03 July 2015
IN FY 2014-15, I HAVE WORKED IN 2 COMPANIES. IN FIRST , I EARNED AROUND 90000 IN 4 MONTHS AND IN ANOTHER WORKED FROM NOV TO MARCH 2015, FORM 16 GIVEN BY 2ND COMPANY DOES NOT INCLUDE INCOME OF IST COMPANY. FORM 16 SHOWS NET INCOME OF 171537,THAT IS OF 2ND COMPANY ONLY.
HOW TO SHOW COMBINED INCOME IN ITR WHAT WILL BE MY TAX LIABILITY. I WANT TO CLAIM HRA DEDUCTION WHICH IS MISSING IN FORM 16,.CAN I CLAIM THIS IN ITR?
03 July 2015
sinece you have earned salaried income via cheque from these 2 co it is suggested to disclose true salary income earned in both co in your itr2
03 July 2015
ITR1 rule changed in respect of exempted Income more than Rs 5000. Now Exempted Income is replaced by Agricultural Income. Amount remains Rs 5000/-.
ITR-1 (SAHAJ)
Who can use this Return Form?
This Return Form is to be used by an individual whose total income for the assessment year 2015-16 includes:- (a) Income from Salary/ Pension; or (b) Income from One House Property (excluding cases where loss is brought forward from previous years); or (c) Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)
NOTE: Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the income being clubbed falls into the above income categories. So if any Income is not falling in the above category then ITR1-SAHAJ can not be used.
Who can not use this Return Form? This Return Form should not be used by an individual whose total income for the assessment year 2015-16 includes:- (a) Income from more than one house property; or (b) Income from Winnings from lottery or income from Race horses; or (c) Income under the head "Capital Gains”; or (d) Agricultural income in excess of 5,000; or (e) Income from Business or Profession; or (f) Loss under the head 'Income from other sources; or (g) Person claiming relief under section 90 and/or 91; or (h) Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India or (i) Any resident having income from any source outside India
03 July 2015
You can claim HRA deduction even if the deduction is not shown in form 16.
HRA received is exempt u/s 10(13A) to the extent of the minimum of the following 3 amounts:
# Actual House Rent allowance received by the employee in respect of the relevant period # Excess of Rent paid for the accommodation occupied by him over 10% of the salary for the Relevant Period # 50% of the salary where the residential house is situated in Mumbai, Calcutta, Delhi or Chennai and 40% of the Salary where the house is situated at any other place for the relevant period.
05 August 2015
FORM 16 GIVEN TO ME ONLY SHOWS INCOME OF 1 COMPANY, WHETHER IT IS CORRECT TO SHOW INCOME FROM BOTH COMPANIES. INCOME FROM BOTH COMPANIES WILL BE 2.70 LACS(1.8+.90) DOES IT WILL CREATE ANY PROBLEM IN FUTURE?
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