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lucky

ITR 4...
i pay from online banking from my current account to rs 30,00,000/- per year (for mob recharge, dth, flight booking, money transfer, school fee, university admission fee and etc)
should i apply for gst or not
please give me the right way what to do
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Amlan Dutta
Your question is regarding GST registration...here since your annual turnover exceeds 20 lakhs , you are required to proceed for GST registration ....as far as direct taxes are concerned, you will be liable to pay income taxes on the generated income and file return for it ...you can refer videos on...
  • 36 minutes ago
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RASHMI VARSHNEY

Capital Gains exemption...
2 hours ago Unsolved
If a person uses gains from property sale to repay loan , is it still subject to tax?
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Amlan Dutta
Sale from property would be capital gains......one has to pay tax on capital gains unless one makes use of the capital gains in capital gain exemption schemes listed under section 54 ( you may like to see our videos on youtube on how to save capital gains tax ) ...using capital gains to repay tax wo...
  • 53 minutes ago
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Krishan Singla

INCOME TAX...
6 hours ago Unsolved
Leave encashment, leave travel concession, bonus amount will come under which category????
(Salary,Allowances,Perquisites or Profits in lieu of salary)
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Amlan Dutta
1.) Assuming in service employee, leave encashment is typically basic plus dearness allowance ....basic portion of leave encashment is to be shown under salary whereas DA part under non exempt allowances .. ...
  • 48 minutes ago
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Rajan

e Proceedings...
15 hours ago Unsolved
I received a notice under142 (1) from ITO and asked to furnish few deatils or AY 16-17.
For AY 16-17 I have already filled the income tax return.
in that year I have taken some loan from bank and invested that amount in share market and lost all of my money.
While filling return my CA has shown t...
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Aadhi

44 AD ( Business income)...
is balance sheet mandatory for this AY 2018/19 in financial particulars details column
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Amlan Dutta
It was mandatory all years and very simple to fill ... check my tutorial on how to fill financial particulars for ITR 4 in latest AY 2018 19.....
  • 21 hours ago
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Aadhi

44ADA ( Profession)...
1) can we take deductions under sec 80c if we declare income under 44 ADA 50% of gross receipts
2) is 44 ADA be taken only if income is upto threshold of 2.5lacs ( not exceeding 2.5 lacs ) while declaring 50% of gross receipts i.e max 500000 Rs
thanks in advance
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Amlan Dutta
1. These are two different things and should not be connected .... presumptive sections is for presuming income head for profession ( 44ada) / business ( 44ad)whereas deduction sections under 80 refer to savings AVIALABLE to all individuals whether they have income from profession/business or any ...
  • 21 hours ago
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ELANGO

TDS...
Hai AMLAN, unfortunately, .2 years back.......when I tried to learn something about IT related issues,,,,,,,in youtube.... I saw ur videos and subscribed youtube and following u...... facebook later on registered.....Makeknowledgefree. Till then I never miss any one from u. Thanks, AMLAN.
i am a...
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Amlan Dutta
No you cannot ( you may refer my friends tutorial for tds filing ) you cannot login and download tds certificate ... only deductor can login and generate tds certificates ( facility not available to deductee ).....
  • 21 hours ago
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Hima Bindu

TDS ON NRI PURCHASE...
Hello Amlan,

We are based out of Bangalore and bought an apartment from an NRI and sale value is more than 50 lakhs. We came to know that we need to deduct tax at rate of around 20%.

I have seen your video on how to apply for NIL/lower TDS certificate by submitting form 13. We also heard in Bangalor...
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Manjit kumar

Business profession...
Sir mai ye janna chahta hu ki gst to july 2017 me lagu hua but uske pehle yani april to june ka sale bhi add karke itr 4 me dikhana parega kya ?
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Amlan Dutta
The financial year 2017 18 for which income is being assessed is from 1st April 2018 to 31st March 2018 ...it is absolutely immaterial that GST was introduced in July 2017 ...what difference does it make ...Does it mean that the sales from April to July resulted in no income ... ...
  • Yesterday, 6:53 am
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SOUMYA GOSWAMI

