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SNEH

Category : Differen..,
Solved
May 23, 2018 9:05 pm
  • Difference in salary income in return and 26 as
Dear Amlan,

Thanks for the reply. Not able to locate the e assessment option. Also, getting different options than the options mentioned in your reply.
Kindly help.
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Amlan Dutta
HOW TO RESPOND TO TAX NOTICE FOR DIFFERENCE IN SALARY INCOME IN FILED RETURN AND APPEARING IN 26 AS | E Proceedings

Project - #makeknowledgefree

You have received a tax notice stating that there is a difference in salary income of that filed in return and that appearing in 26 as

Basically, the 26 as u...
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HOW TO RESPOND TO TAX NOTICE FOR DIFFERENCE IN SALARY INCOME IN FILED RETURN AND APPEARING IN 26 AS | E Proceedings<br /><br />Project - #makeknowledgefree <br /><br />You have received a tax notice stating that there is a difference in salary income of that filed in return and that appearing in 26 as<br /><br />Basically, the 26 as under income credited for the assessee shows the gross salary which is not totally subject to tax on account of permissible salary exemptions and deductions available<br /><br />This has to be however filled under E- proceedings !<br />You must opt yes for eproceedings and then click on submit to open up the notice displaying the difference !<br />In this case since the difference is on account of permissible deductions and exemptions available to salary class , you shall disagree to the demand and proceed <br /><br />This opens up a table where you are required to explain the difference between gross receipts appearing in 26 as and that offered in tax return (from form 16 )...<br /><br /><br />The table has relevant heads for claiming eligible exemptions and deductions ...You have to select the fields that apply in his case to explain the difference!<br /><br />In this case, the gross salary enjoys conveyance exemption u/s 10(14 ) for 19200 Rs ,<br /> medical reimbursement u/s 17(2) (b) for Rs 10838 ,<br /> Sodexo food coupons u/s 17(2)(viii) for Rs 26000 and<br /> tax on employment for Rs 2400 Rs as eligible deduction under section 16.<br /><br />How do we use the fields?<br />Clearly, for section 10 exemptions pertaining to salary , we can use the option of receipts not taxable because the gross receipts are not totally taxable on account of section 10 conveyance allowance exemption made available under section 10 (14)<br /><br />So, we use the receipts not taxable option for section 10 exemptions . It can therefore be used to show conveyance exemption of 19200 Rs U/s 10(14)<br /><br />Rest, permissible salary deductions can be shown under other head to explain the portion of gross receipts pertaining to medical reimbursement , food coupons and eligible deduction of tax on employment which are not taxable<br />(Check attached picture)<br /><br />You can then proceed to submit the proceeding clarification! <br /><br />That's all there is to it!<br /><br />Here is a video solution that explains how to respond to notice to explain difference in salary income appearing in 26 as and that filled in tax return! <br />Youtube Video - https://www.youtube.com/watch?v=hewBpQ_5eRA
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  • May 30, 2018
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lucky

Category : ITR 4..,
Solved
May 23, 2018 6:56 pm
  • ITR 4
i pay from online banking from my current account to rs 30,00,000/- per year (for mob recharge, DTH, flight booking, money transfer, school fee, university admission fee and etc)
should i apply for gst or not?
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Amlan Dutta
Your question is regarding GST registration...here since your annual turnover exceeds 20 lakhs , you are required to proceed for GST registration ....as far as direct taxes are concerned, you will be liable to pay income taxes on the generated income and file return for it ...you can refer videos on...
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  • May 23, 2018
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Aadhi

Category : 44 AD ( ..,
Solved
May 22, 2018 3:20 pm
  • 44 AD ( Business income)
is balance sheet mandatory for this AY 2018/19 in financial particulars details column
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Amlan Dutta
It was mandatory all years and very simple to fill ... check my tutorial on how to fill financial particulars for ITR 4 in latest AY 2018 19.....
  • May 22, 2018
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Aadhi

Category : 44ADA ( ..,
Solved
May 22, 2018 2:12 pm
  • 44ADA ( Profession)
1) Can we take deductions under sec 80c if we declare income under 44 ADA at 50% of gross receipts.

2) is 44 ADA be taken only if income is upto threshold of 2.5lacs ( not exceeding 2.5 lacs ) while declaring 50% of gross receipts i.e max 500000 Rs
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Amlan Dutta
1. These are two different things and should not be connected .... presumptive sections is for presuming income head for profession ( 44ada) / business ( 44ad)whereas deduction sections under 80 refer to savings AVAiLABLE to all individuals whether they have income from profession/business or any ...
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  • May 22, 2018
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