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Nitasha

Tax Computation...
12 hours ago Unsolved
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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vipul mhapsekar

Selection of Return...
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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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...
  • Yesterday, 6:03 pm
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Vishal

Selection of Return...
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
  • August 17, 2018
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Vishal
thank you sir,and will try n choose the correct category
  • August 17, 2018
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vikas

Who is required to file...
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.
  • August 15, 2018
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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...
  • August 15, 2018
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ADITYA MAHATO

Tax Computation...
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...
  • August 15, 2018
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sagar patel

BASICS OF INCOME TAX...
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
  • August 8, 2018
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Satya Prasad Sahu

Tax Computation...
PPF Withdrawal and tax implications: Had an EPF account from Dec 2011. EPF was with EPFO regional office. I joined another company("B") in Aug 2014 which has Trust. I did not transfer the EPF to Trust. So my UAN account displays 2 PF accounts. From Company-B, I came on deputation to USA for project ...
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ADITYA MAHATO

Return for Salary, Interest...
sir
Gob bless u for this noble service. I have FD and savings interest on two different banks but it is not shown in my 26 AS , is it necessary to show on ITR1, if it is less than 10000 and gross salary is more than Rs. 300000, from where can I get it. If u have any tutorial on it please give me the...
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Amlan Dutta
Both saving and FD interest are taxable income , you can check your account statement for the credited interest from savings and accrued interest from fixed deposit ....it doesn't matter what the amounts are , they need to be shown in the return ....take up with your bank so that the FD starts refle...
  • August 6, 2018
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Honey

Tax Computation...
Hi Amlan, Today i filled my father's ITR. In tax computation tax liability was 3908 and tax credit as per 26 as was 227 So i paid tax using e-pay tax Rs. 3680 (As it was auto-fillled column ) now the problem is , there is difference of rs. 1 between liability against what i paid. now do i need to...
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Amlan Dutta
You can leave it ...anything under Rs 5 is not considered a liability or demand .......Congrats for being able to file return on behalf of your dad
  • August 1, 2018
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Md Khursed Alam Ansari

Selection of Return...
Sir, I have income from house property and also taken a loan for the house & my profession is business.... which ITR to file ITR4 or ITR3..
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Amlan Dutta
ITR 3 if business income is to be shown at actuals and ITR 4 if business income is to be shown in presumptive levels (however , not eligibility condition for presumptive must be satisfied first to use presumptive benefit ).....don't post questions without selecting proper category first .else the qu...
  • July 31, 2018
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Anmol SHARMA

BASICS OF INCOME TAX...
Sir in form 16 my investment detail are more then I actually invested. And I am filling ITR According my actual investment. So there is difference in ITR income and form 26 and form 16. My income is less then 3 lakh and no tax due in both cases. Is it ok that in future no problem would aries ?
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Vishal D

Tax Computation...
Sir

Bank has already deducted TDS of 10 percent on FD interest. So if I show the whole amount under income from other sources, since I fall in 20 percent bracket it shows 20 percent as TDS to be paid but I only want to pay 10 percent remaining. Then how do I put the amount under income from other so...
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Amlan Dutta
The taxes will get computed at 20 % but since you have already paid 10 % , so despite computing tax as per slabs ( say it works out to be 20% ), you will get credit of TDS paid of 10% which you will be claiming in TDS schedule ( schedule2) and in effect required to pay only balance ( tax liability -...
  • July 29, 2018
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