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hanif

Category : Exempt R..,
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May 31, 2018 12:30 pm
  • Exempt Recognised PF interest u/s 10 (12)
Dear Amlan.. this is regarding exempt income..you have already explained about allowance ie.rs 1600x12=19200/- i would like to ask you about PPF interest which is credited every year in march. do we have to show that interest figure in exempt income column and if yes what HEAD will we show it...plea...
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Amlan Dutta
You can show this as exempt income under section 10(12) if it maintained by recognised PF body(most companies maintain this) else if it is maintained by statutory PF body , you will show it under 10(11) ...............statutory provident fund is an account which can be opened with any branch of S...
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You can show this as exempt income under section 10(12) if it maintained by recognised PF body(most companies maintain this) else if it is maintained by statutory PF body , you will show it under 10(11) ...............statutory provident fund is an account which can be opened with any branch of SBI or its subsidiaries and any individual i.e You , me can go open it and claim deduction u/s 80C<br /><br /> Recognised provident fund is recognised by commissioner and employer's contribution is exempt upto 12% and interest upto 9.5%.and employee,s contribution is eligible for deduction u/s 80C<br /><br /> (<br />Just so that you should know - Unrecognised provident fund is not recognised- interest is to be shown under income from other sources and no deduction can b claimed u/s 80C ) ,,check attached picture<br /><br />P.s - Please select question category properly next time
  • May 31, 2018
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Nrupal Save
Hello Amlan,

You have mentioned that "Statutory provident fund is an account which can be opened with any branch of SBI."
What if it is opened with any other banks?
I had opened my PPF account with ICICI Bank in November-14. Does it still fall under category 'Statutory Provident Fund'?

Regards,
Nrupal
  • August 28, 2018
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SHUBHAM KUMAR

Category : Income t..,
Solved
May 30, 2018 11:47 pm
  • Income tax
Dear Sir, i am filed my return on 25.03.2018 for A.Y 2017-18, In the return i skip to show interest amount which comes in 26AS and i am not sent the return at Bangaluru for verification. Now Please tell me the solution what i do Now. Because the Last date for revision of return has been over. Kindly...
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Amlan Dutta
No way out ... e-verify it ... let adjustment intimation come ..... don't think you can revise return but try if system permits...anyways if you don't reply within prescribed time period of 30 days (check attached picture), same shall be added to your scope of taxable income and demand raised under ...
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No way out ... e-verify it ... let adjustment intimation come ..... don't think you can revise return but try if system permits...anyways if you don't reply within prescribed time period of 30 days (check attached picture), same shall be added to your scope of taxable income and demand raised under intimation assessment ...pay off the demand and close the case .....
  • May 31, 2018
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hanif

Category : How to f..,
Solved
May 30, 2018 7:30 pm
  • How to fill Salary breakup in ITR 1
i know this is a silly question which is already been replied by you.my query is if the form 16 does not show the allowance not exempt amount and shows only the gross amount, do we have to calculate the allowance not exempt amount from our given salary slips as shown in your tutorial. or do we have ...
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Amlan Dutta
Nobody's form 16 shows non exempt allowance .......

The simple equation is -

basic salary + non exempt allowances + profits + perquisites = gross salary
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  • May 30, 2018
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hanif
dear amlan,,, you have cleared all my doubts...many many thanks to you.
  • May 31, 2018
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Utkarsh

Category : STCG on ..,
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May 30, 2018 6:20 pm
  • STCG on Stocks
I got a NSC of Rs 10000/- matured on 31.01.2018 but i got the matured amount of Rs 15486/- in month of May 2018 from Post office. Can i count this NSC in earning of my income. If yes then under which head and what amount can i take during file an ITR.
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Amlan Dutta
.NSC interest gets reinvested as you may have experienced...........NSC interest income is to be shown on accrued basis every year ...........the interest is shown in income under other sources and same is actually reinvested whose benefit can be claimed under 80 C..........therefore no interest ge...
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  • May 30, 2018
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