dear amlan, i have a query regarding advance tax.my office is deducting tds every month.i have income from other souce also which i show it myself only.would like to ask you if approximate my income is rs 865000 after deduction how do i calculate advance tax,i know till june 15th it is 15%, sept 15 ...
Company Act
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General
Income tax
ASSESSMENT PROCESS
Processing of returns
E verification
E verify using AADHAR OTP
E verify using Netbanking
How to change AO Jurisdiction
Time period for processing
BASICS OF INCOME TAX
Assessment year
Clarification over income head
Previous year
Residential status
Selection of Return
Return for Salary, Interest
Tax Computation
Who is required to file
Clubbing of income
Common Issues
Difference in salary figures in form 16 and 26 as
Documents to be attached
How to file return of earlier years
How to show investments not considered in form 16
Send acknowledgement after 120 days
Common Mistakes
Not taken credit of paid taxes
Deceased Filing
How to file return for deceased assesse
How to register as legal heir
Deductions
80 C Deduction- Life insurance premium, deferred annuity,.contributions to providend fund, etc
80 CCC- Payment in respect of Pension Fund etc
Deduction benefit of NPS
80CCD(2) - Employer contribution towards NPS
Employee contribution towards NPS
80CCD(1) - Employee contribution towards NPS
Taxation of Sukanya Samridhi scheme
80CCD(1B) - Employee contribution NPS.
80CCG - Investment made under an equity savings scheme
80D - Health Insurance premium
80DD - Expenditure towards medical treatment of dependant
80DD - Dependent person with disability
80DD - Dependent person with severe disability
80DDB - Medical Treatment of specified disease
80 DDB - Senior citizen - Self or dependent
80 DDB - Super Senior citizen - Self or dependent
80DDB - Self or dependent
80E - Interest on loan taken for higher education
80EE - Interest on loan taken for residential House property
80EE Eligibility
80G - (Eligible Amount)- Donations to certain funds, charitable institutions, etc
80GG - Rent Paid
80GG Eligibility
80GGA - Certain donations for scintific research or rural development
80GGC - - Donation to political party.
80QQB - Royalty income of authors of certain books
80RRB - Royalty on patents
80TTA - Income from interest on saving banks Accounts
80TTB - Income on deposits for senior citizens
80U - In case of a person with Disability
80U - Self with disability
80U - Self with severe disability
Defective Returns
How to respond to Defective Notice
Due date for filing returns
e Grievance ( e Nivaran)
Delay in processing of returns
Disallowance of Tax credit in 26 AS.
e Proceedings
Exempt Income
Exempt Earned leave at Retirement
Exempt gift income u/s 56(2)(iv)
Exempt Gratuity Income u/s 10
Exempt HRA U/s 10(13A)
Exempt LIC moneyback u/s 10(10 D)
Exempt LTCG u/s 10(38)
Exempt PF interest
Exempt Recognised PF interest u/s 10 (12)
Exempt Statutory PF interest u/s 10 (11)
Exempt Transport allowance u/s10(14)
Exempt ULIP maturity U/s 10(10 D)
FILING AY 2018 19
Filing Issues
Filing return of earlier previous years
Section 119(2)(b) Delayed filing
Section 92 CD Advance Pricing agreement
HOW TO FILE RETURNS
Belated return
Time period for belated return
Due return U/s 139(1)
Nil Return
Refund Return
Refund for Bank deducted TDS
Refund for LIC Commission
Refund for TDS on professionals
How to fill ITR
How to fill Salary breakup in ITR 1
How to fill salary income in TDS schedule
How to show HRA in ITR 1
INCOME HEAD - BUSINESS PROFESSION
Disallowances for Business Profession
Permissible expenses for Business
Presumptive taxation
44 AD ( Business income)
Preparing Balance sheet
44ADA ( Profession)
How to fill financial particulars of Business/Profession
Profession
Filing return for LIC agent
INCOME HEAD - OTHER SOURCES
Taxability for winnings on lottery
INCOME SCHEDULE - CAPITAL GAINS
Capital Gains exemption
Compulsory land acquisition
RFCTLARR
LTCG Exemption u/s 54
LTCG Exemption u/s 54 EC
Mutual Funds
Debt Mutual Funds
Equity Mutual Funds
Sale of House property
Stocks (delivery)
LTCG on stocks
STCG on Stocks
Taxability of ESOPS
Taxability of Foreign ESOPS
INCOME SCHEDULE - HOUSE PROPERTY
Deduction benefit for House property
Deduction benefit for let out property
Deduction benefit for self occupied house property
Difference in deduction benefit of 24(b) and 80 EE
Home loan interest benefit under 80 EE
How to compute income from house property
Deemed let out property
Income from commercial shop
Income from let out property
Income from Self occupied property
Tax benefit for prepossession loan repayment
How to claim loan benefit during construction(Section 80 EE)
INCOME SCHEDULE - SALARY
Deduction U/s 16
Entertainment Allowance
Standard deduction of 40000 u/s 16(ii)
Tax on Employment
Taxability of Gratuity
Computation of Gratuity
Gratuity during service
Gratuity on resignation
Gratuity on retirement
Late Filing after belated period also over
Notices
Communication of proposed adjustment u/s 143(1)(a)(vi)
Difference in salary income in return and 26 as
Inconsistency between other source income in filed return and 26 as
Agree to demand for communication for proposed adjustment
Revision after agreeing to proposed adjustment
Disagree to demand for communication of proposed income
Compliance notice for Non Filing of Returns
Income above threshold level
Income below threshold level
Demand under section 143(1)a
Intimation Notice under 143(1)a
Reassessment Notice under section 148
NRI Taxation
DTAA
DTAA ( Tax credit method)
DTAA India Australia
DTAA (Credit by Deduction)
DTAA INDIA USA
Tax implication for NRI while buying property
PENALTY
Penalty under section 234 F
Penalty under section 271 F
