Ask Questions and get Answers Fast Free Online now

Normal Grid Pagination Scroll

Select a photo to attach.

Please select category!

EveryoneEveryone

Add Photo

Select Category

GAURAV SINGH

Category : How to f..,

Solved

June 23, 2019 3:01 pm

Hi Amlan. Like every year this year again the Form16 confuses me and im sure for other salaried people too.
Your blog is always a sigh of relief for confused citizens like us

A. I would request if you can share any video/URL/link you have created as tutorial for filing ITR1 for AY2019-20 would be gre...

Recommended

User

Hide Placeholder
Hide Discussion

Admin Typed:

Amlan Dutta

My company is yet to issue me form 16 but i see no difference in this year returns, i will shortly be publishing a detailed book which covers all things in detail ...

...

My company is yet to issue me form 16 but i see no difference in this year returns, i will shortly be publishing a detailed book which covers all things in detail ...

A. To be done shortly ...note that due date for filing unless extended is 31st July 2019.
B. PPF Interest and MF dividend (assuming equity) are both exempt ...you can them in in exempt income reporting section ...check my tutorial for declaring exempt income for AY 2019 20.
C. Short term capital gain from equity is taxable at 15 %(specified tax for specified income) ...Long term loss can now be set off and unset LTCG can be carried forward ...earlier LTCG was exempt and loss in equity could neither be set off nor carried forward.
D. The TDS that you deducted is tax credit for the SELLER ...the entry appearing in your 26 as shows that you have deducted TDS on behalf of the seller on sale consideration at the rate of 1 % u/s 194 IA ...i.e say you buy a property of 100 Rs(in actual applicable for ale value exceeding 50 lakhs ) ...so you are required to deduct 1 Rs and pay 99 Rs to buyer ...for the 1 Rs , make the payment online in form 26 QB and generate TDS certificate form 16 B from TDS trace website registering with challan details for paid taxes and give to seller ...this will then appear in his form 26 as and he can use this 1 rs for his tax liability ( i have shown the whole process on youtube once ...try and check that video).

You don't need to declare this in ITR ....seller will show capital gain arising from sale of property and while paying his tax liability depending on his taxable total income will use TDS credit for deducted TDS.

View Less

June 23, 2019

Like Unlike
0 people

Amlan Dutta

My company is yet to issue me form 16 but i see no difference in this year returns, i will shortly be publishing a detailed book which covers all things in detail ...

...

View Less

June 23, 2019

LikeLike Unlike

Sri Maha

Category : Status o..,

Solved

June 22, 2019 8:58 am

Hello Amlan,

Need some help in understanding TRACES file that I have downloaded from website https://nriservices.tdscpc.gov.in/nriapp/tap/tpfiledwnld.xhtml

I'm just curios to know what does the below mean in that TRACES file for year 2018-2019? to whom did they paid this Rs 9132.68? As far as I know...

Recommended

User

Hide Placeholder
Hide Discussion

Amlan Dutta

It can be best answered by department itself as to why they have paid you ...doesn't seem a refund for the simple reason that TDS has been deducted .....however in case you want to show this income , you can surely show it in Income from other sources and claim TDS credit ...check last year intimati...

June 22, 2019

LikeLike Unlike

hanif

Category : General.., SITE TES..,

Solved

June 21, 2019 11:31 am

Dear Amlan..i have a query regarding pre-validation of bank account.we have been giving bank details every year and the refund is going through electronic neft...is pre-validation compulsory...my colleague has manually done pre-validation on incometax efiling..till date it is not prevalidated..where...

Recommended

User

Hide Placeholder
Hide Discussion

Amlan Dutta

Not only prevalidation , enabling account for EVC is compulsory for seeking refund....not sure of whom you can complain , try calling the helpline

June 21, 2019

LikeLike Unlike

Deepjit Nandi

Category : LTCG Exe..,

Solved

June 20, 2019 11:28 am

Sir, which date should be the date of acquisition of house property ? Date of deed agreement or date of registration ?

Recommended

User

Hide Placeholder
Hide Discussion

Amlan Dutta

This is a very critical point in Capital Gains whether to consider date of registration or date of possession or date of allotment for computing capital gains ....for all practical purposes, date of registration or date of allotment(on payment to builder) whichever is earlier can be considered for ...

June 20, 2019

LikeLike Unlike

All Questions -> All Categories -> Solved Type