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BISWARANJAN SWAIN

Category : Exempt P..,
Solved
May 13, 2018 6:49 pm
  • Exempt PF interest
Dear Amlan
There's an interest credit of 10000/- in my SBI PPF A/C in FY 17-18.My question is whether it's mandatory to show this income in ITR? If so then which section it would be. 10(11) or 10(12) or any other?
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Amlan Dutta
Am assuming the follwing
AY 2018 19 - Non senior resident individual

Show under exempt reporting schedule .... exempt Under section 10 (11).... Check my tutorial on how to show exempt income im tax return....
  • May 14, 2018
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PANKAJ SHUKLA

Category : TAXABILI..,
Solved
May 13, 2018 7:46 am
  • TAXABILITY OF SALARY ALLOWANCES
Dear sir,
I'm a salaried person and got transferred from Lucknow to Agra last year. I got transfer t. a. Rs. 34000. My question is that - TRANSFER T. A. IS TAXABLE OR NOT?
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Amlan Dutta
To answer specifically, It is totally taxable , however just knowing whether one salary allowance is taxable or not will not solve your purpose ....you will need your form 16 and need to subtract from gross salary (Point 1 a of form 16 ) your 12 month basic (from payslips) and exempt allowances( Po...
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To answer specifically, It is totally taxable , however just knowing whether one salary allowance is taxable or not will not solve your purpose ....you will need your form 16 and need to subtract from gross salary (Point 1 a of form 16 ) your 12 month basic (from payslips) and exempt allowances( Point 2 of form 16) ...Whatever remains is all non exempt which is needed to be filled in return ........
To answer specifically, It is totally taxable , however just knowing whether one salary allowance is taxable or not will not solve your purpose ....you will need your form 16 and need to subtract from gross salary (Point 1 a of form 16 ) your 12 month basic (from payslips) and exempt allowances( Point 2 of form 16) ...Whatever remains is all non exempt which is needed to be filled in return ........ +2
  • May 13, 2018
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Shrihari Raghunath Pise

Category : Taxation..,
Solved
May 13, 2018 12:09 am
  • Taxation of Bitcoin /Cryptocurrencies
Hi sir
My self Shrihari I am full time salary person and part time Bitcoin and crypto currency trader so I want to pay tax on my income fonm trading but confused between which category I can choose my groas receipt is more than 1.5 cr.
And exactly I earn 5 to 7 lac form trading.
If I select 44ad se...
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Amlan Dutta
Since there is no clear guideline on taxation on income generated from Bitcoin and cryptocurrency trading , it is not advisable to use presumptive taxation sections for such incomes ....until there is any clear guidance from the department on how to treat Bitcoin /other cryptocurrency income, it is...
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  • May 13, 2018
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sagar patel

Category : Reassess..,
Solved
May 12, 2018 12:35 pm
  • Reassessment Notice under section 148
i have received income tax notice under section 148 of the income tax act 1961
whereas i have reasons to believe that your income chargeable to tax for the assessment year 2011-12 has escaped assessment within the meaining of section 147 of the income tax act.(notice date:25/03/2018)

HOW TO REPLY T...
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Amlan Dutta
If you had no income in that year , then no need to worry ...but know that usually the assessing officer uses this sections when he has reasons to believe that the assesse had taxable income not reported in the filing of return ...Basically, before making assessment/reassessment or re computation of...
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If you had no income in that year , then no need to worry ...but know that usually the assessing officer uses this sections when he has reasons to believe that the assesse had taxable income not reported in the filing of return ...Basically, before making assessment/reassessment or re computation of income under section 147 , assessing officer shall serve on assesse a notice under section 148 requiring him to furnish a return of his income of which he is assessable corresponding to the relevant assessment year even if he has filed return within section 139 within such period... <br /> <br /> NOT APPLICABLE - CASE 1 - The provisions under section 148 require that you furnish the return of income using section 138 within the time line specified i.e 30 days as i can see from the notice served on you else you will attract interest under section 234 (3) for late filing of return or not filing of return , if the income has already been determined under section 143(1) or assessment ha already been done under 143(3)(Regular assessment) or 144 or 147 <br /> APPLICABLE - CASE -2 - On other hand if assesse has not furnished the return of income ( your case)for the relevant assessment year and no assessment was done under section 144, then interest for late filing of return in response to a notice under section 148 shall be leviable under 234(1) instead of 234(3) I advise , you use the offline utility and file the return using section 148 ( upload xml ) and and meet your assessing officer for initiating the proceedings ...more often than not this is the best way out and lets the assessing officer know that the assesse is honest and willing to co-operate in the case . Suppose, during the proceedings it is found that there is no taxable income for the relevant assessment year , he will get his order rectified . However , if he proves to you that there was taxable income not reported in filing then the the penal interest and the taxes will apply (Check attached picture for understanding the section under which the return of income has to be filed ...fill it properly showing income from relevant heads and also check 26 AS for any discrepancies in amount paid /credited ).
  • May 12, 2018
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sagar patel
thank you so much,
  • November 24, 2018
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