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ZAKI

Category : Property..,

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September 13, 2019 4:38 pm

Dear Sir I hav saw ur videos on TDS 194la and file return ITR 1 and mention exemption income on compensation on land u/s 196 of RFCTLARR ACT but get notice u/s 139(9) of income tax act kindly help me sir

Amlan Dutta

Amlan Dutta

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Amlan Dutta

Usually this cases attract scrutiny ...you are required to meet the assessing officer or seek professional chartered help to resolve

November 25, 2019

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hanif

Category : Exempt L..,

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September 5, 2019 3:13 pm

Hello Amlan, I have a query,as you are aware there are some changes from September 1st, 2019 including insurance policy also.i have 2 LIC policies of Rs 50000 and Rs 1 lac respectively opened in 1991 (both) for 31 and 35 years resp. I am paying premium yearly for one policy is rs 1550/- and other po...

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Amlan Dutta

The proposed changes are only for taxable proceeds. Hence, first check whether your policy proceeds are taxable or exempt u/s 10(10 D)
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The proposed changes are only for taxable proceeds. Hence, first check whether your policy proceeds are taxable or exempt u/s 10(10 D)
Here, since insurance policies taken before 2012 For this, first, compute whether the premium that you pay exceed 20 % of the sum assured(since policy taken before 2012 ). Only in the case where they do , the maturity proceeds become taxable and shall not be exempt under 10 (10D) ...
1.) For first policy, sum assured 50,000 and so 20 % of 50,000 = 0.2 x 50000 = 10000 rs and premium paid is 1550, so premium paid does not exceed 20 % of sum assured ,so maturity proceeds won't be taxable

2.) Likewise for second policy, sum assured is 1 lakh, 20 % would be 20,000 and premium paid is 2700 which is much below 20 %, so again maturity proceeds won't be taxable

In your case , there won't be any TDS since proceeds are exempt ...Just so that you know , in the Budget 2019, it has been proposed that from September 1, 2019, only on taxable proceeds , 5 per cent TDS on non exempt portion of life insurance pay-out will be charged on net basis (i.e. total maturity amount – total premium paid), instead of deducting 1% tax from entire maturity amount under section 194 IA . TDS shall be deducted only if maturity exceeds one lakh rupees.

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December 8, 2019

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Amlan Dutta

The proposed changes are only for taxable proceeds. Hence, first check whether your policy proceeds are taxable or exempt u/s 10(10 D)
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December 8, 2019

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Priya Ranjan Mishra

Category : Income t..,

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August 31, 2019 10:26 pm

Hi Sir,If ULIP insurance policy is surrendered before maturity date , will the proceeds be taxable?If taxable :1-- the proceeds come under which income?

Amlan Dutta

Amlan Dutta

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Amlan Dutta

Insurance policies become taxable if surrendered before maturity date ...........the proceeds shall be taxable as income under other sources ...note the amount you pay towards premium don't count as income unless otherwise those have been taken under 80 C ..If benefit taken , then such benefit to b...

December 9, 2019

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ELANGO

Category : Salary (..,

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August 29, 2019 9:03 pm

Dear Sir, Suppose if a person (aged 53) getting a pension from govt. and earning salary from private, how to show this private income in ITR-1?

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Amlan Dutta

using the salary schedule .....providing proper breakup of allowances etc

August 29, 2019

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