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Ans: Income earned from amount invested out of gift received from son will not be clubbed. Accordingly, it will be taxable in the hands of recipient i.e. mother.

Ans: Person is not required to pay any tax if tax liability for FY 23-24 under old tax regime is less than or equal to Rs.25000. Accordingly, if tax liability on Capital gain, Salary and Other sources is less than or equal to Rs.25,000; no tax is required to be paid.

Tax on MF depends on holding period, type of scheme (equity/debt). You can do exact calculation through Income tax calculator available at https://incometaxindia.gov.in/Pages/tools/income-tax-calculator-234ABC.aspx

Ans: Selection of tax regime will depend on certain factors. Usually, old scheme is beneficial, if substantial amount is eligible for deduction/exemption. You can do exact comparison through Income tax calculator available at https://incometaxindia.gov.in/Pages/tools/income-tax-calculator-234ABC.aspx

Person is not required to pay any tax if tax liability for FY 23-24 under old tax regime is less than or equal to Rs.25000. Accordingly, if tax liability on Capital gain, Salary and Other sources is less than or equal to Rs.25,000; no tax is required to be paid.

Ans: Purpose of tax saving and taking insurance/mediclaim policy can be different.

Ans: Many taxpayers are not able to claim refunds mainly due to 2 reasons

(1) Outstanding Tax Demand
(2) Issue in crediting refund in given bank account

Please check at income tax portal if any income tax demand is outstanding, check if bank accounts are properly validated. For Bank account validation, income tax department has asked to check following in news tab dated 13th Sep 2023.

Check Bank A/c validation Status For Refund.

Has your bank merged with another bank?

Has your bank branch changed?

Has your bank account number changed?

Has Your name in Bank Account changed?

Has your bank account closed or become inactive?

Has IFSC Code of your bank account changed?

IF YES….

You need to Update/ Revalidate your Bank A/c details on e-filing portal.

To update/revalidate your bank account details, login to: https://eportal.incometax.gov.in > Profile > My bank Accounts > Click on three vertical dots > Choose Revalidate>make required changes in data for updating details > Click on Validate button.

For adding a new bank account, login to https://eportal.incometax.gov.in > Profile > My bank Accounts > Add bank account > fill the required details > Click on Validate button.

After some time, you can check the status of bank account Validation.

Once the Status of Bank account changes to Validated, don’t forget to nominate it for refund by enabling the ‘Nominate for Refund’ button.

If the bank account validation has failed, you can remove that bank account by clicking on the three vertical dots on “My bank accounts” screen.

Please ensure that only those bank accounts, which are linked with PAN should be validated and nominated for refund. Refund cannot be credited to Bank A/c not linked with PAN.

For more info: Watch the video ‘How to pre-validate your bank account’ -https://youtu.be/2ie86mHNeyc

For Any further assistance you may reach our helpdesk contact numbers mentioned at https://www.incometax.gov.in/iec/foportal/latest-news

Ans: Apartment owner's association AOP (usually housing society) can collect contribution for Repairs & Renovation and set aside for specific purpose. However, as per specified format of co-operative society act, same is first included in Income and on expense side same is shown as transfer to specified fund.

For Income tax purpose, AOP can be governed by concept of mutuality wherein contributor and beneficiary are same person. As person can not earn from self, accordingly, contribution given by members which is required to be utilised for own benefit (repair) is not taxable.

Ans: In all the relevant provisions of Sec 10(10AA) used the word "received". Thus, in my view, date of receipt is important and accordingly, if LTA is received in FY 2024-25, revised limit applicable from 1.4.2023 will be applicable

Ans: In case of you receive arrears in the nature of salary, relief u/s 89 can be claimed. In order to claim such relief, the you are required to file Form 10E.

Tax relief is provided by recalculating tax for the year in which arrears are received and the year to which the arrears pertain; and the taxes are adjusted in the year in which they were due.

Ans: Old tax regime is beneficial to assessee if substantial amount of deduction/exemption is claimed. From information provided, i understand that new tax regime is likely to be beneficial for you.

For exact calculation, you can refer to income tax calculator available at https://incometaxindia.gov.in/Pages/tools/income-tax-calculator-234ABC.aspx

Ans: TDS on Property in Sec 194IA is required to be paid in Form 26QB within 30 days end of the month in which consideration is paid (part/full). Further, TDS is applicable on Consideration (including charges like car parking, club membership, electricity, maintenance etc) or Stamp duty value (whichever is higher). Also you have check status of AADHAR PAN link of seller's PAN.

Ans: Cost of original owner is relevant factor. If same is not known or acquired by original owner before 1.4.2001, it is advisable to get valuation as on 1.4.2001.

Further, indexation benefit is available on long capital asset. For which you can use income tax calculator https://incometaxindia.gov.in/Pages/tools/indexed-cost-of-acquisition-or-improvement.aspx

You have to pay tax @20% on Gain (Sale minus Indexed cost)

Ans: ITR processing may take time if Income are not offered as per details appearing in AIS. Check if all transactions are appearing in AIS are reported in ITR (as applicable).

