption and other things , refer to your form 16 provided by employer ....Interest has no e...
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  • February 13, 2019
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sachin

Category : Tax Comp..,
Solved
September 4, 2018 1:43 pm
Hi Sir, here is my from 16 screen shot . my hra is under section 10. however i have added it in Allowances not exempt. can you help me to fill again in corrected HRA. I have filled already. Can i now modify it.
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Amlan Dutta
Check my tutorial for subject matter ...you should not have added the HRA in taxable""( non exempt allowances ...now that you have and i believe , already submitted , simply file a revised return under 139(5) showing correct figures ...for non exempt allowances , do gross (1132563 )- basic pay (12 ...
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  • September 4, 2018
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sachin
thanks !!
  • September 5, 2018
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