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Hema Latha

TDS Credit...
Sir, one company is paying to its vendors by deducting tds. In vendor Form 26as, status is showing as over booked. It is not for a single vendor for all vendors of a particular quarter. How to rectify it? Whether company has to do anything or vendors can rectify it while filing their returns.?

Thanks...
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Amlan Dutta
Basically , the deductor is required to match challan against booking of credit ...if not, it is required to clear demands under tds against overbooked challans ...say challan was for 50 rs , overbooked means the company has booked more credit than that .........The company needs to revise E-TDS r...
  • July 6, 2018
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Hema Latha

How to fill Salary breakup in ITR 1...
Hello Sir, while filing ITR-1, where to show incentives and over time allowance in salary breakup. As per my knowledge incentives come under profit head and over time allowance come under non-exempt allowances. Is it correct sir?
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Amlan Dutta
.i don't understand why everyone is focussing on individual pay slips and figuring taxability of individual allowances Please use the form 16 approach i.e (Gross - basic pay) to arrive at total non exempt allowances including all the x,y,z which people are asking me about.........i have clearly ...
  • June 14, 2018
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Hema Latha

80CCD(2) - Employer contribution towards NPS...
Hello Sir, In my F-16, gross salary is inclusive of Employer NPS contribution. While filing ITR-1, in which head I need to show that amount to get the exact income chargeable that is point no 6 in form-16. As per your video, I have calculated the basic pay and other allowances both exempt and non-ex...
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Amlan Dutta
In everybody's case, if employer pays NPF it will be a part of gross salary only and it is not exclusive to it .....you are missing the point ...NPF , PF , etc are all a part of salary only and in particular case Employer NPF contribution , taxpayer enjoys deduction benefit ...say, a employee gets...
  • June 12, 2018
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Amlan Dutta
You can put it in non exempt allowance......there wont be any problem....and yes, you will take benefit under 80 CCD(2) not 80 CCD(1) or 80 CCD(1B) ...80 CCD(1) and 80 CCD(1B) are deduction sections for employee contribution towards NPS...in your case it being employer will enjoy deduction benefit ...
  • June 12, 2018
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Hema Latha

Delay in processing of returns...
Hi Amlan Ji, Good Morning.. An organization is deducting TDS and crediting the same to Government every month with in time. But due to some reasons the returns of all quarters are not filed till now for the FY 2017-18. Can those returns be filed now? Is there any penalty for non filing of TDS return...
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Amlan Dutta
There are huge repercussions of non filing of TDS on time ...not only interest , late fees and penalty also applies when one doesn't file TDS returns on time ....
  • June 12, 2018
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Hema Latha

Taxation of Mutual Funds...
Hi Amlan Ji,

Can you please make a video on How to add income from the redemption of Mutual fund units. For this can we use ITR-1?

Suppose I have redeemed an amount of Rs. 120000/-,which I invested in mutual funds through SIP, which gave me an amount of Rs. 190000/-. That is I got Rs. 70000/- as incom...
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Amlan Dutta
You have not mentioned whether the SIP is into a Equity or non equity Mutual fund . If it is equity mutual fund , again the SIP redemption is very different from a normal equity mutual fund This is owing to the periodic investment nature of SIP'...
  • May 17, 2018
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Hema Latha

INCOME TAX...
Sir
Please tell me what will be the income from other sources

1. 26AS amt+savings interest i.e. 2588+1456=4044/- or
2. Interest paid + interest Accured i.e. 6791+14391=21182/- as per deposit certificate

All the 26AS entries are fixed deposit entries only. But all the entries in deposit certifica...
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Amlan Dutta
The interest entries for the last quarter will get updated by mid may ....besides you will show total interest , irrespectve of whether it is reflecting or not reflecting in 26 AS .....but yes , first bifurcate which all interest entries are savings interest ....because you stand to claim deduction ...
  • April 29, 2018
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Hema Latha

Interest TDS (U/s 194 A) (10%)...
Sir,
As per Form 26AS total interest amount is Rs 2588/-. But this amount is not being reflected in any of the two columns of deposit interest certificate i.e Int Paid and Int Accursed.

Which amount is to be added to the 'income from other sources' in ITR filing?
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Amlan Dutta
Please don't post repeat entries pertaining to same question .....in your case , 26 AS should refer to fixed deposit interest ( check with bank )....and statement interest entries that you see pertain to savings interest ...you will add both under income from other sources , however for savings inte...
  • April 29, 2018
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Hema Latha

Interest TDS (U/s 194 A) (10%)...
Hello sir, I got Interest Certificate on Deposits from Bank. It is showing two columns, one is Interest paid and one is Interest accural. Out of the two above said columns, which amount I need to show in "Income from other sources" column in ITR filing?
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Amlan Dutta
Interest accrued would be mostly Fixed deposit interest ...check with bank .....anyways , you will add both .......
  • April 29, 2018
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