Rebate and Relief
Arrear Relief under section 89
Form 10 E not submitted online
How to correct form 10 E
How to fill form 10 E
Rebate under section 87 A
Registration
RETURN FILING
Employer category
How to convert return to xml for uploading
ITR 1
Exempt HRA when not shown in Form 16
How to fill nature of income in ITR1 (exempt)
How to show Gift from relative in return(U/s 56(2)
TAXABILITY OF SALARY ALLOWANCES
Border Area allowance U/s 10(14)(ii)
Child Education Allowance U/s 10(14)(ii)
Daily allowance U/s 10(14)
Helper/Assistance Allowance U/s 10(14)
Hostel Expenditure Allowance U/s 10(14)
HRA Allowance U/s 10 (13A)
Research Allowance U/s 10(14)
Taxability of Earned Leave Encashment
Transfer Allowance U/s 10(14)
Transport allowance u/s 10(14)(ii)
Uniform allowance U/s 10(14)(i)
Washing allowance U/s 10(14)(i)
How to show employer NPS in return
Salary (ITR 1)
How to show Bonus in return
How to show salary arrears in return
How to show salary income from Multiple companies
Multiple form 16
ITR 2
How to take Interest TDS credit in ITR 2
ITR 3
ITR 4
ITR 5 (Firms)
ITR 6 (Companies)
Salary mismatch in form 16 and 26 as
TDS mismatch in Form 16 and 26 AS
Return signing capacity
REVISION AND RECTIFICATION
Rectification
Rectification - Tax credit mismatch
Rectification - Taxpayer wanting to correct data
Rectification u/s 154
Return processed but revision needed
Revised Return U/s 139(5)
Time period for filing revised returns
Tax Audit
TAX COMPUTATION
TAX CREDIT
Schedule IT (Taking credit of taxes paid)
ADVANCE TAX
Cases when advance tax exempt
Computation of advance tax
How to fill in challan details for advance tax
How to pay advance tax
Penalties for non payment of advance tax
Self assessment tax
How to fill in challan details for self assessment tax
Status of Booking in 26as
TCS
TDS
Property TDS( U/s 194 IA)
Salary TDS (u/s 192)
TDS Credit
26 AS TDS not prefilling ITR
Deducted TDS not appearing in form 26 as
HOW TO MAKE TAX PAYMENT
How to pay advance tax
How to pay demand tax
How to pay self assessment tax
TDS on income other than salary
Consultancy TDS U/s 194 J (10%)
Contract TDS u/s 194 C (1%)
Interest TDS (U/s 194 A) (10%)
TDS ON NRI PURCHASE
TDS Return filing
Tax payment
Tax site related issues
How to download returns after filing
How to download tax returns
TAXATION OF AOP
TAXATION OF RESIDENTIAL WELFARE ASSOCIATION
TAXATION OF DIFFERENT INSTRUMENTS
Taxability of Family pension( U/s 57)
Taxability of Futures and Options
Taxability of Interest Income
Taxation of Fixed deposit
Taxability of Life insurance plans
Taxability of Endowment Plans
LIC Jeevan Anand Endowment plan
Taxability of ULIP
SBI Wealth Builder ULIP Plan
Taxability on surrendering of Life insurance
Surrendering of ULIP plans
Taxability of lottery winnings (U/s 115BB)
Taxability of pension
Taxability of PF
Taxability of PF - Withdrawal before 5 years
Taxability of PF - withdrawing after 5years
Taxation of Bitcoin /Cryptocurrencies
Taxation of Mutual Funds
Taxation of SIP
Taxation of NSC
Taxation of Post office interest
Taxation of stipend income
Taxation of Articleship stipend
Taxation of Research Fellowship
TRANSFER PRICING
UTILITY FILING ISSUES
JAVA utility not getting saved
Salary in income schedule less than 90% of salary income in TDS schedule
Unclaimed TDS bought forward and current year TDS separate rows
Indirect taxes
GST
Request
SITE TESTING
TESTIMONIALS
Company Act
Feedback
General
Income tax
ASSESSMENT PROCESS
Processing of returns
E verification
E verify using AADHAR OTP
E verify using Netbanking
How to change AO Jurisdiction
Time period for processing
BASICS OF INCOME TAX
Assessment year
Clarification over income head
Previous year
Residential status
Selection of Return
Return for Salary, Interest
Tax Computation
Who is required to file
Clubbing of income
Common Issues
Difference in salary figures in form 16 and 26 as
Documents to be attached
How to file return of earlier years
How to show investments not considered in form 16
Send acknowledgement after 120 days
Common Mistakes
Not taken credit of paid taxes
Deceased Filing
How to file return for deceased assesse
How to register as legal heir
Deductions
80 C Deduction- Life insurance premium, deferred annuity,.contributions to providend fund, etc
80 CCC- Payment in respect of Pension Fund etc
Deduction benefit of NPS
80CCD(2) - Employer contribution towards NPS
Employee contribution towards NPS
80CCD(1) - Employee contribution towards NPS
Taxation of Sukanya Samridhi scheme
80CCD(1B) - Employee contribution NPS.
80CCG - Investment made under an equity savings scheme
80D - Health Insurance premium
80DD - Expenditure towards medical treatment of dependant
80DD - Dependent person with disability
80DD - Dependent person with severe disability
80DDB - Medical Treatment of specified disease
80 DDB - Senior citizen - Self or dependent
80 DDB - Super Senior citizen - Self or dependent
80DDB - Self or dependent
80E - Interest on loan taken for higher education
80EE - Interest on loan taken for residential House property
80EE Eligibility
80G - (Eligible Amount)- Donations to certain funds, charitable institutions, etc
80GG - Rent Paid
80GG Eligibility
80GGA - Certain donations for scintific research or rural development
80GGC - - Donation to political party.
80QQB - Royalty income of authors of certain books
80RRB - Royalty on patents
80TTA - Income from interest on saving banks Accounts
80TTB - Income on deposits for senior citizens
80U - In case of a person with Disability
80U - Self with disability
80U - Self with severe disability
Defective Returns
How to respond to Defective Notice
Due date for filing returns
e Grievance ( e Nivaran)
Delay in processing of returns
Disallowance of Tax credit in 26 AS.