Ans: Gift received from relative (spouse included in its meaning) is not considered as income and will not be liable to tax. However, income earned by spouse from the amount invested will be clubbed in the hands of Husband (gift giver).

Ans: Salaried person is required to pay tax on taxable portion of salary (i.e. after deducting eligible allowance and exemptions). Assuming 10 lac salary is after deductions/exemptions; tax liability under new regime will be Rs.62400 for AY 2024-25

You can check working in Income tax calculator https://incometaxindia.gov.in/Pages/tools/income-tax-calculator-234ABC.aspx

Ans: Old tax regime is likely to be beneficial for the taxpayer if substantial amount is claimed as deduction/exemption.

In given case, if we assume that you are eligible for HRA exemption of Rs.99000, tax liability on taxable salary of Rs.674000 under old regime for FY 23-24 will be Rs.49192. Whereas under new tax regime, with salary of Rs.773000 tax liability is likely to be Rs.33592.

For calculation, you can use Income tax calculator available at https://incometaxindia.gov.in/Pages/tools/income-tax-calculator-234ABC.aspx

Ans: I understand that your query is pertaining to original ITR wherein higher amount of TDS is claimed as refund and in revised ITR, lower amount of TDS is deducted. If return is processed and refund is issued before filing revised ITR; Tax amount pertaining additional TDS will be required to pay with interest, as applicable.

Ans: No, under new regime u/s 115BAC only specified deduction are allowed from Chapter VI A [i.e. 80CCD(2), 80CCH(2), 80JJAA]

Ans: Passing entries of notional loss as per income tax law is not correct, thus, correct entry can not be passed

Ans: Indexation loss is not required to be recorded in books of account

Ans: Resident person having Income from Salary, Capital Gain and Other sources is required to file Income tax return in ITR 2.

Ans: For property acquired before 1.4.2001, cost or fair market value of 2001 (whichever is higher) is required to be taken and index of 2001 is required to be applied.

Ans: Taxability of pension income depends on various factors like whether it is received by government employees or non-government employees, whether it is family pension, whether it is lumpsum or commuted pension etc.

In case of family pension, Standard Deduction of Rs 15,000 or 1/3rd of the pension amount, whichever is lower, is available.

In case of gov employees, Commuted or lump sum pension is exempt from taxes.

Commuted or lump sum pension received by non-government employee is partially exempt depending on whether gratuity is also received by the person.

Ans: Person is required to make payment of advance tax, if tax liability is more than 10,000. In case of capital gain, advance tax payment can be done anytime till 15th March of financial year. However, while calculating advance tax liability on other income like Interest, accrual of Income is not important. Person should estimate advance tax on income (other than capital gain) in totality and make the payment quarterly on or before specified due date.

Ans: Upon maturity of the NPS account, you can only withdraw 60% of the amount, and this is entirely tax-free. The balance 40% is used to buy an annuity. However, the annuity income is taxable as per the investor’s income tax slab rate in the year of payout.



With reference to contributing to NPS account on behalf of spouse, amount transferred to spouse’s NPS A/c will not be subject to tax.



However, Income from asset (amount) transferred directly or indirectly to spouse without consideration is clubbed in the hands of the transferor. Accordingly, the tax implication would be on you (Husband) wherever your wife gets pension as annuity Income (balance 40%).

Ans: ITRs are processed after verification under all the risk parameters through system. Sometime it take times to process the ITR. Thus, you have to wait if the status if under process and grievance is already filed.

Ans: It is advisable to do following 3 things:

1) Check if return is processed and refund is due as per Intimation issued u/s 143(1) which is available for download in e-file tab - Income Tax Return - view filled returns tab.

2) It is advisable to check if any demand of earlier year is outstanding which can be checked at "Pending Actions" - response to outstanding demand tab

3) Check Income Tax Refund status at https://tin.tin.nsdl.com/oltas/refund-status-pan.html

Ans: Maternal uncle - Mama; is in the definition of Relative as per Income Tax Act. Any amount received from relative is not an Income in the hands of recipient.

Ans: Individual paying rent of more than 50k p.m. is required to deduct TDS using own PAN in Form 26QC in Sec 194 IB.

Recipient of Income (owner of property) should offer rent income to tax after deducting 30% of Income as a standard deduction. Taxable income is likely to be Rs.5,04,000. For FY 23-24, if taxable income is upto 7 lacs, tax liability under new tax regime will be zero.

Ans: There is no specific clarification on the said matter but yes advisable to correct it online and if you face any issue, you can approach jurisdiction assessing officer.

Ans: Gift received from relative (spouse included in its meaning) is not considered as income from other sources and will not be liable to tax. Further, income earned by spouse from the amount invested will be clubbed in the hands of Husband (gift giver).

Ans: Please call customer care and check if any other details required from your side.

1800 103 0025
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Ans: Usually it appears within 7 days. I hope you are checking AIS of FY 2023-24 for tax paid of FY 2022-23 in FY 2023-24.

