Categories
Pagination Scroll
Kirti Menkudle

Category : TDS ON N..,
Solved
Hi Sir,
We are planning to buy a house property worth 1.03 Cr agreement value in the joint name and joint home loan of myself and my husband. The property is also in the joint name of husband and wife and they have an Indian Pan card. However, their status is NRI. As per the rule banks says upto 23....
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
1. What things / documents should we ask from him for his investment in bonds. (Worried coz buyers are liable to pay TDS & dont want any income tax notice for not giving TDS)

Why should you even want to know whether he will get capital gain exemption or not
This has no bearing on deduction of TDS
S...
Kirti Menkudle
Thanks a lot Sir for your elaborate answer to each and every query.
Appreciate your time and effort to help people like me who are not aware of many facts.
Ashish Kumar Das

Category : ADVANCE ..,
Solved
Dear Mr. Dutta,
In the month of December'2018 I have received my salary for last three years in arrears which is approximately Rs. 60,000,00/- (Sixty Lakhs). However, my employer did not make any TDS for this amount. I plan to file form 10E to claim relief. But my question is whether I need to pay a...
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
Surely you need to pay advance tax ...But, first figure out taxable income for FY 2018- 19 and the arising tax liability ...Now for paying advance tax for FY 2018 19, the rules prescribe that you are supposed to pay 30% advance tax by 15th June 2018, 45% (cumulative)of advance tax is paid by 15th ...
Amlan Dutta
It should be fine, i guess ...take care ...revert if you face any issues
Manvendra Singh

Category : Salary T..,
Unsolved
Hi sir
Form 16 me net income tax(8695) deduction kiya fir just niche detail of tax deducte and deposit into sentral govt amount 17390 so kar rha hai or u/s 192 me bhi 17390 and sr. No.18 me tax payable /refundable -8695 hai samj nhi aarah hai please solution sir
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
Please learn to frame questions properly ......anyways here, since the tax payable is 8695 Rs and because
more tax i.e 17390 TDS has been deducted, therefore you qualify for a refund of 17390 - 8695 = 8695 Rs...... conceptually , let me explain with small numbers ...your tax liability was of a less...
Roopali Lalwani

Category : TDS Retu..,
Unsolved
Hi,

I failed to submit the investment proofs to my employer before their deadline. I want to understand how should I claim the 80C deductions while filing the returns? We use form 16 to fill ITR and in this case, 80C investment in my form 16 will be 0.

While filling the ITR, do I just enter 1,50,000 ...
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
You can file as per actuals , if you have invested in eligible investment under 80 C , you can claim that deduction despite having not declared that in investments to the company . You don't need to attach anything but your case is likely to be auto picked by system for mismatch in form 16 and filed...
S V

Category : TDS on i..,
Unsolved
Hi,
My 26AS shows Rs. 1 Lakh tax deducted at source by HDFC Bank.
I have claimed this 1 Lakh as TDS in my ITR-2 (claimed full amount in current year, no b/f or carry fwd.)
However, in Income Tax Dept. intimation u/s 143(1) they have considered only 90,000 as TDS (in calculation by ITD) and raised a de...
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
Simple, you shall file a rectification for tax credit mismatch ...check my tutorial on how to do this in case you are not sure of the steps ......(since your tax credit statement shows TDS of 1 lakh ( hopefully under "F" implying accounts finalised ", you are entitled to full credit of the deducted ...
hanif

Category : ADVANCE ..,
Solved
Hello Mr Amlan, would like to know if i miss out date of December 15, 2018 advance tax, can i pay advance tax after 15th december.
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
I believe that you are referring to the second installment of advance tax .... If yes, you can....also, if you do it before end of december, then no further penal interest on the second installment would apply ....
hanif
You mean that for the 2nd installment of advance tax i can even pay advance tax till (assume) 31st December...if yes, then why there is advertisement of advance tax that 2nd installment to be paid till 15th december??????
arun bajpai

Category : TDS..,
Solved
Good evening, sir.
Sir, how to file itr for TDS deducted u/s 194 LA for AY 2017-18 ? Assessee is individual, his agricultural land acquired by government ?
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
Can you clarify whether the compensation has been received for compulsory acquisition of land.......As per circular 36 /2016 released by CBDT , the compensation received is exempt since it falls under section 96 of RTFCLARR (Right to fair compensation for land acquisition , rehabilitation and resett...
CHANDAN PANDA

Category : Contract..,
Solved
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
------...
  • Show Placeholder
  • Hide Discussion
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...
Pooja Gupta

Category : Computat..,
Solved
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...
  • Show Placeholder
  • Hide Discussion
   likes this.
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...
Mohit
I filled my ITR 4 44 ada, according to my 26as 99% TDS deducted under section 194j , but one party deduct TDS under section 94 c, at first time I have shown all income under section 44 ada, but income tax department send me notice for this mismatch ( mentioning that Rs 19200 is not the part of 44...
SASWAJEET ROUT

Category : Property..,
Solved
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. ...
  • Show Placeholder
  • Hide Discussion
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 ...
Ritika

Category : Computat..,
Solved
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..
  • Show Placeholder
  • Hide Discussion
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...
Paritosh Jain

Category : TDS ON N..,
Solved
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...
  • Show Placeholder
  • Hide Discussion
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...