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Sanjeev Govila

Financial Planner 

196 Answers | 20 Followers

Colonel Sanjeev Govila (retd) is the founder of Hum Fauji Initiatives, a financial planning company dedicated to armed forces officers and their families.
He has over 12 years of experience in financial planning and is a SEBI certified registered investment advisor; he is also accredited with AMFI and IRDA.... more

Answered on Sep 23, 2023

Asked by Anonymous - Sep 14, 2023
Sir, I just retired from my service @60yrs. I will get my PF+other fund ₹50L. Please advice how to invest the amount so that my principal not disputed and I can get ₹30,000 pm for my monthly expenses. My family of 2 persons are covered ₹50L health insurance. Regards
Ans: Considering your age and your requirement, you will need to invest in a mix of debt and equity instruments. Here are some investment options available to you:-

• Senior Citizens’ Savings Scheme (SCSS) – This is a pure debt instruments and provides guaranteed returns of 8.2% per annum. The interest is paid quarterly. The maximum amount that you can invest is Rs. 30 Lakhs.

• Corporate FDs – It provides you return more than the regular bank FDs. It contains two options i.e. cumulative and non-cumulative.

• Post Office Monthly Income Scheme (POMIS): This is another government-backed scheme that offers guaranteed monthly income. The current interest rate is 7.1%.

• Debt Mutual Funds: As your main concern is to protect the principal amount you may consider debt funds and monthly income can be achieved through the route of SWP (systematic withdrawal plan).

• Equity mutual funds: Equity mutual funds offer the highest potential returns, but they are also the riskiest. A small portion of the amount can be invested in the equity mutual funds for growth of the money in the long-term horizon.

It is good to know that you are adequately insured for any healthcare emergency.

Your requirement of Rs. 30,000 will be changing in the future due to inflation, hence you should consult with your financial advisor for a proper increasing income or SWP (systematic withdrawal plan) which can help you to ensure sufficient amount available for your monthly expenses.

Answered on Sep 23, 2023

Hi Sir, I worked a small level company between 01.02.2018 to 30.04.2021. They paid standard EPF contribution of Rs. 1800/- from my side they deducting the same of Rs. 1800/-. After I exit the company I applied the EPF Withdrawl (both contribution) on 06.05.2023 and it was rejected by the officer and the reason was mentioned "Claim Rejeced EQUAL SHARE 07/18". The Employer deposit the July 2018 share in wrongly i.e. The deposited Rs. 1800/- in Employee Share and Rs. 1800/- employer Share and Pension is " 0 ". instead of Rs.1800/- as employee, Rs. 550/- as Employer and Rs.1250/- as pension contribution. When I sent a 2 continues mail to EPF they taking my query as a grivience and sent a query to the employer. But Still they not close the issue. How to I approch them to clear my claim. Because there is no mistake from my side. Thanks in Advance. Narayanan
Ans: I understand that your EPF withdrawal claim has been rejected due to an error in your employer's contribution. This is frustrating, but it is important to remember that you are not alone. Many people experience problems with their EPF claims, especially when their employers make mistakes.

When filing a grievance, be sure to provide clear and concise information about the issue. You should also include any relevant documentation, such as your EPF statement and the revised Form 11 from your employer (if you have one).

Once you have filed a grievance, the EPFO will investigate the matter and try to resolve it. This process can take some time, but it is important to be patient.

Here are some additional tips:

• Keep track of all your communication with the EPFO. This includes emails, phone calls, and visits to the office.
• If you are not satisfied with the EPFO's response, you can escalate the issue to the regional or national level. You can also mail on employeefeedback @ epfindia.gov.in for the redressal of your grievance.

