Your Queries (Income Tax): Use ITR Form 1 if you haveme-from-salary-and-dividend Only

 







In my Form 26AS for AY 2021-22, salary amounting to Rs 29 lakh is reflected in Part A under Section 92 and dividends from Infosys, Tata, Hero, Mahindra, SKF amounting to Rs 1226 are reflected in Part A under Section 94. TDS has been deducted and deposited on salary. However, no TDS has been deducted on dividends. Which ITR form is to be filled? Till now I was filling ITR Form 1.
—Sushil Agrawal
Assuming that you have income only from salary and dividends, you may continue to declare income in ITR-1. Disclosure may be made under head ‘Salary” and “other sources”. Notably, TDS has not been deducted on dividends because the same is less than Rs 5,000. However, you have to disclose the dividend income in the ITR. If you have income from sale/ redemption of shares in the form of capital gains, then you shall not be eligible to file ITR-1, disclosure shall then have to be made in ITR 2.

Last year we sold the house which was in my mother’s name. My father had spent on renovation but we don’t have any proof about this. I only have the original purchase value in 1991. How can I calculate the long term capital gains tax liability?
—Sidharth Pupneja
In your mother’s case, the gains from sale of house property will be taxable as ‘Long Term Capital Gain’. For calculating long term capital gains, sale price has to be reduced by the indexed cost of acquisition, indexed cost of renovation and the transfer costs. Since you do not have proper information regarding the cost of renovation, it is advisable to not claim the deduction of such expenses. To reduce the tax burden, the capital gains/ sale consideration can be reinvested in specific assets or schemes (for instance, purchase of another house property or bonds of RECL/NHAI) within the prescribed time limit.

CBDT has said all unlinked PAN cards by June 30, 2021 will be declared as inoperative. Does this apply to Non Resident Indian PAN cards?
—A Venkat
The CBDT has exempted non-residents from quoting Aadhar in PAN applications and Income Tax Returns. So, if you’re a non-resident for income tax purposes in India you shall not be required to quote Aadhar and linking of PAN and Aadhar is not needed

Source:https://www.financialexpress.com/money/income-tax/your-queries-income-tax-use-itr-form-1-if-you-have-income-from-salary-and-dividend-only/2280783/

Download our App to get knowledge updates::: https://play.google.com/store/apps/details?id=com.app.gstmitra
Join Our Telegram Channel for more updates:https://t.me/praveengst





Comments

Post a Comment

Popular posts from this blog

Centre appeals against ruling on levy of GST on maintenance charges to resident welfare associations

Image
  The Centre has preferred a writ appeal before the Madras High Court against a single judge's order that flat or villa owners paying more than ₹7,500 a month towards maintenance charges to their residents’ welfare associations must pay Goods and Services Tax (GST) at the rate of 18% only for the amount exceeding ₹7,500 and not for the entire monthly contribution. Justices T.S. Sivagnanam and Sathi Kumar Sukumara Kurup on Wednesday allowed an application filed by the Centre to dispense with production of a certified copy of the judgment passed by Justice Anita Sumanth recently and directed the Registry to list the appeal for admission in the usual course. Justice Sumanth had in July this year quashed an order passed by the Authority for Advance Ruling (AAR) on June 21, 2019 as well as a consequent circular issued by the Department of Revenue under the Union Finance Ministry on July 22, 2019 since both of them had insisted upon collecting GST for entire monthly contribution. The jud...
Read more

Seven key things to know before filing income tax return (ITR) for FY21

Image
  The last date to file income tax return for the financial year 2020-21 has been extended to September 30, 2021. Although there is more than two months left for the deadline to end, it is always recommended to complete the task as soon as possible and not to wait for the last minute. Worth mentioning here is that the income tax department last month launched a new e-filing portal (www.incometax.gov.in) to speed up the processing of tax returns. The I-T department will soon launch a mobile application, having all the features of the new portal. This year taxpayers have to take care of the following changes in the ITR filing process. 1) A new utility named JSON has been launched for filing tax return forms for FY21. At present, only three forms, ITR 1, 2 and 4 have been released. These new forms will import pre-fill data such as personal details, salary income, dividend income, interest income, capital gains and all the information available in Form 26AS. 2) Taxpayers will have the ...
Read more

Income Tax Dept detects ₹350 cr unaccounted cash receipts after raid in Rajkot

Image
  The Income Tax Department carried out a search and seizure operation on a real estate group based in Gujarat's Rajkot and found unaccounted cash receipts in various projects of approximately ₹350 crore, the Finance Ministry said on Friday. The group is among Gujarat’s prominent real estate builders and developers and is actively engaged in real estate, construction and land trading businesses in and around Rajkot. More than 40 premises were covered in the search operation. During the course of operation, many incriminating documents and digital evidences were seized indicating involvement of the group in unaccounted transactions. The IT sleuths found substantial evidence of transactions outside the regular books of accounts, unaccounted cash expenses, cash advances received and interest paid in cash. Evidence of on-money payments in real estate projects-flats, shops and land deals has also been found. Total unaccounted cash receipts in various projects of approximately ₹350 crore...
Read more