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CHANDAN PANDA

Contract TDS u/s 194 C (1%)...
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...
  • October 14, 2018
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Pooja Gupta

Computation of advance tax...
Hi Amlan! Saw your work on Youtube and Facebook today about making Knowledge free and am really impressed with your endeavours.

Could you please help in below case as we are not able to get any relevant information online or offline. Even Govt of India's income tax website doesn't give requisite inf...
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Amlan Dutta
1.) If he registers as business , he might be able to take benefit of presumptive sections 44AD ...If he decides to continue as profession, then same benefit may not be available ( unless it is a specified profession) ...Without much information on the type of work he does, i can't comment on whethe...
  • October 12, 2018
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Amlan Dutta
1.) The services offered can fall under technical consultancy and so benefit of section 44ADA can apply treating as profession and applying presumptive taxation on 50 % of receipts

2.) For ELIGIBLE BUSINESSES , it is at 8 % using section 44AD ------ for eligible PROFESSIONS , it is at 50% using se...
  • Yesterday, 7:40 am
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SASWAJEET ROUT

Property TDS( U/s 194 IA)...
Sir, In last FY while depositing TDS against purchase of a flat, i had wrongly deposited TDS amount twice. Excess amount is also showing in my Form 26AS (Part A2) for AY 2018-19. To claim the same, i had mentioned that amount as advance tax paid in my ITR with all details (like challan no., BSR no. ...
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Amlan Dutta
When you deduct TDS , you don't get tax credit , rather the deductee does ...say you have to pay deductor 100 Rs, so you pay him Rs 99 and deduct 1 Rs TDS , this 1 Rs TDS credit is available to the seller of the property ...if you deducted two times i.e did TDS for 2 Rs , then this 2 Rs TDS credit ...
  • October 9, 2018
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Ritika

Computation of advance tax...
Hi original return was filed in June 2017, it's for AY 2017-18.check for calculations of 234 b..it will be great if you let me know it is calculated..
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Amlan Dutta
...Section 234(b) guides on penal interest for non payment of advance tax i...when payment is less than 90% of advance taxes due.... .....Interest is calculated @ 1% on Assessed Tax less Advance Tax paid ..... part of a month is rounded off to a full month..... say advance tax due was 100 rs and s...
  • October 5, 2018
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Paritosh Jain

TDS ON NRI PURCHASE...
I am to purchase a flat from NRI. Capital gains for NRI ~ 40 Lacs.
I need to:
i) deposit TDS @ 20.8% on the Capital gains online through form 281
ii) File TDS returns before 15 Oct in Form 27Q
iii) Download form 16A and issue to the seller
Please let me know if I also need to fill form 15CA? Any other f...
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Amlan Dutta
You have asked similar query before where i have addressed this in much detail , i will not be repeating my answer again .....you would like to check your own query history ( we will shortly make this feature available as answer option so that me/other's will not have to repeat our answers uselessl...
  • October 1, 2018
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Santanu

TDS Credit...
Sir, my friend working in railways . He has a of 8100 as per form 16 but in 26AS there is no tds . He filed itr as per form 16 but income tax department send an intimation 143 states that he has to pay 2563 rupees instead of 5500 rupees refund . Please help sir
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Amlan Dutta
Take up with deductor so that the deducted TDS appears in tax credit statement ...until then you cannot claim credit in ITR ......have made enough tutorials on this on my channel and what to do if deductor doesn't listen , won't waste my time explaining further!
  • September 28, 2018
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Mahesh Naik

Minor Grand Son had an FD with Bank with Nominee is Grand Mother, in which PAN was not updated. Bank had deducted TDS @ 20% for FY 2017-18.
They might be forgot to update PAN of Guardian. Hence the TDS deducted on the name of Minor , He is 3 Yrs Old, Does not have PAN. In TDS Certificate they showed...
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Amlan Dutta
If PAN was not provided for whatever reason , TDS credit cannot be claimed ...deductor in this case, the bank has to revise the TDS return and put in PAN details of mother/father of the minor who can accordingly then take credit ...in short , no PAN, no credit ...- simple.
  • September 28, 2018
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Debroop

ADVANCE TAX...
Hi Amlan,

Regarding the advance tax payment, your video was really helpful to understand the concept. The query i have on the same subject is, "since it is an estimated tax we are calculating for the FY 2018-'19 and for any reason I happen to to pay more than the required installment of advanced tax...
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Amlan Dutta
You may term it adjustment but the way it gets adjusted is vide the concept of cumulative amount ...if you pay extra , then the next installment which is 45 % ..you just pay enough to make it 45 rather than what you would have originally paid ...let me explain with a example ...say you have determi...
  • September 16, 2018
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Debroop
Thank you. Its crystal clear now!!
  • September 16, 2018
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Mrudula

How to pay advance tax...
This year my other income is coming around 100000 in various Bank FD and RDs and NSC (45000 in interest) Do I have to pay advance tax even though I am salaried because I have not declared them to my employer.? How do I pay advance tax?
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Amlan Dutta
If total tax liability is 10000 Rs more, then you are liable to pay advance tax ...In your case, first figure out whether the taxable liability shall exceed 10,000 rs . If yes , then pay advance tax using challan 280...check video tab on how to pay advance tax
  • September 13, 2018
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Dalip singh

Schedule IT (Taking credit of taxes paid)...
Dear sir
I have filled itr before 31st Aug 2018. In this ITR I had submit e-tax 4000 through net banking. I have not knowledge of fill a tax detail while filling itr. After watching your video I come to know my mistake. Now I want to rectify it. How I rectify itr after submit and what are the chang...
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Amlan Dutta
Click on answer options - video for this answer to check tutorial.

Steps for correcting the return for taking credit of e paid taxes not shown in return

Check in tax filing status whether your return has been processed or not ...if not processed , you can revise return using section 139(5) and clai...
  • September 6, 2018
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Umakanta Saboot

Interest TDS (U/s 194 A) (10%)...
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...
  • 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

Interest TDS (U/s 194 A) (10%)...
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...
  • September 4, 2018
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