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Anil

Anil Rego  |388 Answers  |Ask -

Financial Planner - Answered on Dec 23, 2022

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more
Lancelot Question by Lancelot on Dec 23, 2022Hindi
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2. If I need to fill ITR2 (I have been filing my own returns and have only filled ITR1), please let me know in ITR 2 how the capital gains has to be entered with what amount and in what schedule of the ITR?

Ans: I am not clear if this question you are referring to is also related to the ULIP policy of yours. As explained above, you don’t need to pay tax on this if you fulfil the Sum Assured criteria for the policy. In such case, you can show it as other income that is exempt from tax.

If you are asking a generic question, or even if your ULIP is taxable, you will need to fill out the capital gains schedule in the ITR 2, providing scrip-wise details for long term capital gains while filing ITR 2. This will include ISIN, Selling Price, Purchase price, date of different transactions and more. 

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Hardik

Hardik Parikh  |106 Answers  |Ask -

Tax, Mutual Fund Expert - Answered on Jul 27, 2023

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Dear Mr. Parikh, I am 86 years age and retired from IOCL (PSU). Last year I sold 2 nos. of Mutual Fund. The difference between sale and cost price was about Rs. 13296 which is less than the taxable limit of Rs. 100000/-. A sum of Rs. 10834/- was deposited as TDS. I propose to fill - ITR Form 1 including the Capital Gain of Rs. 13296 in the Exempt Income (for Reporting Purpose). Kindly advice whether this is in order or should I fill - ITR Form 2 ?
Ans: Dear Rajesh,

Firstly, I appreciate your diligence in managing your taxes. Now, coming to your query, the choice between ITR-1 and ITR-2 depends on the nature of your capital gains.

ITR-1, also known as Sahaj, is for individuals with income up to Rs. 50 lakh from salary, one house property, other sources (interest, etc.), and agricultural income up to Rs. 5,000. However, it does not allow you to report capital gains.

On the other hand, ITR-2 is for individuals and HUFs not having income from profits and gains of business or profession. It includes the provision to report capital gains.

In your case, since you have capital gains from the sale of mutual funds, even if it's less than the taxable limit, it would be more appropriate to file ITR-2. The TDS that has been deducted can be claimed as a refund in your return if your total income is below the taxable limit.

Please consult with a tax professional or chartered accountant to ensure you're following the correct procedure as per the latest tax laws.

Remember, it's always better to be accurate in your tax filings to avoid any future discrepancies or issues with the tax department.

I hope this helps.

Best Regards

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Nayagam P

Nayagam P P  |4273 Answers  |Ask -

Career Counsellor - Answered on Mar 06, 2025

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My daughter is in 12th and she wants to pursue design as her career not the fashion and interior one but on the IT side. Does this career option have a good career prospects. What are the good colleges where she can do her bachelor degree from which has good placements.
Ans: Tarunima Madam, It's great that your daughter is interested in pursuing a design career in the IT field.

The IT field, also known as UI/UX Design, Interaction Design, or Digital Product Design, offers excellent career prospects due to the growing demand for user-friendly digital products. Companies are actively seeking skilled designers who can create intuitive and aesthetically pleasing digital interfaces. The demand for UX/UI designers, product designers, and interaction designers is growing globally, with diverse opportunities in tech companies, startups, e-commerce platforms, banking & fintech, healthcare, and gaming. Top UI/UX designers in India and abroad earn competitive salaries, with entry-level packages ranging between ?6-12 LPA in top companies. This field also allows for freelance work and global job opportunities.

The demand for innovative designers will continue to grow with the rise of AI, AR/VR, and Web3 technologies. Top institutes in India for UI/UX & Interaction Design include the National Institute of Design (NID), Indian Institute of Technology (IIT), IIT Guwahati, IIT Jabalpur, MIT Institute of Design, Sristi Institute of Art, Design and Technology, UPES, ISDI, Symbiosis Institute of Design, and Anant National University.

If you can afford and if your daughter is interested in studying abroad, globally renowned schools for UI/UX design include Carnegie Mellon University, Rhode Island School of Design, Parsons School of Design, Royal College of Art, University of Arts London, and TU Delft. Pursuing a career in IT-related design is a smart choice with excellent career growth. All the best for your daughter's admissions!