e Proceedings
Exempt Income
Exempt Earned leave at Retirement
Exempt gift income u/s 56(2)(iv)
Exempt Gratuity Income u/s 10
Exempt HRA U/s 10(13A)
Exempt LIC moneyback u/s 10(10 D)
Exempt LTCG u/s 10(38)
Exempt PF interest
Exempt Recognised PF interest u/s 10 (12)
Exempt Statutory PF interest u/s 10 (11)
Exempt Transport allowance u/s10(14)
Exempt ULIP maturity U/s 10(10 D)
FILING AY 2018 19
Filing Issues
Filing return of earlier previous years
Section 119(2)(b) Delayed filing
Section 92 CD Advance Pricing agreement
HOW TO FILE RETURNS
Belated return
Time period for belated return
Due return U/s 139(1)
Nil Return
Refund Return
Refund for Bank deducted TDS
Refund for LIC Commission
Refund for TDS on professionals
How to fill ITR
How to fill Salary breakup in ITR 1
How to fill salary income in TDS schedule
How to show HRA in ITR 1
INCOME HEAD - BUSINESS PROFESSION
Disallowances for Business Profession
Permissible expenses for Business
Presumptive taxation
44 AD ( Business income)
Preparing Balance sheet
44ADA ( Profession)
How to fill financial particulars of Business/Profession
Profession
Filing return for LIC agent
INCOME HEAD - OTHER SOURCES
Taxability for winnings on lottery
INCOME SCHEDULE - CAPITAL GAINS
Capital Gains exemption
Compulsory land acquisition
RFCTLARR
LTCG Exemption u/s 54
LTCG Exemption u/s 54 EC
Mutual Funds
Debt Mutual Funds
Equity Mutual Funds
Sale of House property
Stocks (delivery)
LTCG on stocks
STCG on Stocks
Taxability of ESOPS
Taxability of Foreign ESOPS
INCOME SCHEDULE - HOUSE PROPERTY
Deduction benefit for House property
Deduction benefit for let out property
Deduction benefit for self occupied house property
Difference in deduction benefit of 24(b) and 80 EE
Home loan interest benefit under 80 EE
How to compute income from house property
Deemed let out property
Income from commercial shop
Income from let out property
Income from Self occupied property
Tax benefit for prepossession loan repayment
How to claim loan benefit during construction(Section 80 EE)
INCOME SCHEDULE - SALARY
Deduction U/s 16
Entertainment Allowance
Standard deduction of 40000 u/s 16(ii)
Tax on Employment
Taxability of Gratuity
Computation of Gratuity
Gratuity during service
Gratuity on resignation
Gratuity on retirement
Late Filing after belated period also over
Notices
Communication of proposed adjustment u/s 143(1)(a)(vi)
Difference in salary income in return and 26 as
Inconsistency between other source income in filed return and 26 as
Agree to demand for communication for proposed adjustment
Revision after agreeing to proposed adjustment
Disagree to demand for communication of proposed income
Compliance notice for Non Filing of Returns
Income above threshold level
Income below threshold level
Demand under section 143(1)a
Intimation Notice under 143(1)a
Reassessment Notice under section 148
NRI Taxation
DTAA
DTAA ( Tax credit method)
DTAA India Australia
DTAA (Credit by Deduction)
DTAA INDIA USA
Tax implication for NRI while buying property
PENALTY
Penalty under section 234 F
Penalty under section 271 F
Rebate and Relief
Arrear Relief under section 89
Form 10 E not submitted online
How to correct form 10 E
How to fill form 10 E
Rebate under section 87 A
Registration
RETURN FILING
Employer category
How to convert return to xml for uploading
ITR 1
Exempt HRA when not shown in Form 16
How to fill nature of income in ITR1 (exempt)
How to show Gift from relative in return(U/s 56(2)
TAXABILITY OF SALARY ALLOWANCES
Border Area allowance U/s 10(14)(ii)
Child Education Allowance U/s 10(14)(ii)
Daily allowance U/s 10(14)
Helper/Assistance Allowance U/s 10(14)
Hostel Expenditure Allowance U/s 10(14)
HRA Allowance U/s 10 (13A)
Research Allowance U/s 10(14)
Taxability of Earned Leave Encashment
Transfer Allowance U/s 10(14)
Transport allowance u/s 10(14)(ii)
Uniform allowance U/s 10(14)(i)
Washing allowance U/s 10(14)(i)
How to show employer NPS in return
Salary (ITR 1)
How to show Bonus in return
How to show salary arrears in return
How to show salary income from Multiple companies
Multiple form 16
ITR 2
How to take Interest TDS credit in ITR 2
ITR 3
ITR 4
ITR 5 (Firms)
ITR 6 (Companies)
Salary mismatch in form 16 and 26 as
TDS mismatch in Form 16 and 26 AS
Return signing capacity
REVISION AND RECTIFICATION
Rectification
Rectification - Tax credit mismatch
Rectification - Taxpayer wanting to correct data
Rectification u/s 154
Return processed but revision needed
Revised Return U/s 139(5)
Time period for filing revised returns
Tax Audit
TAX COMPUTATION
TAX CREDIT
Schedule IT (Taking credit of taxes paid)
ADVANCE TAX
Cases when advance tax exempt
Computation of advance tax
How to fill in challan details for advance tax
How to pay advance tax
Penalties for non payment of advance tax
Self assessment tax
How to fill in challan details for self assessment tax
Status of Booking in 26as
TCS
TDS
Property TDS( U/s 194 IA)
Salary TDS (u/s 192)
TDS Credit
26 AS TDS not prefilling ITR
Deducted TDS not appearing in form 26 as
HOW TO MAKE TAX PAYMENT
How to pay advance tax
How to pay demand tax
How to pay self assessment tax
TDS on income other than salary
Consultancy TDS U/s 194 J (10%)
Contract TDS u/s 194 C (1%)
Interest TDS (U/s 194 A) (10%)
TDS ON NRI PURCHASE
TDS Return filing
Tax payment
Tax site related issues
How to download returns after filing
How to download tax returns
TAXATION OF AOP
TAXATION OF RESIDENTIAL WELFARE ASSOCIATION
TAXATION OF DIFFERENT INSTRUMENTS
Taxability of Family pension( U/s 57)
Taxability of Futures and Options
Taxability of Interest Income
Taxation of Fixed deposit
Taxability of Life insurance plans
Taxability of Endowment Plans
LIC Jeevan Anand Endowment plan
Taxability of ULIP
SBI Wealth Builder ULIP Plan
Taxability on surrendering of Life insurance
Surrendering of ULIP plans
Taxability of lottery winnings (U/s 115BB)
Taxability of pension
Taxability of PF
Taxability of PF - Withdrawal before 5 years
Taxability of PF - withdrawing after 5years
Taxation of Bitcoin /Cryptocurrencies
Taxation of Mutual Funds
Taxation of SIP
Taxation of NSC
Taxation of Post office interest
Taxation of stipend income
Taxation of Articleship stipend
Taxation of Research Fellowship
TRANSFER PRICING
UTILITY FILING ISSUES
JAVA utility not getting saved
Salary in income schedule less than 90% of salary income in TDS schedule
Unclaimed TDS bought forward and current year TDS separate rows
Indirect taxes
GST
Request
SITE TESTING
TESTIMONIALS
Dear Mr. Dutta,
In the month of December'2018 I have received my salary for last three years in arrears which is approximately Rs. 60,000,00/- (Sixty Lakhs). However, my employer did not make any TDS for this amount. I plan to file form 10E to claim relief. But my question is whether I need to pay a...Dear Mr. Dutta,
In the month of December'2018 I have received my salary for last three years in arrears which is approximately Rs. 60,000,00/- (Sixty Lakhs). However, my employer did not make any TDS for this amount. I plan to file form 10E to claim relief. But my question is whether I need to pay any advance tax to avoid penalty, if yes then when, or I can pay self assessment tax at the time of filling my return.
In the month of December'2018 I have received my salary for last three years in arrears which is approximately Rs. 60,000,00/- (Sixty Lakhs). However, my employer did not make any TDS for this amount. I plan to file form 10E to claim relief. But my question is whether I need to pay a...Dear Mr. Dutta,
In the month of December'2018 I have received my salary for last three years in arrears which is approximately Rs. 60,000,00/- (Sixty Lakhs). However, my employer did not make any TDS for this amount. I plan to file form 10E to claim relief. But my question is whether I need to pay any advance tax to avoid penalty, if yes then when, or I can pay self assessment tax at the time of filling my return.
