S
Sunil
Dear Team,
My wife have received IT compliance for non filing of IT returns on Mar'2018 ( NMS - FY2016-17), referring 26AS for FD interests - 19 lacs FD value.
After a discussion with a buddy CA, we have listed the possible options to fill in compliance portal against the verification id. Please verify the planned response and correct, if required.
Part A. 9.8 lacs, bought as cash from her dad/mom for those 7 yrs of married life ( 2009 to 2016 ) for household expenses. The expenses amount was compensated by her hubby, by transferring amount to her on various dates 2015-2016, which she used to start FD of 9 lacs on Apr'16.
Part B. She sold her excess 40 sovereign jewels to hubby for 10.10 lacs, which is paid to her in various dates in 2015-2016. The amount received was invested as FD for 10 lacs on Mar'16
Can you people, verify these and update me right proceedings.
Thanks
Sunil - 9840708366
Facebook
Twitter
Linkedin
You may have to book a paid service with Finaco to get an answer
T&C applyB
Bhanu Bisht
Hello. I had received arrears for 2013 and 2014 in 2015 and I've also filled 10e and filled itr for the same in 2016. Can I file a correction for the same Now?
Due dates for revised returns for FY 2015-16, the deadline is March 31, 2018, and for FY 2016-17, it is March 31, 2019
T&C applyA
Ashish Bansal
Sir,
I want to ask about my calculations of long term capital Gain tax...
I purchased a house on 15 /12/1996 of Rs. 1,30,000. Afterthat, I made a construction of Rs. 50000 in 2003-2004 financial year. Afterthat, once again i made a construction of Rs. 3,72,508 In 2016-2017 financial year. Then again I finished as painting of my house of Rs. 64,295 in 2017-2018 financial year. Then I registered the house in my favour In 2015-16 F.Y. costs Rs. 56,120. Now, I sold my this registered property Of Rs. 10,43,800 on 04/04/2018.. Now please tell me the complete calculation of This long term capital Gain.. and it's tax, which I have to be paid in Next year ITR filling... thankyou so much in Advance . Please solve this issue ASAP .
S
Shanker
Yes, regarding capital gains tax.
I had made a term deposit of for three years within 6 months of sale of industrial property.
and I was told that I will have reduction of equal amount from the taxable gain arrived.
for instance, if I have taxable gain of 10 lakhs then the capital gain tax on net amount that is 10 lakhs minus the fixed deposit amount which is 5 lakhs only need to be paid. So, I must pay capital gains tax only for the net amount of 5 lakhs. Because of the 3-year lock in period of the term deposit under the scheme for Rs.5 Lakhs.
But the ITO is not agreeing during the assessment. He is asking to pay capital gains tax for the full gain of 10 Lakhs. But according to me I must get a reduction of the 5 lakhs that is blocked for 3 years in the fixed deposit.
so, there was no benefit at all for making this fixed deposit?
could you advise?
the bank has not specified the scheme number or name on the fixed deposit receipt. it has simply written "capital gains “on the term deposit receipt. So, what is the section under which this term deposit is made? and I was told that the maximum amount that can be deposited in one financial year in that scheme was only 50 lakhs per assesses.
so, what is the name or number of that scheme and what actual tax benefit i can get under that scheme.
now the it is not allowing any tax benefit. so this was futile to keep this under 3 years lock in period with meagre interest rate of fixed rate?
please advise.
B
Baljinder Brar
I was working with pvt limited company which has NOT paid my Salary and other Full and Final settlement dues but deducted TDS and also paid TDS to IT department. How can I claim deductions for the salary not received? Can I declare them as losses? If yes, then under what head can it be filed. Please guide.
Hello Baljinderji, Unfortunately, According to Income tax Laws, Salary is taxable when it accrues whether it is received or not and hence you would be required to mention the total salary received or receivable in the income tax return and file it, there would be no additional penalty as employer has already deducted TDS (as mentioned in the question asked). For obtaining salary from the employer, you need to consult a lawyer for settlement proceedings.
T&C apply