INCOME TAX...
Sir I opened a rd on october 2017 and closed it prematurely on april 2018, so all the interest was debited as branch penalty so my interest income is 0.do i need to show the accrued interest for this rd for fy 17-18???
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Amlan Dutta
Check your 26 as for accrued interest ...this has to be offered for income ...no matter whether you closed it prematurely or whether the bank applied penalty , the interest income from Recurring deposit is totally taxable ...also the bank must have deducted TDS on it ....you can claim benefit of t...
  • May 21, 2018
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Amlan Dutta
Offer the interest income as income from other sources since RD interest is not exempt...taxability shall be as per slabs......if you fall below threshold slabs , no tax will apply else tax will levy as per whatever slabs you fall into
  • Yesterday, 7:25 am
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jayanti darji

Adjustment notice under section 143(1) a...
I have received a communication from cpc. In the error description it is mentioned that there is inconsistency between Other
Source income in return and Form 26AS.
Rs.10772 received is interest from L&T bond and 10% tax is already paid. How to reply.
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Amlan Dutta
This is basically communication of proposed adjustment of income under 143(1)(a).


In your case , clearly you have to agree with the variance for the simple reason that the income presented is taxable income (Bonds interest income from LNT under other sources) and was not offered in return

For this , ...
This is basically communication of proposed adjustment of income under 143(1)(a).<br /><br /><br />In your case , clearly you have to agree with the variance for the simple reason that the income presented is taxable income (Bonds interest income from LNT under other sources) and was not offered in return <br /><br />For this , you shall head towards e-assessment ..there you will see a link titled prima facie adjustment under 143(1)a , you will opt for e assessment and click on submit ...<br /><br />Under proceedings, there will be a table with the listed line item ( bond interest)and option for you to agree/not agree<br /><br />You will click on agree and it shall display a message that you file revised return within 15  days<br /><br />Check this video in case you want to revise return incorporating interest income from LNT bonds.<br />Link - https://www.youtube.com/edit?o=U&video_id=Lthwwwupth4This is basically communication of proposed adjustment of income under 143(1)(a).<br /><br /><br />In your case , clearly you have to agree with the variance for the simple reason that the income presented is taxable income (Bonds interest income from LNT under other sources) and was not offered in return <br /><br />For this , you shall head towards e-assessment ..there you will see a link titled prima facie adjustment under 143(1)a , you will opt for e assessment and click on submit ...<br /><br />Under proceedings, there will be a table with the listed line item ( bond interest)and option for you to agree/not agree<br /><br />You will click on agree and it shall display a message that you file revised return within 15  days<br /><br />Check this video in case you want to revise return incorporating interest income from LNT bonds.<br />Link - https://www.youtube.com/edit?o=U&video_id=Lthwwwupth4This is basically communication of proposed adjustment of income under 143(1)(a).<br /><br /><br />In your case , clearly you have to agree with the variance for the simple reason that the income presented is taxable income (Bonds interest income from LNT under other sources) and was not offered in return <br /><br />For this , you shall head towards e-assessment ..there you will see a link titled prima facie adjustment under 143(1)a , you will opt for e assessment and click on submit ...<br /><br />Under proceedings, there will be a table with the listed line item ( bond interest)and option for you to agree/not agree<br /><br />You will click on agree and it shall display a message that you file revised return within 15  days<br /><br />Check this video in case you want to revise return incorporating interest income from LNT bonds.<br />Link - https://www.youtube.com/edit?o=U&video_id=Lthwwwupth4This is basically communication of proposed adjustment of income under 143(1)(a).<br /><br /><br />In your case , clearly you have to agree with the variance for the simple reason that the income presented is taxable income (Bonds interest income from LNT under other sources) and was not offered in return <br /><br />For this , you shall head towards e-assessment ..there you will see a link titled prima facie adjustment under 143(1)a , you will opt for e assessment and click on submit ...<br /><br />Under proceedings, there will be a table with the listed line item ( bond interest)and option for you to agree/not agree<br /><br />You will click on agree and it shall display a message that you file revised return within 15  days<br /><br />Check this video in case you want to revise return incorporating interest income from LNT bonds.<br />Link - https://www.youtube.com/edit?o=U&video_id=Lthwwwupth4
  • May 21, 2018
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SNEH