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Amlan Dutta
Surely you need to pay advance tax ...But, first figure out taxable income for FY 2018- 19 and the arising tax liability ...Now for paying advance tax for FY 2018 19, the rules prescribe that you are supposed to pay 30% advance tax by 15th June 2018, 45% (cumulative)of advance tax is paid by 15th ...Surely you need to pay advance tax ...But, first figure out taxable income for FY 2018- 19 and the arising tax liability ...Now for paying advance tax for FY 2018 19, the rules prescribe that you are supposed to pay 30% advance tax by 15th June 2018, 45% (cumulative)of advance tax is paid by 15th September 2018, 70 % cumulative advance tax by 15th December 2018 , and complete 100 % by 15th March 2019 .... In this case, already due dates for June, September and December is over...so, if TDS has not been done taking arrears into account (usually employer should have considered) and more taxes were due which have not been deducted in terms of TDS , then you are now required to pay advance tax accordingly and interest under section 234 A and B shall apply on unpaid portions of due advance tax for June , September and December installments till the date you decide to pay the tax......if you don't pay advance tax and decide to pay self assessment tax instead at the time of filing return , then you will have to bear all interest on non payment of advance tax(computed under section 234 A and B) computed until such time of payment of self assessment tax .... (I have assumed that you are not a senior i.e over 60 years and that your taxable income exceeds 10,000 Rs and that the year in question is FY 2018 19 (AY 2019 20)
Ashish Kumar Das
Dear Mr. Dutta,
Thanks for your prompt reply. Just one clarification. As I said, I have received the arrear only in the month of December 2018. Therefore, why do I need to pay penalties for June and September instalments? That too when the TDS should have been done by my employer. In December, 2018 I...Dear Mr. Dutta,
Thanks for your prompt reply. Just one clarification. As I said, I have received the arrear only in the month of December 2018. Therefore, why do I need to pay penalties for June and September instalments? That too when the TDS should have been done by my employer. In December, 2018 I deposited 7 lakhs as advance tax. My tax liability will be around 14 lakhs. By March I will pay the remaining amount.
Thanks for your prompt reply. Just one clarification. As I said, I have received the arrear only in the month of December 2018. Therefore, why do I need to pay penalties for June and September instalments? That too when the TDS should have been done by my employer. In December, 2018 I...Dear Mr. Dutta,
Thanks for your prompt reply. Just one clarification. As I said, I have received the arrear only in the month of December 2018. Therefore, why do I need to pay penalties for June and September instalments? That too when the TDS should have been done by my employer. In December, 2018 I deposited 7 lakhs as advance tax. My tax liability will be around 14 lakhs. By March I will pay the remaining amount.
Amlan Dutta
Surely you need to pay advance tax ...But, first figure out taxable income for FY 2018- 19 and the arising tax liability ...Now for paying advance tax for FY 2018 19, the rules prescribe that you are supposed to pay 30% advance tax by 15th June 2018, 45% (cumulative)of advance tax is paid by 15th ...Surely you need to pay advance tax ...But, first figure out taxable income for FY 2018- 19 and the arising tax liability ...Now for paying advance tax for FY 2018 19, the rules prescribe that you are supposed to pay 30% advance tax by 15th June 2018, 45% (cumulative)of advance tax is paid by 15th September 2018, 70 % cumulative advance tax by 15th December 2018 , and complete 100 % by 15th March 2019 .... In this case, already due dates for June, September and December is over...so, if TDS has not been done taking arrears into account (usually employer should have considered) and more taxes were due which have not been deducted in terms of TDS , then you are now required to pay advance tax accordingly and interest under section 234 A and B shall apply on unpaid portions of due advance tax for June , September and December installments till the date you decide to pay the tax......if you don't pay advance tax and decide to pay self assessment tax instead at the time of filing return , then you will have to bear all interest on non payment of advance tax(computed under section 234 A and B) computed until such time of payment of self assessment tax .... (I have assumed that you are not a senior i.e over 60 years and that your taxable income exceeds 10,000 Rs and that the year in question is FY 2018 19 (AY 2019 20)
- February 14, 2019
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Amlan Dutta
It should be fine, i guess ...take care ...revert if you face any issues
- February 15, 2019
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Company Act
Feedback
General
Income tax
ASSESSMENT PROCESS
Processing of returns
E verification
E verify using AADHAR OTP
E verify using Netbanking
How to change AO Jurisdiction
Time period for processing
BASICS OF INCOME TAX
Assessment year
Clarification over income head
Previous year
Residential status
Selection of Return
Return for Salary, Interest
Tax Computation
Who is required to file
Clubbing of income
Common Issues
Difference in salary figures in form 16 and 26 as
Documents to be attached
How to file return of earlier years
How to show investments not considered in form 16
Send acknowledgement after 120 days
Common Mistakes
Not taken credit of paid taxes
Deceased Filing
How to file return for deceased assesse
How to register as legal heir
Deductions
80 C Deduction- Life insurance premium, deferred annuity,.contributions to providend fund, etc
80 CCC- Payment in respect of Pension Fund etc
Deduction benefit of NPS
80CCD(2) - Employer contribution towards NPS
Employee contribution towards NPS
80CCD(1) - Employee contribution towards NPS
Taxation of Sukanya Samridhi scheme
80CCD(1B) - Employee contribution NPS.
80CCG - Investment made under an equity savings scheme
80D - Health Insurance premium
80DD - Expenditure towards medical treatment of dependant
80DD - Dependent person with disability
80DD - Dependent person with severe disability
80DDB - Medical Treatment of specified disease
80 DDB - Senior citizen - Self or dependent
80 DDB - Super Senior citizen - Self or dependent
80DDB - Self or dependent
80E - Interest on loan taken for higher education
80EE - Interest on loan taken for residential House property
80EE Eligibility
80G - (Eligible Amount)- Donations to certain funds, charitable institutions, etc
80GG - Rent Paid
80GG Eligibility
80GGA - Certain donations for scintific research or rural development
80GGC - - Donation to political party.
80QQB - Royalty income of authors of certain books
80RRB - Royalty on patents
80TTA - Income from interest on saving banks Accounts
80TTB - Income on deposits for senior citizens
80U - In case of a person with Disability
80U - Self with disability
80U - Self with severe disability
Defective Returns
How to respond to Defective Notice
Due date for filing returns
e Grievance ( e Nivaran)
Delay in processing of returns
Disallowance of Tax credit in 26 AS.
