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Manjit kumar

Category : INCOME H..,
Solved
June 2, 2018 7:56 pm
  • INCOME HEAD - BUSINESS PROFESSION
Sir kya 40a (3) cash purchase Pe bhi applicable hoga, Maine 46000 rupee ka cash purchase kiya hai
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Amlan Dutta
This expense shall be disallowed while computing profits and gains for business

Section 40(A)(3)a provides that any expenditure incurred in respect of which payment is made in a sum exceeding...
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  • June 3, 2018
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Ajay Ghosh

Category : Selectio..,
Solved
June 2, 2018 5:28 pm
  • Selection of Return
I am a serving Army officer. I sold off jointly held property (purchased in yr 2005) in Aug 2018. I also redeemed some Mutual Funds also. I have also taken loan for second property under construction and taken possession in Mar 2018 (just before completion of 5 years). How do i claim rebate?. Which ...
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Amlan Dutta
You have income from capital gains from sale of property. Redemption of mutual funds is also capital asset resulting in capital gains ... you can claim interest rebate upto 2 lakhs per property in tax return....you must fill fill ITR 2 since it helps depict your scope of taxable income
  • June 3, 2018
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hanif

Category : Computat..,
Solved
June 1, 2018 5:37 pm
  • Computation of advance tax
Dear Amlan...

its time for me to pay advance tax for the AY 2019-20. the question is i went to challan 280 online, i could see 3 columns, (1) Tax (rs) (2) education cess and (3) others...

i believe now the cess is increased from 3% to 4 %...do i have to pay 4% in advance tax also...if yes, what wi...
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hanif
many thanks
  • June 3, 2018
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hanif
i believe it is ay 2019-20 and not 18-19
  • June 5, 2018
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Bhavesh Gohil

Category : Employee..,
Solved
June 1, 2018 1:36 pm
  • Employee contribution towards NPS
State Government Employee Deducted Amount Deposit in NPS A/c.

Deducted Amount to be shown under which section - 80C Or 80CCD (1) Or 80CCD (2)

Thanks & Advance
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Amlan Dutta
Here , in the cited case , it is Employee contribution towards NPS .....
( So , forget section 80 CCD(2) because that is for employer contribution towards NPS.....
Also 80 C per se is not for NPS investments so that goes as well.....


The employee contributions towards NPS is covered under 80CCD(1) or...
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Here , in the cited case , it is Employee contribution towards NPS .....<br />( So , forget section 80 CCD(2) because that is for employer contribution towards NPS.....<br />Also 80 C per se is not for NPS investments so that goes as well..... <br /><br /><br />The employee contributions towards NPS is covered under 80CCD(1) or 80CCD(1B) and he has a choice as to which section to use to show his contribution towards NPS<br /><br />Ideally, employee shows investment in NPS u/s 80CCD(1B)(subject to NPS contribution restricted to 10 % OF BASIC + DA and not exceeding 50,000) . .... If he has invested anything more within prescribed limits i.e 60,000 Rs , then he shall show 50,000 in 80 CCD(1B) and 10,000 in <br />80 CCD(1)<br />The section 80CCD(1) along with Section 80C has investment limit eligible for tax deduction as Rs 1.5 lakhs... (This is as laid out in 80 CCE) <br /><br /><br />Please see the attached picture for knowing where the person will put his NPS investments <br /><br />Note :- <br /><br />Section 80 CCD(1) - Employee contribution towards NPS. (Applies to the present case)<br />Employee contribution upto 10 % of basic + da upto 1.5 lakhs eligible for tax deduction ..s.elf employed can also claim this benefit (To be continued )<br /><br />Section 80 CCD (1B)- Employee contribution towards NPS. (Applies to the present case)<br />Additional exemption upto 50,000 in NPS is eligible for income tax deduction from FY 2015 16 (as introduced in budget) ..It is irrespective of type of employment ...so anybody -Govt , private employed, self employed or ordinary citizen can also claim benefit of 50,000 under section 80 CCD(1B) <br /><br />Section 80 CCD(2) Employer contribution towards NPS (not applicable to this case )<br />Employers contribution upto 10 % of basic plus DA is eligible for deduction . Employers deduction is a additional deduction as it is not part of 1.5 lakh allowed under section 80 C <br />It is also beneficial for employer as it can claim tax benefit for it's contribution by showing it as business expense in the Profit and loss account)
  • June 4, 2018
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