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niranjan

Exempt Gratuity Income u/s 10...
sir i have a question. my brother was retired on 30/11/2017 he has received gratuity rs 20 lakhs but in form 16 only 10 lakhs amount was exempted from tax, can he clame tax exemption on another 10 lakhs or not. kindly ans me as soon as possible
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Amlan Dutta
At the time of receipt of gratuity the revision of Gratuity was not in place and therefore the assessee doesn't qualify for gratuity exemption of 20 lakhs .
  • July 27, 2018
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DIVYANSH TRIPATHY

Exempt gift income u/s 56(2)(iv)...
hello sir . my brother is in job and getting salary around rs 650000/ p.a, now if he transfer money to father bank account rs 30000 every month so whether father is liable to tax or not
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Samik Das
as father is a relative and as per IT Act it is not an income.
  • July 26, 2018
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Amlan Dutta
Here son has gifted to father ...we have to check son from the purview of relative as per income tax ....since ,son falls in the definition of relative, any money received by son( relative ) is tax free i.e exempt in the hands of father ...it will not be taxable in the hands of father ...select quer...
  • July 26, 2018
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PREM

Exempt Income...
Policy maturity amount received and TDS 2% deducted on benefit amount.now where to show this maturity amount with bonus in ITR 1,If it showed in income than have to pay tax according to sab.and showed in 10D than shows refund because 2% TDS is in 26 AS.what to do plzzz help
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Amlan Dutta
If TDS deducted (U/s 194DA) , it indicates that the policy maturity proceeds is taxable..if pension policy , then such happens when annual premium of policy ( booked after April 2012 ) is more than 10% of sum assured ....Here, you will have to offer entire maturity proceeds as income under other sou...
  • July 26, 2018
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Vani

Exempt ULIP maturity U/s 10(10 D)...
Hi Amlan,
For Maturity proceeds of ULIP which I need to show under exempted income I would like to know if we should show the complete sum received at maturity OR sum received minus total premium paid. Here I look at premium paid as an investment versus an expense. I have seen your video and as pe...
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Amlan Dutta
You will show the total Unit linked insurance plan sum received at maturity exempt under 10(10 D)...this is the treatment , i will not complicate further ...say you receive 100 Rs at maturity and say paid 60 Rs premium , you will still show 100 Rs as exempt under section 10(10 D) ....Note : this is ...
  • July 26, 2018
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Sachin

Exempt Income...
Hi ,

1. Since my mom was bank employee, my dad has received a insurance amount from the bank on her death. Any specific tab to show this exempt income received.
2. My dad has received a medical reimbursement amount of my mom, from medical insurance company. Since my mom was not alive to claim , my dad...
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Amlan Dutta
The medical payout is exempt in the hands of mother ...so , you/dad will have to file return on behalf of mom as legal heir ...the legal heir on behalf of the deceased will be claiming the amount as exempt under section 10...this will not be taxed in the hands of father ...for Life insurance produ...
  • July 24, 2018
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Prasad Shirodkar