Answered on Sep 20, 2023

Asked by Anonymous - Sep 08, 2023
Hi, I have an issue with my EPF account and the issue is related to my name. Just to keep my name anonymous for this post I am using a sudo name that is Jack Jones Harry. I have an EPF account in the name of Jack Jones Harry. I tried to log in and I was asked to contact my employer to link my Aadhaar card to my EPF account. I contacted my Ex employer and they said the issue was that my EPF is under the name of Jack Jones Harry and my Aadhaar have the name Jack J Harry. Due to this, it shows a mismatch. I have clearly informed that its the same and in my Aadhaar card the Jack J Harry the J stands for Jones. They said they cant do anything and they have asked me to fill up a joint declaration form which is a requisite for a name change. I was not comfortable using this form as they have a column asking me the "wrong" name and corresponding correct name. Since my name Jack Jones Harry is not a "wrong" name, its Just that my aadhaar card has J mentioned instead of Jones. I was not comfortable filling out this declaration. I decided to go to the EPF office myself to check on this. However, they also provided me with the same format for name change. I am guessing I have two options one is change my Aadhaar card or submit the form for name change requisition. The issues is some bank accounts and property have my name as Jack Jones Harry and some property and bank details and mutual funds have my name as Jack Js Harry. I just wanted to run it by you and wanted to check is this a common issue and which is a better option. I really want to get it done as this has been pending since long.
Ans: I understand your situation. It's common to face issues with name variations in official documents. You can cater to this issue with 2 options- 1st is that you can change your Aadhaar card or you can submit requisition form to EPF office.

1. Aadhaar Card: If you want to align all your official documents with the name "Jack Jones Harry," you have to update your Aadhaar card to reflect the full name "Jack Jones Harry" to match your EPF account. You must visit an Aadhaar enrolment centre and providing the necessary documents for the name change.

2. Name Change Requisition Form: If you prefer not to change your Aadhaar card, you can go ahead and submit the joint declaration form for a name change requisition as requested by the EPF office. In this form, you can explain the discrepancy between your EPF account name and your Aadhaar card name as you've described which will require some additional documents and processing time.
The choice between these options depends on your personal preference and the hassle involved in changing your Aadhaar card. Ensure that you update your name consistently across all your official documents to avoid future issues.

Answered on Sep 20, 2023

Dear Sir I am a daily reader of your posts. You are requested to please give your valuable opinion as many times i sent you e-mail. Please find the details of my monthly SIP investment continuing since 2019. And I want to do long term investment. PARAG PARIKH FLEXI CAP FUND – GROWTH - 10000 SBI FOCUSED EQUITY FUND REGULAR GROWTH -10000 Mirae Asset Emerging Bluechip Fund - Regular Plan Growth Option- 10000 Canara Robeco Bluechip Equity Fund Regular Growth- 10000 Mirae Asset Large Cap Fund Growth Plan -10000 AXIS MIDCAP FUND – GROWTH- 10000 Any modification/changes required in terms of portfolio, please suggest. Below Tax Planning amounts want to withdraw, so where to park or save these same money please guide.. Present value is about double i.e 2lakh each MOTILAL OSWAL LONG TERM EQUITY FUND – GROWTH – 1lakh HDFC HYBRID EQUITY FUND - REGULAR PLAN – GROWTH- 1lakh Also, Suggest for a long term investment for baby girl child. Is it required separate investment of my wife (house wife) with the SIP . Regards Sumanta
Ans: As per your queries, we have given our recommendations below:

1. Overall, your investment portfolio is well-diversified and includes a mix of large-cap, mid-cap, and flexi-cap funds and also the funds you have in your portfolio, they all are fundamentally good and have been stable performers in their categories which is a good approach for long-term investment. You can continue to invest in these funds without any changes suggested.

2. Now if we talk about the tax planning and if you are not going to choose the old regime of tax, then we would suggest you to park this amount in mix of some equity and more in hybrid funds as you have already taken the position in pure equity-oriented funds. Also,in current scenario, Motilal Oswal Long-Term equity Fund is not performing up to the mark.

3. For long-term investment for your baby girl child, you can start a SIP in a well - diversified portfolio including some large cap, mid cap, hybrid funds (which invest in a mix of equity and debt) and small cap funds also for long term wealth building considering the long term horizon.