e Proceedings
Exempt Income
Exempt Earned leave at Retirement
Exempt gift income u/s 56(2)(iv)
Exempt Gratuity Income u/s 10
Exempt HRA U/s 10(13A)
Exempt LIC moneyback u/s 10(10 D)
Exempt LTCG u/s 10(38)
Exempt PF interest
Exempt Recognised PF interest u/s 10 (12)
Exempt Statutory PF interest u/s 10 (11)
Exempt Transport allowance u/s10(14)
Exempt ULIP maturity U/s 10(10 D)
FILING AY 2018 19
Filing Issues
Filing return of earlier previous years
Section 119(2)(b) Delayed filing
Section 92 CD Advance Pricing agreement
HOW TO FILE RETURNS
Belated return
Time period for belated return
Due return U/s 139(1)
Nil Return
Refund Return
Refund for Bank deducted TDS
Refund for LIC Commission
Refund for TDS on professionals
How to fill ITR
How to fill Salary breakup in ITR 1
How to fill salary income in TDS schedule
How to show HRA in ITR 1
INCOME HEAD - BUSINESS PROFESSION
Disallowances for Business Profession
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Presumptive taxation
44 AD ( Business income)
Preparing Balance sheet
44ADA ( Profession)
How to fill financial particulars of Business/Profession
Profession
Filing return for LIC agent
INCOME HEAD - OTHER SOURCES
Taxability for winnings on lottery
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Taxability of ESOPS
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Deduction benefit for House property
Deduction benefit for let out property
Deduction benefit for self occupied house property
Difference in deduction benefit of 24(b) and 80 EE
Home loan interest benefit under 80 EE
How to compute income from house property
Deemed let out property
Income from commercial shop
Income from let out property
Income from Self occupied property
Tax benefit for prepossession loan repayment
How to claim loan benefit during construction(Section 80 EE)
INCOME SCHEDULE - SALARY
Deduction U/s 16
Entertainment Allowance
Standard deduction of 40000 u/s 16(ii)
Tax on Employment
Taxability of Gratuity
Computation of Gratuity
Gratuity during service
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Late Filing after belated period also over
Notices
Communication of proposed adjustment u/s 143(1)(a)(vi)
Difference in salary income in return and 26 as
Inconsistency between other source income in filed return and 26 as
Agree to demand for communication for proposed adjustment
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Disagree to demand for communication of proposed income
Compliance notice for Non Filing of Returns
Income above threshold level
Income below threshold level
Demand under section 143(1)a
Intimation Notice under 143(1)a
Reassessment Notice under section 148
NRI Taxation
DTAA
DTAA ( Tax credit method)
DTAA India Australia
DTAA (Credit by Deduction)
DTAA INDIA USA
Tax implication for NRI while buying property
PENALTY
Penalty under section 234 F
Penalty under section 271 F
Rebate and Relief
Arrear Relief under section 89
Form 10 E not submitted online
How to correct form 10 E
How to fill form 10 E
Rebate under section 87 A
Registration
RETURN FILING
Employer category
How to convert return to xml for uploading
ITR 1
Exempt HRA when not shown in Form 16
How to fill nature of income in ITR1 (exempt)
How to show Gift from relative in return(U/s 56(2)
TAXABILITY OF SALARY ALLOWANCES
Border Area allowance U/s 10(14)(ii)
Child Education Allowance U/s 10(14)(ii)
Daily allowance U/s 10(14)
Helper/Assistance Allowance U/s 10(14)
Hostel Expenditure Allowance U/s 10(14)
HRA Allowance U/s 10 (13A)
Research Allowance U/s 10(14)
Taxability of Earned Leave Encashment
Transfer Allowance U/s 10(14)
Transport allowance u/s 10(14)(ii)
Uniform allowance U/s 10(14)(i)
Washing allowance U/s 10(14)(i)
How to show employer NPS in return
Salary (ITR 1)
How to show Bonus in return
How to show salary arrears in return
How to show salary income from Multiple companies
Multiple form 16
ITR 2
How to take Interest TDS credit in ITR 2
ITR 3
ITR 4
ITR 5 (Firms)
ITR 6 (Companies)
Salary mismatch in form 16 and 26 as
TDS mismatch in Form 16 and 26 AS
Return signing capacity
REVISION AND RECTIFICATION
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Return processed but revision needed
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ADVANCE TAX
Cases when advance tax exempt
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HOW TO MAKE TAX PAYMENT
How to pay advance tax
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TDS on income other than salary
Consultancy TDS U/s 194 J (10%)
Contract TDS u/s 194 C (1%)
Interest TDS (U/s 194 A) (10%)
TDS ON NRI PURCHASE
TDS Return filing
Tax payment
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How to download returns after filing
How to download tax returns
TAXATION OF AOP
TAXATION OF RESIDENTIAL WELFARE ASSOCIATION
TAXATION OF DIFFERENT INSTRUMENTS
Taxability of Family pension( U/s 57)
Taxability of Futures and Options
Taxability of Interest Income
Taxation of Fixed deposit
Taxability of Life insurance plans
Taxability of Endowment Plans
LIC Jeevan Anand Endowment plan
Taxability of ULIP
SBI Wealth Builder ULIP Plan
Taxability on surrendering of Life insurance
Surrendering of ULIP plans
Taxability of lottery winnings (U/s 115BB)
Taxability of pension
Taxability of PF
Taxability of PF - Withdrawal before 5 years
Taxability of PF - withdrawing after 5years
Taxation of Bitcoin /Cryptocurrencies
Taxation of Mutual Funds
Taxation of SIP
Taxation of NSC
Taxation of Post office interest
Taxation of stipend income
Taxation of Articleship stipend
Taxation of Research Fellowship
TRANSFER PRICING
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JAVA utility not getting saved
Salary in income schedule less than 90% of salary income in TDS schedule
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Hello Mr Amlan, would like to know if i miss out date of December 15, 2018 advance tax, can i pay advance tax after 15th december.
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Amlan Dutta
I believe that you are referring to the second installment of advance tax .... If yes, you can....also, if you do it before end of december, then no further penal interest on the second installment would apply ....
Amlan Dutta
I believe that you are referring to the second installment of advance tax .... If yes, you can....also, if you do it before end of december, then no further penal interest on the second installment would apply ....
- December 26, 2018
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hanif
You mean that for the 2nd installment of advance tax i can even pay advance tax till (assume) 31st December...if yes, then why there is advertisement of advance tax that 2nd installment to be paid till 15th december??????
- December 26, 2018
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Income tax
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Deductions
80 C Deduction- Life insurance premium, deferred annuity,.contributions to providend fund, etc
80 CCC- Payment in respect of Pension Fund etc
Deduction benefit of NPS
80CCD(2) - Employer contribution towards NPS
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Taxation of Sukanya Samridhi scheme
80CCD(1B) - Employee contribution NPS.
80CCG - Investment made under an equity savings scheme
80D - Health Insurance premium
80DD - Expenditure towards medical treatment of dependant
80DD - Dependent person with disability
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80DDB - Medical Treatment of specified disease
80 DDB - Senior citizen - Self or dependent
80 DDB - Super Senior citizen - Self or dependent
80DDB - Self or dependent
80E - Interest on loan taken for higher education
80EE - Interest on loan taken for residential House property
80EE Eligibility
80G - (Eligible Amount)- Donations to certain funds, charitable institutions, etc
80GG - Rent Paid
80GG Eligibility
80GGA - Certain donations for scintific research or rural development
80GGC - - Donation to political party.
