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Aadhi

INCOME HEAD - OTHER SOURCES...
Should we need to pay advance tax despite TDS deduction for winning from lotteries ?
Tax liability has increased showing surcharge interest penalty etc though having 17.55 lacs TDS deducted @ 30% on 58.5 lacs . Now 2.5 lacs amounted to pay in extra,
Previous year tax liability less than 10000
Any way ...
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Amlan Dutta
There is no connection between payment of advance tax and TDS deduction ...if tax liability exceeds 10,000 rs , then one is required to pay advance tax - straight and simple ...what happened in earlier years has no relevance to the question...


if your liability is more than 10000 rs you are require...
  • August 15, 2018
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Shruthi Kalathil

INCOME HEAD - OTHER SOURCES...
My mom is a housewife and so the only income she has is from Bank FDs. This year (AY 2018-19), her Form 26AS shows some income under below details "Details of Tax Deducted at Source for 15G/ 15H"

Where to show the income from Bank FD and LIC (refer attached screenshot) in ITR 1
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Amlan Dutta
The bank FD interest income will be shown under income from other sources (check my tutorial for taxation of FD interest income)...since no TDS has been deducted , so you may decide to keep the TDS schedule blank ....as far as LIC is concerned, most LIC payouts are exempt (if they comply to section ...
  • August 2, 2018
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A RAVI

INCOME HEAD - OTHER SOURCES...
Namaste Sir Ji,

Could you please tell me regarding ITR for family pension. My father expired 4 years ago and My mother is getting a pension of 21200/ month.

Is this an exempt from tax?? At the same time, We have a commercial Vehicle from which we get an 60000/month in mothers account.

We use to give...
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Rahul verma

INCOME HEAD - OTHER SOURCES...
sir if under income from other source head amount(rs 2344/-) is given in form 16 but no details is there in sch TDS2 column then still we can claim it in same head income from other source or we have to change the head.Tax is deducted on the amount.please guide me on this matter
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Vyshnav saikumar
You can show it income from other sources under other income
  • July 25, 2018
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SAM MASIH

INCOME HEAD - OTHER SOURCES...
Hello Amlan. I have a query with respect to the TDS2 . I have a joint account with my father where i am the primary account holder. The dividend received in the account on behalf of the shares purchased by my father seems to be showing up in the total amount which will be subjected to tax . What sho...
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Amlan Dutta
Dividends over 10 lakhs is now subject to tax of 10%. If it is below that and from Indian companies , you can claim exemption by reporting it in exempt income reporting section ...Also reduce it from the income head where it has been shown to bring down taxable income accordingly.
Dividends over 10 lakhs is now subject to tax of 10%. If it is below that and from  Indian companies , you can claim exemption by reporting it in exempt income reporting section ...Also reduce it from the income head where it has been shown to bring down taxable income accordingly.
  • July 23, 2018
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SAM MASIH
Thank you Amlan for helping me with this .
  • July 24, 2018
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SUNNY GUPTA

INCOME HEAD - OTHER SOURCES...
Sir, I was employed in a PSU from Nov 2016 to Sept 2017 and now employed in central govt since Oct 2017 to till now. I have withdrawn epf amount from the psu which credited to my bank account on 31st March 2018. The amount credited to my bank account is around 1lakh. But unfortunately I mistakenly s...
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Amit Gupta

INCOME HEAD - OTHER SOURCES...
Sir..I worked in a pvt org for 2 years. Currently working in a psu. i withdrew my epf amount which was more than 50k. i also paid tax on the same. i want to know whether full withdrawn amount to be shown under income from other sources head or is there any break up under diff heads. Also do i need t...
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Mihir

INCOME HEAD - OTHER SOURCES...
Hi, as a assistant professor, i got money from university for exam copies evaluation & also for supervision in exam.so In ITR 2 where to show it? In Income from other sources of ITR2, In which sub section i should show it? & one more question In 2014 I have purchased 5yrs NSC & i have not claimed de...
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AYUSH
Hey, mihir as per your query regarding nsc I would like to address the same as per the provision you can claim deduction of 80c chapter vi in the the year of investment that means when you have initial invested the money of nsc in 2014, but as per treatment of nsc first you have to add interest of r...
  • July 9, 2018
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Amlan Dutta
Show that as income from profession / Other sources ...Choice is yours , i will prefer showing it in income from other sources ....In 80 C you can claim the amount that you put in NSC and the interest for the present year only ...say NSC interest for FY 2017 18 is 4500 rs and the NSC invested amount...
  • July 9, 2018
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Shubham Bauskar

INCOME HEAD - OTHER SOURCES...
Sir, is interest on saving bank account is taxable..??
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Amlan Dutta
Yes, but deduction benefit under 80 TTA is available for lesser of 10000 rs or saving bank interest income.. you may like to check my video for tax on saving interest income!
  • June 13, 2018
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Shubham Bauskar
Thank you sir
  • June 14, 2018
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