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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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Moulik Reddy

Taxation of Research Fellowship...
Hello Amlan,
Firstly thanks for sharing knowledge on this platform as well you-tube.

Q.1 My brother doing PhD & he earns stipend Rs 4,00,000 per yearly.
(a). Is this stipend is taxable or not ??
(b). If so, which ITR should he file ? ITR -2 ??
(c). where he need to enter t...
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Amlan Dutta
This is one of the disputed areas of tax ...The act under 10(16) specifies very clearly that only scholarship granted to meet the cost of education’ is exempt from Income Tax under the section 10(16). ....now whether the Research(PHd) stipend( fellowship falls under the definition of scholarship
...
  • November 10, 2018
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Amlan Dutta
1.) Tax filing for individuals is voluntary for any years when the gross total income i.e income without giving rise to deductions ) is below threshold levels but note individual wont be able to claim any TDS refund if he doesn't file return so even in cases when individual gross income is below t...
  • November 10, 2018
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Jalda Srinivas Rao

Taxability of PF - Withdrawal before 5 years...
I have resigned the job before 5 years and withdrawn my PF amount (1 lakh plus) by submitting 15G/15H. Whether I need to show the amount in ITR. If yes where I need to show. I have seen your video but in that you did not mention the withdrawal of PF after resigning. Please clarify.
Thanks
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Amlan Dutta
If PF is withdrawal less than 5 years it would be taxed as given below.

1.) Employer contribution and interest thereon
Basically, the employer’s contribution and interest thereon would be fully taxable under slary head

2.) Employee contribution and interest thereon

This is the amount contributed by yo...
  • October 9, 2018
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Honey

Taxability of PF...
Hi Amlan...Please guide me on this.
My wife has housing loan so she takes maximum credit of 80c(Housing loan Interest). my question is can i deposit in her PPF a/c to take credit of 80c in my return what is right process of doing this i.e. Cheque/Cash/online(If needed at the time of scrutiny) Do i ne...
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Honey
Thanks for your reply...what is right process of doing payment in wife's PPF a/c i.e. Cheque/Cash/online(If needed at the time of scrutiny) Do i need to mention this Somewhere in return i.e. wife's PPF or just put the amount figure in 80c exempt income Column.
  • September 29, 2018
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Honey
Thank you so much for guidance.
  • September 29, 2018
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Suraj

Taxability of PF - Withdrawal before 5 years...
Hi Amlan,

We chatted few days back on this topic.
My doubt is;
1) While filing ITR if I put Employer and Employee contribution of PF under Salary and interest from both in Income from other sources, would that be right?
2) 26AS is not available as I haven't submitted PAN while withdrawing PF. I ca....
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Suraj
Hi Amlan, Yes I have seen 2 of your recent videos on PF entry in ITR but wanted to clarify. Great Channel! Thanks a lot!
  • August 31, 2018
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Suraj
Hi Amlan, Good Morning! Just saw your 2 new videos on this topic. Yes most of us would miss out considering 80C benefit already taken before. Thank you once again for your time. Thank you. Will be in touch.
  • September 1, 2018
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Nrupal Save

Taxability of Interest Income...
Hello Amlan,

I have an Interest Income of (14,722) from Savings Account which crosses limit of tax exempted limit of 10,000 (under 80TTA). So, I am paying tax on interest earned beyond exempted limit, while filing ITR1..

However, I also have received interest income of 1063 from Recurring Deposit wi...
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Amlan Dutta
You will show saving plus recurring deposit interest income and show combined figure under income from other sources ...
For saving interest portion, you are eligible in your case to seek 10,000 rs deduction under 80 TTA (Lesser of 10,000 Rs or saving interest income i.e 10,000 in this case) ....

The ...
  • August 31, 2018
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Ramarao

Taxability of Family pension( U/s 57)...
My mother is getting Family Pension from two govt Sources
1) From Armed Forces Family Pension
2)From Railways family pension

My questions are
1) Is Armed Forces Family Pension exempted from Tax
2) If not then Rs 15,000 exemption is to be taken for both Family Pension ( Armed Forces & Railways ) totalling...
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Amlan Dutta
1.) Exempt only if the personnel serving in the armed force deceased during the course of duty else it is taxable as per provisions

Basically, Section 10(19) of the Income Tax Act provides that amount of pension received by the family members of armed forces personnel including Para-,military perso...
  • August 28, 2018
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Suraj

Taxability of PF - Withdrawal before 5 years...
Hello Amlan,

Earlier this year in Jan I withdrew my EPF amount, from this TDS was deducted(34.608%) as PAN was not updated and also for not completing 05 years of tenure. I would like to claim that TDS amount while filing ITR for this AY as I am not working since last 2 years. I will be filing a nil...
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Amlan Dutta
Q1 - Where do I declare this in ITR form? I understand that I have to mention received EPF amount in ITR form(which section?)

if PF is withdrawal less than 5 years it would be taxed as given below.


Employer contribution towards PF under salary head and rest under other sources

1.) Employer contributi...
  • August 25, 2018
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Suraj
Okay, Thank you Amlan.
  • August 25, 2018
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TRIPATI SAHU

Taxation of Fixed deposit...
Sir, I have a FD on bank from which I will get a interest of 9000. Since interest is below 10000, I have submitted online Form 10G in bank account.but my annual income is above 5lakh. Am l eligible to submit FORM 10G ,if not what should I do as I have already filled FORM 10G online in my SBI bank...
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Amlan Dutta
You were not eligible to fill form 15 G but now that you have submitted, bank will not deduct TDS ....what you can do is compute the tax liability and pay advance tax accordingly ...nothing to worry , next time don't repeat this mistake
  • August 15, 2018
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santosh kumar Sahoo

Taxation of Fixed deposit...
Dear sir, i have a fixed deposit interest income of 16600 which i have mentioned in income from other sources. bank has deducted 1660 as TDS. this is also showing in my 26 AS , and i mentioned this in sch TDS 2 also.but I dont want to claim 1660 as my total income exceeds 9 lacs. and i have already...
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Amlan Dutta
In schedule 2 there is amount claimed field... claim 1660 deducted TDS there as well .... then you shall see credit
  • August 9, 2018
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