Also you can invest in specially designed product in mutual fund for children like Children gift funds etc which come with the lock-in of 5 years.

Apart from this you can also go with some government promoted schemes like PPF or Sukanya Samriddhi Yojana etc.

4. Yes, you can have separate investments (through monthly SIPs, not with enlarged amount otherwise clubbing of income is applicable) in the name of your wife for tax planning purpose.

Answered on Sep 20, 2023

Hi, I need advice on retirement - I am 43, Single, no kids, will never have any. I own a 2BKH in pune and there is no loan for it. My parents are on Maharashtra state pension of 45K per month. My total corpus is 4+ crore. Majority of the corpus is invested in Equity mutual funds. I have kept 20 Lakhs in Debt mutual funds for emergency. Some portion is in Liquid MF from which money gets STPed to equity mutual funds every month. Our total monthly expense, including that for my parents and their medical bills is 60K. My own monthly expense is not calculable - but roughly it can be 60K minus their pension which is = 25K. I have bought Health insurance for myself and a separate Accidental disability insurance for myself. I have also bought senior citizen health insurance cover of 15lakh for my parents. My current salary is 2+ lakhs per month(of which 1.5 lakhs go in equity MF SIP) I don't know how long I will live and if I should retire now?
Ans: Retirement doesn't look the same for everyone, and we all have different definitions of what's "enough" money you need to finally put to work in your rear-view mirror. But if you've accomplished the actions listed below, you're probably nearing the home stretch before your well-earned rest and relaxation

You have enough money to have the retirement you want. Figuring out how much money you need to have saved before you can quit working is a job in and of itself. Some say that you should save at least 10 times your annual salary by the time you're 67. Others point to the 4% rule, which states that you should be able to comfortably live off of about 4% of your investments in each year of retirement, thus allowing you to cover expenses for about 30 years.

You have a fund for unforeseen expenses. One of the biggest mistakes a retiree can make is not having an emergency fund. In retirement, a lot of your investments and sources of income are less liquid than cash, since you can't just go to your bank and withdraw cash from your account instantly when your money is invested in the market.

You have a diverse portfolio to protect your wealth. It's not a good idea to put all your eggs in one basket when it comes to creating sources of income for retirement. You mitigate risk by spreading your savings and investments across multiple streams of future income.

You have a plan to afford healthcare

Healthcare costs rise exponentially in retirement. Many people receive health insurance through their employers, but this benefit typically ends once the individual no longer works there.

"Retirement is not a destination, it's a journey. And like any journey, it's important to be prepared. That means being mentally as well as financially prepared."

Answered on Sep 20, 2023

Hi i have invested lumpsum in following 12 funds please guide. Whether any funds to be removed and if any new funds to be added Quant Active Fund Growth 2.2 lakhs Canara Robeco Bluechip Equity fund Direct Growth 2 lakhs Pgim India midcap opportunities fund Direct Growth 2lakhs ICICI prudential commodities fund growth. 80,000 Parag Parikh flexi cap fund regular Growth. 90000 Quant Flexi Cap fund growth 90000 Kotak small cap fund regular Growth. 50000 Mahindra Manulife Multi cap fund regular Growth. 50000 Tata small cap fund Regular Growth 50000 Pgim India Midcap opportunities Fund Regular Growth 50000 Canara Robeco small cap Fund regular Growth 50000 Tata Digital India Fund Direct Growth 50000 I need analysis on this whether to continue or close the mutual funds
Ans: Overall, you have over-diversified your investments. It is always better to invest in one or maximum two funds of the same category.

Although, all funds chosen by you have good fundamentals, but they carry a high level of risk with them. Without the risk profile and investment time horizon, it is difficult to comment on how long to stay invested in these funds. We should not only focus on funds’ performance but also our risk appetite and investment time horizon.