Adjustment notice under section 143(1) a...
Hello, I have received IT notice, "Income as per Form 26AS which has not been included in computing the total income in the return-143(1)(a)(vi)", There is a difference of Rs.58438 which is due to standard deductions - Medical Bills, Conveyance, Food Coupon, Professional tax. While filing the IT re...
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Amlan Dutta
This is basically communication of proposed adjustment of income under 143(1)(a)
In your case , clearly you have to disagree with the variance for the simple reason that the income presented is chargeable income from form 16 whereas 26as contains gross salary income whole of which is not subject to ...
This is basically communication of proposed adjustment of income under 143(1)(a) <br />In your case , clearly you have to disagree with the variance for the simple reason that the income presented is chargeable income from form 16 whereas 26as contains gross salary income whole of which is not subject to tax on account of exemptions and deductions available under salary head (applicable to your case )<br /><br />For this , you shall head towards e-assessment ..there you will see a link titled prima facie adjustment under 143(1)a , you will opt for e assessment and click on submit ...it will open up a table showing variance and option for you to agree /not agree <br /><br />You shall proceed to disagree ...as you click on disagree , a bottom table for justifying shall open up with the following fields (see attached pic)<br /><br /><br />For TAN - Employer TAN (since this is w.r.t salary receipts)<br /><br />Amount paid /credited by deductor - As appearing in form 16 ( Gross) / alternatively take from 26 as <br /><br />Nature of receipt as per deductor - Salary <br /><br />Income /gross receipt as per return - Put in chargeable income that you put in return <br /><br />Head of income/schedule under which reported in return - 17 i.e salary section is actually section 17 of the act <br /><br />Reason - From dropdown select the option <br />"Income is not chargeable to tax/ exempt"<br /><br />Justification - Standard deduction available under section 16 and exemptions available under section 10<br />(You can give detailed breakup here accounting the difference of 58438 Rs i.e x1+x 2+x3 = 58438 .x1,x2,x3 being such and such deductions etc)<br /><br />For attachment, you can attach your form 16 which clearly mentions the standard deductions and show the chargeable income to be the filled figure for salary in your return of income<br /><br /><br />In future, show this exemptions and deductions in return itself .....<br /><br />if you are willing, i would want to record video solution for this case (since this is effecting many people) if i have further details of your case ....you can mail me your credentials and all details at amlandutta007@gmail.com.......This is basically communication of proposed adjustment of income under 143(1)(a) <br />In your case , clearly you have to disagree with the variance for the simple reason that the income presented is chargeable income from form 16 whereas 26as contains gross salary income whole of which is not subject to tax on account of exemptions and deductions available under salary head (applicable to your case )<br /><br />For this , you shall head towards e-assessment ..there you will see a link titled prima facie adjustment under 143(1)a , you will opt for e assessment and click on submit ...it will open up a table showing variance and option for you to agree /not agree <br /><br />You shall proceed to disagree ...as you click on disagree , a bottom table for justifying shall open up with the following fields (see attached pic)<br /><br /><br />For TAN - Employer TAN (since this is w.r.t salary receipts)<br /><br />Amount paid /credited by deductor - As appearing in form 16 ( Gross) / alternatively take from 26 as <br /><br />Nature of receipt as per deductor - Salary <br /><br />Income /gross receipt as per return - Put in chargeable income that you put in return <br /><br />Head of income/schedule under which reported in return - 17 i.e salary section is actually section 17 of the act <br /><br />Reason - From dropdown select the option <br />"Income is not chargeable to tax/ exempt"<br /><br />Justification - Standard deduction available under section 16 and exemptions available under section 10<br />(You can give detailed breakup here accounting the difference of 58438 Rs i.e x1+x 2+x3 = 58438 .x1,x2,x3 being such and such deductions etc)<br /><br />For attachment, you can attach your form 16 which clearly mentions the standard deductions and show the chargeable income to be the filled figure for salary in your return of income<br /><br /><br />In future, show this exemptions and deductions in return itself .....