Categories
Normal Grid Pagination Scroll
Sunil Sahoo

Category : 80 C Ded..,
Solved
November 17, 2018 12:46 pm
  • 80 C Deduction- Life insurance premium, deferred annuity,.contributions to providend fund, etc
I have paid LIC premium of 12390 Rs 10,250 is the policy price and GST paid was GST (CGST 945 ) , SGST (945), so total of 12390 Rs ...can i claim benefit of 12390 Rs under 80 C .....
  • Hide Placeholder
  • Hide Discussion
Amlan Dutta
Good question, many believe that only Premium Paid towards Life Insurance Policies qualifies for deduction under section 80C of Income Tax Act, 1961.

As per Section 80C(2) of the Income Tax Act, 1961 any amount paid to an insurer to buy or to keep a life insurance policy in force can be claimed as ...
View More
  • November 17, 2018
  • LikeLike
  • Select as Answer
Moulik Reddy

Category : Taxation..,
Solved
November 10, 2018 2:34 am
  • Taxation of Research Fellowship
Hello Amlan,
Firstly thanks for sharing knowledge on this platform as well you-tube.

Q.1 My brother doing PhD & he earns stipend Rs 4,00,000 per yearly.
(a). Is this stipend is taxable or not ??
(b). If so, which ITR should he file ? ITR -2 ??
(c). where he need to enter t...
View More
  • Hide Placeholder
  • Hide Discussion
Amlan Dutta
This is one of the disputed areas of tax ...The act under 10(16) specifies very clearly that only scholarship granted to meet the cost of education’ is exempt from Income Tax under the section 10(16). ....now whether the Research(PHd) stipend( fellowship falls under the definition of scholarship
...
View More
  • November 10, 2018
  • LikeLike
  • Select as Answer
Amlan Dutta
1.) Tax filing for individuals is voluntary for any years when the gross total income i.e income without giving rise to deductions ) is below threshold levels but note individual wont be able to claim any TDS refund if he doesn't file return so even in cases when individual gross income is below t...
View More
  • November 10, 2018
  • LikeLike
  • Select as Answer
Saurabh Kumar

Category : Delay in..,
Solved
November 7, 2018 8:39 pm
  • Delay in processing of returns
Hi Amlan,
My ITR-1 has not processed, I had filed it 5 months ago. I tried contacting Central Processing Center banglore via the toll free number last month, they said it will get processed in a week or two. But it has still not processed.

I have not received any other intimation.
  • Hide Placeholder
  • Hide Discussion
Amlan Dutta
You can raise a E Nivaran ticket for faster processing of returns and if that doesn't help, you must meet your assessing officer /Commissioner of income tax to seek recourse......

Delayed processing is rare nowadays though...check video tab for placing E- Nivaran request for fast...
View More
  • November 8, 2018
  • LikeLike
  • Select as Answer
Shreyas

Category : Section ..,
Solved
November 5, 2018 3:58 pm
  • Section 119(2)(b) Delayed filing
Hello Sir, I'm here after watching your YouTube video, thanks a lot for sharing information, I have a Question regarding compliance issues in compliance portal with respect to NMS ,non filing of Return for AY 2017-18. Due to an unfortunate accident, I couldn't file Return on time though it was prepa...
View More
  • Hide Placeholder
  • Hide Discussion
Amlan Dutta
You can't file belated return under normal process since belated period of filing for relevant previous year is already over . However, if there was genuine hardship in filing of returns , you can file a application requesting condonation for delay in filing under section 119(2)(b)

The process of fi...
View More
You can't file belated return under normal process since belated period of filing for relevant previous year is already over . However, if there was genuine hardship in filing of returns , you can file a application requesting condonation for delay in filing under section 119(2)(b) <br /><br />The process of filing returns for time barred previous year returns when the time period for filing belated return under 139(4) has passed is as follows, <br /><br />Stage - 1 - Getting approval for condonation vide notice under section 119(2)(b).<br /><br />Firstly, there must have been some genuine reason of hardship for not having filed the return .Assessee has to pen a application seeking condonation of delay on account of the hardship and submit to authority <br />(commissioner of income tax if TI until 10 lakhs / Chief commission if Total income between 10-50 lakhs and CBDT if Total income exceeds 50 lakhs) ..<br /><br />if authority (assuming, principal commissioner of income tax) is convinced of the hardship, he shall approve issuing condonation notice under section 119(2)(b).. ...<br />At the tile of uploading return xml file , assesse is required to fill in details of this notice and upload the notice as well <br /><br /><br />Stage - 2 - Preparing the return <br />After receiving condonation notice, assesse can file return for the previous year <br />In the process, he/she can now download the return utility for the relevant previous year from the tax website and fill all details...Process for filing remains same with only exception being the section for return filing<br />Assesse shall carefully select return filing section as -section 139 read with section 119(2)(b)<br /><br />Stage - 3 - Attaching notice and uploading xml file of the return in the tax website <br /><br />Once, done he will prepare xml file for uploading to tax website .<br /><br />For this he, he will login to tax website and do .......<br />E Filing - Filing Against Notice /order Filing Section - 139 read with 119(2)(b) ....Upload xml<br /><br /><br />In the page that proceeds he is required to fill in details of condonation notice , date of notice and attach the notice before uploading the xml file of return <br />Then on clicking submit , acknowledgement gets generated <br />Assesse is required to e-verify the acknowledgement <br />All other things remain same i.e receipt of intimation assessment , processing of returns etc etc...check video tab for understanding the process
You can't file belated return under normal process since belated period of filing for relevant previous year is already over . However, if there was genuine hardship in filing of returns , you can file a application requesting condonation for delay in filing under section 119(2)(b) <br /><br />The process of filing returns for time barred previous year returns when the time period for filing belated return under 139(4) has passed is as follows, <br /><br />Stage - 1 - Getting approval for condonation vide notice under section 119(2)(b).<br /><br />Firstly, there must have been some genuine reason of hardship for not having filed the return .Assessee has to pen a application seeking condonation of delay on account of the hardship and submit to authority <br />(commissioner of income tax if TI until 10 lakhs / Chief commission if Total income between 10-50 lakhs and CBDT if Total income exceeds 50 lakhs) ..<br /><br />if authority (assuming, principal commissioner of income tax) is convinced of the hardship, he shall approve issuing condonation notice under section 119(2)(b).. ...<br />At the tile of uploading return xml file , assesse is required to fill in details of this notice and upload the notice as well <br /><br /><br />Stage - 2 - Preparing the return <br />After receiving condonation notice, assesse can file return for the previous year <br />In the process, he/she can now download the return utility for the relevant previous year from the tax website and fill all details...Process for filing remains same with only exception being the section for return filing<br />Assesse shall carefully select return filing section as -section 139 read with section 119(2)(b)<br /><br />Stage - 3 - Attaching notice and uploading xml file of the return in the tax website <br /><br />Once, done he will prepare xml file for uploading to tax website .<br /><br />For this he, he will login to tax website and do .......<br />E Filing - Filing Against Notice /order Filing Section - 139 read with 119(2)(b) ....Upload xml<br /><br /><br />In the page that proceeds he is required to fill in details of condonation notice , date of notice and attach the notice before uploading the xml file of return <br />Then on clicking submit , acknowledgement gets generated <br />Assesse is required to e-verify the acknowledgement <br />All other things remain same i.e receipt of intimation assessment , processing of returns etc etc...check video tab for understanding the process +2
  • November 5, 2018
  • LikeLike
  • Select as Answer