Special recommendation on sectoral/thematic funds are as follows:

Tata Digital India Fund Direct Growth: It invests primarily in companies related to digital technology and innovation in India. The fund has delivered average annual returns of 20.65% since inception. You may need to review it every six months or in case of any material change in the fund or industry. As of now, the fundamentals seem good, but sectoral funds come with very high risk.

ICICI Prudential Commodities Fund: It invests in equity-related securities of companies engaged in commodities and commodities-related sectors. The fund has delivered a higher return as compared with the category average, and should be reviewed every six months or in case of any material change in the industry.

Answered on Sep 20, 2023

Hi Sanjeev, I am 43 years old. I have a monthly sip of 35k going on. I have started investing in mutual fund and sip from year 2013. Total mutual fund plus sip current market value is 1 core 9 lakhs . I plan to invest 35 k per month more for 7 to 8 years , when i want to leave job and do something else. Can you tell me what will be my corpus in 7 to 8 years down the line taking both current valution plus what i am going to continue investing?Also, i have another 1 corore total in other investment like Voluntary provident fund, Epf, ppf and esops from my company and pension fund . Here i do a monthly investment of around 80 k via mostly through company for tax savings. So what will be my total corpus after 7 to 8 yrs. Also, is it good for retirement considering my current monthly expense us 1 lakh.
Ans: It is really great to see that you have started to plan for your post-retirement life and you have accumulated ample amount till now.

If you continue in the same way with a monthly SIP of Rs. 80,000, I am convinced that you will have enough corpus to support yourself throughout retirement.

Accumulated corpus in 8 years with monthly investment of 80,000 and present value 1.09 Crore will likely be 4.12 Crores. Rate of return considered for the calculation is 12% CAGR.

Assuming that you want to maintain your current monthly expense of ₹1 lakh in retirement, it is important to factor in inflation, which will erode the value of your money over time.

Since you have other avenues as well to support your expenses, this will help to create a heftier corpus.

• Invest in a mix of equity and debt mutual funds to diversify your portfolio and reduce risk.
• Rebalance your portfolio regularly to maintain your appropriate asset allocation as per your requirement.
• Consult with a financial advisor to develop a comprehensive retirement plan.

Answered on Sep 20, 2023

Hello Sanjeev, Good afternoon. Request a serious suggestion on my investment planning. Have majority of my savings into FDs due to my earlier conservative approach and even now am having the tax benefit as the FDs are on my wife's name where we do get the tax benefit. Also started significant portion into MFs which is a portfolio by itself of nearly 50 lac INR. My question is, I want to plan for my younger son's future and our retirement which almost have the same time duration of about 12-13 years. How can I go for my investment if am looking for around 5-7 crore of corpus by then ? What options could you provide me assuming I do have good risk apettite now as I have seen a good 5 year cycle in the MFs now. I want you suggest 2 options, 1 - With a fresh investment now and the products which I should go around and 2 - If you advise to use the fixed deposits also to contribute to the wealth creation ( I have a total of around 60-70 lac as FDs). So please suggest a good portfolio with the above 2 scenarios.
Ans: Based on your query, we understand that you are looking for investment options to plan for your younger son’s future (Education and Marriage) and your retirement life. You have mentioned that both goals have a similar time duration of about 12-13 years. You also mentioned that you have a good risk appetite now and have seen a good 5-year cycle in mutual funds (MFs).

To achieve a corpus of around Rs 5Cr by then, we have evaluated both the options:-

Option 1: Fresh Investment: This is the most recommended option from our end as considering your investment horizon and knowledge, we suggest you to rebalance your current fixed income oriented investments to equity orient funds with 20-25% allocation towards mid and small caps.
Benefits on shifting:
• Lower tax liability on returns generated.
• Tax deferment and compounding (higher returns) in long run.

