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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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MOHAMMEDYASIN

Taxation of Post office interest...
Is post office RD of 5 years is taxable? If yes, where is to display in income, also, it is exempted or not. Is interest of RD is exempted under 80TTA, i.e my saving interest is 8500 and RD interest is 15000, how to calculate in return.
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Amlan Dutta
Yes, Recurring deposits( doesn't matter whether in Post office or banks) it is taxable under income from other sources ...No exemption of 80 TTA is available on RD ...that is available to only saving interest...you will show under other sources 23500 and claim under 80 TTA 8500rs
  • August 8, 2018
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Ashish jain

Taxability of PF - withdrawing after 5years...
Hi Amlan,

I worked in an organization for 4 yrs but I withdrew my PF only after 5 years. The period between the 4th year & the 5th year I was not working.

The PF amount I've received & upon checking I found 10% TDS has been deducted.

Pls could you let me know where to show the amount of PF recei......
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DIVYANSH TRIPATHY

Taxability of Interest Income...
hello sir , my father has only saving interest and fd income of rs 160000 ,so if i filled return for tds refund , and it department ask from where u got money for fd and for saving bank . then ? pls clear this query
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Amlan Dutta
Any assesse should be able to justify the amount it shows as income ...the income doe not automatically happen ...it is queit possible that your father has this income from salary , pension , house rent etc etc something ---that can be used to convince the assessing officer but generally such small ...
  • July 27, 2018
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Nainpreet

Taxation of Fixed deposit...
I have 5yrs tax saver fixed deposit in bank and every year accured interest is earned on it. As the accrued interest is less than 10,000/- TDS is not deducted by bank. Pls. Confirm whether i have to declare accrued interest under head 'income from other sources' and pay tax accordingly or i can pay...
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Samik Das
Not required.
  • July 26, 2018
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Amlan Dutta
It is better to declare it and file a nil return .........check tutorial on taxation of FD interest ( video answer option)
  • July 26, 2018
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DIVYANSH TRIPATHY

Taxability of Interest Income...
hello sir my father has saving bank interest + fd income total of r s 160000 only , actually my father is pandit jee and getting money for daily need , so whether i have to show that also or not . . and on fd income tds has been deducted so i want redund . my father never filled return eariler , i...
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Samik Das
File return to claim refund.
  • July 26, 2018
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Amlan Dutta
There will be no notice served ...file ITR 1 for refunding the TDS ...check video solution for this answer for live solution ...select question category properly else next time query will be deleted from the site
  • July 26, 2018
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geeteshri

Taxability of Interest Income...
Hi Amlan, I have in my form 26AS ..."194A" amount of TD deducted as 4550 rs. Now this should be filled in 80 TTA or it will come under income from other sources. I am confused.
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Samik Das
Chk whether 4550 is your savings account interest. 80TTA is not available for fixed deposit.
  • July 26, 2018
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Amlan Dutta
This is FD interest income ( on savings there is no TDS) ...so, It will come under income from other sources , however there is no deduction benefit of 80 TTA on FD interest income ...had it been savings , you would still be required to show the income under income from other sources and claim benef...
  • July 26, 2018
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P Dev

Taxability of PF - Withdrawal before 5 years...
Dear Amlan,
as per ur vdo tutorial, Recognized PF is fully taxable if some1 withdraws d balanced before 5yrs of continuous service. howevr my ex employer told me tat only the portion of employer's contribution +interest is taxable. can u plz clarify this?thnx in advance
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A RAVI

Taxability of Family pension( U/s 57)...
Namaste Sir Ji,

Could you please tell me regarding ITR for family pension. My father expired 4 years ago and My mother is getting a pension of 21200/ month.

Is this an exempt from tax?? At the same time, We have a commercial Vehicle from which we get an 60000/month in mothers account.

We use to g...
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Mahendrakumar Kolhe

Taxation of Mutual Funds...
Dear Amlan,

I have below capital gain statement for Mutual fund. I want to know do we need to show this capital gain in ITR2 AY 2018-19. But Gain till 31st Jan 2018 has been grandfathered. can you please explain how this can be tackled?

Thanks in advance. #Makeknowledgefree
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Jitendra B
Amlan Dutta, One query, is it mentioned in IT policy and rules that LTCG from Equity MF and listed stocks should always be mentioned absolute gains and indexation should not be allowed on such gains?
  • July 23, 2018
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Jitendra B
Even my trading broker site is giving LTCG Equity shares gains with indexation. Only thing is they are still making reference to old CII values and not the new CII values.
  • July 23, 2018
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BHUSHAN DEORE

Taxability of Life insurance plans...
I took a policy(single premium) from life insurance company and premium is 100000 in year 2010 and Term is 8 Years, they have deducted 1% tax of maturity amount, that amount is shown in 26as. total maturity amount is 138160. i have just gain 38160 after 8 Years of Period.
what exact income to show...
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Amlan Dutta
Unfortunately, the entire sum paid 138160 is taxable under other sources ......one should never buy single premium policies because such instruments are very bad for returns and taxation both.....
  • July 22, 2018
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