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Nayagam P

Nayagam P P  |4273 Answers  |Ask -

Career Counsellor - Answered on Mar 06, 2025

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Career
My son secure 97.03 percentile in jee main session 1 in general category can he get CSE in any NIT
Ans: Shashi Sir,

How to Predict Your Chances of Admission into NIT or IIIT or GFTI After JEE Main Results – A Step-by-Step Guide

Once the January JEE Main session results are declared, many students and JEE applicants start asking common questions about eligibility for specific institutes (NITs, IIITs, GFTIs, etc.) based on their percentile, category, preferred branch, and home state.

Providing precise admission chances for each student can be challenging. Some reputed educational websites offer ‘College Predictor’ tools where you can check possible college options based on your percentile, category, and preferences. However, for a more accurate understanding, here’s a simple yet effective 9-step method using JoSAA’s past-year opening and closing ranks. This approach gives you a fair estimate (though not 100% exact) of your admission chances based on the previous year’s data.

Step-by-Step Guide to Check Your Admission Chances Using JoSAA Data
Step 1: Collect Your Key Details
Before starting, note down the following details:

Your JEE Main percentile
Your category (General-Open, SC, ST, OBC-NCL, EWS, PwD categories)
Preferred institute types (NIT, IIIT, GFTI)
Preferred locations (or if you're open to any location in India)
List of at least 3 preferred academic programs (branches) as backups (instead of relying on just one option)
Step 2: Access JoSAA’s Official Opening & Closing Ranks
Go to Google and type: JoSAA Opening & Closing Ranks 2024
Click on the first search result (official JoSAA website).
You will land directly on JoSAA’s portal, where you can enter your details to check past-year cutoffs.
Step 3: Select the Round Number
JoSAA conducts five rounds of counseling.
For a safer estimate, choose Round 4, as most admissions are settled by this round.
Step 4: Choose the Institute Type
Select NIT, IIIT, or GFTI, depending on your preference.
If you are open to all types of institutes, check them one by one instead of selecting all at once.
Step 5: Select the Institute Name (Based on Location)
It is recommended to check institutes one by one, based on your preferred locations.
Avoid selecting ‘ALL’ at once, as it may create confusion.
Step 6: Select Your Preferred Academic Program (Branch)
Enter the branches you are interested in, one at a time, in your preferred order.
Step 7: Submit and Analyze Results
After selecting the relevant details, click the ‘SUBMIT’ button.
The system will display Opening & Closing Ranks of the selected institute and branch for different categories.
Step 8: Note Down the Opening & Closing Ranks
Maintain a notebook or diary to record the Opening & Closing Ranks for each institute and branch you are interested in.
This will serve as a quick reference during JoSAA counseling.
Step 9: Adjust Your Expectations on a Safer Side
Since Opening & Closing Ranks fluctuate slightly each year, always adjust the numbers for safety.
Example Calculation:
If the Opening & Closing Ranks for NIT Delhi | Mechanical Engineering | OPEN Category show 8622 & 26186 (for Home State), consider adjusting them to 8300 & 23000 (on a safer side).
If the Female Category rank is 34334 & 36212, adjust it to 31000 & 33000.
Follow this approach for Other State candidates and different categories.
Pro Tip: Adjust your expected rank slightly lower than the previous year's cutoffs for realistic expectations during JoSAA counseling.

Can This Method Be Used for JEE April & JEE Advanced?
Yes! You can repeat the same steps after your April JEE Main results to refine your admission possibilities.
You can also follow a similar process for JEE Advanced cutoffs when applying for IITs.

Want to Learn More About JoSAA Counseling?
If you want detailed insights on JoSAA counseling, engineering entrance exams, and preparation strategies, check out EduJob360’s 180+ YouTube videos on this topic!

Hope this guide helps! All the best for your Son's admissions!

