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hanif

Category : Exempt I..,
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May 30, 2018 3:24 pm
  • Exempt Income
Dear Amlan, i have a query here....there is a new column in itr 1 ay 2018-19.it is exempty income for reporting purposes and there are various heads...what exempt income should i mention...will it be 19,200 Rs ...If yes , under what head and what should i select. If not , then what should i mention ...
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Amlan Dutta
This is not a new thing and was there for last many years ...depending upon what exempt head the salary allowance falls into , select the exempt section accordingly ...if it is exempt HRA , select 10(13 A), if it is exempt transport allowance , select 10(14)....Your form 16 will clearly lay out what...
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This is not a new thing and was there for last many years ...depending upon what exempt head the salary allowance falls into , select the exempt section accordingly ...if it is exempt HRA , select 10(13 A), if it is exempt transport allowance , select 10(14)....Your form 16 will clearly lay out what is exempted and shall highlight it .....if there is nothing , then you can keep the exempt income reporting section blank <br /> Typically 19200/- Rs is towards transport (1600 per month , i.e 1600 x 12 = 19,200 )...for this you shall select section 10(14) and depict the amount .better to show exempt amount otherwise department may send notice for variance between salary amount reflecting in 26 as and form 16 .....i have explained all this several times earlier also and would not want to keep repeating myself I see a lot of basic queries asked by you ...i request that you first please understand a little about the subject i.e what are income heads , what is exempt income , what are deductions , how taxability happens etc ...i say this because i won't spoonfeed every single basic query in the site and ity may often hurt you thinking why i don't respond
  • May 30, 2018
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hanif
many thanks dear amlan. i do agree i have been asking you small queries everytime....but the way you explain it really goes in our head and once again sorry for the trouble....many thanks again...
  • May 30, 2018
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Dilip dwivedi

Category : Exempt H..,
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May 30, 2018 1:45 am
  • Exempt HRA U/s 10(13A)
Hi amlan sir
I'm a salaried person and I want to know that if my total hra rs. 13320 exampted in form 16 then will I can show this value 13320 in other exampted income column under the agricultural income
in AY 2018-19 ??? Or not show in this column??
Plz give ur valuable suggestion as soon as pos...
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Amlan Dutta
Why use agricultural head to show exempt HRA head ( this makes no sense)...like you understand , this being exempt, will come in exempt income for reporting purpose but under correct head ......use option denoting section 10(13A) for exempted HRA ....this year ITR's make it more easy because not...
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Why use agricultural head to show exempt HRA head ( this makes no sense)...like you understand , this being exempt, will come in exempt income for reporting purpose but under correct head ......use option denoting section 10(13A) for exempted HRA ....this year ITR's make it more easy because not only does it outline the section numbers but also the exempt income source (look at the attached picture snapshots for capturing this portion of the return)...and ensure that you mention all salary exemptions and deductions because this year many people are getting adjustment notices from the department citing variances between presented income in return from form 16 and that appearing in 26 as ....26 as often shows the gross salary income and the difference between the gross salary and the chargeable salary appearing in form 16 is only on account of these exemptions and deductions ........all the best Why use agricultural head to show exempt HRA head ( this makes no sense)...like you understand , this being exempt, will come in exempt income for reporting purpose but under correct head ......use option denoting section 10(13A) for exempted HRA ....this year ITR's make it more easy because not only does it outline the section numbers but also the exempt income source (look at the attached picture snapshots for capturing this portion of the return)...and ensure that you mention all salary exemptions and deductions because this year many people are getting adjustment notices from the department citing variances between presented income in return from form 16 and that appearing in 26 as ....26 as often shows the gross salary income and the difference between the gross salary and the chargeable salary appearing in form 16 is only on account of these exemptions and deductions ........all the best
  • May 30, 2018
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Varghese

Category : TDS Cred..,
Solved
May 29, 2018 7:46 pm
  • TDS Credit
Please help me on the following matter. .

(a). I got a FD matured from SIB Bank on February 2018. And the bank has deducted a TDS amount of Rs 10,000. But the TDS deducted status on TRACES is shown after March 31st 2018. i.e. it is booked on 24th May 2018.

My question is that as this is booked ...
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Amlan Dutta
I am sure you can ....also, I am pretty sure that the transaction date must be within the financial year and you will find it in the second column of the tax credit statement ( check 26 as ) ..in short, you can claim credit of the deducted TDS but just check once whether the figure appears in the t...
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I am sure you can ....also, I am pretty sure that the transaction date must be within the financial year and you will find it in the second column of the tax credit statement ( check 26 as ) ..in short, you can claim credit of the deducted TDS but just check once whether the figure appears in the tax credit statement (26as)...in attached picture you can see a similar case where the booked date is after the financial year ends but with a transaction date on year end ...surely , one can claim credit and therefore it finds entry in the 26 as ( tax credit statement)...if one could not , then these deducted tds won't find its way in the tax credit statement ( you can claim credit of such taxes ...see how beautiful the name tax credit has derived its meaning i.e once you see TDS in tax credit it itself means you can claim credit ( though it should be under " F" heading )..,......
  • May 29, 2018
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nikhil balekundargi

Category : Filing r..,
Solved
May 29, 2018 12:21 pm
  • Filing return for LIC agent
I want to return file for my mother who is an LIC agent.
Please let me know the process?
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Amlan Dutta
(Am assuming non senior resident for AY 2018 19 )
Here , the income is from profession . Unfortunately the income does not fall under eligible profession head and therefore one cannot file presumptive return for profession available under s...
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  • May 29, 2018
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nikhil balekundargi
Thank you for quick reply. Assessment year 16-17 I had filed ITR4 without PL statement. It was accepted. Assessment year 17-18 I filed ITR3 but it was rejected with defect with error code 310, error description "Taxpayer having income under the head “Profits and gains of Business or Profession” but ...
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  • May 29, 2018
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