https://makeknowledgefree.com/index.php?do=/video/ List of all the latest videos. https://makeknowledgefree.com/index.php?do=/video/406/now-it-department-introduces-risk-management-compliance-for-refunds/ Now IT Department introduces Risk Management compliance for refunds Now IT Department introduces Risk Management compliance for refunds https://makeknowledgefree.com/index.php?do=/video/406/now-it-department-introduces-risk-management-compliance-for-refunds/ Mon, 21 Jan 2019 16:22:24 +0000 Amlan Dutta https://makeknowledgefree.com/index.php?do=/video/405/youtube/ https://makeknowledgefree.com/index.php?do=/video/405/youtube/ Mon, 21 Jan 2019 16:21:58 +0000 Amlan Dutta https://makeknowledgefree.com/index.php?do=/video/404/how-to-select-income-tax-returns/
Video Link - https://www.youtube.com/watch?v=VYnezAHmD8g
Hello Amlan,

I came across your video on youtube and was impr...]]>
Video Link - https://www.youtube.com/watch?v=VYnezAHmD8g
Hello Amlan,

I came across your video on youtube and was impressed.
Good job!

Few things about me. I am a NRI and I am filling IT returns for me & my family members on my own for last 3 years using government incometax website.
My habit is to file return for all my family members irrespective of whether they fall in tax bracket or not. I think it as my duty and not a compulsion/liability.

I seek some guidance from you with regards to correct way of filling the tax returns.

Query 1: I used to file ITR2 for me & my father and ITR1 for my wife & mother.
My father is a pensioner (govt. sector) and I am an employee abroad.
My mother is housewife and wife is living & working with me abroad.

While filling ITR2, I used to show the properties (real estate) under tab house property.
But after watching your video I realised that pension, rent & bank interest being the only income heads for me & my father, I don't need to file ITR2.
ITR1 should do the job.
Are we not suppose to notify government about the properties we own?

Query 2: Being abroad for some time, I am thinking of selling my current house and invest the amount in new house.
I had purchased the property 4-5 years back, and got possession 12 years back.
From internet I learned that the capital gain tax would be considered as long term capital gain if the property is sold after 3 years of purchase (I read many articles and all were mentioning 'purchase' & not 'possession').
Do you know for sure if it is the purchase date of the property and not the possession date?
Also would like to know if you have any idea where can I find exact 'value of property as per stamp valuation authority'?

Regards
Tushar


Solution - By Amlan Dutta

(1) You , your father , Your Mother and your wife are 4 different individual's (person)
For individual, the return can be ITR 1/2/3/4/4S
now , selection of return is to declare income and savings so that total taxable income and applicable taxes can be computed
Also , once that is done , inidvidual has to ensure that the taxes have been paid as per income slabs (tax structure )

Note that ITR 1 is just for 1 house property ...if you have income from more than 1 house property , fill ITR 2
When i say you , i mean you you and not your wife , mother , father

Each one is separate ...so when they file their return's , they will see their income heads and file returns as applicable based on the income heads and as per the method listed above

So , all in all 4 returns will be filed for 4 of you ....

Your properties are automatically declared in Schedule House property ...as regards faroeign assets , you have schedule FA in the return which you have to fill for that part

(2) Transfer as per section 2(47)
Possession based on part payment is a transfer
So , even if you got registry done and procured just 4 years back , transfer will be treated from the date of possession which was 12 years back ( on part payment being made then , i assume )
Since it is a non security , so period of holding more than 3 years is the time period for long term capital gains .loss in case of a transfer

Since it is a house , while selling , figure out indexed cost and then arrive at gains after deducting from sale price the indxed cost of acquisition plus improvement to flat , if any

Say , if gains are 100 Rs and the flat is sold on 01/01/2014 , invest this 100 Rs within 3 years later i.e 01/01/2017 or 1 year before 01/01/2013 in a new flat , so that this entire 100 Rs is then exempted from tax ...this is called LTCG exemption under section 54

If you invest less amount say 80 Rs , keep the balance in a capital gain account and utilise that within 3 years for improvement of the same property or purchase of a new property

