I PAID PREMIUM OF RS 40000/- PER YEAR FOR FIVE YEARS TOTAL AMOUNTING RS 200000/- (SUM ASSURED WAS RS 2 LACS) I GOT MATURITY RS 247500/-. WHAT WILL BE TAXABLE AMOUNT 47500/- OR 247500/- PLEASE CLEAR.THANKS
DINESH CHOUDHARY

I have received my performance based payment pertaining to the year 2016-17 in the month of April, 2018 from my company. While checking the Form 26AS for the financial year 2017-18 (AY-2018-19) (as about to go for filing ITR), this payment was found accounted along with other details of the payment the financial year 2017-18. I have sent letter asking clalrifications from my company for this wrong accounting. But, so far no reply. However, I have been following it up.


Grateful, if you could give your kind advice whether the referred performance based payment is to be taken as income for the financial year 2017-18 or 2018-19 while filing my ITR.

Kindly advise at the earliest.

Thanking you,

regards
raman.k

One fixed asset sold for an amount which exceeds WDV as per last financials,and booked profit on sale of fixed asset in current year under the head of other income but I have doubt in those item again to be taxed under capital gain under Income Tax act 1961,if the asset block already nil.

Sir,
today return income tax my firm ( Partnership firm), I Have declared presumptive Income.
which form selected reruns.
1) ITR- 4
2) ITR -5

Example:

Foreign income: Rs.66000
Foreign tax paid: Rs.1320
tax as per India tax rules: Rs.800
tax as DTAA: Rs.1500

It seems the tax relief amount auto calculated in Form 67 is Rs.1500. My understanding was that the relief amount should be Rs. 1320 (the smaller of foreign tax paid and tax payable as per DTAA in India).

Would appreciate some explanation.

Thanks.

Hi Experts,

Company has received loan from director sum of around 8L in FY 2017-18, Now I got to know that cash loan from director more than 20K is disallowed. I request to provide us suggestions about how to account this in alternative way.

Thank you.

MY FATHER IS A GOVT PENSIONER

HIS GROSS PENSION IS 366000
HIS INCOME FROM SB ACCOUNT IS 1912

THE GOVT TREASURY HAS DEDUCTED TDS OF 3549 FROM MY FATHER
ACCOUNT.

I HAD FILED RETURN ONLINE AND A REFUND OF INR 140 IS EXPECTED,

BUT MY DOUBT IS THAT
THAT SB INTEREST OF 1912 I SHOWED IN INCOME FROM OTHER SOURCES.
THE DEDUCTION OF 80TTA HAS NOT GOT EFFECT.

THAT IS THE REFUND AMOUNT MUST BE INR 140 OR (3549-1912) OR 1637

PLS CLARIFY

THANK AND REGARDS
SURESH

Hi Experts,

Company has received loan from director sum of around 8L in FY 2017-18, Now I got to know that cash loan from director more than 20K is disallowed.

I request to provide us suggestions about how to account this in alternative way.

Thank you.

My Son have opened Joint bank account with his wife having wife 1st holder & Son as Joint Holder.
Both are earning and transferring money to this Joint account for making common expenses like rent & other household exp. How will this Account be treated in I.Tax Return. In whose file will this account be shown or can this account be shared with both of them showing their share of contribution and expenses ?
Further they also have started SIP & made mutual fund investments from this Joint account. Also SON have shown rent paid to claim HRA Deduction in his company.

Ravi Modi.

Hello Everyone ,

I am Non Resident Indian and US tax resident .

I draw my yearly salary from US and pay taxes here to IRS .

I have to file for a refund with Indian Income Tax dept thru ITR 2 for claiming my refund of taxes levied on interest earned on NRO account. I have below questions :

1) Do I have to submit ITR 2 and not ITR 1 ?

2) In the ITR2 , do I need to furnish details of income earned outside of India ? If yes , then what will be the relevant article of DTAA (Schedule FSI column f ) between India and USA that will help me avoid double taxation since I am a US resident.

3) Do I have to furnish my US bank account and related details in Schedule TR-FA of ITR-2 ?

Please help me by answering these questions.

Thanks in advance !
Shashwat