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Dheeraj kumar

Category : ITR 1..,
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May 1, 2018 8:49 pm
  • ITR 1
How to break salary structure in new itr from fy 2018 - 19
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Amlan Dutta
Present year dictates that you not only put in chargeable income from salary but actually arrive at it unlike last year
You are required to put in salary and also separately the Non -exempt allowances which are actually not forming a part of form 16 , so how do you do it

here’s what you are needed t...
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Present year dictates that you not only put in chargeable income from salary but actually arrive at it unlike last year <br />You are required to put in salary and also separately the Non -exempt allowances which are actually not forming a part of form 16 , so how do you do it <br /><br />here’s what you are needed to do , <br />You should have your pay slip’s and a copy of your form 16 ...now you have gross salary mentioned in form 16 ( inclusive of salary plus all non exempt allowances ...so clearly you only need to remove salary portion to get the non exempt allowances portion ...<br /><br />Step - 1 - Identify the Gross salary <br />This will be point 1 (a) of form 16 i.e salary as section 17(1) <br />I.e this salary is salary+ all non exempt allowances ( da, non exempt HRA , washing etc etc whatever applies since this may vary from person to person)<br /><br />...........( say 10 lakhs )<br /><br />Step - 2 Separate the basic salary from the gross chargeable figure <br /><br />Now our aim is to remove salary from the non exempt allowances , here you shall need your 12 month payslips ( just consider the basic portion only ) ..i am assuming that it doesn’t change , however the june basic and onwards may have a slight increment (you can accordingly adjust )<br /><br />Ignore everything else i.e DA & every other allowance i.e washing HRA etc etc other exempt and non exempt allowances ) ...Put this under salary <br /><br />........(say 6 lakhs )<br /><br />Step - 3 - ******Arriving at Non exempt allowances *******<br /><br />This is gross salary (alone) MINUS salary as in step 2 MINUS the exempt allowances (say 20,000) as indicated in form 16 <br /><br />Therefore you shall compute i.e <br />i.e Gross salary(Point 1(a) of form 16) MINUS salary as calculated in step (2) minus i.e sum total of exempt allowances under section 10 (Point 2 of form 16)<br /><br />....10 lakhs - 6 lakhs -0.2 = 3.8 lakhs (value of non exempt allowances)<br />so figure for non exempt allowances is 3.8 lakhs .......<br /><br /><br />Step - 4 -Value of perquisites under section 17(2)<br /><br />Check figures for perks , perquisites , etc from point 1(b) of form 16 (section 17(2))..If not present or indicated as nil , you will put 0<br /><br />Step 5 - Profits in lieu of salary( section 17(3)<br /><br />Check figures for perks , perquisites , etc from point 1(c) of form 16 (section 17(3))..If not present or indicated as nil , you will put 0.<br /><br />Step 6 - Deduction under section 16<br /><br />Check this from Point 4 of form 16 <br />Usually (a) Entertainment allowance and <br />(b)tax on employment etc (say 2500 Rs )<br /><br />Step - 7 - You will therefore finally arrive at figure for chargeable income from salary which is presented for tax <br /><br />Chargeable income = salary + non exempt allowances + perquisites + profits in lieu of salary minus ( deductions )<br /><br />Take care so that the chargeable income from salary (point 6 of form 16 ) should match presented salary income in return<br />Just cross check this part twice.<br /><br />(Note - If it doesn't match form 26 as(total amount paid credited ) , it is okay since 26 as depends on TDS filing and usually for companies show the gross amount credited )<br />If you get a adjustment notice under 143(1)(a)(iv) just head towards e assessment and explain that the difference is on account of exempt allowances depicted in the reporting schedule under section 10(14) ( if it is the case for conveyance)<br /><br />(Step - 8 - show the exempt allowances for salary like Exempt HRA, exempt conveyance etc etc in reporting schedule )<br /><br />MY own case shown through attached pictures
Present year dictates that you not only put in chargeable income from salary but actually arrive at it unlike last year <br />You are required to put in salary and also separately the Non -exempt allowances which are actually not forming a part of form 16 , so how do you do it <br /><br />here’s what you are needed to do , <br />You should have your pay slip’s and a copy of your form 16 ...now you have gross salary mentioned in form 16 ( inclusive of salary plus all non exempt allowances ...so clearly you only need to remove salary portion to get the non exempt allowances portion ...<br /><br />Step - 1 - Identify the Gross salary <br />This will be point 1 (a) of form 16 i.e salary as section 17(1) <br />I.e this salary is salary+ all non exempt allowances ( da, non exempt HRA , washing etc etc whatever applies since this may vary from person to person)<br /><br />...........( say 10 lakhs )<br /><br />Step - 2 Separate the basic salary from the gross chargeable figure <br /><br />Now our aim is to remove salary from the non exempt allowances , here you shall need your 12 month payslips ( just consider the basic portion only ) ..i am assuming that it doesn’t change , however the june basic and onwards may have a slight increment (you can accordingly adjust )<br /><br />Ignore everything else i.e DA & every other allowance i.e washing HRA etc etc other exempt and non exempt allowances ) ...Put this under salary <br /><br />........(say 6 lakhs )<br /><br />Step - 3 - ******Arriving at Non exempt allowances *******<br /><br />This is gross salary (alone) MINUS salary as in step 2 MINUS the exempt allowances (say 20,000) as indicated in form 16 <br /><br />Therefore you shall compute i.e <br />i.e Gross salary(Point 1(a) of form 16) MINUS salary as calculated in step (2) minus i.e sum total of exempt allowances under section 10 (Point 2 of form 16)<br /><br />....10 lakhs - 6 lakhs -0.2 = 3.8 lakhs (value of non exempt allowances)<br />so figure for non exempt allowances is 3.8 lakhs .......<br /><br /><br />Step - 4 -Value of perquisites under section 17(2)<br /><br />Check figures for perks , perquisites , etc from point 1(b) of form 16 (section 17(2))..If not present or indicated as nil , you will put 0<br /><br />Step 5 - Profits in lieu of salary( section 17(3)<br /><br />Check figures for perks , perquisites , etc from point 1(c) of form 16 (section 17(3))..If not present or indicated as nil , you will put 0.<br /><br />Step 6 - Deduction under section 16<br /><br />Check this from Point 4 of form 16 <br />Usually (a) Entertainment allowance and <br />(b)tax on employment etc (say 2500 Rs )<br /><br />Step - 7 - You will therefore finally arrive at figure for chargeable income from salary which is presented for tax <br /><br />Chargeable income = salary + non exempt allowances + perquisites + profits in lieu of salary minus ( deductions )<br /><br />Take care so that the chargeable income from salary (point 6 of form 16 ) should match presented salary income in return<br />Just cross check this part twice.<br /><br />(Note - If it doesn't match form 26 as(total amount paid credited ) , it is okay since 26 as depends on TDS filing and usually for companies show the gross amount credited )<br />If you get a adjustment notice under 143(1)(a)(iv) just head towards e assessment and explain that the difference is on account of exempt allowances depicted in the reporting schedule under section 10(14) ( if it is the case for conveyance)<br /><br />(Step - 8 - show the exempt allowances for salary like Exempt HRA, exempt conveyance etc etc in reporting schedule )<br /><br />MY own case shown through attached pictures +3
  • May 10, 2018
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Raju Ahirwar

