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Kalyan Ghosh

Category : Income t..,
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July 28, 2019 7:54 am
  • Income tax
My son works in a Multi National Company.He has purchased some Mutual Fund Schemes ans Shares in 2018-19,but so far has not sold anything.NO CAPITAL LOSS OR GAIN.
1)In what ITR Form(Probably ITR 2) Mutual Fund Schemes ans Shares are shown
2)If there is no sell ie NO CAPITAL LOSS OR GAIN.is it mandator...
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Amlan Dutta
This is troubling many people, but please understand that the investment into Mutual funds and shares doesn't translate into income by itself ...it translates to income/loss when they are redeemed (sold) ...here, since assesee hasn't sold there is no question of loss /gain and as such they cannot be...
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  • July 28, 2019
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Prasad Shirodkar

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July 27, 2019 9:14 pm
Dear Sir:
I apologize for making repost. I am able to upload image now. I can see it in preview.
In my form 16A, the total tax deducted from my employer is Rs.72388. I also have interest from FD. The tax deducted on this interest is Rs. 1492. But the TDS credit claimed out of (5) is entered as 0. D...
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Amlan Dutta
Yes you have to take the credit , what it means is that 1492 was deducted as tax and if you keep credit field 0 means that though 1492 was deducted, you want to claim nothing of it which would be bizzare so therefore you shall claim whole credit of 1492 rs deducted TDS to towards discharge your tax ...
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  • July 27, 2019
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Gurjaint singh

Category : Exempt I..,
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July 27, 2019 8:57 pm
  • Exempt Income
Dear sir
My father was expire in a road accident on dated 13/09/2000
My MACT case was pending in punjab& haryana high court since 18 years
High court give his final decision on dated 08/08/2018 and order the new india insurance company give compensation 715200
And paid interest 9% annum 18 years Rs 1158...
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Amlan Dutta
The compensation is surely tax free ..as regards the interest , a plea has been filed by advocate Amit Sahni, who has sought quashing of Section 194A(3)(ix) of the Income Tax Act, 1961 (as amended up-to-date), which mandates to deduct tax upon the interest accrued upon the award and compensation gr...
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  • July 28, 2019
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Prasad Shirodkar

Category : Exempt I..,
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July 27, 2019 8:17 pm
  • Exempt Income
Dear sir:
I am filing my ITR1. I have a PPF account. I get interest from PPF account. I want to show this interest in exempt income: for reporting purpose section, in ITR1. Where should I show it. Also I want to show interest from EPF (Employee Provident Fund). Where do I show this interest in the n...
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Jitendra B
Actually one ET article says that PPF interest will have to be reported in dropdown "Any Other" and mentioning "PPF INTEREST" rather than choosing u/s 10(11).
ITR 1 filing | Income tax returns: How to report tax-exempt incomes in ITR-1
This year in ITR-1, tax-exempt incomes have to be reported in the tab, 'Computation of income and tax'.
  • July 31, 2019
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Jitendra B
As far as I know EPF Account interest is not be reported in the ITR as that account is in control with the EPFO. Moreover, the annual interest credits by EPFO are not timely as they are dependent on interest rate confirmation from government and finance ministry. Last year the annual interest on EPF...
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ITR 1 filing | Income tax returns: How to report tax-exempt incomes in ITR-1
This year in ITR-1, tax-exempt incomes have to be reported in the tab, 'Computation of income and tax'.
  • July 31, 2019
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