Option 2: Continuing with Fixed Deposits (FDs) (Not suggested by us)
As you know, FDs are very safe asset class and yielding higher returns due to current interest rate scenario. Although, we all know sooner and later rates will came down to support the economy so does the FD rates.
Also, FDs as investment are not considered good for horizon of more than 5 years because:
a) Yearly taxation reduce the compounding and returns.
b) Equity generally outperform in terms of returns over the same horizon.

Final Recommendation:
We suggest you to shift 30-40 Lakhs from FDs and reinvest the same in a well-diversified portfolio of Equity and hybrid funds. Also, considering your goal of reaching a corpus of 5cr with current mutual fund investments it will require whopping returns of 20%+ on annual basis for a period of 12-13 years which is not very likely to achieve.

As a summary, allocate a total of Rs 80-90 Lakhs towards diversified equity-oriented funds and keep invested Rs 20-30 Lakhs in FDs in your wife’s name for taxation benefit.

Answered on Sep 20, 2023

Hi Ulhas, I am 43 years old. I have a monthly sip of 35k going on. I have started investing in mutual fund and sip from year 2013. Total mutual fund plus sip current market value is 1 core 9 lakhs . I plan to invest 35 k per month more for 7 to 8 years , when i want to leave job and do something else. Can you tell me what will be my corpus in 7 to 8 years down the line taking both current valution plus what i am going to continue investing?
Ans: To calculate your corpus in 7 to 8 years down the line, we need to make some assumptions:

• Investment amount: 35k per month
• Existing Investments : Rs.1.09 Crore
• Investment horizon: 7 to 8 years
• Expected return: 12% per annum

Using a compound interest calculator, we can calculate the following:
Corpus = Investment amount * (1 + Expected return) ^Investment horizon

You will accumulate around Rs.3.3 Crores approximately after 8 years

Note: These are just estimates, and the actual corpus may vary depending on the actual investment returns.

Tips to help you reach your goals:

• Continue to invest regularly. Even if you can only invest a small amount each month, it will add up over time.
• Rebalance your portfolio regularly. This means selling some of your winners and buying more of your losers to maintain your desired asset allocation.
• Don't panic sell. The market will inevitably go up and down, but don't let your emotions get the best of you. Stay focused on your long-term goals and don't sell your investments when the market is down.

Answered on Sep 20, 2023

Asked by Anonymous - Aug 29, 2023
There is an FD in the name of my daughter (even now a minor), booked by somebody else in the family many years ago, by giving cash in SBT bank. This FD was not linked to any SB account and my wife has been added as the guardian. SBT got merged into SBI and SBI people don't know how to close this FD and handover the proceedings. How to close the FD and get the money
Ans: Regarding your inquiry about closing the Fixed Deposit (FD) in your minor daughter's name, you will need to visit the concerned branch. On 15 February 2017, the Union Cabinet approved a proposal to merge SBT and four other associate banks with State Bank of India. Please ensure you take the following documents with you:-

1. The FD receipt or passbook.
2. A copy of your daughter's birth certificate.
3. A copy of your wife's identity proof (as her guardian).

You'll also need to complete an FD closure form available at the branch. The bank's staff will assist you with this process.

Once the form is filled out, and all necessary documents are submitted, the bank will initiate the FD closure request. The funds from the FD will be transferred to your daughter's savings account, assuming she has one. If not, you'll need to open a savings account on her behalf.

Here are some additional tips for closing the FD:
1. If you're unsure which SBI branch the FD was opened at, you can contact the bank's customer care department for guidance.
2. If you do not have the FD receipt or passbook, you can still close the FD by providing the FD number and other relevant details to the bank staff.

Answered on Sep 20, 2023

Asked by Anonymous - Aug 25, 2023
Ans: After reviewing your portfolio, we propose that you discontinue your SIPs in Thematic Funds. Thematic funds are highly risky in nature and it is difficult to predict which sector will perform when and where, and begin your SIPs with funds that have proven past records. We also recommend that you keep a mix of equity and hybrid funds in your portfolio to ensure stability and recommend investing in various categories of equities mutual funds, i.e Large Cap, Mid Cap, Small Cap, and Flexi Cap. Investment across category provide proper diversification.