80QQB - Royalty income of authors of certain books
80RRB - Royalty on patents
80TTA - Income from interest on saving banks Accounts
80TTB - Income on deposits for senior citizens
80U - In case of a person with Disability
80U - Self with disability
80U - Self with severe disability
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How to fill ITR
How to fill Salary breakup in ITR 1
How to fill salary income in TDS schedule
How to show HRA in ITR 1
INCOME HEAD - BUSINESS PROFESSION
Disallowances for Business Profession
Permissible expenses for Business
Presumptive taxation
44 AD ( Business income)
Preparing Balance sheet
44ADA ( Profession)
How to fill financial particulars of Business/Profession
Profession
Filing return for LIC agent
INCOME HEAD - OTHER SOURCES
Taxability for winnings on lottery
INCOME SCHEDULE - CAPITAL GAINS
Capital Gains exemption
Compulsory land acquisition
RFCTLARR
LTCG Exemption u/s 54
LTCG Exemption u/s 54 EC
Mutual Funds
Debt Mutual Funds
Equity Mutual Funds
Sale of House property
Stocks (delivery)
LTCG on stocks
STCG on Stocks
Taxability of ESOPS
Taxability of Foreign ESOPS
INCOME SCHEDULE - HOUSE PROPERTY
Deduction benefit for House property
Deduction benefit for let out property
Deduction benefit for self occupied house property
Difference in deduction benefit of 24(b) and 80 EE
Home loan interest benefit under 80 EE
How to compute income from house property
Deemed let out property
Income from commercial shop
Income from let out property
Income from Self occupied property
Tax benefit for prepossession loan repayment
How to claim loan benefit during construction(Section 80 EE)
INCOME SCHEDULE - SALARY
Deduction U/s 16
Entertainment Allowance
Standard deduction of 40000 u/s 16(ii)
Tax on Employment
Taxability of Gratuity
Computation of Gratuity
Gratuity during service
Gratuity on resignation
Gratuity on retirement
Late Filing after belated period also over
Notices
Communication of proposed adjustment u/s 143(1)(a)(vi)
Difference in salary income in return and 26 as
Inconsistency between other source income in filed return and 26 as
Agree to demand for communication for proposed adjustment
Revision after agreeing to proposed adjustment
Disagree to demand for communication of proposed income
Compliance notice for Non Filing of Returns
Income above threshold level
Income below threshold level
Demand under section 143(1)a
Intimation Notice under 143(1)a
Reassessment Notice under section 148
NRI Taxation
DTAA
DTAA ( Tax credit method)
DTAA India Australia
DTAA (Credit by Deduction)
DTAA INDIA USA
Tax implication for NRI while buying property
PENALTY
Penalty under section 234 F
Penalty under section 271 F
Rebate and Relief
Arrear Relief under section 89
Form 10 E not submitted online
How to correct form 10 E
How to fill form 10 E
Rebate under section 87 A
Registration
RETURN FILING
Employer category
How to convert return to xml for uploading
ITR 1
Exempt HRA when not shown in Form 16
How to fill nature of income in ITR1 (exempt)
How to show Gift from relative in return(U/s 56(2)
TAXABILITY OF SALARY ALLOWANCES
Border Area allowance U/s 10(14)(ii)
Child Education Allowance U/s 10(14)(ii)
Daily allowance U/s 10(14)
Helper/Assistance Allowance U/s 10(14)
Hostel Expenditure Allowance U/s 10(14)
HRA Allowance U/s 10 (13A)
Research Allowance U/s 10(14)
Taxability of Earned Leave Encashment
Transfer Allowance U/s 10(14)
Transport allowance u/s 10(14)(ii)
Uniform allowance U/s 10(14)(i)
Washing allowance U/s 10(14)(i)
How to show employer NPS in return
Salary (ITR 1)
How to show Bonus in return
How to show salary arrears in return
How to show salary income from Multiple companies
Multiple form 16
ITR 2
How to take Interest TDS credit in ITR 2
ITR 3
ITR 4
ITR 5 (Firms)
ITR 6 (Companies)
Salary mismatch in form 16 and 26 as
TDS mismatch in Form 16 and 26 AS
Return signing capacity
REVISION AND RECTIFICATION
Rectification
Rectification - Tax credit mismatch
Rectification - Taxpayer wanting to correct data
Rectification u/s 154
Return processed but revision needed
Revised Return U/s 139(5)
Time period for filing revised returns
Tax Audit
TAX COMPUTATION
TAX CREDIT
Schedule IT (Taking credit of taxes paid)
ADVANCE TAX
Cases when advance tax exempt
Computation of advance tax
How to fill in challan details for advance tax
How to pay advance tax
Penalties for non payment of advance tax
Self assessment tax
How to fill in challan details for self assessment tax
Status of Booking in 26as
TCS
TDS
Property TDS( U/s 194 IA)
Salary TDS (u/s 192)
TDS Credit
26 AS TDS not prefilling ITR
Deducted TDS not appearing in form 26 as
HOW TO MAKE TAX PAYMENT
How to pay advance tax
How to pay demand tax
How to pay self assessment tax
TDS on income other than salary
Consultancy TDS U/s 194 J (10%)
Contract TDS u/s 194 C (1%)
Interest TDS (U/s 194 A) (10%)
TDS ON NRI PURCHASE
TDS Return filing
Tax payment
Tax site related issues
How to download returns after filing
How to download tax returns
TAXATION OF AOP
TAXATION OF RESIDENTIAL WELFARE ASSOCIATION
TAXATION OF DIFFERENT INSTRUMENTS
Taxability of Family pension( U/s 57)
Taxability of Futures and Options
Taxability of Interest Income
Taxation of Fixed deposit
Taxability of Life insurance plans
Taxability of Endowment Plans
LIC Jeevan Anand Endowment plan
Taxability of ULIP
SBI Wealth Builder ULIP Plan
Taxability on surrendering of Life insurance
Surrendering of ULIP plans
Taxability of lottery winnings (U/s 115BB)
Taxability of pension
Taxability of PF
Taxability of PF - Withdrawal before 5 years
Taxability of PF - withdrawing after 5years
Taxation of Bitcoin /Cryptocurrencies
Taxation of Mutual Funds
Taxation of SIP
Taxation of NSC
Taxation of Post office interest
Taxation of stipend income
Taxation of Articleship stipend
Taxation of Research Fellowship
TRANSFER PRICING
UTILITY FILING ISSUES
JAVA utility not getting saved
Salary in income schedule less than 90% of salary income in TDS schedule
Unclaimed TDS bought forward and current year TDS separate rows
Indirect taxes
GST
Request
SITE TESTING
TESTIMONIALS
Hi Amlan! Saw your work on Youtube and Facebook today about making Knowledge free and am really impressed with your endeavours.
Could you please help in below case as we are not able to get any relevant information online or offline. Even Govt of India's income tax website doesn't give requisite in...Hi Amlan! Saw your work on Youtube and Facebook today about making Knowledge free and am really impressed with your endeavours.
Could you please help in below case as we are not able to get any relevant information online or offline. Even Govt of India's income tax website doesn't give requisite information.
Looking forward to your help.
My friend is working in India for a US based company on a contractual basis and recieves his money in Dollar amounts through Payoneer which converts those dollars into INR and send into his HDFC Bank Account.
a. He receives weekly payment.
b. Payoneer cuts it's conversion charges (2%) and no other tax is being cut.
c. He is being staying in India only and not outside India. So for tax purposes, residency status is within India only.
