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hanif

Category : Return s..,
Solved
April 19, 2018 1:53 pm
  • Return signing capacity
Dear Amlan, many thanks for your prompt reply.it really helped me.

i have a query here, in ITR 1 form at the bottom on the last page it says "I further declare that i am making this return in my capacity as __________ and i am also competent to make this return and verify it. i myself preparing my...
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Amlan Dutta
Now, they have introduced a drop down prompting to select between self and representative ...

basically , self means person filing return by himself /herself and representative means when one gets return filed by tax return preparer ..Since you are filing return by yourself , you shall be selectin...
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  • April 19, 2018
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TUSHAR

Category : Late Fil..,
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April 19, 2018 12:34 pm
  • Late Filing after belated period also over
X' is Gov. Employee. can he return fill today AY 2017-18, because file under 119 (2)(b) along with section 139 is shown. what he do?
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Amlan Dutta
No it does not work like that, he can prepare a application for condonation in delay of filing of returns and back up with reasons of genuine hardship for not being able to do so . This application is to be submitted to the Principal commissioner of Income Tax. In case he agrees to condone delay ,...
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No it does not work like that, he can prepare a application for condonation in delay of filing of returns and back up with reasons of genuine hardship for not being able to do so . This application is to be submitted to the Principal commissioner of Income Tax. In case he agrees to condone delay , only at that stage , the assesse can use the section 139 read with section 119(2)(b) to prepare return . Only if the condonation request is accepted , then the jurisdictional assessing officer will agree to process the time barred return else no.
  • April 19, 2018
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SRINIVASA NAIDU

Category : TDS ON N..,
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April 18, 2018 12:32 pm
  • TDS ON NRI PURCHASE
hi sir, can you tell me about TDS applicable on buying asset(Immovable property) from NRI?
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Amlan Dutta
TDS on NRI purchases is to be deducted irrespective of the transaction value of the property( unolike domestic transfers where only TDS has to be deducted if the sale value exceeds 50 lakhs ) ......Section 195 clearly stipulates that the buyer is to deduct 20 % TDS on capital gains after obtaining a...
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  • April 18, 2018
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hanif

Category : ITR 1..,
Solved
April 17, 2018 10:54 pm
  • ITR 1
dear amlan,
how r u? there is a confusion in filling a new column ie.allowance not exempt. i get a salary slip where in there is a break up of BASIC + CCA +,REFRESHMENT, + HRA, +CONVEYANCE = gross salary and minus PT+ VPF + IT = net salary. do i have to add cca/refreshment/hra/conveyance in the allo...
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Amlan Dutta
i can't go into detail of these , but the salary schedule in ITR 1 is nothing new and we have already seen the same salary schedule earlier in ITR 2 and other higher tax forms of last years where salary schedule was kept separately.....( people are used to using the ITR 1 for filing and so the pres...
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i can't go into detail of these , but the salary schedule in ITR 1 is nothing new and we have already seen the same salary schedule earlier in ITR 2 and other higher tax forms of last years where salary schedule was kept separately.....( people are used to using the ITR 1 for filing and so the present schedule may have looked a bit different comparing earlier years returns)<br /><br /><br />you need to do this with your form 16 and not your salary slips ...once you get your form 16 ( check part b of it ), try and see the income chargeable under head salary(Point 6 )....this is what gets offered for tax after giving benefit of all exemptions etc ...<br /><br /><br />Say, gross salary( say 100 Rs) , <br />(ii)Exempt allowances say 20 Rs ->(Exempt HRA(10) , exempt conveyance(10 Rs)).....................Not taxable<br />(iii)Non exempt allowances say 10 Rs ->( Taxable HRA (10 Rs) )...................... ................Taxable<br />(iv)Perks, perquisite say 10 Rs -> Profit in lieu of salary (bonus etc 0 rs ) .................Taxable<br /><br />(v)Deductions say 10 Rs -> ( Tax on employment (10 Rs) , Entertainment (0 Rs))<br /><br />Then, salary under field 1 (salary excluding everything )= 100- (20+ 10+10)= 60<br /> Exempt allowances is = 20 rs, Non Exempt allowances = 10 Rs <br /> Perks/perquisites = 10 rs ..<br /><br />Deductions (10 Rs)<br />entertainment allowance = 0 Rs , Tax on employment = 10 rs ,<br /><br /> So, income chargeable under salary head shall be <br />= 60+10(non exempt allowances)+ 10(perks , if any) -( deductions)<br />= 80- deductions <br />= 80 - 10 <br />= 70 Rs.<br />This shall be point 6 of your form 16 ( Not that bonus is totally taxable , other allowances may be partially exempt ( which is made clear in form 16 ) <br /><br />See this video - https://www.youtube.com/watch?v=r1syPCJ11KY<br />Read Description as well in the video (shows filling up of salary schedule in a similar live case )
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HOW TO FILL UP SALARY SCHEDULE IN TAX RETURN USING FORM 16 | INCOME TAX
772(Income tax) How to fill the salary Schedule in income tax return using Form 16? Video Link - https://www.youtube.com/watch?v=r1syPCJ11KY Filling up the s...
  • April 18, 2018
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