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Ujjwal Kundu

Category : 80D - He..,

Solved

March 13, 2019 1:43 am

Dear Amlan sir,
GST के साथ deduction लु या सिर्फ बेसिक premium.?
Example ..
Total premium=15287
Basic premium (12955)+GST(2333)
80D में rebate 12955 या 15287?

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Amlan Dutta

The whole of premium ( premium + GST ) as per reading of section 80 D 2(a) can be seeked as benefit ...However, this needs more clarification from the department/CBDT in terms of guidance note because companies are notoriously just giving benefit for the premium part , not including GST

This is muc...

March 13, 2019

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Amlan Dutta

March 13, 2019

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Arpan Saha

Category : Equity M..,

Solved

March 12, 2019 11:10 pm

Dear Amlan Sir
I get dividend from SBI equity hybrid fund quarterly..My question is whether it is taxable or not?And in which section I have to show it in ITR??

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Amlan Dutta

In hands of the investor , the dividends received from the fund house is still tax free ....The mutual fund house ( SBI in this case ) while paying dividend deducts 10 % tax + cess ( earlier it was tax free ), so you receive the dividends net of tax and as a result you don't have pay any further t...

March 12, 2019

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Arpan Saha

But I have not shown it still the ITR has been processed at CPC with no demand no refund..Then what to do now??will the recheck ITR after processing being completed?

March 13, 2019

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Amlan Dutta

No need to revise, they will most likely not check again , but if such income arises again, it is better to show it in ITR

March 13, 2019

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Arpan Saha

Then sir in next financial year in which section i will show my mutual fund dividend income please tell me..

March 13, 2019

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Amlan Dutta

Check picture as to where it needs to be shown ...under exempt income under dividend head it has to be displayed ...
Just for your knowledge It is exempt under section 10(34) of Income Tax Act, 1961, as i already explained the dividend received from a domestic company is e...

Check picture as to where it needs to be shown ...under exempt income under dividend head it has to be displayed ... <br /> Just for your knowledge It is exempt under section 10(34) of Income Tax Act, 1961, as i already explained the dividend received from a domestic company is exempt from tax in hands of the shareholders as such dividend has already suffered Dividend Distribution Tax under section 115-O. <br /> Note, as per newly introduced section (Section 115BBDA) in Budget 2018, In the case of a resident individual/HUF/Firm, the dividend shall be chargeable to tax at the rate of 10%, if the aggregate amount of dividend received from a domestic company during the year exceeds Rs 10 lakhs So if dividend income below 10 lakhs then it is exempt else only to the p[ortion exceeding 10 lakh rs it is chargeable to tax. <br /> It is to be noted that tax shall be chargeable on dividend income to the extent it is in excess of Rs 10 lakhs in aggregate received from Indian companies.......

March 13, 2019

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Amlan Dutta

March 12, 2019

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PANKAJ KUMAR SHUKLA

Category : Exempt I..,

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March 11, 2019 4:41 pm

My brother who is an NRI wants to transfer money (INR 5 Lac) from his savings A/C in Indian bank to his NRI friend's savings A/C in Indian bank through electronic transfer mode but as his mobile number registered with the bank is not working anymore, he is not able to add his friend as a beneficiary...

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I understand it being case of a friendly loan from your brother to your friend , so it is not income for him and neither his friend and so no need for the loan amount to reflect in return ...however, better to get loan documented through promisory note or detailed loan agreement detailing out mode...

March 11, 2019

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Rohan

Category : 44ADA ( ..,

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March 11, 2019 2:54 pm

Hi Amlan, I'm a freelance video editor earning through Upwork. My gross receipts for the current financial year is Rs 12 lac. Should I file income tax under ITR 4 presumptive tax 44ADA? If not, under which category, I should file my tax? Are there are any deductions (like ppf, term fd) under 44ADA? ...

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Only specified professions can use 44ADA. As freelance video editor doesn't fall in specified profession list ....So, you will use normal profession and file ITR 3 (AY 2019 20) It doesn't matter whether one decides to offer in...

March 11, 2019

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Rohan

Thanks, Amlan. I also thought it would be an issue as my profession is not clearly mentioned under 44ADA. That's why, I just called Income Tax Department helpline number. They told me that I can file it under 44AD. So, just last question. Is it advisable to do that?

March 11, 2019

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Amlan Dutta

Well Rohan, it all depends on whether you are conducting this work in terms of a professional or like a business ...if it is a business, did you register it etc ...as a first step, go towards registering or at least documenting your business ...tomorrow in case scrutiny happens , you need to prove i...

March 13, 2019

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Rohan

Okay, I get it. Thanks so much for your help, Amlan!

March 14, 2019

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Amlan Dutta

March 11, 2019

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