Amit Maheshwari

Articles By Amit Maheshwari

68 Articles

Income Tax: Deduction on tuition fee allowed only if the institute is located in India

Kumar Deduction for tuition fees paid is allowed under Section 80C only if tuition fees is paid to university, college or institution situated within India.

Income tax: You can buy second flat to get LTCG exemption on sale of old house

Form 31 is for withdrawal of PF upto a certain limit from contributions made in present job.

LTCG exemption, sale of old house, Income tax, IT firm, EPF,  EPFO, UAN number, PF balance online, TDS refund

Your Queries: 1% TDS if sale value of property after excluding GST is Rs 50 lakh

TDS shall be calculated on complete sale value and not just carpet area and car parking. Further, Central Board of Direct Taxes issued Circular No. 23/2017 dated July 19, 2017 wherein it clarified that GST shall be excluded f

Income Tax: Rs 50,000 tax rebate to senior citizens on interest from bank deposits

Rebate under Section 87A is allowed only when total income does not exceed Rs 3,50,000.

Your queries: Rs 20 lakh revised gratuity limit for retirements after March 29, 2018

The revised gratuity limit is applicable for retirement after March 29, 2018 and not before this date. Since you retired on September 30, 2017, the limit of Rs 10 lakh for gratuity exemption shall be applicable for you.

gratuity limit, retirement,  tax rebate, gratuity exemption, Income tax Return, 

Income up to Rs 1500 per minor child is exempt from income tax

The income earned in the name of minor is taxable in the hands of the parents whose income is greater, before adding such income of minor.

Income Tax: NRIs to fill up FSI & TR in ITR2 if claiming tax credit on foreign income

Know how NRIs will fill up FSI & TR in ITR2 if claiming tax credit on foreign income..

Financial Express/ tax

Income Tax: Use ITR4 for business income offered to tax on presumptive basis, else file ITR3

Taxability of income as business income or other income depends upon regularity of transaction, volume of transactions and time and efforts devoted based on various judicial precedents.

Income Tax Return: How to choose the right ITR to report salary, freelance income – Explained here

Under the Income Tax Act, 1961, income earned during the year must be classified under appropriate heads for the purposes of computation of taxable income.

Income Tax Return, Income Tax, ITR, salary, freelance income

Income Tax: Carry forward excess TDS for one month to next year

Under the income-tax provisions, tax credit is to be claimed in the year in which the income is offered for taxation.

Income Tax: Standard deduction on LIC Jeevan Suraksha annuity if started by former employer

If an employee receives pension from former employer then such amount is eligible for standard deduction.

tax, income tax

Income Tax: No tax payable on inheriting property

Dividend received from a domestic company is exempt u/s 10(34) of the Income Tax Act, 1961.

income tax, inherited property, payable tax, dividend

Sold property? Know if you can invest up to Rs 50 lakh proceeds in tax saving bonds

As per Section 54EC, you can invest your proceeds from sale of house up Rs 50 lakh in tax saving bonds (capital bonds) issued by NHAI, REC, etc., within six months from the date of sale.

There is no tax on maturity but interest earned on these bonds shall be taxed.

Income Tax: Get tax exemption of Rs 10,000 on savings bank account interest income – Here is how

Get tax exemption of Rs 10,000 on savings bank a/c interest income.

income tax, income tax deposit, income tax filed, income tax assessment, income tax return, income tax filed, GST, goods and service tax, unified tax, tax returns, tax payment, economy

Income Tax: Standard deduction is allowed only once from total of all salary incomes

Under Section 9 of Income-tax Act, 1961, income could be subject to tax in India if the institution has some business connection in India or if the fee paid qualifies as royalty or fees for technical services

tax, income tax, itr form

Income Tax: Only co-owner who repays loan can get tax benefit

Ordinarily, the benefit of housing loan for repayment of interest and principal is allowed to the person who owns the property and is actually repaying the loan.

income tax, tax benefit, ITR, tax returns, loan, loan repayment, house loan, spouse loan

Income Tax Return filing 2018: Here are some important tips for you

ITRs for FY 2014-15, FY 15-16 and FY 16-17 can’t be filed now as time for filing has gone.

Income Tax Return filing 2018, Income Tax Return filing tips, how to file Income Tax Return filing 2018, step by step guide for Income Tax Return filing 2018, income tax

Both husband, wife have to pay tax on income from property held jointly

If the property is jointly owned, then rental income would be taxed in your and your wife’s hands in the ownership ratio and accordingly will need to be disclosed.

income tax, husband and wife, joint property

Income Tax: You cannot claim refund of tax on gratuity already availed

The part of employee’s own contribution shall be taxed to the extent deduction for the same is availed u/s 80C of the Income-tax Act, 1961 in the past years and the balance shall be exempt from tax.

tax on gratuity, income tax

LTCG query: You don’t need to construct house within three years for tax benefit

The LTCG claim will not be reversed for fault of a builder as there are various rulings in favour of taxpayers where it has been held that for exemption under Section 54, comple-tion of construction within three years is not

LTCG query, tax benefit, economy, india

Income tax queries: Why sale of agricultural land in rural areas not subject to capital gains tax?

If the population exceeds one lakh but doesn’t exceed 10 lakh, then it shall not be within six kilometers and if it exceeds 10 lakhs, then it shall not be within eight kilometers.

Income tax, Income tax queries, agricultural land, rural areas, capital gains tax

Income Tax queries: You will lose LTCG tax benefit if new property is sold within 3 years of purchase

You will lose LTCG tax benefit if new property is sold within three years of purchase

Income Tax, Income Tax queries, LTCG tax, tax, property, LTCG exemption, PAN, HRA, PAN number

How to save capital gains tax?

For the first question, you can invest the proceeds from sale of more than one house property into one house property and deduction for capital gains shall be available on investment in one residential house property in India

Property Tax

Selling property bought for Rs 80,000 for Rs 61 lakh; how should capital gain be treated? Find out

If you have taken the deduction of capital gain in the year of sale of original flat, the construction of new flat had to be completed within three years from the date of sale of the original flat.

Selling property bought for Rs 80,000 for Rs 61 lakh; how should capital gain be treated? Find out

Is interest income from NRE fixed deposit taxable? Find out here

If your total income taxable in India exceeds Rs 3,00,000; then you would be liable to file income tax return in India.

NRE, Interest Income

How to avoid tax liability after selling house? Here is what you need to do

The postal department may not have mentioned correct PAN while filing TDS and hence it is not reflected in your 26AS. Hence, we would advise follow-up with them to get the TDS return corrected.

tax liability, tax, selling house, Capital Gains Account Scheme, pan, UIDAI, UIDAI guidelines 

Income tax returns (ITR) filing: Small savings scheme interest attracts TDS at 10 pct

Normally, interest earned on small savings scheme attract TDS @ 10%.

small savings schemes, itr on small savings schemes, income tax return filing online
Income Tax Calculator, Budget 2019, How to Calculate Income Tax


Stock Market