CA. Naresh Jakhotia

TAX TALK-11.08.2014-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant “HRA EXEMPTION & PAN SUBMISSION OF THE LANDLORD ” Query 1] I am an employee in a PSU residing at Bilaspur (CG ). I receive HRA from my Company and I live in a rented premises. But I could not submit the rent receipts to my Company for the Financial Year 2013 - 14, so the Company deducted and deposited the tax without considering the provisions of HRA exemptions. My query is -  1.       Whether can I claim the HRA exemptions while filing the return online? If yes, will I still require the rent receipts from the landlord? 2.       My actual rent does not exceed Rs. 1,00,000/- p.a. Will I still require the PAN of the landlord in this case? 3.       My Basic Salary & DA keep on changing every month, so will I have to take the Basic Salary & DA for every month as per the pay s...

TAX TALK-18.08.2014-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant “BILL DISCOUNTING: WHETHER BUSINESS INCOME OR OTHER SOURCE INCOME ” Query 1] I have following query. I am agent of some company and I am making advance payment on behalf of parties, who are purchasing material from company. Company is allowing me CD and these parties are making payment after 30 days. Kindly advice whether it is a business income or income from other sources? [Lalit Devpura- lalit.devpura@adityabirla.com ] Opinion: Prima-facie, it appears that the company is selling the goods directly to the customers. The transaction of purchase & sale is between the parties and you are an intermediary through whom just payment is routed. You are making the payment to the seller on behalf of their purchaser/customers after deducting the cash discount whereas you will be receiving the billed amount from the customer. In such case, your bill discounting income ideally is...

“DEDUCTION AND EXEMPTION ARE TWO DIFFERENT TERMS” Query 1] I am BSNL employee having income from salary only. I have would like to know that which return form should I fill? One more thing I wanted to ask you that in ITR-1, what Rs. 5,000 /-exemption limit is? What exemption refers to? What is the difference between exemption & deduction? [ rakeshingley123@gmail.com ] Opinion: 1.       Income tax return can be filed by an individual taxpayer in form ITR-1 where the total income consists of the following income: i) “Salaries” or income in the nature of family pension or ii) “Income form house property”, where assessee does not own more than 1 house property and does not have any brought forward loss under the head; or iii) “Income from other sources”, except winnings from lottery or income from race horses and does not have any loss under the head. It is Provided that the ITR-1   form cannot be used by the person who: (a)   is...

TAX TALK-08.09.2014-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant “PREVENTIVE HEALTHCARE OFFERS TAX BENEFIT” Query 1] I have recently retired from Central Government Service. CGHS contribution deducted during the service period was exempted u/s 80D of IT Act.  On retirement, a lump sum amount of Rs. 60,000/-is to be deposited with CGHS, as lifetime contribution for self and family. My query is, whether this lump sum amount (Rs 60,000/-) is also covered u/s 80D and if yes to what extent? [ saxenarakesh1954@gmail.com ] Opinion: 1.       Section 80D offers deduction to Individual / HUF taxpayer towards the following payment: a] Payment of health insurance premium of assessee or his family or his parents b] Contribution to the Central Government Health Scheme (CGHS). c] Payment for preventive health check-up of the assessee or his family or his parents. Amount of Deduction : Deduction can be claimed by an...