With this i hope that have solved both your queries ,

I have also made a Tutorial for you on Youtube ,
You can check your solution

The link for your video solution is
YT link - https://www.youtube.com/watch?v=VYnezAHmD8g

If my knowledge helped you , please help others in a likewise manner so that humanity and kindness has a chance to come back into this useless materialistic world

Peace ,
Amlan Dutta]]> https://makeknowledgefree.com/index.php?do=/video/404/how-to-select-income-tax-returns/ Fri, 11 Jan 2019 10:19:52 +0000 Amlan Dutta https://makeknowledgefree.com/index.php?do=/video/403/how-to-raise-condonation-request-for-late-e-verification-resulting-in-inval/
Project - #makeknowledgefree
By - Amlan Dutta

Posted by - Ritesh Jh...]]>
Project - #makeknowledgefree
By - Amlan Dutta

Posted by - Ritesh Jha

Sir i have a question last year i filled my ITR but didn't verified it. Now, i verified current year last year both but the last year income tax return acknowledgment shown invalid.

Solution:-

You get 120 days fro date of generation of acknowledgement to e verify ...if you delay further to 120 days then it becomes invalid ...check whether you have a option to seek condonation of delay of submitting ITR V under service portion( check my video for condonation of delay in submitting ITR V )...Basically, the income tax department has been given wide authority by the Central Board of Direct Taxes (CBDT) under section 119(2)(b) of the Income Tax Act to admit an application or claim for any exemption, deduction, refund or any other relief after the expiry of the period specified under the Act. Therefore, such powers of wide authority should include the powers to condone the delay in specific cases of failure to submit ITR-V as well."]]> https://makeknowledgefree.com/index.php?do=/video/403/how-to-raise-condonation-request-for-late-e-verification-resulting-in-inval/ Fri, 28 Dec 2018 07:56:34 +0000 Amlan Dutta https://makeknowledgefree.com/index.php?do=/video/402/what-to-do-if-return-filed-long-back-but-not-processed-yet-delay-in-process/
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By - Amlan Dutta

Hemant Kumar Soni asks

De...]]>
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By - Amlan Dutta

Hemant Kumar Soni asks

Dear sir
I have filed my return ITR 1 at August 18 and e-verified it. But my return has not YET been processed and i have not got my refund. Can you please guide me in this case.


Solution - #makeknowledgefree
By - Amlan Dutta

You can further escalate to the next level for processing of returns through Nivaran..i.e if the earlier request was made to the CPC cell , raise it now to the assessing officer. If that also doesn't help , you can meet your assessing officer in person and request for expedited processing .Say , that also causes delay, you can then meet the commissioner and seek recourse . Me or any portal /individual cannot help...it is your assessing officer who alone is responsible for processing of your filed return..... avoid sharing numbers and credentials]]> https://makeknowledgefree.com/index.php?do=/video/402/what-to-do-if-return-filed-long-back-but-not-processed-yet-delay-in-process/ Fri, 30 Nov 2018 17:06:54 +0000 Amlan Dutta https://makeknowledgefree.com/index.php?do=/video/401/how-to-get-tax-refund-for-tds-deducted-under-194la-arun-bajpai/
Project - #makeknowledgefree
By - Amlan Dutta


Bajpai asked on my site...]]>
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By - Amlan Dutta


Bajpai asked on my site
"Good evening Sir,
sir how to file itr for tds deducted u/s 194LA for AY 2017-18
assessee is individual, his agriclutral land aquired by government"

Solution - As per circular 36 /2016 released by CBDT , the compensation received is exempt since it falls under section 96 of RTFCLARR (Right to fair compensation for land acquisitiom , rehjabilitation and resettlement )act
You can simply show it under exempt income and claim TDS credit by showing it in TDS schedule !

