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Shubham Bauskar

Category : TAX CRED..,
Solved
June 29, 2018 2:04 pm
  • TAX CREDIT
Chalan serial number not showing in form 26as of self assessment tax and i don't have chalan reciept
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Amlan Dutta
Actually i believe that the challan number is appearing the remarks column by mistake i.e 51395 .... i think so , because challan number is a 5 digit number and personally i believe that the 5 digit number doesn't make sense in the remarks column ...you can put that in the challan number and proce...
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  • June 29, 2018
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Jagruti Patil

Category : Taxabili..,
Solved
June 29, 2018 12:50 pm
  • Taxability of Interest Income
Hello Sir,
I got Interest on saving account as 11000 on last financial year but I had not declare this income in my Employer.
So this amount and 80TTA deduction is not get reflected on my Form 16.
If I declare this income at the time of ITR filling will it create any problem ?
Can income tax depart...
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Jagruti Patil
I have one more query Bank have not deducted any TDS on this amount so as per my understanding I need not to mentioned this amount in TDS2 section. I only need to mentioned this amount in interest in other sources and in 80TTA section
  • June 29, 2018
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Amlan Dutta
TDS doesn't apply on savings interest...but that doesn't mean that this is not income ...it has to be shown under income from other sources and deduction benefit taken under 80 TTA as i have already replied ...since no TDS deducted , so TDS schedule shall be kept blank...
  • June 29, 2018
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Harsh Chhabra

Category : Income t..,
Solved
June 29, 2018 12:47 pm
  • Income tax
Hi Amlan
I saw your tutorial regarding balance sheet in ITR4 and you said that we should wrtite only the particulars which are related to business in NOB BP but if we want to disclose our other assets also like land, shop, house etc. where can we show them?
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Amlan Dutta
You can show that in asset liability schedule (check attached pictures although this becomes applicable only for total income exceeding 50 lakhs) ....the balance sheet is for the business alone and the fund position w.r.t to it i.e the asset liability position strictly w.r.t business. Though , if yo...
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You can show that in asset liability schedule (check attached pictures although this becomes applicable only for total income exceeding 50 lakhs) ....the balance sheet is for the business alone and the fund position w.r.t to it i.e the asset liability position strictly w.r.t business. Though , if you want to understand the subject better , in case of a propietor business , the business and the propietor (individual conducting the business ) are not considered to be distinct but the return is built in such a manner that you show the business balance sheet separately...P.s the idea behind making balance sheet compulsory is that the department wants to check income figures w.r.t balance sheet ...i.e it should not so happen that person having high net-worth in business is offering a meagre amount for taxation...... You can show that in asset liability schedule (check attached pictures although this becomes applicable only for total income exceeding 50 lakhs) ....the balance sheet is for the business alone and the fund position w.r.t to it i.e the asset liability position strictly w.r.t business. Though , if you want to understand the subject better , in case of a propietor business , the business and the propietor (individual conducting the business ) are not considered to be distinct but the return is built in such a manner that you show the business balance sheet separately...P.s the idea behind making balance sheet compulsory is that the department wants to check income figures w.r.t balance sheet ...i.e it should not so happen that person having high net-worth in business is offering a meagre amount for taxation......
  • June 29, 2018
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Amlan Dutta
Also, next time, please be careful to select question category properly to avoid your entry getting deleted from my website
Until you select category properly, i will also not be answering any further questions
  • July 8, 2018
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Hemant Kolte

Category : 80EE - I..,
Solved
June 28, 2018 11:25 pm
  • 80EE - Interest on loan taken for residential House property
Hey Amlan,
I took home loan in FY 16-17. I satisfied all other conditions and took 80EE benefit , now i have transfer my home loan from HDFC to ICICI bank will i be still able to take this benefit?
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Amlan Dutta
As long as your loan conditions are satisfied , i..e loan is below 35 lakhs and taken after FY 2016 17 , it doesn't matter whether your transfer loan from one bank account to another. You can still claim 80EE benefit.....
  • June 29, 2018
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