Categories
Normal Grid Pagination Scroll
Alex Dcosta

Category : Exempt S..,
Solved
July 3, 2018 4:47 pm
  • Exempt Statutory PF interest u/s 10 (11)
Sir I am confused between Statutory PF and recognized PF, Actually It is Interest given by my Bank on Public Provident Fund, so what should I select as I am not Clear about it.
Thanks Sir
  • Hide Placeholder
  • Hide Discussion
Amlan Dutta
Bank PPF are statutory in nature , you can show exempt PF interest under section 10(11)....please watch my tutorials since it will be tough for me to always keep answering basic queries
  • July 4, 2018
  • LikeLike
  • 1 person
  • Select as Answer
Alex Dcosta

Category : Exempt P..,
Solved
July 3, 2018 1:59 pm
  • Exempt PF interest
Sir This is Regarding Interest On PPF, where does one mentions on the ITR 1, is it compulsory to show this amout of interest on the ITR 1
Thanks Sir
  • Hide Placeholder
  • Hide Discussion
Amlan Dutta
Yes it is good to show it in return under exempt income ...i have in the attached pictures show where you need to depict this ...
(i)if it is statutory PF , then exempt interest from such can be shown under 10(11). ...
View More
Yes it is good to show it in return under exempt income ...i have in the attached pictures show where you need to depict this ... <br /> (i)if it is statutory PF , then exempt interest from such can be shown under 10(11). <br /> (ii)if it is recognized PF , then it is to be shown under 10(12).<br /><br />In this way the department understands why the PF interest income being present still is not offered for tax on account of it being exempt under relevant sections<br /><br />Note - I have not considered unrecognized Provident fund because most PFR are either recognized or statutory . If unrecognized then interest from such is not exempt and taxable under other sources head anyways Yes it is good to show it in return under exempt income ...i have in the attached pictures show where you need to depict this ... <br /> (i)if it is statutory PF , then exempt interest from such can be shown under 10(11). <br /> (ii)if it is recognized PF , then it is to be shown under 10(12).<br /><br />In this way the department understands why the PF interest income being present still is not offered for tax on account of it being exempt under relevant sections<br /><br />Note - I have not considered unrecognized Provident fund because most PFR are either recognized or statutory . If unrecognized then interest from such is not exempt and taxable under other sources head anyways
  • July 3, 2018
  • LikeLike
  • Select as Answer
Alex Dcosta
Thanks Sir
  • July 3, 2018
  • LikeLike
  • 1 person
  • Select as Answer
Himanshu sainthiya

Category : Filing I..,
Solved
July 3, 2018 1:07 pm
  • Filing Issues
hello amlan
this is himanshu sainthiya
i have filed a two return to follow your video 2016-17 and 2017-18 after a due date. one return is successfully verified and one return is occurring some issue under 139(5). plz tell me what is the process to correct the return itr-2. some detail is wrongly fi...
View More
  • Hide Placeholder
  • Hide Discussion
Amlan Dutta
If AY 2017 18 , then the due date is already over . Usually, If time was there and original return was filed in due period, for making correction's you would revise the return using section 139(5). It is a simple process ...
View More
  • July 3, 2018
  • LikeLike
  • Select as Answer
Deepali Gangwar

Category : TAXABILI..,
Solved
July 3, 2018 11:21 am
  • TAXABILITY OF SALARY ALLOWANCES
Is there any exemption of medical perquisite in ITR AY 2018-19
if yes, under which section?
  • Hide Placeholder
  • Hide Discussion
Amlan Dutta
(i)Medical Reimbursement is tax free till 15000 ......

It is considered as tax-free perquisites under Section 17(2).

If an amount higher than Rs.15,000 is incurred on the medical bills by the employee, the excess amount is added to the salary head of the employee at the time of ITR filing. For exam...
View More
(i)Medical Reimbursement is tax free till 15000 ......<br /><br />It is considered as tax-free perquisites under Section 17(2).<br /><br />If an amount higher than Rs.15,000 is incurred on the medical bills by the employee, the excess amount is added to the salary head of the employee at the time of ITR filing. For example , if medical bills of 20000 is submitted to the employer , then the employer while reimbursing 20,000 adds only 5000 to salary income for taxation.<br /><br />Remaining 15,000 can be claimed as exempt under tax free perquisite under section 17(2) in exempt income reporting section as demonstrated in attached picture.<br />Note, that medical allowance which is separate from medical reimbursement , is totally taxable <br />( Link https://www.incometaxindia.gov.in/Charts%20%20Tables/List_of_benefits_available_to_a_salaried_person_Final.htm )
Employees: Benefits allowable
  • July 3, 2018
  • LikeLike
  • Select as Answer