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Hema Latha

Category : Tax Comp..,
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July 13, 2019 1:57 pm
  • Tax Computation
Sir,
Please explain the new income tax slabs for FY 2019-20. My gross income is above Rs. 5 lakhs. But my total taxable income after all permissible deductions is below Rs. 5 lakhs. As per the recent budget, am I eligible for tax exemption or not? Please explain.
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Amlan Dutta
Hema , i recognise you as a valued visitor to the site ...if i may assume that you are a resident non senior indian, then the tax slab's for FY 2019 20 remain pretty much unchanged i.e 0 -2.5 lakh - Nil , 2.5 - 5 lakhs - 5 % , 5 - 10 lakhs - 20 % and above 10 lakhs - 30 % , ...Note importantly...
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  • July 14, 2019
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Vicky

Category : 44ADA ( ..,
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July 13, 2019 1:04 am
  • 44ADA ( Profession)
Hi Amlan, I had worked 6 months as Employee and 6 months as Consultant........ and have some foreign income earned while serving in US..I am a resident as per residential status Test. 1. Which ITR form to fill ? 2. Does salary earned as Consultant falls under Section 44ADA if so how to go ahead with...
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Amlan Dutta
Consultancy is not salary , it is professional income and for profession you are entitled to 44ADA If you qualify for specified professions which includes technical consultancy ...if yours is technical consultancy , you can opt for 44ADA .....If it is FY 2018 29 , then for AY 2019 20 , you can fill ...
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  • July 14, 2019
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sagar patel

Category : How to s..,
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July 11, 2019 2:34 pm
  • How to show salary arrears in return
sir i have received pension with Arrears so Arrears is Taxable or not and where i have need to show in income tax return
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Amlan Dutta
Arrears is taxable and you will include it where you show pension income, adding to it the arrears income ...say pension income is 100 rs and arrears is 10 rs then instead of offering it as 100 rs under pension now you shall offer 110 rs as pension income ...like salary arrears , pension arrears a...
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  • July 11, 2019
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sagar patel
thank you sir
  • July 13, 2019
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Sanchi Rajput

Category : Exempt L..,
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July 11, 2019 1:00 pm
  • Exempt LIC moneyback u/s 10(10 D)
Hi Sir,
My father had a money back policy which got matured. 1% tds is deducted.
maturity amount is 2.36 Lacs and the premium he paid was around 60,000 for 5 years. Does he need to show the whole maturity amount received in income from other sources or it can be exempted under section 10(10D). If it ...
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Amlan Dutta
Check this link also ...http://www.simpletaxindia.net/2019/04/income-tax-on-maturity-receipt-of-life-insurance-policy-tds-194da.html
INCOME TAX ON MATURITY AMOUNT OF LIFE INSURANCE POLICY
There is a lot of confusion among the Taxpayers and tax professionals regarding taxability of the Maturity amount received from Life insur...
  • July 12, 2019
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Sanchi Rajput
Thank you for the information.
  • July 12, 2019
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