Please help with below queries:
1. Is it advisable to register a proprietorship firm to save taxes or just as an individual professional he can continue to work?
2. Does he need to pay self assessed advance tax every quarter or he can pay one time by 31st March instead?
3. What are the tax slabs and what is the tax liability in this case?
4. We had read somewhere that if such income is less than 50 lacs then only 50% of income is taxable at 30% (effectively 15% tax liability). Is that True? His earnings this year will be below 50 lacs only.
5. What are ways of saving tax in this case?
6. How and which form to fill for Income tax in this case?
Please let me know if you need more information regarding tha case.
Need your guidance urgently as many people are misleading and giving different information in each case.
Thanks in advanceView LessView Less
Could you please help in below case as we are not able to get any relevant information online or offline. Even Govt of India's income tax website doesn't give requisite in...Hi Amlan! Saw your work on Youtube and Facebook today about making Knowledge free and am really impressed with your endeavours.
Could you please help in below case as we are not able to get any relevant information online or offline. Even Govt of India's income tax website doesn't give requisite information.
Looking forward to your help.
My friend is working in India for a US based company on a contractual basis and recieves his money in Dollar amounts through Payoneer which converts those dollars into INR and send into his HDFC Bank Account.
a. He receives weekly payment.
b. Payoneer cuts it's conversion charges (2%) and no other tax is being cut.
c. He is being staying in India only and not outside India. So for tax purposes, residency status is within India only.
Please help with below queries:
1. Is it advisable to register a proprietorship firm to save taxes or just as an individual professional he can continue to work?
2. Does he need to pay self assessed advance tax every quarter or he can pay one time by 31st March instead?
3. What are the tax slabs and what is the tax liability in this case?
4. We had read somewhere that if such income is less than 50 lacs then only 50% of income is taxable at 30% (effectively 15% tax liability). Is that True? His earnings this year will be below 50 lacs only.
5. What are ways of saving tax in this case?
6. How and which form to fill for Income tax in this case?
Please let me know if you need more information regarding tha case.
Need your guidance urgently as many people are misleading and giving different information in each case.
Thanks in advanceView LessView Less
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Amlan Dutta
1.) If he registers as business , he might be able to take benefit of presumptive sections 44AD ...If he decides to continue as profession, then same benefit may not be available ( unless it is a specified profession) ...Without much information on the type of work he does, i can't comment on whethe...1.) If he registers as business , he might be able to take benefit of presumptive sections 44AD ...If he decides to continue as profession, then same benefit may not be available ( unless it is a specified profession) ...Without much information on the type of work he does, i can't comment on whether the same qualifies for specified profession for subscribing to presumptive benefit ...even if it does, presumptive profession is at 50 percent of total receipts compared to much more benefit available for presumptive business where one can show income at mere 8 % of total turnover.
2.) Advance tax payment - He has to pay every quarter as per specified dates in the proportion specified
For AY 2019 20 - 15 % by 15th June 2018 , 45 % cumulative by 15th September 2018 , 75 % cumulative by 15th December 2018 , 100% cumulative by
15th March, 2019.
Say advance tax liability is 100 rs, 15 Rs by 15th June 2018 , 45 Rs cumulative by 15th September 2018 , 75 Rs cumulative by 15th December 2018 , 100 Rs cumulative by 15th March 2019.
If he decides to pay only in one shot , let him pay before 15th June total else if he does the same in March , then penal interest under 234 B and 234 C shall apply on unpaid portion of the advance tax.
( If presumptive business , advance tax must be paid before march 15th )
For presumptive profession however, there is no relaxation and quarterly payments as mentioned above must be made
3.) If decides to show income on normal levels , then based on tax slabs ...if decides to show on presumptive basis, tax slabs on presumptive level of income
4. All crap - on total income , slab based taxation shall apply ...there is no exemption on any portion nor is there any law for the same ....
5.) 2 methods for saving tax
Go for business registration and take advantage of presumptive taxation ( check eligibility once ) and
(b) study chapter VI A deductions to see what investment would make sense - most individuals reduce taxable income by investing in eligible investment under 80 C - check if thats your friends case
6.) He/she will ITR 4 for presumptive income ( in case offering it as business ) and ITR 3 in case normal profession------note that at present the income being profession , he has no option but to file ITR 3
My answer may not make sense since i will not be in a position to go into basics ...it may take you sometime to study yourself using my or other videos and read a few books to master the basics first ...this platform is not exactly to solve questions from scratch ---but rather a extension of my YT work ...i sense many portions of the question lacks fundamentals and so this answer in many aspects wont make sense until you have a intermediate understanding ....
2.) Advance tax payment - He has to pay every quarter as per specified dates in the proportion specified
For AY 2019 20 - 15 % by 15th June 2018 , 45 % cumulative by 15th September 2018 , 75 % cumulative by 15th December 2018 , 100% cumulative by
15th March, 2019.
Say advance tax liability is 100 rs, 15 Rs by 15th June 2018 , 45 Rs cumulative by 15th September 2018 , 75 Rs cumulative by 15th December 2018 , 100 Rs cumulative by 15th March 2019.
If he decides to pay only in one shot , let him pay before 15th June total else if he does the same in March , then penal interest under 234 B and 234 C shall apply on unpaid portion of the advance tax.
( If presumptive business , advance tax must be paid before march 15th )
For presumptive profession however, there is no relaxation and quarterly payments as mentioned above must be made
3.) If decides to show income on normal levels , then based on tax slabs ...if decides to show on presumptive basis, tax slabs on presumptive level of income
4. All crap - on total income , slab based taxation shall apply ...there is no exemption on any portion nor is there any law for the same ....
5.) 2 methods for saving tax
Go for business registration and take advantage of presumptive taxation ( check eligibility once ) and
(b) study chapter VI A deductions to see what investment would make sense - most individuals reduce taxable income by investing in eligible investment under 80 C - check if thats your friends case
6.) He/she will ITR 4 for presumptive income ( in case offering it as business ) and ITR 3 in case normal profession------note that at present the income being profession , he has no option but to file ITR 3
My answer may not make sense since i will not be in a position to go into basics ...it may take you sometime to study yourself using my or other videos and read a few books to master the basics first ...this platform is not exactly to solve questions from scratch ---but rather a extension of my YT work ...i sense many portions of the question lacks fundamentals and so this answer in many aspects wont make sense until you have a intermediate understanding ....
Pooja Gupta
Hi Amlan, Thank you for the detailed reply. Yes i will go trough your other videos as well to build up my knowledge.
However a few clarifications and questions:
a. He is a Software professional.
And a document of Income Tax India tutorials say:
A person resident in India engaged in following profession...Hi Amlan, Thank you for the detailed reply. Yes i will go trough your other videos as well to build up my knowledge.
However a few clarifications and questions:
a. He is a Software professional.
