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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..
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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
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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.
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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
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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
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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
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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
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RAVIKUMAR JENTIBHAI NAGAR

Hello sir
I am stock market trader and my agreegate turnover greater than 20 lac to muje GST no. Lena padega
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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
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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.
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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
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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...
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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
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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
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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
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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...
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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
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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...
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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
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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...
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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
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Shashikant Singh

How to fill Salary breakup in ITR 1...
Hello Sir,
I am a state govt. servant. I have watched ur you tube video datef 10/5/18, it was very helpful.
I have 2 doubts for filing ITR, first govt. vehicle is given to me for which govt. deducts Rs. 250/- monthly , where to show it as exemption. Second, govt. quarter is alloted to me for which g...
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Amlan Dutta
Deductions( in your case perquisite tax) is neither any income nor any exemption , so they wont form a part of your income computation statement ...use your form 16 and fill up income schedule accordingly....not deleting question this time , but next time select category properly else query shall...
  • August 19, 2018
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Shashikant Singh
Sir, in my salary slips they are shown as deductions but in form 16 issued by employer these are included in gross salary. Shall I deduct these in efiling?
  • August 20, 2018
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Siva

ITR 4...
Hi Amlan, Yes, I'm working as technical consultant (freelancer). I have got another question on Presumptive Taxation eligibility when I found the below one in FAQs.

FAQ: Who cannot opt for the Presumption Taxation Scheme?
Answer: If the taxpayer has claimed deduction under section 10, 10A, 10B, Sectio...
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Amlan Dutta
I don't like commenting on stupid articles and FAQ's and this would be my last response to this question ...that is section 10A and not section 10 ...that much is enough ,,,i won't waste any further time..next time please link your question if you provide a FAQ reference ...if it is of any blogger ...
  • August 19, 2018
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Siva
Sorry about that and Thanks for your response!
  • August 20, 2018
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