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Deepak bajpai

Category : TCS..,
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July 23, 2018 12:07 am
  • TCS
Sir I have purchase a car for rs 1200000 the TCS of rs 12000 is deducted by me and shown my 26as forms I am a goverment employ and fill my itr for last 5 years how I claim this amount may I claim it or not how I fill my itr
My TDs of rs 87000 is also deducted from my employer
What can I do
Please reve...
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Amlan Dutta
Since you have bought car for 12 lakhs , this 12 lakhs is not any income and therefore you are not required to show the 12 lakhs under any income schedule ...however , since tax has been collected at source , you can surely claim this TCS( tax collected at source ) amount in ITR 1 and use this cre...
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Since you have bought car for 12 lakhs , this 12 lakhs is not any income and therefore you are not required to show the 12 lakhs under any income schedule ...however , since tax has been collected at source , you can surely claim this TCS( tax collected at source ) amount in ITR 1 and use this credit for meeting your tax liability ....check answer option - video for tutorial on this topic...Under tax details tab , head towards TCS schedule and fill details accordingly (check attached pictures)...you can also refer to the answer options - video for video on this topic P.s - As per new introduction in Budget 2016, and newly inserted Sub Sec. 1F of Section 206C.,Finance minister, Mr. Jaitley had proposed to impose a provision for collection of Tax at source at the rate of 1%, in case of Sale of Motor Vehicle and finally it was passed and law amended. Effective date is 1st June, 2016 Act – “ Every person, being a seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding ten lakh rupees, shall at the time of receipt of such amount, collect from the buyer, a sum equal to one percent of the sale consideration as income tax. Since you have bought car for 12 lakhs , this 12 lakhs is not any income and therefore you are not required to show the 12 lakhs under any income schedule ...however , since tax has been collected at source , you can surely claim this TCS( tax collected at source ) amount in ITR 1 and use this credit for meeting your tax liability ....check answer option - video for tutorial on this topic...Under tax details tab , head towards TCS schedule and fill details accordingly (check attached pictures)...you can also refer to the answer options - video for video on this topic P.s - As per new introduction in Budget 2016, and newly inserted Sub Sec. 1F of Section 206C.,Finance minister, Mr. Jaitley had proposed to impose a provision for collection of Tax at source at the rate of 1%, in case of Sale of Motor Vehicle and finally it was passed and law amended. Effective date is 1st June, 2016 Act – “ Every person, being a seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding ten lakh rupees, shall at the time of receipt of such amount, collect from the buyer, a sum equal to one percent of the sale consideration as income tax.
  • July 23, 2018
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Saiyeda Mohiyul Ain

Category : Income b..,
Solved
July 22, 2018 11:36 pm
  • Income below threshold level
Hello sir
I have only fd interest income that is less taxable income of 250000(individual). I was charged just 14/- tax by bank ..but my concern is..am i correct in saying it's not mandatory to file if income is less like above..but if i do so(not bothered about refund 14/-)...will it be non complia...
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Saiyeda Mohiyul Ain
Even I don't know..it says for 143 /-, 14/-tax deducted ..there were 2 sections under same bank... 1)details of tax deducted at source and above 2) details of tax deducted at source for 15g...their it's 63000 and 0 tax..
I don't know the reason why tax was deducted as form 15g was given.. so I am s...
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  • July 23, 2018
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Saiyeda Mohiyul Ain
Hello..?pls do reply whenever possible..
  • July 23, 2018
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DAK

Category : Exempt I..,
Solved
July 22, 2018 11:05 pm
  • Exempt Income
Hello Amlan Sir,
I have a PPF Account in SBI which will mature in 2024 only. I understand that [U/s 10(11)-Statutory PF received] interest income from PPF is exempt and it has to be shown in IT Return for Reporting purpose. Account statement for the FY 2017-18 shows a credit interest of Rs.27, 894/-...
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Amlan Dutta
Very good question ....It is to be shown and reported under 10(11) ...accrued income is also a form of receipt only......
  • July 23, 2018
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Saiyeda Mohiyul Ain

Category : Exempt I..,
Solved
July 22, 2018 8:00 pm
  • Exempt Income
Hello Sir
Appreciate your efforts in creating such tutorials. However I have a major confusion with regard to PPF interest..(mine is non govt bank...canara)..You have mentioned to declare PPF in statutory pf section..but this is the pf earned by govt employees..Some say use section 10 (15) descriptio...
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Amlan Dutta
This is a brilliant question and like you correctly point out Public providend fund is actually different from statutory and recognised setup ....but 10(11) provides for -10(11) any payment from a provident fund to which the Provident Funds Act, 1925 5 (19 of 1925 ), applies 6 or from any other prov...
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This is a brilliant question and like you correctly point out Public providend fund is actually different from statutory and recognised setup ....but 10(11) provides for -10(11) any payment from a provident fund to which the Provident Funds Act, 1925 5 (19 of 1925 ), applies 6 or from any other provident fund set up by the Central Government and notified 7 by it in this behalf in the Official Gazette];.....this is satisfied by the PPF setup and therefore PPF interest can be shown using 10(11) ....section 10(15) speaks of different interest and not PF interest and so that section cannot be used ........( please avoid words like asap etc ...i do this only when i get time )
  • July 22, 2018
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Saiyeda Mohiyul Ain
I actually meant the same ..asap in context...whenever possible by you..sorry if it was inappropriate. However I didn't understand these "5 (19 of 1925 ), applies 6..." as ppf is 1968act..just to reiterate..mine is ppf from Canara bank (private bank).
  • July 22, 2018
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