Ans: Taxable capital gain is the net amount of gain earned from all the capital asset. Thus, Capital gain from 1 capital asset can be set off against loss from another capital asset.

Section 54 provides that in case person transfer house property and invest gain amount in acquiring new property, capital gain will be exempt. So you can invest net capital gain in new property within specified time limit.

Person must buy the residential house property 1 year before or 2 years from date of such transfer of property or construct the house property within 3 years from date of transfer of property.

Ans: In 24Q, employer is required to report - amount of rent paid, HRA and exemption amount. Accordingly, in AIS only exemption amount will correctly appear

Ans: Person cannot avail the exemption under section 10(4)(ii) of the Act and the NRE interest income earned for the entire year shall become taxable till the time the account is operational. Further, the taxable interest earned from the NRE account will be eligible for deduction of up to Rs 10,000 (for savings interest only), under section 80TTA and up to INR 50,000 (for senior citizens) under section 80TTB of the Act.

Ans: Jurisdiction AO usually do correction of mistakes in challan if necessary documents and explanations are provided. Please discuss with AO.

Ans: Returns are processed once it is clear from all risk parameters framed by the department. Sometimes it takes time to process the ITR as some discrepancies are identified under risk parameters.

Ans: Defective notice is issued u/s 139(9) and if response is not filed, it will be considered as of no ITR is filed.

In case of any certain mistake, ITR is not considered as defective but intimation is issued u/s 143(1)(a) for proposed amount of adjustments. Rectification application can be filed within 4 years if intimation u/s 143(1) already received.

Check outstanding demand tab to check whether jurisdiction rights are with AO or CPC.

Ans: Self assessment tax paid in FY 2023-24 for FY 2022-23 will appear in AIS of FY 2023-24 usually in 7 days time.

Ans: You can fill and submit PAN Change Request application form. Mention the PAN which you are using currently on top of the form. All other PAN/s inadvertently allotted to you should be mentioned at item no. 11 of the form along with applicable documents

Ans: Person cannot avail the exemption under section 10(4)(ii) of the Act and the NRE interest income earned for the entire year shall become taxable till the time the account is operational. Further, the taxable interest earned from the NRE account will be eligible for deduction of up to Rs 10,000 (for savings interest only), under section 80TTA and up to INR 50,000 (for senior citizens) under section 80TTB of the Act.

Ans: An individual who is resident in India and whose total income does not exceed Rs. 5,00,000 is entitled to claim rebate under section 87A​. Rebate under section 87A is available in the form of deduction from the tax liability. Rebate under section 87A​ will be lower of 100% of income-tax liability or Rs. 12,500. In other words, if the tax liability exceeds Rs. 12,500, rebate will be available to the extent of Rs. 12,500 only and no rebate will be available if the total income (i.e. taxable income) exceeds Rs. 5,00,000.

Ans: f rectification application is pending with Jurisdictional assessing officer, person should disagree with demand and select appropriate option stating details of said rectification.

Ans: Personal loan is required to be disclosed in ITR, if income is more than 50 lacs and loan is taken for acquiring said asset.

Ans: Non resident is liable to file ITR in India if income is more than exemption limit.

Further, an individual has to file his ITR irrespective of their income level, for cases like :

- If an individual has deposited more than Rs 1 crore or Rs 50 lakh in one or more current and savings bank accounts, respectively.
- If an individual has incurred an expenditure exceeding Rs 2 lakh for himself or any other person for foreign travel.
- Has incurred an expenditure exceeding Rs 1 lakh toward electricity payment in a year.
- Is a beneficial owner or beneficiary of any asset outside India.
- Is a signatory to a foreign bank account.

Ans: Eligible interest payment is allowed as deduction once construction is completed. eligible principal repayment done during construction period is allowed as deduction.

Ans: Short term capital gain (STCG) will be required to be reported in ITR depending on its nature.

If STCG is from transfer of shares/equity based MF which is chargeable u/s 111A; specific schedule is given in schedule Capital Gain. For STCG from sale of land or building or both, separate schedule is also given.

Ans: Non resident is liable to file ITR in India if income is more than exemption limit.

Further, an individual has to file his ITR irrespective of their income level, for cases like :

- If an individual has deposited more than Rs 1 crore or Rs 50 lakh in one or more current and savings bank accounts, respectively.
- If an individual has incurred an expenditure exceeding Rs 2 lakh for himself or any other person for foreign travel.
- Has incurred an expenditure exceeding Rs 1 lakh toward electricity payment in a year.
- Is a beneficial owner or beneficiary of any asset outside India.
- Is a signatory to a foreign bank account.

Ans: Gift received from relative (spouse included in its meaning) is not considered as income from other sources and will not be liable to tax. Further, income earned by spouse from the amount invested will be clubbed in the hands of wife (gift giver).

Thus, dividend income and capital gain on transfer of shares will be clubbed in the hands of wife.

Ans: Income from salary is taxable on accrual basis which means even if same is not received it will be taxable. However, if there is no certainty of receipt of said component of salary in future, amount may not be offered to tax and it can be subject to litigation.