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Santosh

REVISION AND RECTIFICATION...
Hello Sir,

My outstanding demand for Assessment year 2011 and 2017 has been adjusted in 2018 return. but i have already paid demand 2017 before adjustment of 2018 return.

Than how do we claim that amount which i have paid against 2017 outstanding demand.I can see that amount in 2017 26AS .

Outsta...
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Amlan Dutta
You need to meet your assessing officer in person and discuss this case in person ...online rectification of passed order won't help ....you can seek refund of adjusted amount but it has to be now done manually only ( he has to pass rectification order) ...carry this tax credit statement to justify ...
  • 13 hours ago
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Nithin Venugopal

DEDUCTIONS UNDER SECTION 80...
Hello Sir;

Could you please tell the logic behind providing the deductions to Individual assessees in Income Tax Act under Chapter VI-A specifically 80C, 80CCC, 80CCD?
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Amlan Dutta
I am not very clear on what you want to know but the deductions are provided so that individuals can save tax by investing in eligible investments ...........there is not enough space in this forum to address each section in detail ........
  • Yesterday, 9:40 am
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Ritesh Chaudhari

Income from let out property...
Hello Sir,
First I want to say Thank you very much for helping us.

I am salaried person (taxable Income more than 10 Lacs).
I have two home in Pune, one is self occupied where second is rented.
There is no home loan available against rented property and home loan available against self occupied pro...
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Amlan Dutta
The house which is self occupied has no income (no loan interest repayment which could have been shown as negative income)...so effectively , you have income from the let out property only ....assessee having income from only 1 house property can use ITR 1 ......income from let out property is not ...
  • December 12, 2018
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Ritesh kumar srivastava

Clubbing of income...
Hi Amlan,
pls guide on the scenario where husband give away loan of 5lakh with nominal interest (to avoid clubbing provisions) to non earning wife for start of her small business to be engaged in daily life such as sewing/computer classes (not registered) or share market trading/investment to generat...
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Vishal lakhani

Difference in salary income in return and 26 as...
Sir I am in bsf and in the year 2017 I got posted from 110 bn bsf to CSWT bsf indore due to which in FY 2017 -18 I have got two employers i did not get any form 16 from 110 bn however my form 26 as shows Rs 440018.00 paid credited and tax deducted an d deposited Rs 500.00 subsequently cswt indore pa...
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Amlan Dutta
Take up with your employer so that the right income figures reflect in your 26 as .....
You can file return based on actuals but get your 26AS updated by the employer .. ( Assessing officer will not accept fancy reasons as to your employer not agreeing to your TDS ,not being help to h...
  • December 11, 2018
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Shriya

TAXATION OF DIFFERENT INSTRUMENTS...
Hello Amlan,

One more question i had about NPS. I see that there is lot of confusion on taxation of NPS Tier 2 account. Could you please explain what will be the tax treatment on earnings from of NPS Tier 2?

Thanks
Shriya
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Amlan Dutta
There is no tax benefit ....the earnings from NPS Tier II investment are taxed as per slabs . If through Tier II , investments are made into debt mutual funds then you get benefit of indexation....... but the benefits of a equity oriented fund may not get through , it appears ...
  • December 9, 2018
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Shriya

Taxability of PF...
Hello Amlan,

Thanks a lot for taking this initiative to educate the people in need, that too for free.
I have a question about VPF.
I understand that PF withdrawal is tax exempted after 5 years and VPF is the voluntary contribution by the employee, over and above the statutory limits of PF contributio...
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Amlan Dutta
The voluntary provident fund contribution that you intend to make along with the PF contribution form a part of the total Employee provident fund (EPF)corpus and any eligible PF ( withdrawal after 5 years of continous service ) shall be totally tax free( including interest on such amount) ...... ...
  • December 9, 2018
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SAIKAT DAS

Taxability of Family pension( U/s 57)...
if i use pension tab in itr1 for fillig family pension,,Can i get notice from IT department???
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Amlan Dutta
There are two issues here

1.) Taxation - You should not be offering family pension under salary pension head .....
Family pension is to be offered as income from other sources and it's treatment is specified under section 57. Also note , there is deduction benefit available under section 57 for les...
  • December 8, 2018
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deepak

STCG on Stocks...
Dear Mr Amlan Ji,
Good Afternoon
first a very thankful to u for guiding me to file a return since last five years,now a general question if i incurr a share loss short term and i do not wish to carry forward can i simply fill itr 4 instead of itr 3.
Sir i am sorry to post the question before in wrong s...
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   likes this.
Amlan Dutta
Please clarify whether losses are from 1.) Delivery based trading or 2.) Intraday /future and options...In case you have made losses in delivery based trading , you can show short term losses from capital gains and file ITR 2... ...
  • December 8, 2018
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deepak
Sir thanks for the prompt answer shares are basically from delivery loss but i have bussiness income from shop and also show some income from other source also pls guide i donor wish to carry forward the loss its a small amount
  • December 9, 2018
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Sravan

Return processed but revision needed...
Sir i only filed my Uncle ITR this yes, (Previously another CA was doing this )

From that ITR i got refund of 1,600/- , but in that original return the bank-account number was wrong , So i sent a request (by seeing your video) to change my Bank account number what ...
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Amlan Dutta
This time around, you can put your bank account number and when you get the money , you can transfer it to your uncle ...there should be no problem ...in future be careful ...i repeat there shall be no problem ...don't break your head over this .....
  • December 8, 2018
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ABHIJEET TAMHANKAR

Revised Return U/s 139(5)...
hello Amlan,

my friend has filed income tax return within due date without taking into consideration the foreign income (salary) and and its TDS
can i now file revise return with taking the related mistake in consideration?

if yes can still file form 67 which was not filed either
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Amlan Dutta
For AY 2018 19 , even belated returns can be revised using section 139(5) but it can be done only before assessment of return is complete or 1 year from from end of the assessment year whichever is earlier ...since return filed long back, i feel that it might have already been processed and so i do...
For AY 2018 19 , even belated returns can be revised using section 139(5)  but it can be done only before assessment of return is complete or 1 year from from end of the assessment year whichever is earlier ...since return filed long back, i feel that it might have already been processed and so i don't think revision is possible right now ....Anyways just to double confirm ,  first check status of filed return ...if it hasn't been processed yet , he can else he can't ...as simple as that ...in case  return not processed and he wants to revise, sure, ask him to first fill form 67 without which anyways his relief won't be considered.......attaching pic so that you know where to check status of processing of filed return ......
  • December 7, 2018
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Deepjit Nandi

I can't understand the difference between facts and ground of appeal in CIT appeal. Can you help me to understand? (Sorry can't find any better category)
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