As you will require around 4-5 Cr in 15 years, we recommend you to increase your SIPs on yearly basis and It is recommendable to increase your SIPs by 5-10% every year as income grows. You can also invest some amount in Bulk when it is available with you such as yearly bonus, monthly or quarterly incentives etc.

We suggest you to maintain the discipline with your investments.
As it is said, “Successful investing takes time, discipline and patience”.

Answered on Sep 20, 2023

Ans: Referring to your query regarding the debt and uncertain expenses at all times. Please find some suggestions for your reference.

• Get a part-time job (Increase your Source of Income): If you have the time and energy, getting a part-time job can be a great way to earn extra money to pay down your debt.

• Make a budget: Once you have a good understanding of your cash flows, you can create a budget to help you track your spending and make sure your cash flow will be managed properly (Expenses are not more than your earnings)

• Prioritize your debts: Not all debts are the same. Some debts, like credit card bills, have higher interest rates, which means that you will be paying more in interest over time. Focus on paying off these debts first.

• Negotiate with your creditors: If you are struggling to make your payments, contact your creditors and see if they are willing to negotiate with you. Many creditors may adjust the repayment schedule you can afford.

There are some resources that may be helpful:

Debt relief organizations: There are a number of organizations that can help you get out of debt. They can provide you with counseling, and they can also help you negotiate with your creditors to reduce your payments or create a repayment plan.
• National Foundation for Credit Counseling: 1-800-388-2227
• Consumer Credit Counseling Service: 1-800-642-2227
• Credit Karma: 1-888-239-7066

Answered on Sep 20, 2023

@Anil Rego ji Namaskar - Intend to invest in gold bond, how should i proceed and which way is better to invest in gold bond ! i intend to invest in paper gold bond rather then purchasing gold physically. plz advise.
Ans: Gold can be a valuable addition to your portfolio. It has always been considered an asset that can hedge against inflation and other economic uncertainties. There are three popular ways to invest in gold.

Gold ETFs (Exchange-Traded Funds): Gold ETFs offer easy liquidity, as they are traded on stock exchanges just like stocks. They provide a direct exposure to the price of gold.
Taxation - Profits on the sale/redemption of Gold ETFs or units of gold saving funds bought after 31st March 2013 will be taxed as short capital gains irrespective of the holding period. So, this will be taxed as per an individual’s current tax slab.

Gold Mutual Funds: Gold mutual funds pool investments from multiple investors and provide professional fund management. They are an excellent choice for those who prefer a diversified approach.
Expense ratios and load fees can vary.
It is advisable to keep the investment in gold within 5% to 10% of one’s total investment portfolio.
Taxability is similar to that of Gold ETFs.

Sovereign Gold Bonds (SGBs): SGBs are issued by the Government of India and they provide an additional annual interest income. SGBs are suited for long-term investors who are looking for a safe haven asset and are willing to hold on to their investment for at least 5 years, preferably full 8 years to get the tax advantage of Zero capital gains tax on gains made.
The returns on SGBs are not guaranteed, and they depend on the prevailing market price of gold at the time of sale. There is a lock-in period of 5 years, so you cannot exit your investment before then.

SGBs may be the right choice. If liquidity and trading flexibility are important, consider Gold ETFs. Gold mutual funds are suitable for diversification, doing SIPs and professional management.

Answered on Sep 20, 2023

Dear Sir, My name is Shrikanth S Kumar. My age is 38 and wife's age is 34. My total annual CTC is 16,10,000. My monthly expenses is 40 k. I have 15 lakhs in savings account which I can invest for Long term. Please suggest New SIPS or current good sips and investment avenues to continue. Started investing in equity sips from 5 years. I have a target net worth to reach of 5CR in 5years. I have 16 lakhs MF portfolio, and my running MF sip are 35k in quant active, 30k in parag parikh flexi cap,6k in DSP Nifty 50 equal wieght Index fund and 5k in nippon small cap.
Ans: It is good that you are investing a good amount per month with a saving/investment ratio of 50%. To reach your goal with current accumulated portfolio, available investment surplus (Rs 15 Lakh) and current SIPs, you need to make additional SIPs of 4.71 Lakh per month, (assuming 12% annualised return). Obviously, this is not possible given current income and cash flows. Going with the current status of investment, you will be able to accumulate 1.18 Cr by the end of 5th Year.

