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Syed Shaied

Category : Income t.., How to f..,
Solved
May 5, 2019 4:22 pm
  • Income tax
  • How to fill ITR
Sir, i have a friend who is a govt contractual employee and he perform a part time job at a Medical Laboratory and getting his remuneraiton Rs 6000 in cash. The proprietor of the laboratory doesn't have any company, just open a laboratory and my friend doing his job at that laboratory, Now which itr...
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Amlan Dutta
Check with him whether any TDS has been done ...anyways a easy way out is to show such income under income from other sources in ITR 1 and file return....Syed, please ask questions pertaining to yourself next time
  • May 5, 2019
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Soumik Dutta

Category : Compulso..,
Solved
May 3, 2019 11:48 pm
  • Compulsory land acquisition
Hi,
My mother, aged 65 years, received compensation in PY 2018-19 from West Bengal govt for compulsory acquisition of land in 1976 following a Supreme court verdict. Wanted to know if same is exempt income as per Sec 96 of RFCTLARR Act.
Thanks in advance.
Regards
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Amlan Dutta
Yes, it is exempt .....however the department may have done TDS under section 194 LA....You may take with the assessing officer the case bringing to his knowledge CBDT CIRCULAR NO-36/2016, Dated: October 25, 2016( refer attached image) ...
The RFCTLAR...
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Yes, it is exempt .....however the department may have done TDS under section 194 LA....You may take with the assessing officer the case bringing to his knowledge CBDT CIRCULAR NO-36/2016, Dated: October 25, 2016( refer attached image) ... <br /> The RFCTLARR Act which came into effect from 1st January, 2014 which in section 96, provides that income-tax shall not be levied on any award or agreement made [except those made under section 46) under the RFCTLARR Act Therefore, compensation received for compulsory acquisition of land under the RFCTLARR Act (except those made under section 46 of RFCTLARR Act), is exempted from the levy of income-tax. Resultantly, no distinction has been made between compensation received for compulsory acquisition of agricultural land and non-agricultural land in the matter of providing exemption from income-tax under the RFCTLARR Act. Exemption provided under section 96 of the RFCTLARR Act is wider in scope than the tax-exemption provided under the existing provisions of Income-tax Act, 1961. The uncertainty in the matter of taxability of compensation received on compulsory acquisition of land, especially those relating to acquisition of non-agricultural land is clarified by the Board vide CBDT CIRCULAR NO-36/2016, Dated: October 25, 2016 that<br />compensation received in respect of award or agreement which has been exempted from levy of income-tax<br />vide section 96 of the RFCTLARR Act shall also not be taxable under the provisions of income-tax Act, 1961<br />even if there is no specific provision of exemption for such compensation in the Income-tax Act, 1961.......
  • May 4, 2019
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Syed Shaied

Category : Equity M..,
Solved
May 3, 2019 7:30 pm
  • Equity Mutual Funds
If LTCG from Equity Mutual fund will below 1 lakh then should i file itr 1 or itr 2.I am a Salaried person.
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Amlan Dutta
You can file ITR 1 and show capital gains under exempt income
  • May 4, 2019
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hanif

Category : Status o..,
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May 2, 2019 2:11 pm
  • Status of Booking in 26as
My colleague was checking his 26as (ay 2019-20) and suddenly he noticed that in the month of sept 2018 the amount credited is less than what amount he received as salary. difference is rs 485/- (less) he asked his office accountant and requested for the rectification. the accountant says that its ok...
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Amlan Dutta
If accountant revises TDS return, then TDS generated form 16 and 26 as in turn will reflect correct figures. He may get proposal for adjustment notice in case this is not corrected by the accountant
  • May 2, 2019
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