Category : Income t..,
Solved
May 1, 2018 1:15 pm
  • Income tax
sir itr me mutual fund dividend ko kaha show karna hoga aur ye itr 1 me ho jayega kya pls ryly
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Amlan Dutta
It is exempt and to be shown under exempt income reporting schedule ( Check my video in this regard---at my channel)
It is exempt and to be shown under exempt income reporting schedule ( Check my video in this regard---at my channel)
  • May 1, 2018
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Chandan kumar

Category : Income t..,
Solved
April 30, 2018 7:06 pm
  • Income tax
I have forgotten my UAN NO IN EPFO.HOW CAN I ACCESS MY A/C
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Amlan Dutta
I hope you have your PF account number... if you have the you can follow this steps to retrieve your Universal account number 1. Go to the UAN member portal https://unifiedportal-mem.epfindia.gov.in/memberint...
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  • April 30, 2018
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NIRAJ SINGH

Category : Income t..,
Solved
April 30, 2018 6:56 pm
  • Income tax
A retired army employee (Age 61 yrs) received Pension of Rs360000 in the FY 2017-18 & Rs240000 as Interest on Fixed Deposit
My query is
1) Wether pension is taxable or exempt?
2) Tax planning (for next AY 2019-20), in order to reduce his tax burden.
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Amlan Dutta
1.) Pension is taxable ...
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  • April 30, 2018
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