Your stated scenario of accumulating Rs 5 Cr is definitely very difficult to achieve, but here we will suggest a practical and logical approach toward investment. Do the step up SIPs, which means you should increase the investible surplus (SIPs) every year as your income grows say 10%. With this, you should be able to accumulate approx Rs 1.29 Cr (Assuming 12% ROI). This will reduce the deficit required. Apart from this any windfall amounts received at any time should be invested towards facilitating the goal.

Currently, your SIPs are concentrated in 2 funds which is not good. You should work on diversifying the monthly investment wisely among different categories and sectors, based on your goal requirements.

Answered on Sep 20, 2023

I have received 143(1)(a) intimaiton demand for ITR3 filed for AY 22-23 now. The ITR is still showing in processing state. The data uploaded in Jason format has overwritten my Zero income form self occupie dproperty to sam evalue of rent coming from let-out property. Du eto this there is mismatch is tax calculation. How should I respond to this by filing a revised return and if so it will be under which u/s in ITR?
Ans: Step 1: Verify the intimation demand
The first step is to verify the intimation demand to ensure that it is accurate and that you have indeed received a demand for additional tax. You can do this by checking the following:
• The assessment year (AY) and return type should match the ITR that you filed.
• The demand amount should be accurate, based on the mismatch in tax calculation as identified by the Income Tax Department.
• The intimation demand should be issued by a valid Assessing Officer.

Step 2: File a revised return
Once you have verified the intimation demand, you should file a revised return to correct the error in your original return. To do this, you can follow these steps:
1. Go to the e-filing website of the Income Tax Department.
2. Log in to your account and select the "Revised Return" option.
3. Select the AY and return type for which you are filing the revised return.
4. Enter the required details and upload the revised JSON file.
5. Verify the details and submit the revised return.

Step 3: Pay the additional tax
If there is any additional tax payable after filing the revised return, you will need to pay it within the specified time period. You can make the payment online through the e-filing website or at a designated bank branch.

You should file the revised return under Section 139(5) of the Income Tax Act, 1961. This section allows you to file a revised return within one year from the end of the relevant assessment year.

Answered on Sep 20, 2023

Dear Sir I have filled ITR and there is refund 15003 I filled ITR on 02 July and did not E-verified due to Pan Card Blocked by Govt so after file ITR i sent its signed copy to Bangalore on 3 July that showing verified on 10 Aug and i Have paid 1000 on 12 Aug to link pan card and Aadhar card and got linked then i received mail on 12 Aug evening to E-verify return but there was no option to E-verify return . today is 09-08-2023 but we have not received refund yet Please suggest right process 2-3 days back i have complained in grievance of ITR .Please suggest right process . status on Dashboard showing Return Filed on 2 july and Return verified on 10 July only .....
Ans: ITRs can be filed without having the Aadhar-PAN link completed; however, such ITR filings would render the user ineligible to avail refunds and interest on such tax refunds till the time PAN is linked with Aadhar.
• After e-filing your return, you must verify it. Your return filing process is not complete unless you do so.
• The timeline for e-verification of returns filed after 1st August 2022 is 30 days from the date of submitting the return.
• As per the IT department, if the ITR filed is verified (electronically or by sending ITR-V to ITD) before the time limit of 30 days, then the date on which the return was filed will be considered as the date of furnishing ITR.
• In the offline verification case, the speed post-dispatch date of the duly verified ITR-V will be taken into account to determine the 30-day period starting from the day the income tax return was electronically transmitted.
As per the data provided by you, your return has been verified within the timeline of 30 days. Normally, it takes 20-45 days for the refund to reach you after filing and verifying your ITR but your Aadhar and PAN got linked on 12th August. The delay in refund is due to it.

