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Category : TDS on i..,
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January 27, 2019 10:39 am
Hi,
My 26AS shows Rs. 1 Lakh tax deducted at source by HDFC Bank.
I have claimed this 1 Lakh as TDS in my ITR-2 (claimed full amount in current year, no b/f or carry fwd.)
However, in Income Tax Dept. intimation u/s 143(1) they have considered only 90,000 as TDS (in calculation by ITD) and raised a de...
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Amlan Dutta
Simple, you shall file a rectification for tax credit mismatch ...check my tutorial on how to do this in case you are not sure of the steps ......(since your tax credit statement shows TDS of 1 lakh ( hopefully under "F" implying accounts finalised ", you are entitled to full credit of the deducted ...
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  • January 27, 2019
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CHANDAN PANDA

Category : Contract..,
Solved
October 14, 2018 5:07 pm
Whether the Circular No-01/2014,dt-13/01/2014 and 23/2017,dt-19/07/2017 issued by the CBDT are also related/applicable to section 194C of the Income Tax Act or not.
A contradiction is arising between the IT Act and these Circulars in GST regime as follows ----
Section 194C (3)(ii) of IT Act says
------...
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Amlan Dutta
My opinion - The circular 23/2017 shall have to be referred in addition to the Section 194C(3)(II) for seeking guidance on treatment of TDS ( not just in contract but any other cases ( profession etc where GST component is involved and TDS has to be deducted) .... the circular makes it very cle...
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  • October 14, 2018
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Umakanta Saboot

Category : Interest..,
Solved
September 5, 2018 7:56 pm
Thank you very much Amlaan ji for ur kind support. I have attached here our previous chat screen shot. Continuation to that- Regarding ur response: (AY2017_18 Though I’m nt agreed with d entire demanded amount but I have paid the demand recently and willing for the refund of my extra tds deducted...
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Amlan Dutta
Once return is processed, revision ( Under section 139(5) is no longer a option

( Revision can be only done till one year from the end year of the assessment year or processing of return , whichever is earlier) ...here since return is processed, section 139(5) cannot be used any more

I really can't...
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  • September 5, 2018
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Jitendra B
Another option is to make a condonation request on paper to the AO & Commission of Income Tax to allow you to file a revised return. Its a lengthy process and a visit to the AO office where your PAN is attached is required.
  • September 7, 2018
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Umakanta Saboot

Category : Interest..,
Solved
September 4, 2018 12:07 pm
Dear Mr Amlaan,
After receiving 3 times email intimation from cpc u/s 143(1) I got an income tax demand notice u/s245 in July'18 for AY 2017_18. I missed last year to show my income from other source which is gained from interest accumulated on my old pf account of prev company. The interest is depos...
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Amlan Dutta
I don't call or share my number or offer support anywhere else ......as regards the query though , you shall file a rectification to given intimation under taxpayer correcting data and select same section for filing return as that of the original return ...i.e it is a submission of request for recti...
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  • September 4, 2018
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Chandi PRasad Dash

Category : TDS on i..,
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July 28, 2018 11:17 pm
sIR,

I have taken a life insurance policy. premium was 99900 and sum assured as 999000.

i paid the policy for 6 years 99000*6 and along with that I paid 2 top ups in 2 years worth 99800*2.

i surrendered the policy and got 1012000 from SBI LIFE.

pLEASE TELL ME IF THE INCOME WILL BE TAX FREE OR I HAVE TO...
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Ashvin Vyas

Category : Interest..,
Solved
July 23, 2018 4:01 pm
Thanks for the reply Amlan, so Does that mean that i don't have to show the earning of saving interest while filing return if it is not shown in 26AS?
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Amlan Dutta
No, it means that you will have to declare saving interest under income from other sources just like FD interest...Only that you will not be filling TDS schedule 2 w.r.t saving interest because there is no TDS deducted on saving interest ...also , for saving you can avail 80 TTA benefit of lesser of...
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  • July 23, 2018
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Ashvin Vyas

Category : Interest..,
Solved
July 22, 2018 3:40 am
HI Amlan,

I need to show the saving account interest in TDS2 while filing return but How to fill the TDS2 details in ITR-1 efile return as it ask for TAN number, tax deducted etc as My form 26AS will not have the information for the saving interest.

