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JATIN MODH

Category : Taxabili..,
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June 30, 2018 8:55 pm
  • Taxability of Family pension( U/s 57)
Sir, My mother gets pension of rs 3 lakhs and interest of deposits approx 50,000. My father is expired last year. so my mother also gets family pension of rs 2.5 lakhs. My questions are :
1) Family pension is taxable or not ?
2) in our case, received family pension exempted or not?

regards.
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Amlan Dutta
Yes, it is taxable and to be offered under income from other sources
Note, in case of family pension, a standard deduction to the extent of 1/3rd of the family pension or Rs 15,000, whichever of the two is lower is allowable.

The deduction is allowable under Section 57(iia) of the Income-tax Act, 196...
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Yes, it is taxable and to be offered under income from other sources <br />Note, in case of family pension, a standard deduction to the extent of 1/3rd of the family pension or Rs 15,000, whichever of the two is lower is allowable.<br /><br />The deduction is allowable under Section 57(iia) of the Income-tax Act, 1961 (The Act).<br /><br />Check video link - https://www.youtube.com/watch?v=BdH0NfsaBVY Yes, it is taxable and to be offered under income from other sources <br />Note, in case of family pension, a standard deduction to the extent of 1/3rd of the family pension or Rs 15,000, whichever of the two is lower is allowable.<br /><br />The deduction is allowable under Section 57(iia) of the Income-tax Act, 1961 (The Act).<br /><br />Check video link - https://www.youtube.com/watch?v=BdH0NfsaBVY
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  • June 30, 2018
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JATIN MODH
Thank you for your quick reply.
  • June 30, 2018
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Raj Jaiswal

Category : Processi..,
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June 30, 2018 6:28 pm
  • Processing of returns
Sir, I had paid advance taxes of Rs. 9000.On 27th April 2018, I filed ITR1 computing tax liability of around Rs. 5200. In this case i claimed Refund Rs. 3800. Afterwards, i got to find that I had not shown a part of taxable income. So, on 29th May, i e-filed again and e-verified revised ITR2 with ...
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Amlan Dutta
I think you ought to meet your assessing officer. Though revised return should be considered but since original return has already been processed not sure whether the revised will be considered ...if considered , 800 Rs will adjusted from future year returns.....
  • June 30, 2018
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Raj Jaiswal
Ok. Thanks.
  • June 30, 2018
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Arun Mishra

Category : Clarific..,
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June 30, 2018 5:51 pm
  • Clarification over income head
Dear Sir
I have Income from interest on FDRs & SB and one time honorarium for checking answer books in one institutional examination. As advised by you earlier, I want to file ITR-1 and show both the aforesaid income as Income from Other sources (IFOS). But, in ITR-1, I find only one row “B-3”. ...
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Amlan Dutta
I thought i already answered this , you will club the income from both and offer it under income from other sources.....
  • June 30, 2018
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Avinash

Category : Selectio..,
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June 30, 2018 1:48 pm
  • Selection of Return
Hello, i have profession income, 194D (LIC commission income), i have seen your videos for LIC commission income, but i don't understand which ITR to choose,

You have two videos about LIC income taxation, one is shown using ITR 1(2014-15), second is shown using ITR 4 (2015-16),
I am confused, ...
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Amlan Dutta
When commission is not primary source of income , commission income can be shown as income under other sources ...when commission itself is primary source of income then it has to be offered as professional income ...for example if a salaried guy is deriving commission income , he can show it as inc...
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  • June 30, 2018
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