And a document of Income Tax India tutorials say:
A person resident in India engaged in following professions can take advantage of presumptive
taxation scheme of section 44ADA:-
1) Legal
2) Medical
3) Engineering or architectural
4) Accountancy
5) Technical consultancy
6) Interior decoration
7) Any other profession as notified by CBDT.
1.So he should be eligible for this presumptive taxation?
2. Also there are different laws- 44AA, 44ADA etc. Which one to refer to? One law says 6%-8% profit and one says 50%. Please guide.
3. When you said "presumptive profession is at 50 percent of total receipts compared to much more benefit available for presumptive business where one can show income at mere 8 % of total turnover." Doesn't this means the same thing that 50% of income is taxable as i had mentioned in point 4?
4. You mentioned advance tax needs to be paid next year, but for FY (18-19) and AY (19-20) does not advance tax means to be paid in current earning year only which is June, Sep, Dec'18 and Mar'19?
5. Also it was mentioned in the document (https://www.incometaxindia.gov.in/tutorials/13.%20tax%20on%20presumptive%20basis%20in%20case%20of%20certain%20eligible%20busine sses.pdf)
that assessee need to pay advance tax before 31st March of previous year so this means for current Financial Year he needs to pay it by Mar'19 right?
Looking forward to your guidance. I understand this platform is not for the same. But can you share your contact details so that we can get in touch with you as well.
However a few clarifications and questions:
a. He is a Software professional.
And a document of Income Tax India tutorials say:
A person resident in India engaged in following profession...Hi Amlan, Thank you for the detailed reply. Yes i will go trough your other videos as well to build up my knowledge.
However a few clarifications and questions:
a. He is a Software professional.
And a document of Income Tax India tutorials say:
A person resident in India engaged in following professions can take advantage of presumptive
taxation scheme of section 44ADA:-
1) Legal
2) Medical
3) Engineering or architectural
4) Accountancy
5) Technical consultancy
6) Interior decoration
7) Any other profession as notified by CBDT.
1.So he should be eligible for this presumptive taxation?
2. Also there are different laws- 44AA, 44ADA etc. Which one to refer to? One law says 6%-8% profit and one says 50%. Please guide.
3. When you said "presumptive profession is at 50 percent of total receipts compared to much more benefit available for presumptive business where one can show income at mere 8 % of total turnover." Doesn't this means the same thing that 50% of income is taxable as i had mentioned in point 4?
4. You mentioned advance tax needs to be paid next year, but for FY (18-19) and AY (19-20) does not advance tax means to be paid in current earning year only which is June, Sep, Dec'18 and Mar'19?
5. Also it was mentioned in the document (https://www.incometaxindia.gov.in/tutorials/13.%20tax%20on%20presumptive%20basis%20in%20case%20of%20certain%20eligible%20busine sses.pdf)
that assessee need to pay advance tax before 31st March of previous year so this means for current Financial Year he needs to pay it by Mar'19 right?
Looking forward to your guidance. I understand this platform is not for the same. But can you share your contact details so that we can get in touch with you as well.
Amlan Dutta
1.) The services offered can fall under technical consultancy and so benefit of section 44ADA can apply treating as profession and applying presumptive taxation on 50 % of receipts
2.) For ELIGIBLE BUSINESSES , it is at 8 % using section 44AD ------ for eligible PROFESSIONS , it is at 50% using se...1.) The services offered can fall under technical consultancy and so benefit of section 44ADA can apply treating as profession and applying presumptive taxation on 50 % of receipts
2.) For ELIGIBLE BUSINESSES , it is at 8 % using section 44AD ------ for eligible PROFESSIONS , it is at 50% using section 44ADA ...
The important point here is understanding the difference between ELIGIBLE BUSINESS AND ELIGIBLE PROFESSIONS ...TREATMENT OF PRESUMPTIVE TAXATION IS DIFFERENT FOR BOTH
here since it is a profession , the section for guidance is 44ADA and the presumptive levels are 8 % ....earlier, there was no presumptive scheme for businesses ...
Eg - if yearly income is 100 rs , then ELIGIBLE PROFESSIONAL PRESUMPTIVE income can be shown at 50 rs and tax as per slabs shall apply on 50 rs ...if it were a business, ELIGIBLE PRESUMPTIVE BUSINESS income could be shown at 8 rs and tax as per slabs would apply at 8 rs (assuming no savings and no other income source in both cases )
3.) You were right , i don't know why i make such stupid mistakes at times ..i have corrected it ..
4.) Payment at one go is available for presumptive business not presumptive profession , since here the case is of presumptive profession , the advance tax has to be paid quarterly on prescribed dates and proportions
P.s - This forum is the only way for getting in touch with me ...Although i expect people to participate and help others , as expected , noone does ..but it's okay
2.) For ELIGIBLE BUSINESSES , it is at 8 % using section 44AD ------ for eligible PROFESSIONS , it is at 50% using se...1.) The services offered can fall under technical consultancy and so benefit of section 44ADA can apply treating as profession and applying presumptive taxation on 50 % of receipts
2.) For ELIGIBLE BUSINESSES , it is at 8 % using section 44AD ------ for eligible PROFESSIONS , it is at 50% using section 44ADA ...
The important point here is understanding the difference between ELIGIBLE BUSINESS AND ELIGIBLE PROFESSIONS ...TREATMENT OF PRESUMPTIVE TAXATION IS DIFFERENT FOR BOTH
here since it is a profession , the section for guidance is 44ADA and the presumptive levels are 8 % ....earlier, there was no presumptive scheme for businesses ...
Eg - if yearly income is 100 rs , then ELIGIBLE PROFESSIONAL PRESUMPTIVE income can be shown at 50 rs and tax as per slabs shall apply on 50 rs ...if it were a business, ELIGIBLE PRESUMPTIVE BUSINESS income could be shown at 8 rs and tax as per slabs would apply at 8 rs (assuming no savings and no other income source in both cases )
3.) You were right , i don't know why i make such stupid mistakes at times ..i have corrected it ..
4.) Payment at one go is available for presumptive business not presumptive profession , since here the case is of presumptive profession , the advance tax has to be paid quarterly on prescribed dates and proportions
P.s - This forum is the only way for getting in touch with me ...Although i expect people to participate and help others , as expected , noone does ..but it's okay
- October 16, 2018
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Mohit
I filled my ITR 4 44 ada, according to my 26as 99% TDS deducted under section 194j , but one party deduct TDS under section 94 c, at first time I have shown all income under section 44 ada, but income tax department send me notice for this mismatch ( mentioning that Rs 19200 is not the part of 44...I filled my ITR 4 44 ada, according to my 26as 99% TDS deducted under section 194j , but one party deduct TDS under section 94 c, at first time I have shown all income under section 44 ada, but income tax department send me notice for this mismatch ( mentioning that Rs 19200 is not the part of 44 ada, please revise your return, I have done the same, and in revised return I show this income as income from other sources, but again income tax department send me notice mentioning same point please suggest me what to do ,last date of filing my reply is 01/11/2018
- October 30, 2018
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For total income considering your other sources , first compute the advance tax liability , check deducted TDS and the...