Categories
Pagination Scroll
Poonam

How to show Gift from relative in return(U/s 56(2)...
Sir, My mother given me Rs 12 lakhs from her FD through online mode transaction sometime ago.
my questions is
1. Do I need to pay tax for that money?
2. Do I need to take money either as LOAN or as GIFT ? If I want to earn money through further FDs ( without clubbing).
(What should I do to ma...
  • Show Placeholder
  • Hide Discussion
   likes this.
Amlan Dutta
The tax treatment in this case( to be considered as gift) is guided by Section 56(2) of income tax act 1961....Basically , any sum of money being received by relative is exempt from levy of tax ......If your mother gift's money to you, , then you are exempted from paying any tax on gift amount as ...
  • November 24, 2018
  • ·
  • Like
  • ·
  • Select as Answer
mushtaq rangraj

TAXABILITY OF SALARY ALLOWANCES...
Hello sir i am desperate need to help my friends father who got retired from state govt service earlier this year during AY 2018-19. unko retirement pe PF-Rs 12,39,142 gratuity-Rs 7,03,002 aur leave encasement ke Rs 4,39,120 total Rs 23,81,264 rs mile but koi form 16 nhi mila plus last year ki salar...
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
You will not COMBINE exempt income under chargeable income ...

Say salary 100 rs , exempt PF is say 10 Rs , exempt gratuity is say 10 Rs and exempt EL encashment is say 10 Rs ...

Then in return , under chargeable income , you are required to show taxable income only i.e 100 Rs and 30 RS IN EXEMPT I...
  • October 17, 2018
  • ·
  • Like
  • ·
  • Select as Answer
Sandhya Bhadra

TDS mismatch in Form 16 and 26 AS...
Thanks for your excellent presentation regarding this issue. Today I got a response from CPC......now what would be my next steps..
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
You can submit a simple rectification for tax credit mismatch ....however , i feel the rectification options for AY 2018 19 has not loaded yet in the system ...i fail to recollect your case , however if memory doesn't fail me it was hardly a 8 rs difference in the tax credit mismatch ...there will b...
  • October 8, 2018
  • ·
  • Like
  • ·
  • Select as Answer
Sanjay Deb

RETURN FILING...
Hi Amlan! I have a doubt regarding Employment category. If a housewife get FD interest and no other income source is there for her which employment type she should choose while filing ITR-1 for the TDS deducted.
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
Since she is a housewife and has no source of employment, the question of selecting employment doesn't apply and therefore she has select not applicable ...she will simply fill interest income from other sources and claim TDS credit in TDS schedule .....

(Note, the category for question selected is ...
  • September 30, 2018
  • ·
  • Like
  • ·
  • Select as Answer
RAVIKUMAR JENTIBHAI NAGAR

Good morning sir,
As a share market trader can I take benefit as a expense show below image
In this image 6 changes mentioned can I show all changes as a expense in my ITR 3 return form
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
Delivery based trading shall be offered as capital gain whereas speculative shall be offered as business...for delivery, you can add brokerage in permissible expenses ..whereas for business expense, you can show STT as a eligible expense ..rest cannot be shown as expense ...i wont be able to do tuto...
  • September 7, 2018
  • ·
  • Like
  • ·
  • Select as Answer
Jitendra B
In Capital Gains while calculating for equity shares and equity MFs, I have read somewhere that STT cannot be considered as deductible item.


Read more at:
//economictimes.indiatimes.com/articleshow/54790989.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
  • September 7, 2018
  • ·
  • Like
  • ·
  • Select as Answer
RAVIKUMAR JENTIBHAI NAGAR

Hello sir
I am stock market trader and my agreegate turnover greater than 20 lac to muje GST no. Lena padega
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
It is true that businesses that have annual turnover greater than 20 lakhs have to seek GST registration...but under GST act , there is negative list and exempt list and businesses falling under such are not required to register for GST .. since stock market i does not fall under GST purview,you...
  • September 3, 2018
  • ·
  • Like
  • ·
  • Select as Answer
Ramarao

How to show Gift from relative in return(U/s 56(2)...
Hi Sir,
I received an amount of Rs 1,32,000 from my brother who is an NRI , under which category head of ITR1 should it be shown by me or can i take exemption under Gift.
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
The tax treatment in this case is guided by Section 56(2) of income tax act 1961....Basically , any sum of money being received by relative is exempt from levy of tax ......

Here, since brother falls under relative purview, any sum of money received from assessee by his brother is exempt in assess...
  • August 31, 2018
  • ·
  • Like
  • ·
  • Select as Answer
Nitin

How to fill Salary breakup in ITR 1...
Hi Amlan,

In ITR 1 under SALARY (EXCLUDING ALL ALLOWANCES, PERQUISITES AND PROFIT IN LIEU OF SALARY) is basic salary for the complete financial year needs to be mentioned or it can include Leave Encashment , Performance bonus ( Quaterly) or monthly bonus component or they will come under the Allowanc...
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
It all depends on how your form 16 has been framed up ...safest is to show basic salary under salary and show rest under non exempt portion by doing (gross - basic - exempt allowances) .......once you also factor in deduction on account for tax on employment, this will help you arrive at exact ch...
  • August 29, 2018
  • ·
  • Like
  • ·
  • Select as Answer
cherry

Transport allowance u/s 10(14)(ii)...
Form 16 given by my employer has special allowance. Can i deduct transport allowance while filing my return if not separately mentioned in Form 16
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
No , you cannot ...however if special allowance means transport( get it confirmed from employer , then you can ....one cannot mix up allowances much like how one cannot mix up income heads or anything for that matter
  • August 28, 2018
  • ·
  • Like
  • ·
  • Select as Answer
Supriya Chakraborty

How to fill Salary breakup in ITR 1...
Hi Amlan,

You are doing a great work. Thanks for helping.

This year I am filling two form 16 as I have changed my employer.

I have a query related to deduction under Less: Allowance to the extent exempt u/s 10.

In one form 16 it is 20,961.74 (Conveyance 11,767.74, Medical 9,194.00) and in anothe...
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
what is the 8000 for the other firm for ...the total medical reimbursement permitted is 15,000 and for conveyance is 19200 ...if these limits individually is not crossed , yes, you can claim the benefit
  • August 26, 2018
  • ·
  • Like
  • ·
  • Select as Answer
Arnab Datta

I have received a communication from CPC for salary mismatch for AY 17-18. And within 1 month.... I have not responded through E-proceeding tab in income tax e-filling website. The mismatch was for Medical Reimbursement Rs 15000 . Now I have to fill the revised return showing my medical reimbursemen...
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
In salary schedule , you will show medical reimbursement under other allowances 7 (iv) ...and in Exempt income schedule you shall show it under other head since there is no specific field for this
  • August 22, 2018
  • ·
  • Like
  • ·
  • Select as Answer
Rajan

I received a notice under142 (1) from ITO and asked to furnish few deatils or AY 16-17.
For AY 16-17 I have already filled the income tax return.
In that year I have taken some loan from bank and invested that amount in share market and lost all of my money.
While filling return my CA has shown t...
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
The loan taken from bank is not income ...if you declare it during the course of scrutiny assessment as to explain the money source , there should be no problem since tax is liable on income alone and not on non income sources like loans etc.........
  • August 20, 2018
  • ·
  • Like
  • ·
  • Select as Answer