Here , however there is also the case of belated filing which needs to be addressed and that is to be done seeking condonation seeking from CIT under section 119(2)(b)
If he permits and issues condonation notice , then using section 139 alongwith 119(2)(b) , you can file time barred return and claim refund of deducted TDS

(I have assumed that the compensation doesn't fall under section 46 of RTFCLARR act , 2014 )]]> https://makeknowledgefree.com/index.php?do=/video/401/how-to-get-tax-refund-for-tds-deducted-under-194la-arun-bajpai/ Fri, 30 Nov 2018 16:46:03 +0000 Amlan Dutta https://makeknowledgefree.com/index.php?do=/video/400/how-to-file-itr-for-any-previous-year-even-after-belated-period-over-sectio/
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Posted by Balaji on site on 31s...]]>
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Posted by Balaji on site on 31st July 2018
"Sir I want to file return for assessment year 2017 - 18 .Belated period is already over on 31st March 2018 , I have checked i have refund for that year but since i have not filed return , i could not claim it .How to file ? Is there any way to file return for previous year when belated period for filing is also over "


Solution - By Amlan Dutta

Using belated section 139(4), you cannot since time period is over ...However, you may request for condonation of delay of filing if geuine hardship was there ..... The condonation process is not online and has to be done through paper application to CIT under section 119(2)(b)... go and meet him if possible through representation or assesse himself ...Once condonation approved, return filed using section 119(2)(b) shall be processed by the assessing officer . He shall give a notice approving condonation
Using this notice , you can file time barred return using section 139 alongwith 119(2)(b)

Now, to give some background , the section 119(2)(b) offer's relief to taxpayer in terms of filing but with permission

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.

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.

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.

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

In this case assesse has genuine hardship so he will apply for condonation request to principal commissioner /CIT( since value is less than 10 lakhs) ....Once approved, he can then file following the steps shown in the video]]> https://makeknowledgefree.com/index.php?do=/video/400/how-to-file-itr-for-any-previous-year-even-after-belated-period-over-sectio/ Fri, 30 Nov 2018 08:19:37 +0000 Amlan Dutta https://makeknowledgefree.com/index.php?do=/video/398/how-to-file-rectification-request-for-tax-credit-mismatch/
Video Link - https://www.youtube.com/watch?v=uI1Uyf__m8k

Narration - By Amlan Dutta

Let the p...]]>
Video Link - https://www.youtube.com/watch?v=uI1Uyf__m8k

Narration - By Amlan Dutta

Let the previous year ( financial year of whose income is being considered for taxation ) be 2013 14 . This is a live case and my case . I truly had income from salary and FD interest . My salary income was 9.54 lacs and bank FD interest income was 61622 rs

Bank had not deducted TDS because i had wrongly furnished form 15 G ...while uploading return i saw my return computed tax payable for 17000 Rs but still uploaded it like that ...worst part was i uploaded this belated return under section 139(4) ...so i cannot now revise it under section 139(5)

Few days later when people tell me that i had done wrong by not paying self assessmenttax , i used challan 280 to pay that much self assessment tax , but now i need to show those details which would be very easy to show in revised return but i can;t do that anymore

So how to revise it ? So , once i get the intimation assessment under section 143(1) i validate the intimation which means i am rectifying the intimation which is passed against the return that i had originally filed

Here then i get to rectify between taxpayer filed information and taxpayer filed tax credit

Obviously i need to select tax credit to take credit of the self assessment tax paid !
I select taxpayer credit and select all entries for salary TDS , non saklary TDS and IT paid against self assessment /advance and fill in this entries ( salary TDS and self assessment tax paid ) to avail correctly the tax credit

Then i upload the rectification request !

Aur kya pad rahey ho ! Ho gaya khatam ---Khush

Now share knowledge !

Peace ,

Amlan Dutta]]> https://makeknowledgefree.com/index.php?do=/video/398/how-to-file-rectification-request-for-tax-credit-mismatch/ Thu, 04 Oct 2018 11:46:24 +0000 Amlan Dutta https://makeknowledgefree.com/index.php?do=/video/397/how-to-file-itr-after-due-date-is-over-ay-2018-19-salaried-assesse-section-/
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By - Amlan Dutta]]>
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By - Amlan Dutta]]> https://makeknowledgefree.com/index.php?do=/video/397/how-to-file-itr-after-due-date-is-over-ay-2018-19-salaried-assesse-section-/ Mon, 01 Oct 2018 16:40:29 +0000 Amlan Dutta https://makeknowledgefree.com/index.php?do=/video/396/how-to-pay-advance-tax-ay-2019-20/
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By - Amlan Dutta


Mrudula Ji Asks
"This year my other income is comin...]]>
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By - Amlan Dutta


Mrudula Ji Asks
"This year my other income is coming around 100000 in various Bank FD and RDs and NSC (45000 in interest) Do I have to pay advance tax even though I am salaried because I have not declared them to my employer.? How do I pay advance tax?