Exempt Transport allowance u/s10(14)...
Where do I show exempt income for travel allowance u/s 10?
Thanks again!
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Amlan Dutta
Check whether it is travel or transport allowance .......Transport allowance is given an exemption of up to Rs.19,200 per annum or Rs.1,600 per month. The sections under which this exemption is applicable are Section 10(14)(ii) of Income Tax Act and Rule 2BB of Income Tax Rules.......(Check attached...
Check whether it is travel or transport allowance .......Transport allowance is given an exemption of up to Rs.19,200 per annum or Rs.1,600 per month. The sections under which this exemption is applicable are Section 10(14)(ii) of Income Tax Act and Rule 2BB of Income Tax Rules.......(Check attached picture 1 for exempt transport allowance )<br />                                                                                                                                                                        <br /> As far as Travelling And Daily Allowances is concerned, that too is  completely Exempted From Income Tax" under 10(14(i) to the extent utilized by the employee (Check attached picture 2 for exempt transport allowance )<br /> <br />Literature - In accordance Rule 2BB of in IT Rules, 1962, any allowance (by whatever name called) granted to meet the cost of travel or tour or on transfer is completely exempted from tax in the employee’s hands.<br /><br />For the purposes of this clause “allowances granted to meet the cost of travel or transfer” include any sum paid in connection with the transfer, packing and transportation of personal effects on such transfer.<br /><br />Under this Rule the TA granted to the employees while they travel on tour or on transfer would be completely exempted from tax, Of course, the entire amount on this account should be spent to meet the expenses wholly, necessarily and exclusively incurred in the performance of the duties of an office or employment of profit.<br /><br />If an amount is saved by the employee and is deposited/invested and or is otherwise shown as such by the employee, then he would be liable to tax on the unspent amount of the allowance.<br /><br />Under the same Rule 2BB another allowance which is completely exempted from tax is the daily allowance, whether granted on tour or for the period of journey in connection with travel, to meet the ordinary daily charges incurred, by the employee on account of his absence from the normal place of duty. There is no monetary limit on the exemption of this allowance but any allowance which is reasonable for the employee’s work or the employment, and which is granted to meet expenses wholly, necessarily and exclusively incurred for the purposes of the, duties of an office or employment of profit, would be exempted, provided it is actually spent by the employee concerned.<br /><br />For example, if an employee is allowed 1,200 per day as daily allowance for 5 days at Mumbai while he is away from his place of duty, i.e. New Delhi in connection with official work and he spends the entire amount and gives a certificate of amount actually spent by him, the entire amount of the daily allowance of 1,200 per day, namely 6,000 daily allowance for 5 days would be completely exempted from income tax under the aforesaid Rule under Section 10(14(i)Check whether it is travel or transport allowance .......Transport allowance is given an exemption of up to Rs.19,200 per annum or Rs.1,600 per month. The sections under which this exemption is applicable are Section 10(14)(ii) of Income Tax Act and Rule 2BB of Income Tax Rules.......(Check attached picture 1 for exempt transport allowance )<br />                                                                                                                                                                        <br /> As far as Travelling And Daily Allowances is concerned, that too is  completely Exempted From Income Tax" under 10(14(i) to the extent utilized by the employee (Check attached picture 2 for exempt transport allowance )<br /> <br />Literature - In accordance Rule 2BB of in IT Rules, 1962, any allowance (by whatever name called) granted to meet the cost of travel or tour or on transfer is completely exempted from tax in the employee’s hands.<br /><br />For the purposes of this clause “allowances granted to meet the cost of travel or transfer” include any sum paid in connection with the transfer, packing and transportation of personal effects on such transfer.<br /><br />Under this Rule the TA granted to the employees while they travel on tour or on transfer would be completely exempted from tax, Of course, the entire amount on this account should be spent to meet the expenses wholly, necessarily and exclusively incurred in the performance of the duties of an office or employment of profit.<br /><br />If an amount is saved by the employee and is deposited/invested and or is otherwise shown as such by the employee, then he would be liable to tax on the unspent amount of the allowance.<br /><br />Under the same Rule 2BB another allowance which is completely exempted from tax is the daily allowance, whether granted on tour or for the period of journey in connection with travel, to meet the ordinary daily charges incurred, by the employee on account of his absence from the normal place of duty. There is no monetary limit on the exemption of this allowance but any allowance which is reasonable for the employee’s work or the employment, and which is granted to meet expenses wholly, necessarily and exclusively incurred for the purposes of the, duties of an office or employment of profit, would be exempted, provided it is actually spent by the employee concerned.<br /><br />For example, if an employee is allowed 1,200 per day as daily allowance for 5 days at Mumbai while he is away from his place of duty, i.e. New Delhi in connection with official work and he spends the entire amount and gives a certificate of amount actually spent by him, the entire amount of the daily allowance of 1,200 per day, namely 6,000 daily allowance for 5 days would be completely exempted from income tax under the aforesaid Rule under Section 10(14(i)
  • July 24, 2018
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Prasad Shirodkar

Exempt PF interest...
Dear Sir:
Where should I show my PF interest earned from my EPF account? EPF account is opened by my employer at Bandra office.
Thanks & great effort on the website
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Amlan Dutta
Employer providend funds (EPFO) are generally recognized in nature ...So, these are exempt under section 10(12) ...you will show it under exempt income reporting section - nature of income is recognized PF - exempt under section 10(12) ...Check attached picture and rest shall be clear to you ...th...
Employer providend funds (EPFO)  are generally recognized in nature ...So, these are exempt under section 10(12) ...you will show it under exempt income reporting section - nature of income is recognized PF - exempt  under section 10(12) ...Check attached picture and rest shall be clear to you ...the answer options - video shall guide you step by step........
  • July 24, 2018
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Jitendra B
EPF Interest on PF Account is not generally shown in ITR. Only the PPF Account interest which you have will be shown in Other Income not to be included in taxable income.
  • July 24, 2018
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Sachin

