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SAGAR S BADNERKAR

Category : Rectific.., Deductio.., Income t..,
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June 16, 2016 6:10 pm
  • Rectification - Tax credit mismatch
  • Deduction benefit of NPS
  • Income tax
Hi Amlan,
I am a salaried person also I am an active trader in future & option. through internet i come to know that while filing return we need to go for audit from CA. although my turnover is below 1 crore and i didnt turned up with profit also. what I should do?
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Amlan Dutta
Futures and options is considered as normal business ( not speculative) income...the trader is required to maintain normal books of account under section 44AA
If the annual turnover is more than 1 Cr or the trader declares profit less than 8 % of the turnover , only then audit is required

Here turnov...
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  • June 17, 2016
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sonu

Category : Income t..,
Solved
June 15, 2016 4:29 pm
  • Income tax
Hi sir....I m new in government service..i got salary of last year 2014-15 as a arrear in ay 2015-16.Due to this I paid extra income tax approx. 25000rs..I want to fill itr..Sir,can u suggest..how I fill itr for refunding this.
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Amlan Dutta
The tax relief with respect to arrears is offered under section 89.
In the year which arrears was due , compute difference between tax payable on total income with and without arrears ..let this X1

In the present year when arrears was paid , compute difference between tax payable on total income with ...
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  • June 15, 2016
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Neha Chaurasia

Category : Income t..,
Solved
June 15, 2016 3:27 pm
  • Income tax
Hi Amlan,

Hope you are doing Well ! I need your guidance . My query is How to file ITR 4S of professionals through online Itr login (E-file.)Requesting you to please respond. Thanks
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Amlan Dutta
Till financial year 2015 16 or earlier years , presumptive section 44AD was not avaliable for professionals ....but for 2016 17 onwards due to recent finance bill presented , the presumptive section 44AD benefit is being extended to professionals ....however presumptive income is to be taken at ...
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  • June 15, 2016
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Kiran

Category : Income t..,
Solved
June 15, 2016 2:18 pm
  • Income tax
Hi Mr. Alman, I need your help badly.

I've been filing my returns via a CA. He filed ITR-2 for the last 2 years. I guess he was using ITR 2 for me as I used to earn small amount from stock market. However, I have stopped doing stock market stuff this year. I want to file the return this year myself v...
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Amlan Dutta
Return selection shall depend on the income schedules that contribute to your scope of taxable income ...for example ,if you earn from interest income alone ,you need a return which has income schedule from interest ( other sources )...

So first , figure out which income heads contribute to your tota...
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  • June 15, 2016
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Kiran
Thanks Amlan! I think ITR 1 will be suitable for me. So, it is ok to file ITR-1 even though I had ITR-2 for the last 2 years. Am I correct?
  • June 16, 2016
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