Answer:

If total tax liability is 10000 Rs more, then you are liable to pay advance tax ...In your case, first figure out whether the taxable liability shall exceed 10,000 rs . If yes , then pay advance tax using challan 280...check video tab on how to pay advance tax]]> https://makeknowledgefree.com/index.php?do=/video/396/how-to-pay-advance-tax-ay-2019-20/ Thu, 13 Sep 2018 05:23:54 +0000 Amlan Dutta https://makeknowledgefree.com/index.php?do=/video/394/how-to-submit-rectification-online-for-not-having-submitted-form-10-e-relie/
Video Link - https://youtu.be/Re0qC73e1oY

Project - Make Knowledge F...]]>
Video Link - https://youtu.be/Re0qC73e1oY

Project - Make Knowledge Free.
By - Amlan Dutta

In the real case , Nilesh had got salar arrears from due in 2013 14 in year 2014 15 .
He figured out that this arrears require that he pays extra 659 rs compared to what he would have been required to pay if the arrears was paid in the due year itself
He also gets a form 10 E using which he can therefore claim relief for this 659 Rs .This figures also appear in his form 16 ( salary TDS certificate )

Now he uploads return claiming relief under respective heading
But to his suprise when the intimation arrives , the departmen has not considered his request for relief
So what went wrong ?

He is required to upload form 10 E online before filing the return
The calculations which are shown in his office provided form 10 E are to be filled in online form 10 E available in his tax filing account and submitted online .
Now , firstly he will first do this .I.e He will fill 10 E online and submit it
Then, more importantly he will apply for rectification to the intimation assessment passed under 143(1)
While doing so , he will select option " reprocess the case " and not the other option 's
He is neither correcting the data in the return nor is he correcting tax credit mismatch
While seeking to reprocess the case , he will opt for tax computation checkbox which is because now when the department reprocesses the case and discovers that nilesh is eligible for relief of 659 Rs , the tax will get recomputed

Shortly he can see that his rectification request shall be processed !]]> https://makeknowledgefree.com/index.php?do=/video/394/how-to-submit-rectification-online-for-not-having-submitted-form-10-e-relie/ Mon, 10 Sep 2018 02:47:58 +0000 Amlan Dutta https://makeknowledgefree.com/index.php?do=/video/393/how-to-epay-tax-and-take-credit-in-itr-challan-280/
Project - #makeknowledgefree
By - Amlan Dutta]]>
Project - #makeknowledgefree
By - Amlan Dutta]]> https://makeknowledgefree.com/index.php?do=/video/393/how-to-epay-tax-and-take-credit-in-itr-challan-280/ Fri, 07 Sep 2018 02:54:48 +0000 Amlan Dutta https://makeknowledgefree.com/index.php?do=/video/392/how-to-correct-return-for-correction-of-e-paid-taxes-not-shown-in-return-se/
Project - #makeknowledgefree

Dear sir
I have filled itr before 31st Aug 2018. I...]]>
Project - #makeknowledgefree

Dear sir
I have filled itr before 31st Aug 2018. In this ITR I had submit e-tax 4000 through net banking. I have not knowledge of fill a tax detail while filling itr. After watching your video I come to know my mistake. Now I want to rectify it. How I rectify itr after submit and what are the change I have to do while rectification. Please help sir


Solution:-

Check in tax filing status whether your return has been processed or not ...if not processed , you can revise return using section 139(5) and claim credit of paid self assessment taxes ...check tutorial on revision process ...don't forget to e-verify the return ...In case return already processed, then submit rectification request for tax credit mismatch (Though it is actually a rectification case of taxpayer correcting data)...]]> https://makeknowledgefree.com/index.php?do=/video/392/how-to-correct-return-for-correction-of-e-paid-taxes-not-shown-in-return-se/ Fri, 07 Sep 2018 02:46:17 +0000 Amlan Dutta https://makeknowledgefree.com/index.php?do=/video/391/how-to-file-itr-for-lottery-winnings-itr-2-section-194b-shrutiyadav/
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Posted by Shruti on site

"Hi Amlan Sir, great si...]]>
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Posted by Shruti on site

"Hi Amlan Sir, great site.

