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BALAKRISHNAN

Category : Deductio..,
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June 15, 2019 4:06 pm
  • Deduction U/s 16
Dear Amlan,

Keep up the great work, I have a question regarding Deduction U/S 16, should we have to mention this amount of 40k in Exempted Income ( for reporting purpose ) previously we used to mention HRA, Medical and Transport allowances, from this year AY2019-2020 Medical and Transport allowances ...
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Amlan Dutta
For AY 2019 20 , the way the return is built , you don't show standard deductions u/s 16(1a) under exempt income but show it under deductions column to take benefit of standard deductions to arrive at chargeable salary income ..Check image on how it is done......as you mention, this has replaced ...
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For AY 2019 20 , the way the return is built , you don't show standard deductions u/s 16(1a) under exempt income but show it under deductions column to take benefit of standard deductions to arrive at chargeable salary income ..Check image on how it is done......as you mention, this has replaced earlier deduction benefits available on transport and medical allowance ...
  • June 15, 2019
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SIMRANJIT SINGH

Category : How to f..,
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June 15, 2019 12:42 am
  • How to fill ITR
Sir,
I received rupees 500/- as dividends in FY 2018-19 and i am showing this amount in exempted income section 10(34) in ITR-1 (shown in screenshot exempt income sec.png). My question is do i need to show this 500 rupees amount as dividends in income from other sources section in ITR-1 (shown in sc...
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Amlan Dutta
Dividends are exempt i.e free from levy of tax (atleast until 10 lakhs) so they need to be declared only in exempt income reporting section only as per your first screenshot ...if you show it in income from other sources , they will get added to taxable income i.e become taxable , surely that is no...
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  • June 15, 2019
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harish

Category : How to f..,
Solved
June 14, 2019 2:37 am
  • How to fill ITR
Can we file ITR 1 for AY 2018 19 now? If yes, how?
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Amlan Dutta
No, as far as AY 2018 19 is concerned, the last date for filing belated return for AY 2018 19 considering section 139(4) is already over on 31st March, 2019......
However, In case there was genuine reason for delay , you can explore 119(2)(b) for filing time barred returns I.e returns for which bela...
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  • June 14, 2019
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harish

Category : Intimati..,
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June 14, 2019 2:30 am
  • Intimation Notice under 143(1)a
Please observe the screenshot. Intimation under 143(1) reflects that i am supposed to get refund. Do i have to pay any tax now?
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Amlan Dutta
Since this is a refund case, there is no question of paying tax ...the department shall pay you 7658 Rs ...understand the concept here. Though your tax liability is nil (on account of income falling below taxable income ) , you have still paid taxes on account of deducted TDS i.e 7545 Rs ...So cle...
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  • June 14, 2019
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