Attached is the photo for the details which i nee...
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Amlan Dutta
On savings there is no TDS , so there is no question of taking tax credit of zero TDS ...So, you will be leaving the TDS schedule blank for saving interest...had the bank deducted TDS , the same would have appeared in your 26 as statement but since it is savings interest so there has been no TDS d...
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  • July 22, 2018
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Mrutyunjay

Category : Interest..,
Solved
July 5, 2018 3:01 pm
Q1.Whether the interest amount Rs 9849/- is considered only for FD interest or it is comprised of Saving account interest and FD interest? And whether this amount i.e. Rs 9849/- is taken after exemption of Rs. 10000/- under the interest income?

Q2. For financial year 2017-18 in bank statement under...
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Amlan Dutta
1.) This is FD interest. . You wont get any deduction benefit of 80 TTA on such interest income
No credit figures in tax credit statement are inclusive of deductions
So, get that thing out of mind that the interest income figures in 26 as are inclusive of 80 TTA deduction etc i.e they are pure inc...
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  • July 5, 2018
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sunil kumar garg

Category : Interest..,
Solved
June 21, 2018 6:26 pm
2 fd yearly basis in sbi bank . 1 fd mature on august and other on december....
continue from 2012 on yearly basis.
i always deposit 15g in april of every year.
so i assure that no tds will deduct on my fd. so i ignore bank statements.


but when i see my 26 as .in fy 2017-18 and in fy 2016-17 there is ...
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Amlan Dutta
1. Why bank deduct tds inspite of deposited 15 g. is bank responsible for my tds.
- Bank should not have , you should meet the manager and discuss

2. Can i claim tds fy 2017-18 and 2016 -17
-For FY 2017 18 , yes you can claim back deducted TDS ( watch tutorial)

-for FY 2016 17 since belated per...
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  • June 22, 2018
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SHUBHAM KUMAR

Category : Interest..,
Solved
June 4, 2018 10:15 pm
Dear Sir,
my friend is not filed his ITR for A.Y 2017-18, But in its 26AS interest on securities (194A) is deducted on his Fixed Deposit, Can i Claim this year TDS amount as carry forward in TDS column or is their any solution to get this refund this amount. Becouse the TDS amount is 8100 and total ...
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Amlan Dutta
Unfortunately even belated period for filing u/s 139(4) for AY 2017 18 is over on 31st March 2018 ....if there was genuine hardship then he( assessee) can write to CIT(commissioner of income tax ) seeking to consume delay using 119 (2)(b)....if it is accepted then he can file return using this sec...
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  • June 4, 2018
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SHUBHAM KUMAR
Can you Please tell me what is CIT.??
  • June 4, 2018
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Hema Latha

Category : Interest..,
Solved
April 29, 2018 2:21 pm
Sir,
As per Form 26AS total interest amount is Rs 2588/-. But this amount is not being reflected in any of the two columns of deposit interest certificate i.e Int Paid and Int Accursed.

Which amount is to be added to the 'income from other sources' in ITR filing?
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Amlan Dutta
Please don't post repeat entries pertaining to same question .....in your case , 26 AS should refer to fixed deposit interest ( check with bank )....and statement interest entries that you see pertain to savings interest ...you will add both under income from other sources , however for savings inte...
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  • April 29, 2018
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Hema Latha

Category : Interest..,
Solved
April 29, 2018 2:04 pm
Hello sir, I got Interest Certificate on Deposits from Bank. It is showing two columns, one is Interest paid and one is Interest accural. Out of the two above said columns, which amount I need to show in "Income from other sources" column in ITR filing?
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Amlan Dutta
Interest accrued would be mostly Fixed deposit interest ...check with bank .....anyways , you will add both .......
  • April 29, 2018
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