Can you make one more video about this query below please? And please teach and show on the video how to file ITR or pay any taxes if applicable.

note: my income tax slab bracket is less than thresold Rs.2,50,000 / non taxable. I do not have any other income other than this winning in both cases

*) case 1: I do not have any income source, my income comes under non taxable income tax slab (which is less than Rs.250000). So if I play and make profit of Rs.8000 (which is less than Rs.10000) in an entire year. And then I withdraw it, so poker site will not deduct any TDS, so do I have to pay tax on this income of Rs.8000?

*) case 2: I do not have any income source, my income comes under non taxable income tax slab (Rs.250000). So if I play and make profit of Rs.8000 (which is less than Rs.10000), then withdraw it (so no TDS deducted), then I again play again and make a profit of Rs.7000, then I withdraw it (so no TDS deducted) in an entire year. So do I have to pay any tax on this total income of Rs.15000?

Or the income goes under my income tax slab and I pay tax according to it. below 250000 no tax, 2.5lac to 5lac 5% tax etc etc"

The question is also similar to, do I have to pay any tax if I won less than rs10000 in lottery and my income thresold is less than 250000. Just in case.

Solution: #makeknowledgefree

Assuming that it is lottery income , the basic exemption limit is not available in case of winnings from lottery ...taxation is not as per slabs but at fixed 30% slabs .......You are required to pay tax at the rate of 30% on total winnings. Under Section 194B of the Income Tax Act, 30% tax is deducted on any prize money in excess of Rs 10,000 and other winnings from games, lotteries etc. In your case the winnings being less than 10,000 rs , no TDS shall be deducted ...but you shall be required to file a ITR 2 and show this winnings under other sources under lottery winnings ...return shall itself computed tax liability .....]]> https://makeknowledgefree.com/index.php?do=/video/391/how-to-file-itr-for-lottery-winnings-itr-2-section-194b-shrutiyadav/ Tue, 04 Sep 2018 18:22:43 +0000 Amlan Dutta https://makeknowledgefree.com/index.php?do=/video/390/how-to-raise-rectification-request-for-26-as-tds-credit-not-considered-in-i/
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Posted by - Sandhya

Hi Aml...]]>
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Posted by - Sandhya

Hi Amlan,
How are you?
I have a question regarding of my Latest IT intimation U/S 143(1).
One weeks ago i got an intimation where they mentioned i have only 2133 credit available in my 26 AS.but i checked twice in 26AS where perfectly 2141 credit available.
In that case should i pay difference amount of 8 rupees ?
Though i checked response to outstanding tax demand drop down menu there is showing no records found message.
Your earliest response in this regard would be highly appreciated.
screenshots attached.
Regards,
Sandhya


Posted by Rakesh
"Amlan sir i got intimation from income tax deptt .that credit tax mismatch.i have correctly filled all the details from 26as but deppt said no tax in 26as but when i checkd amout is deducted and reflecting in 26as so i have filled this.now what to do sir.plz help.i have send pictures also.intimation msg as well as 26as.that i have filled correctly from 26as.other bank claimed tds has been refunded to me but problem is this 1 rs."

Solution :

Raise a E Nivaran grievance ticket addressed to CPC - processing under processing subheading and subject of TDS appearing in 26 as and not allowed

Mention a small brief of the issue

Parallely raise a rectification request

No need of paying demand tax since the TDScredit appearing in 26 AS is much to your credit ...just because their systems are meant to harass people it doesn't mean that taxpayers suffer unnnecesarily!

Humble regards,

Amlan Dutta]]> https://makeknowledgefree.com/index.php?do=/video/390/how-to-raise-rectification-request-for-26-as-tds-credit-not-considered-in-i/ Sat, 01 Sep 2018 13:53:29 +0000 Amlan Dutta