Amit Maheshwari

From mutual funds to bonds, your income tax queries answered here

The amalgamation of schemes is not regarded as transfer as per Section 47(xix) of the I-T Act

income tax, mutual funds, equity mutual funds News

NRIs need to file income tax return to get TDS refund

Income from shifting from one scheme to another scheme of mutual funds is considered transfer and is subject to long term capital gains or short term capital gains depending upon the holding period.

Insolvency and Bankruptcy Board of India, charted accounts, national institute for valuers News

ITR-2 Form queries answered: NRIs to report capital gains income

As per Section 145, the taxpayer has the option to declare income either on accrual basis or cash basis at his/her choice but the same method should be used every year.

The capital gain on the sale of your ancestral property shall be calculated by deducting the indexed cost of acquisition from the sale proceeds. News

Interest on CPF retained after retiring liable to tax

As per some recent rulings, the interest earned subsequent to retirement is liable for tax in your hands at applicable slab rates.

Contributory Provident Fund, interest CPF, Public Provident Fund, PPF, NPS, Employees News

Need to pay capital gains on non-rural agricultural land developed as housing layout

If the agricultural land under question falls within the definition of rural agricultural land, i.e., falls within the specified limits of the nearest municipal authorities, then it is not considered a capital asset, says wri

Income Tax News

By reinvesting capital gains in new flat, you can claim tax deducted on sale of old flat

If capital gains reinvested in new flat, you can claim tax deducted on sale of old flat.

Income Tax News

ITR for FY18 cannot be revised now, but you can still pay tax due

I have been investing in mutual funds since 2005 and have a fund value of Rs 20 lakh. If I withdraw all my units what will be the long term capital gains tax on it?

Income Tax News

No need to file income tax return if buying property or selling without capital gains

For purchase of property for above Rs 30 lakh, no ITR filing is required,

income tax, income tax return, housing sector, housing industry News

No need to file ITR if annual income within exemption limit even if payment is in dollars

As per Finance Act 2018, exemption for LTCG on equity-oriented mutual funds (including ELSS) has been withdrawn, therefore no exemption will be available in respect of LTCG from ELSS on or after April 1, 2018 and such LTCG in

how to calculate income tax in new finacial year News

No income tax rebate on FD losses due to liquidation of firm

When the firm gives you Form 16 for FY18-19, there should be a clear bifurcation of the total gratuity received, into Rs 10 lakh considered as tax free amount and balance on which tax has been deducted.

ITR filing last date, ITR late fee, penalty for late filing of itr ay 2018-19, last date to file ITR , ITR filing date 2019, late fees for itr, fee for default in furnishing return of income , income tax filing date extended, last date ITR filing, exemption limit News

Senior citizens with business income to deposit advance tax by July 31

Last date of advance tax liability for senior citizen is March 15, 2019 for FY 2018-19.

Income Tax News

Can add transaction charges to calculate capital gains on sale of house only

A short-term loss can be set off against both short-term and long-term gain but a long-term loss can be set off against only a long term gain.

real estate, real estate sector News

Can both spouses claim HRA benefit of respective share of total rent paid?

Expenditure incurred on preventive health check-up for self, spouse, parents and dependent children is eligible for tax deduction of Rs 5,000 under Section 80D.

Money News

Income Tax: You have to invest in Section 54EC bonds within 6 months of sale of property

The investment period in Section 54EC bonds for saving capital gains tax is within a period of six months from the date of transfer of land or building or both.

Money News

Income Tax: Second self-occupied house is assumed to be let out and rental income taxed

As per Section of Income-Tax Act 1961, only one house can be considered as a self-occupied property and the other one shall be assumed to be let out.

Income Tax News

Income Tax: Investment in 54EC capital gains bonds can’t be redeemed before 5 years

If you are not able to sell the old property after one year from the date of purchase of new property, you cannot claim capital gain tax exemption for the property purchased earlier.

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 News

Your Queries: Can apply to settlement commission after paying additional tax and interest

The application to settlement commission for settlement under Section 245C can be made at any stage of the case if the proceedings for assessment is for previous six assessment years and additional amount payable exceeds Rs 5

Money News

Rental income taxed in hands of legal heir on death of owner

For transfer of lease in case of death, the rental income will be taxed in the hands of the legal heir to whom the property has been transferred.

Rental income, I-T return, IT department, mutation entry, Section 45, trasfer of property News

What is the difference between salary on Form 16 and 26AS

Short-term capital loss is allowed to be set off against both long-term and short-term capital gains.

Income Tax News

Only funds got on retirement can be invested in Senior Citizens Savings Scheme

Rule 4 of Senior Citizens Saving Scheme Rules states that any individual cannot deposit any amount more than what he/she has received on retirement.

Money News

Income Tax: Get interest on gratuity if payment delayed by more than 30 days

As per Section 56(2)(x) of Income Tax Act, if the purchase price of a property is less than the stamp duty value and the difference is more than 5% of the purchase price or Rs 50,000 (whichever is higher), then the difference

Money News

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 News

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 News

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

Money News

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.

Income Tax News

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,  News

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 News