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SAIKAT DAS

Category : Return f..,
Solved
Dear Amlan, I want to know about
1. how can i save income tax upto 7lacs /annum??

2.Below 4 lacs income ,Paying income tax or Create a new LIC policy ,which is better and why??
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Amlan Dutta
1.) If someone is earning 7 lakhs per annum ,then the tax liability is around 12500 + 40000 =52500 plus cess ....To save tax , he/she can invest in permissible deduction sections under 80 ...a very popular saving is investing under 80 C in PPF to the tune of 1.5 lakhs ...this alone shall make taxabl...
KEDAR MAURYA

Category : Selectio..,
Solved
Hello sir
My friend is a pandit ji and he earn income from pooja and dakshina in marriage , he asked me to advice him to file itr so which itr he should filled, and where he show his income. His annual income is approx 3 lakh.
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Amlan Dutta
Either it can be offered as income from other sources or profession ....If other sources, then one can file ITR 1 and if one wants to offer income from profession , then he has to file ITR 3 .....I will advise to file ITR 1 and show it as income from other sources...
Deepjyoti Das

Category : Selectio..,
Solved
I have recieved Rs.5430 from flipkart affiliate marketing, also received Rs.15000/- interest from savings and FD accounts and also earned Rs.2500/- by selling equity shares on short term. Please kindly help me which ITR to be filed???
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Amlan Dutta
She can select return form ITR 2 ...if you want to know the reasoning, read further.......
1.) Affiliate i...
sachin

Category : Tax Comp..,
Solved
Hi Sir, here is my from 16 screen shot . my hra is under section 10. however i have added it in Allowances not exempt. can you help me to fill again in corrected HRA. I have filled already. Can i now modify it.
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Amlan Dutta
Check my tutorial for subject matter ...you should not have added the HRA in taxable""( non exempt allowances ...now that you have and i believe , already submitted , simply file a revised return under 139(5) showing correct figures ...for non exempt allowances , do gross (1132563 )- basic pay (12 ...
sachin
thanks !!
ANIL JARIWALA

Category : BASICS O..,
Solved
I have salary income for f. Y. 2017-18 and also share market short term capital loss for same year.... So which itr i have to file for my salary income and share market short term capital loss...? ....i know that i cant settle my short term capital loss against my salary income but may i have to m...
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Amlan Dutta
Since Capital gains and salary contribute to your scope of taxable income, your return must accommodate these two income heads ...ITR 2 does and accordingly that can be filed ..No Profit and loss and balance sheet for delivery based trading which is counted under cap[ital gains ( if it was F &O, or ...
Akash Viswam

Category : BASICS O..,
Solved
Dear Sir, I was India till June'18. Can I file my ITR for 18 - 19 as a Resident Indian?
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Amlan Dutta
For AY 2018 19, the period is from 1 st April 2017 till 31st March 2018 .....if you were here throughout then you can claim to be resident for AY 2018 19
Nitasha

Category : Tax Comp..,
Solved
Hi Amlan,
I am a salaried individual. I need to know, how to calculate LTCG. For AY 2018-19, i have some gains before 31-Jan-18 and some till 31-Mar-18. Do i need to fill ITR 1 or ITR 2 and how to fill it? Please help
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Amlan Dutta
You will fill ITR 2 ...for gains before 31st January, they remain exempt and you shall show it in exempt income schedule under relevant head and for gains after 31st Jan , you will show it under capital gain schedule under LTCG portion of the return ...the return shall compute the requisite tax
vipul mhapsekar

Category : Selectio..,
Solved
here is brief :

*i never filed ITR

*iam freelance photographer

* i use only SBI for whatever transaction i require to do.

*As per my SBI (savings) bank statement from 1st April 2017 till 31st march 2018 my credited amount is 650000 (six lakh fifty) & debited amount is 795000 (seven lakh ninety five)...
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   likes this.
Amlan Dutta
Return is prepared to compute taxes based on income depicted by the assesse as applies to him/her ...you have income from profession , interest income (FD and savings ) .note having FD or saving is not income but the interest accrued /paid is income ...Investing in mutual funds is not income but in...
Vishal

Category : Selectio..,
Solved
I have salary income (through cheque)₹3,00,000 (as my main income).In addition to that i have earned around ₹40,000(yearly) as interest in cash from my cash in hand.
Also i do part time tution from which i have earned ₹1,30,000 in cash.
Which ITR should i file?(1or?)
Can there be any problems ...
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Amlan Dutta
You can file ITR 1 showing income from tution and interest income as income from other sources ...i don't see reasons for any problem ....your question category was again wrong , i haven't deleted the query but be careful next time
Vishal
thank you sir,and will try n choose the correct category
vikas

Category : Who is r..,
Solved
Sir is it mandatory for everyone to file an ITR who have a pan card or else he has to pay the penalty. Because I am a mobile mechanic and earn a very small amount. Do I need to file itr and which one?
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manish
Hello, If you are a salaried person i.e. if you are working for someone as a mechanic, then you can file ITR-1. this will help you in your future like when you require loan or something else.
also you can file ITR-1 and show income from other sources if not salaried.
Amlan Dutta
You are basically wanting to know compliance requirement i.e as to when a individual is required to file return...for individual assesse , if gross total income is below threshold levels , he /she is not required to file return ...so, If your gross total income is below 2.5 lakhs(assuming you are b...
ADITYA MAHATO

Category : Tax Comp..,
Solved
sir
My total chargeable salary income ( i.e B1 vi=i+ii-v) as per Form 16 is more than auto generated tax details section of employer though it matches with figure of 26AS so which one should i put on this section? since tax deduction figure not being changed even after putting the different figure.
th...
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Amlan Dutta
For showing income,you will put chargeable income as per form 16 in the income schedule..let the return compute tax ....you will take tax credit as per deducted TDS appearing in 26 as . please draft questions properly next time around ...if the answer doesn't make sense it is because the question i...
sagar patel

Category : BASICS O..,
Solved
Dear Sir, i have income from speculative business so which head in show my income. like PGBP or income from Capital Gain and can i deduct expenses related to speculative business.
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Amlan Dutta
when you are yourself mentioning business , how can you think of showing income under capital gains head .....you can surely take expenses benefit.....there is nothing that prevents taking eligible expenses benefit under business head ...non eligible expenses shall however be disallowed