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Ritika

Category : Computat..,
Solved
October 5, 2018 9:59 pm
  • Computation of advance tax
Hi original return was filed in June 2017, it's for AY 2017-18.check for calculations of 234 b..it will be great if you let me know it is calculated..
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Amlan Dutta
...Section 234(b) guides on penal interest for non payment of advance tax i...when payment is less than 90% of advance taxes due.... .....Interest is calculated @ 1% on Assessed Tax less Advance Tax paid ..... part of a month is rounded off to a full month..... say advance tax due was 100 rs and s...
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  • October 5, 2018
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Paritosh Jain

Category : Exempt g..,
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October 5, 2018 7:34 am
  • Exempt gift income u/s 56(2)(iv)
I wish to gift my wife Rs 65 Lakhs through bank cheque. What all formalities need to be completed for this.
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Amlan Dutta
You can execute a gift deed by visiting a lawyer ...the deed has a certain drafting style ..it mentions the donor and donee details , the relationship , the mode of payment , the amount , the tax payment details etc (lawyer shall be able to guide on this )...Since wife falls under the definition of ...
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  • October 5, 2018
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KISHOR PANARA

Category : Rectific..,
Solved
October 4, 2018 7:28 pm
  • Rectification - Tax credit mismatch
Hi Sir,
I have filled itr for AY2018-19 before due date and got notice 143(1)u /s mismatch TDS
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Amlan Dutta
So, what is the question here, in case they have wrongly disallowed TDS credit , submit rectification request under tax credit mismatch ...check video tab for video solution on how to do this ...unfortunately as of now , rectification option for AY 2018 19 hasn't been loaded
  • October 4, 2018
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Haritha

Category : Rectific..,
Solved
October 4, 2018 11:05 am
  • Rectification - Tax credit mismatch
Hi Sir,

I have bought a car in Feb 2018 and paid an advance tax of 12000. i have filed ITR-1 indicating the TCS details as 12000. I have received an Email from CPC with subject INTIMATION U/S 143(1 ) OF THE INCOME TAX ACT, 1961 with my processed ITR-1 details. In my Form 26AS , TCS is reflecting a...
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Amlan Dutta
Prior to my answer, the portion of advance tax doesn't make sense ...you need not pay advance tax for car purchase ...anyways, if the vehicle value is more than 10 lakhs , then as per recent provisons of the act , the car dealer will collect TCS at the rate of 1 % ....this figure will reflect in y...
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  • October 4, 2018
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