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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...
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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
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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...
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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
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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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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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Gian Naorem

How to fill Salary breakup in ITR 1...
Sir what will be my basic salary for 9300-34800 and grade pay 4200
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Amlan Dutta
(basic for each month + grade pay for each month ) for the 12 months shall be your basic salary i.e salary excluding all allowances etc required in ITR
  • August 15, 2018
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KESHAV GANGWAR

How to fill Salary breakup in ITR 1...
if i did not show salary break up in itr filing ay. 2018-19. and i mistakely showed my all income under head salary (excluding all allowances). my return is non refundable, will it be processed or not or invalid by AO. what chances are possible.
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Amlan Dutta
If you put your chargeable salary income under salary without showing breakup , it shall still get processed ...however, since every field has a purpose , i will advise that if the original return has not been processed then you must decide to revise the return showing salary breakup
  • August 5, 2018
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sarvesh

Sar namskar ,
Mere dost ne pichla return (ITR 1) mein dakhil kiya Tha aur uska refund bhi ho gaya hai baad mein pata chala ki uska return (ITR 4 ) mein dakhil hona tha kiya ab ye return revised ho sakta hai
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Amlan Dutta
Here, return cannot be revised since return has already been processed. Go and meet the assessing officer and seek rectification of order. ( Note - For FY 2017 18 , Return can only be revised until the end of the assessment year or completion of assessment whichever is earlier )
  • August 1, 2018
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Kapur

Multiple form 16...
Hi Amlan, Thank you for making knowledge genuinely free through the work you have put in over the years.

My query is, I have received 2 Copies of PART A (Form16) from my company as they had changed their entity/ PAN/ TAN. Q1 is separate while Q2+Q3+Q4 are together and only one PART B is available. H...
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SYED UMAIR HUSAIN

Exempt HRA when not shown in Form 16...
I have Rs. 5088 as deductions in HRA head. (Rs. 424 per month). How to include this in my ITR. plese help.
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Amlan Dutta
If this is HRA exemption and not considered in form 16 , you can reduce your exempt allowances by this amount. Check answer video option.
  • July 28, 2018
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