<br /><br />if you are willing, i would want to record video solution for this case (since this is effecting many people) if i have further details of your case ....you can mail me your credentials and all details at amlandutta007@gmail.com.......This is basically communication of proposed adjustment of income under 143(1)(a) <br />In your case , clearly you have to disagree with the variance for the simple reason that the income presented is chargeable income from form 16 whereas 26as contains gross salary income whole of which is not subject to tax on account of exemptions and deductions available under salary head (applicable to your case )<br /><br />For this , you shall head towards e-assessment ..there you will see a link titled prima facie adjustment under 143(1)a , you will opt for e assessment and click on submit ...it will open up a table showing variance and option for you to agree /not agree <br /><br />You shall proceed to disagree ...as you click on disagree , a bottom table for justifying shall open up with the following fields (see attached pic)<br /><br /><br />For TAN - Employer TAN (since this is w.r.t salary receipts)<br /><br />Amount paid /credited by deductor - As appearing in form 16 ( Gross) / alternatively take from 26 as <br /><br />Nature of receipt as per deductor - Salary <br /><br />Income /gross receipt as per return - Put in chargeable income that you put in return <br /><br />Head of income/schedule under which reported in return - 17 i.e salary section is actually section 17 of the act <br /><br />Reason - From dropdown select the option <br />"Income is not chargeable to tax/ exempt"<br /><br />Justification - Standard deduction available under section 16 and exemptions available under section 10<br />(You can give detailed breakup here accounting the difference of 58438 Rs i.e x1+x 2+x3 = 58438 .x1,x2,x3 being such and such deductions etc)<br /><br />For attachment, you can attach your form 16 which clearly mentions the standard deductions and show the chargeable income to be the filled figure for salary in your return of income<br /><br /><br />In future, show this exemptions and deductions in return itself .....<br /><br />if you are willing, i would want to record video solution for this case (since this is effecting many people) if i have further details of your case ....you can mail me your credentials and all details at amlandutta007@gmail.com.......This is basically communication of proposed adjustment of income under 143(1)(a) <br />In your case , clearly you have to disagree with the variance for the simple reason that the income presented is chargeable income from form 16 whereas 26as contains gross salary income whole of which is not subject to tax on account of exemptions and deductions available under salary head (applicable to your case )<br /><br />For this , you shall head towards e-assessment ..there you will see a link titled prima facie adjustment under 143(1)a , you will opt for e assessment and click on submit ...it will open up a table showing variance and option for you to agree /not agree <br /><br />You shall proceed to disagree ...as you click on disagree , a bottom table for justifying shall open up with the following fields (see attached pic)<br /><br /><br />For TAN - Employer TAN (since this is w.r.t salary receipts)<br /><br />Amount paid /credited by deductor - As appearing in form 16 ( Gross) / alternatively take from 26 as <br /><br />Nature of receipt as per deductor - Salary <br /><br />Income /gross receipt as per return - Put in chargeable income that you put in return <br /><br />Head of income/schedule under which reported in return - 17 i.e salary section is actually section 17 of the act <br /><br />Reason - From dropdown select the option <br />"Income is not chargeable to tax/ exempt"<br /><br />Justification - Standard deduction available under section 16 and exemptions available under section 10<br />(You can give detailed breakup here accounting the difference of 58438 Rs i.e x1+x 2+x3 = 58438 .x1,x2,x3 being such and such deductions etc)<br /><br />For attachment, you can attach your form 16 which clearly mentions the standard deductions and show the chargeable income to be the filled figure for salary in your return of income<br /><br /><br />In future, show this exemptions and deductions in return itself .....<br /><br />if you are willing, i would want to record video solution for this case (since this is effecting many people) if i have further details of your case ....you can mail me your credentials and all details at amlandutta007@gmail.com.......
  • May 21, 2018
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