Exempt Income...
Hi ,
I have couple of clarification :
1.My dad had received a sum from LIC as nominee for my mother LIC policy on her death . Should I show this amount received under Sec 10 (10D) or should i put that amount under ' other ' tabs and write a note.
2. Since my mom was bank employee, my dad has receive...
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Amlan Dutta
My condolences ....You will show it exempt under 10(10 D) ...There won't be any problem.......take care
My condolences ....You will show it exempt under 10(10 D) ...There won't be any problem.......take care
  • July 24, 2018
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Sanjib Basak

Exempt Income...
Sir
I have received for Rs 240000/_ from LIC. One policy is Maturity for FY 17-18. How show this amount in ITR 1 and this a exempt income and which section?
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Amlan Dutta
The guiding section for exemption for all pension plans is 10(10 D) ...but there are exceptions to the rule ...if Policy taken after April 2012 and the annual premium less than 10% of the sum assured, then the whole sum received at maturity is exempt under section 10(10D) ...Check attached image on ...
The guiding section for exemption for all pension plans is 10(10 D) ...but there are exceptions to the rule ...if Policy taken after April 2012 and the annual premium less than 10% of the sum assured, then the whole sum received at maturity is exempt under section 10(10D) ...Check attached image on how to represent this
  • July 24, 2018
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Kumar rohit

Exempt Income...
Hi,

thanks for the video , it is really helpful, I checked others videos also for information but I think you have explained it better than others.
many of my got doubt got cleared.

my father is a Govt employee and I was trying to fill the income tax for him.
There is difference in salary as per the fo...
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Amlan Dutta
In income schedule you are required to arrive at chargeable income from form 16 and same in TDS schedule ...you may take advise from the company accountant as to what exactly were the exemption and deduction for 2650...i believe that is form 16 shall have tax on employment 2400 rs ( Deduction u/s 1...
  • July 23, 2018
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DAK

Exempt Income...
Hello Amlan Sir,
I have a PPF Account in SBI which will mature in 2024 only. I understand that [U/s 10(11)-Statutory PF received] interest income from PPF is exempt and it has to be shown in IT Return for Reporting purpose. Account statement for the FY 2017-18 shows a credit interest of Rs.27, 894/-...
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Amlan Dutta
Very good question ....It is to be shown and reported under 10(11) ...accrued income is also a form of receipt only......
  • July 22, 2018
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Saiyeda Mohiyul Ain

Exempt Income...
Hello Sir
Appreciate your efforts in creating such tutorials. However I have a major confusion with regard to PPF interest..(mine is non govt bank...canara)..You have mentioned to declare PPF in statutory pf section..but this is the pf earned by govt employees..Some say use section 10 (15) descriptio...
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Amlan Dutta
This is a brilliant question and like you correctly point out Public providend fund is actually different from statutory and recognised setup ....but 10(11) provides for -10(11) any payment from a provident fund to which the Provident Funds Act, 1925 5 (19 of 1925 ), applies 6 or from any other prov...
This is a brilliant question and like you correctly point out Public providend fund is actually different from statutory and recognised setup ....but 10(11) provides for -10(11) any payment from a provident fund to which the Provident Funds Act, 1925 5 (19 of 1925 ), applies 6 or from any other provident fund set up by the Central Government and notified 7 by it in this behalf in the Official Gazette];.....this is satisfied by the PPF setup and therefore PPF interest can be shown using 10(11) ....section 10(15) speaks of different interest  and not PF interest and so that section cannot be used ........( please avoid words like asap etc ...i do this only when i get time )
  • July 22, 2018
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Saiyeda Mohiyul Ain
I actually meant the same ..asap in context...whenever possible by you..sorry if it was inappropriate. However I didn't understand these "5 (19 of 1925 ), applies 6..." as ppf is 1968act..just to reiterate..mine is ppf from Canara bank (private bank).
  • July 22, 2018
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