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Welcome to Moneylife Foundation’s
INCOME TAX HELPLINEThis is an easy resource for income tax related queries for individuals and small businesses who file their own income tax returns or want to double check advice they have received from others. It will not attempt to substitute a income tax advisor or income tax expert, whose help is required for complex issues. Nor is it a grievance redress forum to take up your issues.
Q & A
HOW IT WORKS
The income tax helpline will work in two ways.
1. Every new issue posted will be sent to our Panel of Income Tax Experts, who have generously offered to provide help and guidance.
2. You can access to similar issues faced by other taxpayers in the questions and answers below.
To use our income tax helpline please confirm that you have read our terms and conditions. Also, this is only for individual taxpayers and small businesses.
1. Every new issue posted will be sent to our Panel of Income Tax Experts, who have generously offered to provide help and guidance.
2. You can access to similar issues faced by other taxpayers in the questions and answers below.
To use our income tax helpline please confirm that you have read our terms and conditions. Also, this is only for individual taxpayers and small businesses.
I am A.S.Ganesan . I need clarification on the following queries in respect of Income Tax for the year FY 2018-19.
1) I receive monthly pension from the Superannuation Fund (managed by LIC) as per the terms of my employment. I was working in a private sector company and retired recently. The contribution to the superannuation fund was made by my employer.
2) I receive monthly pension from EPFO under the Employees Pension Scheme 1995.
3) I receive monthly installment from LIC in respect of my Jeevan Suraksha policy which I took some 12 years back.
4) I receive monthly pension from LIC in respect of my Varishth Pension Beema Yojana 2017 for which I had invested some amount.
Kindly clarify under what head of income each of the above receipts is to declared in the Income Tax return and whether there is any exemption applicable for any of the above receipts. If yes please provide the complete details such as Section No and the amount of exemption available.
I request to you reply me at the earliest.
Regards
A.S.Ganesan
Personal Income Tax
1) I receive monthly pension from the Superannuation Fund (managed by LIC) as per the terms of my employment. I was working in a private sector company and retired recently. The contribution to the superannuation fund was made by my employer.
2) I receive monthly pension from EPFO under the Employees Pension Scheme 1995.
3) I receive monthly installment from LIC in respect of my Jeevan Suraksha policy which I took some 12 years back.
4) I receive monthly pension from LIC in respect of my Varishth Pension Beema Yojana 2017 for which I had invested some amount.
Kindly clarify under what head of income each of the above receipts is to declared in the Income Tax return and whether there is any exemption applicable for any of the above receipts. If yes please provide the complete details such as Section No and the amount of exemption available.
I request to you reply me at the earliest.
Regards
A.S.Ganesan
Personal Income Tax
Comments
i have buy new home in march 2017. I have made some payment to builder almost 75 % upto 31 june 2017.
After that i have remaining 25 % payment step by step i given to builder upto 31 march 2018.
so bulder say whatever payment made after 1 july 2017 you need to pay GST 12% all ready you paid 4.5 service tax remaining 7.5 you need to pay now.
Is this currect. this GST is aaplicable to me or builder. Who need to pay this amount.
Please clery fy. Personal Income Tax
After that i have remaining 25 % payment step by step i given to builder upto 31 march 2018.
so bulder say whatever payment made after 1 july 2017 you need to pay GST 12% all ready you paid 4.5 service tax remaining 7.5 you need to pay now.
Is this currect. this GST is aaplicable to me or builder. Who need to pay this amount.
Please clery fy. Personal Income Tax
Dear Sir/Madam,
My cousin is regularly filing IT return. But somehow he forgot to file Income Tax return for AY15-16 (FY 14-15) & hence he has received Income Tax notice that u/s 192 Employer has deducted tax & return is not filed. His total Taxable income will be Rs 503,000 after all deductions. Briefs are as below :
Fast Facts:
1) Salaried Employee Rs 7.70lacs & TDS deducted Rs 25700 (shown in Form16)
2) He claimed Self occupied House Property Rs 2lac ( shown in Form 16)
3) Deduction u/s 80C claimed Rs 80000 (shown in Form 16)
4) His Interest amt was Rs 13000 ( & claimed Rs 10k under Sec 80TTA ). He was not aware to show this income as IFOS . Hence after claiming deduction on Rs3k he paid Rs 800 as Tax as per I.Tax utility. TAX paid on 26th Mar 2018. ( does not have any other source of income )
5) As the return uploading is not available. Compliance reply given as Return under Prep. & Reason "Self-Not Known"
Queries : 1) Does he require any kind of communication to Income tax dept ? If yes, by electronic or physical mode?
2) What are the remedies available to my cousin ? Because he feels terrified by the notice & not wish to visit IT office.
Please help me regarding above issue at the earliest.
Thanks you in advance. Personal Income Tax
My cousin is regularly filing IT return. But somehow he forgot to file Income Tax return for AY15-16 (FY 14-15) & hence he has received Income Tax notice that u/s 192 Employer has deducted tax & return is not filed. His total Taxable income will be Rs 503,000 after all deductions. Briefs are as below :
Fast Facts:
1) Salaried Employee Rs 7.70lacs & TDS deducted Rs 25700 (shown in Form16)
2) He claimed Self occupied House Property Rs 2lac ( shown in Form 16)
3) Deduction u/s 80C claimed Rs 80000 (shown in Form 16)
4) His Interest amt was Rs 13000 ( & claimed Rs 10k under Sec 80TTA ). He was not aware to show this income as IFOS . Hence after claiming deduction on Rs3k he paid Rs 800 as Tax as per I.Tax utility. TAX paid on 26th Mar 2018. ( does not have any other source of income )
5) As the return uploading is not available. Compliance reply given as Return under Prep. & Reason "Self-Not Known"
Queries : 1) Does he require any kind of communication to Income tax dept ? If yes, by electronic or physical mode?
2) What are the remedies available to my cousin ? Because he feels terrified by the notice & not wish to visit IT office.
Please help me regarding above issue at the earliest.
Thanks you in advance. Personal Income Tax
Ameet Patel Ameet N Patel is a chartered accountant and former President of Bombay Chartered Accountants Society - BCAS
Subodh V Shah CA Subodh V Shah is a Fellow Member of the ICAI. A merit ranker throughout his career, he stood 3rd in CA Intermediate and 17th in CA Final. In addition he also got the prize of ICAI for scoring the highest marks in Direct Taxes at CA Final. He is practicing Chartered Accountant as well as a teacher for over 20 years.
Ameya Kunte Ameya Kunte is a Tax Professional, Chartered Accountant & Co-founder - Taxsutra.com
Nikhil Vadia CISA qualified Nikhil Vadia is a Chartered Accountant in practice since 1997
Yogesh Sapkale Yogesh Sapkale is Deputy Editor of Moneylife and writes on financial and tax related issues
Debashis Basu Debashis Basu is the co-founder of Moneylife, a CA by qualification with three decades of experience as a journalist and author of several books