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Aruna

Category : HRA Allo..,
Solved
July 20, 2018 3:52 am
  • HRA Allowance U/s 10 (13A)
Hi Amlan,
Thanks for the super helpful videos! Wanted some clarifications.

a. Based on what's you've mentioned already, if I've given my rent receipts to my employer, and I have HRA allowance in Form 16, then I cannot and should not fill 80GG. Correct?

b. While declaring exempt income (under Taxe...
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Amlan Dutta
Point-wise answer below,
a. Based on what's you've mentioned already, if I've given my rent receipts to my employer, and I have HRA allowance in...
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Point-wise answer below, <br /> a. Based on what's you've mentioned already, if I've given my rent receipts to my employer, and I have HRA allowance in Form 16, then I cannot and should not fill 80GG. Correct? <br /><br />Answer - Correct. Section 80GG is for those who do not get HRA benefit and want to seek relief for rent paid<br /><br />b. While declaring exempt income (under Taxes Paid & Verified section), if I've filled Section 10(14)i with the exempt income as mentioned in Form 16. <br />- If I'm getting HRA+Travel allowance + Medical reimbursement, the exempt income would automatically contain the total of all of this, correct? So I should only put the total exempt as mentioned in Form 16, and not do a break up of HRA exempt, Medical reimbursement claimed etc. because it would be doubling it? <br /><br /><br />Answer - Check attached picture ...Say Exempt HRA = 10 Rs , medical reimbursement = 10 rs <br />You will show exempt HRA using 10(13A) and medical reimbursement using any other and description as tax free medical reimbursement under section 17(2) ...you won't club and show 20 Rs . There is no question of doubling when we mention separately . Rather it gives more clarity ( maybe i am missing what you meant )<br /><br /><br />c. Under Tax Details, when having a single employer, 'Income chargeable under salaries' would be the same as what turns up in Section B1(iv) Income chargeable under the 'head' salaries (i+ii+iii+iv), correct? <br />- Even if my employer has missed out filing for March and I only have 11 months worth showing up in my 26AS (that means auto-fill value is wrong), I fill what is there in Form 16, under Gross total income (which is the same as B1(iv)). <br /><br />Answer - Yes, your concept is right regarding chargeable income, but the field ( Chargeable income from salary) is B1(vi) in the return and point 6 of form 16 <br />In TDS schedule, also you are required to fill the same chargeable income and not the gross salary which prefills the ITR <br />(i have attached a picture to make clear)<br /><br /><br />d. B3 Income from other sources, I've filled out the interest I receive from my fixed deposits. and under 80TTA, I've filled out the total income from interest on savings. <br />- Under Tax Details TDS2 for the bank, for amount which is subject to tax deduction, I would then remove the prefill and put the calculated FD interest+non exempt savings interest, correct?<br /><br />Answer - Your income treatment is correct <br />You will fill it for figures reflecting in 26 as ...whatever interest has been deducted on FD interest and savings interest shall be well reflected in 26 as ...you are required to fill it accordingly ..
Point-wise answer below, <br /> a. Based on what's you've mentioned already, if I've given my rent receipts to my employer, and I have HRA allowance in Form 16, then I cannot and should not fill 80GG. Correct? <br /><br />Answer - Correct. Section 80GG is for those who do not get HRA benefit and want to seek relief for rent paid<br /><br />b. While declaring exempt income (under Taxes Paid & Verified section), if I've filled Section 10(14)i with the exempt income as mentioned in Form 16. <br />- If I'm getting HRA+Travel allowance + Medical reimbursement, the exempt income would automatically contain the total of all of this, correct? So I should only put the total exempt as mentioned in Form 16, and not do a break up of HRA exempt, Medical reimbursement claimed etc. because it would be doubling it? <br /><br /><br />Answer - Check attached picture ...Say Exempt HRA = 10 Rs , medical reimbursement = 10 rs <br />You will show exempt HRA using 10(13A) and medical reimbursement using any other and description as tax free medical reimbursement under section 17(2) ...you won't club and show 20 Rs . There is no question of doubling when we mention separately . Rather it gives more clarity ( maybe i am missing what you meant )<br /><br /><br />c. Under Tax Details, when having a single employer, 'Income chargeable under salaries' would be the same as what turns up in Section B1(iv) Income chargeable under the 'head' salaries (i+ii+iii+iv), correct? <br />- Even if my employer has missed out filing for March and I only have 11 months worth showing up in my 26AS (that means auto-fill value is wrong), I fill what is there in Form 16, under Gross total income (which is the same as B1(iv)). <br /><br />Answer - Yes, your concept is right regarding chargeable income, but the field ( Chargeable income from salary) is B1(vi) in the return and point 6 of form 16 <br />In TDS schedule, also you are required to fill the same chargeable income and not the gross salary which prefills the ITR <br />(i have attached a picture to make clear)<br /><br /><br />d. B3 Income from other sources, I've filled out the interest I receive from my fixed deposits. and under 80TTA, I've filled out the total income from interest on savings. <br />- Under Tax Details TDS2 for the bank, for amount which is subject to tax deduction, I would then remove the prefill and put the calculated FD interest+non exempt savings interest, correct?<br /><br />Answer - Your income treatment is correct <br />You will fill it for figures reflecting in 26 as ...whatever interest has been deducted on FD interest and savings interest shall be well reflected in 26 as ...you are required to fill it accordingly .. +2
  • July 20, 2018
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Mukesh Jindal

Category : Property..,
Solved
July 20, 2018 2:08 am
  • Property TDS( U/s 194 IA)
Hi Amlan,

Last year i deducted TDS for Buying a property. In my form 26as it is showing the details for the same. I want to know if i have to show this in ITR2. I am thinking not needed as i am the buyer.

Thanks,
Mukesh Jindal
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Amlan Dutta
Say property price 100 Rs and you paid 99 Rs to the seller deducting 1 Rs TDS ...In this whole process , you are the deductor in this case ....the deductor never gets benefit of deducting TDS ...the deductee(seller) gets benefit of deducted TDS i.e 1 Rs for meeting his tax liability . So, despi...
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  • July 20, 2018
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Jatin S

Category : Taxabili..,
Solved
July 20, 2018 12:07 am
  • Taxability of pension
Hi Amlan,

My mother has a :
1. Pension of Rs 250000 on which no TDS was deducted and so no form16/TDS certificate etc was issued which shows TAN no etc. I have bank statement only
2. Family pension of 150000 on which no TDS was deducted and so no form16/TDS certificate etc which shows TAN no was issued...
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Amlan Dutta
Answers as follows, - Download form 26as first ...No need of form 16 ....all tax credit details appear in form 26 as


1. For Pension income am I supposed to fill only Section B1 (Salary etc) or also Sch TDS 1 as no TDS was deducted and also I do not have TAN and deductor details in absence of form ...
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  • July 20, 2018
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Avijit Bose

Category : 80 C Ded..,
Solved
July 19, 2018 8:54 pm
  • 80 C Deduction- Life insurance premium, deferred annuity,.contributions to providend fund, etc
Dear Amlan,

This is Avijit Bose employed in Govt. PSU. I opened a PPF a/c in SBI and holding a LIC a/c. I want to know about how to show this in 80C along with my Form 16B details and whether to show PPF a/c details in bank details in 'Tax details and verification' tab.

It'll be highly obliged if you ...
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Amlan Dutta
You will be simply claiming PPF investment and LIC investment under 80 C by directly putting in investment figures there ...as regards PPF interest , that is exempt and to be show under 10(11) .....Not really required to show PPF account details in return
  • July 19, 2018
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