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SWARNA CHANDRIKA

Hi, I've 4 FDs in SBI, which my father used to handle, recently he got very sick,so asked me to submit 15G form online.when I logged into the A/C I found that the bank has deducted 20% TDS from all the fixed deposits(despite giving Form 15G and PAN Card number) and also my found that bank has not up...
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Amlan Dutta
There is and really depends on how well the banks co-operate ...here, you will have to request bank to revise the TDS return they submitted. Anyone who deducts TDS has to submit a TDS Return of all the TDS deducted by them and that is how this information reaches your Form 26AS. At present since th...
  • April 17, 2018
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Chaitanya Kumar

Double Tax Avoidance Agreement...
I'm resident of India and in US now for temp work, as part of global tax i'm being asked to pay tax for medical insurance paid in US and which is non-taxable in US and also in India. Do i need to pay/calculate tax for medical insurance amount? pls suggest
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Amlan Dutta
W.r.t indian taxation system, no .
  • April 16, 2018
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ISTIYAk

INCOME TAX...
Mere papa SBI Magnum Balanced Fund - Regular Plan - Growth me 400000 ka investment kiye hai...aur 300000 ki FD pnb me kiye hai...iske alawa unka koi income source nahi hai..kaun sa itr file karna hoga....itr1 or itr2 ya fir koi aur...plz reply me...
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Amlan Dutta
See, investment doesn't translate into income ... income on investment does ...in this case , the accrued interest on FD shall be interest income shown under other sources --- you can file ITR 1 and show FD interest income under income from other sources
  • April 16, 2018
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ISTIYAk
Thanks sir..
  • April 16, 2018
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PANKAJ SHUKLA

AY 2018-19 Return forms ( ITR 1) has released. Can you please make a video on how to fill ITR 1 form for AY 2018 19 and upload on Youtube?
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Amlan Dutta
Shall do. In the meantime , can you please confirm the income heads the assesse is earning income from and his residential status ...i shall be assuming , for the purposes of my tutorial that the assesse earns income from salary and maybe some Fixed deposit interest......
  • April 15, 2018
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Bishwajeet kumar mishra

Selection of Return...
Sir, i am a Government employee. Till now i have submitted ITR 1 . For FY 2017-2018, i have invested in Mutual Fund , SIP and some liquid funds. Which ITR am i required to submit?
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Amlan Dutta
See, investment's doesn't translate to income ...some of the investments can enjoy
deduction benefits ( under section 80) to reduce taxable income. Since you are a government employee, i presume that you must be earning salary income and therefore the ITR 1 filed for so many years . You can do the ...
  • April 17, 2018
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MAAZ

INCOME TAX...
sir me ne itr-4 file kiya he online to indian income tax return verification form kaise download karu
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Amlan Dutta
You can check my tutorial on YouTube for same...it is available under dashboard ( all returns that you have filed )
  • April 15, 2018
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Shubham Bauskar

Sir, Is NPS come under section 80C or 80CCD...?? Is it inclusive under section 80C (150000)..??
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Amlan Dutta
Income tax laws allow tax deduction for contributions to NPS under three sections.First, the employee’s contribution under Section 80CCD(1). This deduction is under the overall Rs 1.5 lakh limit under Section 80C. Second, up to 10% of the basic salary put into the NPS by the company on behalf of the...
  • April 15, 2018
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shaikshabeer

Section 119(2)(b) Delayed filing...
what it means "are you filing u/s 119(2)(b)/92cd" in itr new option introduced?
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Amlan Dutta
Yes one can see that the facility to upload return u/s 119(2)(b) enabled for time barred delayed claim of exemption deduction or relief and (ii) modified return of income under APA u/s 92CD

Basically , these are section that offer relief to taxpayer in terms of filing but with permission

Section 119...
Yes one can see that the facility to upload return u/s 119(2)(b) enabled for time barred delayed claim of exemption deduction or relief and (ii) modified return of income under APA u/s 92CD <br /><br />Basically , these are section that offer relief to taxpayer in terms of filing but with permission <br /><br />Section 119 of the Income Tax Act, 1961 is about  to Instructions to subordinate authorities providing measures for the purpose of efficient management of the Revenue and give relief from undue hardship to the assessee.<br /><br />Section 119(2)(b) provides that CBDT for avoiding genuine hardship authorize income tax authority to admit an belated application or claim for any deduction, exemption, refund or any other relief even after the expiry of the period specified under the Act for making such claim or application.<br /><br />However, note no Condonation for claim of refund or loss shall be entertained beyond six years from the end of the assessment year for which application or claim is made. The limit of six years is uniform for all authorities considering the application or claim.<br /><br />Eg:- Suppose , belated period of filing is over and someone could not submit return due to genuine hardship and has excess TDS  interest credit ( from banks) for which he seeks refund , he can use this section to his benefit <br /><br /><br />Section 92CD provides that irrespective of section 139, where any person has entered into an advance pricing agreement and before entering such agreement,has already furnished  return of income for the year to which such agreement applies, the person shall furnish a modified return within three months.<br /><br />Eg:- Suppose , i have filed a return under section 139(1) ( due return ) , but however enter in advance pricing agreement subsequently , then i can submit a modified return due to the provision of the section 92 CD
  • April 19, 2018
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ISTIYAk

General...
Avi tak uncle ji itr4s aur itr4 file karte rahe...pr unka business closed ho gaya hai..aur ab AY18-19 me itr1 file karege ..to koi request karna padta hai.. itr form me ya direct itr1 file kr sakta hai.....koi notice to nahi ayegi...
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shreedhar

General...
Hi, I think currently one cannot surrender PAN card online, is there any news/update for online facility in the near future ?
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Amlan Dutta
I have not seen anything working for online surrendering of PAN , better to fill up form 49 A and select surrender option and submit to nearby . Save a copy of Acknowledgment for future reference.....

Write a letter addressed to the Assessing Officer of your jurisdiction Mention your personal detai...
  • April 12, 2018
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shreedhar

INCOME TAX...
Hi, Is there a provision to record home maintenance/repair expense while filing Tax return form ITR 1 ? Thanks
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Amlan Dutta
No, there is no such provision nor do you get any tax benefit for any such home maintenance or repairs ..... however under standard deduction for let out house, one of the deduction benefits is 30% of the net annual value ( you need no documents etc)

There is no such benefit for self occupied house h...
  • April 12, 2018
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YOGENDER KUMAR

Plz share a tutorial video for e- filing of quarterly return by a deductor
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Amlan Dutta
Please refer to tutorial from my friend Sumit Lodha on this subject!
  • April 12, 2018
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