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RAJ

Category : Taxabili..,
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July 5, 2018 2:37 pm
  • Taxability of PF
in FY 17-18 , i have three from 16 with me. i have withdrawn the EPF(before 5yr) amounting to 96000 approx(credited to bank-86000, TDS-10000). how to and where to show it in ITR-2? please help. I am stuck in between. Also tell me how to know employers contribution and interest there on.
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Amlan Dutta
It is never any arbitary figure ..TDS as you can observe is exactly 10 % i.e 9583 of the EPF withdrawn 95830 Approx and not 10,000 Rs as you write ...why ITR 2 , why not ITR 1 ...Multiple form 16 doesn't always mandate ITR 2 unless you have income heads that qualify for ITR 2 .......Here since PF wa...
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It is never any arbitary figure ..TDS as you can observe is exactly 10 % i.e 9583 of the EPF withdrawn 95830 Approx and not 10,000 Rs as you write ...why ITR 2 , why not ITR 1 ...Multiple form 16 doesn't always mandate ITR 2 unless you have income heads that qualify for ITR 2 .......Here since PF was withdrawn before 5 years of service ,so it is taxable ...here is the breakup that you need to show .....If PF is withdrawal less than 5 years it would be taxed as given below.<br /><br />1.) Employer contribution and interest thereon<br />Basically, the employer’s contribution and interest thereon would be fully taxable under salary head <br /><br />2.) Employee contribution and interest thereon <br /><br />This is the amount contributed by you to your EPF. This portion of your withdrawal is not taxable. However, if you have claimed deduction under section 80C on your contribution in earlier years, you may have to pay additional tax as if 80C was not claimed by you for those years.<br /><br />Basically, the employee’s contribution would be taxable to the extent of deduction claimed under Section 80C for any of the previous years . This is to be offered under under salary <br /><br />The interest earned on employee’s total contributions would be taxable as ‘income from other sources B. TDS - Take tax credit from 26 AS for deducted TDS accordingly. (You can also claim arrear relief under section 89 but computing those figures may get complicated)
  • November 27, 2018
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NITIN CHOPRA

Category : Return f..,
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July 5, 2018 1:08 pm
  • Return for Salary, Interest
If a person retire in middle of year say in May 2017 , how to fill the Income tax form for Salary + Pension i.e. for two with Salary and rest of 10 months with Pension. Please explain.
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Amlan Dutta
Case (i) Pension breakup is not given,
Salary = Salary basic + total pension
Non exempt allowances = ( Form 16 gro...
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  • July 5, 2018
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Vai

Category : 80CCD(1B..,
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July 5, 2018 12:59 pm
  • 80CCD(1B) - Employee contribution NPS.
Hi Amlan, I have watched your Youtube video on NPS contribution. I have a question on it. I am not working since last 2 years. Still I had invested 50000 Rs in my NPS Account (Tier-1) on my own. Can I claim tax benefit for this against 80 CCD(1B) while filing ITR, even though I am not employee any m...
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Amlan Dutta
NPS deduction benefit under 80CCD(1B) is irrespective of the type of employment. So, a government employee, a private sector employee, self employed or an ordinary citizen can claim benefit of Rs 50,000 under Section 80CCD(1B). So, in your case, you surely can( You may consider a second opinion)...

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  • July 5, 2018
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Amlan Dutta
Also, next time, please be careful to select question category properly to avoid your entry getting deleted from my website
I will also not be answering any further questions which are without proper category selections
  • July 8, 2018
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JK Jain

Category : 44ADA ( ..,
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July 5, 2018 11:40 am
  • 44ADA ( Profession)
In what category teaching in painting/sewing comes.Whether it comes in business or profession. She has been filing ITR4 for last more than 10 yrs.When last year in ITR4 it categorised AE, AD and ADA, she filed return ITR4 Sugam under profession category (ADA) taking income more than 50%and professi...
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Amlan Dutta
The income fall from profession only but not listed professions to take benefit of section 44ADA. She will file ITR 3 showing income from profession on normal basis.

She cannot file presumptive return ITR 4 ( ITR 4S earlier ).
Section 44ADA entitles specified professionals to offer income on presu...
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  • July 5, 2018
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Amlan Dutta
Also, next time, please be careful to select question category properly to avoid your entry getting deleted from my website
I will also not be answering any further questions which are without proper category selections
  • July 8, 2018
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