We suggest you wait for some more time and regularly check the “My Pending Action option” in your income tax account portal.

Answered on Sep 20, 2023

Asked by Anonymous - Aug 09, 2023
Sir I am 44 years and I am working in IT related company with approx Rs 1.3L monthly take home. I have a taken a home loan of 1.15 Cr for 16 years. The monthly EMI is comes to 1.10L. The flat cost above 1.5 Cr for which I have put my savings for the rest of the amount. I am concerned off late on closing the loan in a timely manner. With my expenses for kids education ( they are in school now) How can I plan it better. My wife is also working currently with approx 80k monthly salary.
Ans: Considering your current family income, your debt-to-income ratio is approx 53%, which is very high and may affect your lifestyle as also your future goals. You should consider the following-

Home Loan Repayment: Consider allocating any annual bonuses, tax refunds, or windfalls towards your home loan to make lump-sum payments and reduce the principal amount. If you receive salary hikes, consider using a portion of the increase towards your EMI payments, which will accelerate loan repayment.

Children's Education Fund: Open a separate investment account for each child's education. Invest in diversified mutual funds or fixed deposits and other assets which offer a balance between risk and returns, saving on tax perspective as well.

Emergency Fund and Insurance: Keep your emergency fund in a liquid and accessible account, like a savings account or a short-term fixed deposit, for immediate use.

Future Financial Goals: Outline your long-term financial objectives, such as retirement, and start investing towards these goals. Consider options like Employee Provident Fund (EPF), Public Provident Fund (PPF), or National Pension Scheme (NPS).

Answered on Aug 09, 2023

Asked by Anonymous - Aug 09, 2023
I have multiple loan with outstanding of 32 lakhs. My salary is 1.3L pm and paying emi of 82k.Not able to figure it out how to get out this debt trap
Ans: My inputs sent for a magazine article yesterday may help you. Please go through it:-

Strategy to get out of debt trap

1. Debt Consolidation: This is streamlining your debts for clarity. Debt without consolidation is like juggling a bunch of puzzle pieces while presuming that you’re in control. Merge your scattered debts into one manageable loan, reducing confusion and the risk of missing payments. This smart move can lead to lower interest rates and simplified monthly payments, giving you a clearer path out of the debt maze.

2. Debt Avalanche Strategy: This strategy treats your debts as mountains and tells you to start climbing the steepest ones first, that is, tackling the highest peaks first and the lower peaks will then automatically become a cake-walk. So, with this strategy, you focus on the high-interest loans while making minimum payments on others. As you conquer one peak after another, your momentum builds, and soon you'll find yourself on the summit of debt-free living.

3. Credit Card Balance Transfer: IN this strategy, you swap the high-interest credit card debts for friendlier ones. Through a balance transfer, you move your existing credit card debt to a new card with lower interest, that is, shifting to a smoother terrain. This gives you breathing room to pay off the principal without being weighed down by sky-high interest.

4. Practical Tips to Conquer Debt:
1. Budget with Purpose: Lay out a clear budget that allocates extra funds to debt repayment while covering essentials.
2. Cut Unnecessary Expenses: Trim down on luxuries, and redirect the saved money towards settling your debts faster.
3. Build an Emergency Fund: Having a financial safety net prevents you from resorting to more debt during unexpected setbacks.
4. Negotiate with Lenders: Reach out to your lenders for potential interest rate reductions or extended payment plans.
5. Financial Windfalls: Put unexpected bonuses, tax refunds, or gifts towards debt reduction to accelerate your progress.

Remember, Rome wasn't built in a day – the same applies to debt repayment. By combining strategic methods and prudent financial habits, you can pave the way to a debt-free horizon.
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