Categories
Pagination Scroll
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I have resigned the job before 5 years and withdrawn my PF amount (1 lakh plus) by submitting 15G/15H.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
  • Show Placeholder
  • Hide Discussion
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
  • ·
  • Like
  • ·
  • Select as Answer
Honey

Taxability of Providend Fund...
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...
  • Show Placeholder
  • Hide Discussion
   likes this.
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
  • ·
  • Like
  • ·
  • Select as Answer
Honey
Thank you so much for guidance.
  • September 29, 2018
  • ·
  • Like
  • ·
  • Select as Answer
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....
  • Show Placeholder
  • Hide Discussion
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
  • ·
  • Like
  • ·
  • Select as Answer
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
  • ·
  • Like
  • ·
  • Select as Answer
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...
  • Show Placeholder
  • Hide Discussion
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
  • ·
  • Like
  • ·
  • Select as Answer
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...
  • Show Placeholder
  • Hide Discussion
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
  • ·
  • Like
  • ·
  • Select as Answer
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...
  • Show Placeholder
  • Hide Discussion
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
  • ·
  • Like
  • ·
  • Select as Answer
Suraj
Okay, Thank you Amlan.
  • August 25, 2018
  • ·
  • Like
  • ·
  • Select as Answer
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...
  • Show Placeholder
  • Hide Discussion
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
  • ·
  • Like
  • ·
  • Select as Answer
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...
  • Show Placeholder
  • Hide Discussion
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
  • ·
  • Like
  • ·
  • Select as Answer
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.
  • Show Placeholder
  • Hide Discussion
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
  • ·
  • Like
  • ·
  • Select as Answer
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......
  • Show Placeholder
  • Hide Discussion
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
  • Show Placeholder
  • Hide Discussion
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
  • ·
  • Like
  • ·
  • Select as Answer
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...
  • Show Placeholder
  • Hide Discussion
Samik Das
Not required.
  • July 26, 2018
  • ·
  • Like
  • ·
  • Select as Answer
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
  • ·
  • Like
  • ·
  • Select as Answer