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...Read more

Nayagam P

Nayagam P P  |4273 Answers  |Ask -

Career Counsellor - Answered on Mar 06, 2025

Asked by Anonymous - Mar 05, 2025Hindi
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Career
My son has got 99.6 percentile in JEE mains 2025 jan . What should be the possible options and priority of sequence ?
Ans: How to Predict Your Chances of Admission into NIT or IIIT or GFTI After JEE Main Results – A Step-by-Step Guide

Once the January JEE Main session results are declared, many students and JEE applicants start asking common questions about eligibility for specific institutes (NITs, IIITs, GFTIs, etc.) based on their percentile, category, preferred branch, and home state.

Providing precise admission chances for each student can be challenging. Some reputed educational websites offer ‘College Predictor’ tools where you can check possible college options based on your percentile, category, and preferences. However, for a more accurate understanding, here’s a simple yet effective 9-step method using JoSAA’s past-year opening and closing ranks. This approach gives you a fair estimate (though not 100% exact) of your admission chances based on the previous year’s data.

Step-by-Step Guide to Check Your Admission Chances Using JoSAA Data
Step 1: Collect Your Key Details
Before starting, note down the following details:

Your JEE Main percentile
Your category (General-Open, SC, ST, OBC-NCL, EWS, PwD categories)
Preferred institute types (NIT, IIIT, GFTI)
Preferred locations (or if you're open to any location in India)
List of at least 3 preferred academic programs (branches) as backups (instead of relying on just one option)
Step 2: Access JoSAA’s Official Opening & Closing Ranks
Go to Google and type: JoSAA Opening & Closing Ranks 2024
Click on the first search result (official JoSAA website).
You will land directly on JoSAA’s portal, where you can enter your details to check past-year cutoffs.
Step 3: Select the Round Number
JoSAA conducts five rounds of counseling.
For a safer estimate, choose Round 4, as most admissions are settled by this round.
Step 4: Choose the Institute Type
Select NIT, IIIT, or GFTI, depending on your preference.
If you are open to all types of institutes, check them one by one instead of selecting all at once.
Step 5: Select the Institute Name (Based on Location)
It is recommended to check institutes one by one, based on your preferred locations.
Avoid selecting ‘ALL’ at once, as it may create confusion.
Step 6: Select Your Preferred Academic Program (Branch)
Enter the branches you are interested in, one at a time, in your preferred order.
Step 7: Submit and Analyze Results
After selecting the relevant details, click the ‘SUBMIT’ button.
The system will display Opening & Closing Ranks of the selected institute and branch for different categories.
Step 8: Note Down the Opening & Closing Ranks
Maintain a notebook or diary to record the Opening & Closing Ranks for each institute and branch you are interested in.
This will serve as a quick reference during JoSAA counseling.
Step 9: Adjust Your Expectations on a Safer Side
Since Opening & Closing Ranks fluctuate slightly each year, always adjust the numbers for safety.
Example Calculation:
If the Opening & Closing Ranks for NIT Delhi | Mechanical Engineering | OPEN Category show 8622 & 26186 (for Home State), consider adjusting them to 8300 & 23000 (on a safer side).
If the Female Category rank is 34334 & 36212, adjust it to 31000 & 33000.
Follow this approach for Other State candidates and different categories.
Pro Tip: Adjust your expected rank slightly lower than the previous year's cutoffs for realistic expectations during JoSAA counseling.

Can This Method Be Used for JEE April & JEE Advanced?
Yes! You can repeat the same steps after your April JEE Main results to refine your admission possibilities.
You can also follow a similar process for JEE Advanced cutoffs when applying for IITs.

Want to Learn More About JoSAA Counseling?
If you want detailed insights on JoSAA counseling, engineering entrance exams, and preparation strategies, check out EduJob360’s 180+ YouTube videos on this topic!

Hope this guide helps! All the best for your son's admissions!

Follow RediffGURUS to Know more on 'Careers | Health | Money | Relationships'.

...Read more

Dr Dipankar

Dr Dipankar Dutta  |912 Answers  |Ask -

Tech Careers and Skill Development Expert - Answered on Mar 05, 2025

Dr Dipankar

Dr Dipankar Dutta  |912 Answers  |Ask -

Tech Careers and Skill Development Expert - Answered on Mar 05, 2025

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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