MY CLIENT IS A GOVERNMENT EMPLOYEE AND HE RECEIVE GRATUITY AMOUNT RS. 29,50,000. MY QUESTION IS GRATUITY RECEIVED BY GOVT. IS FULLY EXEMPT OR NOT. GOVERNMENT ALSO DEDUCT TAX AT 15% ON RS. 9,50,000 AND RS. 20,00,000 IS SHOWN AS EXEPMT PORTION IS IT CORRECT. IF THIS IS CORRECT, IN ITR TAXABLE VALUE RS. 9,50,000 IS SHOWN UNDER SALARY HEAD OR NOT. BECAUSE WE CAN NOT CLAIM TDS ON EXEMPTED AMOUNT.
I AM CONFUSE RS. 9,50,000 IS SHOWN AS TAXABLE PORTION OR NOT.

Hi,
When I left my previous employer, I had to pay net amount back to the employer in the last month as part of the FnF settlement due to return of bonus amount and some TDS. Now, the amount that I paid back to the employer is not reflected in the Form 26AS. For the last month of my employment with the company, 26AS only reflects the TDS amount in the 'Amount paid/credited' due to which my gross salary is inflated as per 26AS.

The same issue is present in Form 16A. The Form 16B however shows the correct gross salary, so there is also a mismatch between 16A and 16B.

However, since I paid back the net amount, I think there should be a negative entry appearing in the 26AS for that particular month to reflect the correct gross salary.

I asked my previous employer to rectify the error in my 26AS and Form 16A, they said that they only show positive gross earnings and tax deducted in the 26AS and negative earnings(amount paid back) will not reflect. They have asked me to fill the ITR using Form 16B.

I want to confirm if whatever is being told to me is correct or not and if it's the responsisbilty of the employer to correct the 26AS by adding a negative entry in it? I'm concerened because even if Form-16B reflects correct gross salary, there will stillbe a mismatch between 26AS and the total salary in ITR. Kindly help and suggest, what should I do.

Thanks!

TDS is not applicable where processing fees paid to bank as per case law DCIT vs Laqshya Media P. Ltd. and other case law.
However TDS is applicable on Processing Fees paid to NBFC.
TDS is deducted on Nature of payment.If nature of payment is same in both case (Bank and NBFC)
Then why TDS is not applicable for bank and why applicable to NBFC
Is there any clarification on this?

An asssessee who has gross total income 412476 and 80TTB deduction Rs.44619. Taxable income Rs.367857. He died on 17/2/2022. He is 79 years old. Whether his legal representative have to file return of income for the asst year 2022-2023. After relief u/s 87A his tax liability is NIL

Dear All,

Kindly help me in in the formula for PAYE calculation. I tried to write the formula using IF condition, 1st and 3rd Slabs its working fine but 2nd slab its giving wrong figure.


PAYE SCALE %
0 - 24,000.00 10% 0 2,400.00
24,001.00 - 32,333.00 25% 1 854.00
32,334.00 - 30% 0 -
3,254.00



=IF(C224000,C232333,(24000*0.1)+(8333*0.25)+(C2-24000-8333)*0.3)))

Regards

Kancharla Anil

Sir/Madam , One Client has done Online Trading Business. 1)His Future and Options's Loss value has declared in Trading account in ITR3 (Sell value (₹1056117) has declared in credit side,as Other revenue operation . purchase value(₹1391727) has declared in debit side, as purchase). 2) His Losses from Equity share sell Has Declared in Short term capital gain , Here his total Buy Value is ₹61773577 and total Sell Value is ₹61770211 , So ,(a) is it right the above said process? (b) is there need declare Turnover as more than 1 crore? and (c) is he liable for Audit?

Dear Sir,

I have a immovable property i.e., a land which was inherited to me after the death of my mother. I have sold it in to multiple parts & purchased only one flat whose cost is more than the sale consideration of all the properties sold. So, my query is whether I can claim the deduction u/s Sec. 54F in all the respective sold properties while showing it in the ITR as long term capital gain or the deduction is limited up to the sales consideration of one property only.

Self Occupied Property for which possession was given in March 22
For earlier FY from 15-16 to 20-21 interest and principal amounts were repaid on housing loan to HDFC Ltd
The interest was not considered since possession was not given

My question is whether in FY 21-22 year in which possession was given interest for earlier years can be considered as interest on pre construction period ? I can go back how many years and what will be quantum of deduction ?

I want to give my brother a loan via BANK TRANSFER ; can i give him a loan without charging any interest ; or can my brother take a loan from his wife without interest ;

Plus will i have to get a loan agreement made if the loan is given via BANK

And IF NOT ; than what is the minnimum to minnimum interest rate which should be charged from my brother for the loan me or his wife giving him...

Pls help

Thanxx

u/s 80CCD(2) (employer Cont. Rs. 73600/-) disallowed due to 7.50 lac limit adjusted in Employer Contribution to PF / Superannuation Fund.

What's the reason behind this.

Thanks in Advance