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Mihir Tanna |975 Answers |Ask -Follow

Tax Expert - Answered on Feb 23, 2023

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more

Question by rakesh on Feb 02, 2023Hindi

Money

my annual income is 15 LPA from next year . I don't have home loan but currently investing in ELSS & NPS etc. so which tax scheme will be good for tax saving in next year

Ans: Person getting salary of Rs.15 lakh, claiming deduction of 80C of 1.5 lakh, NPS 50k, standard deduction of 50k is advised to opt for new tax regime, as tax liability is expected to be lower with new slab rate proposed for FY 23-24 under new tax regime

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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Question by k - Feb 09, 2023Hindi

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my annual salary is 15 lac , i save 1.5 lac , 50000 NPS, not claiming HRA, which tax regime should i use for less tax

Ans: Hi
You may save about Rs. 50,000 by choosing the new tax regime

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Question by Hit - Feb 14, 2023Hindi

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Hi Sir Hope you are doing well. My CTC is 27 LPA, I Invest 1.5L in 80C, 50K in NPA, 85K School fees, My Age is 45 and planning to take home loan of 40L, No Other liabilities. Request to pls tell which tax regime should i go for? Thanks In Advance.

Ans: Assuming your loan of 40L with duration of 15yrs , the EMI will be 40k approx with interest component being 3.36L for the first year. The Old regime will still be beneficial in this case.

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Question by Shyam - Apr 10, 2023Hindi

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Sir my income is 32 lakh per annum, i dont have home loan, i invest 50k in nps. Have health insurance premium ok 30k per year. Which tax regime should i opt for this year?

Ans: Dear Shyam,

Thank you for reaching out with your query. Based on the information provided, your annual income is INR 32 lakh, you invest INR 50,000 in NPS, and have a health insurance premium of INR 30,000 per year. To determine the most suitable tax regime for you, we'll need to compare your tax liability under both the New and Old Tax Regimes, considering the deductions you're eligible for.

Under the Old Tax Regime, you can claim deductions for your NPS investment (Section 80CCD) and health insurance premium (Section 80D). Your taxable income would be INR 31,20,000 (32,00,000 - 50,000 - 30,000). The tax liability would be:

Nil on the first INR 2.5 lakh
5% on the next INR 2.5 lakh (INR 12,500)
20% on the next INR 2.5 lakh (INR 50,000)
20% on the next INR 2.5 lakh (INR 50,000)
30% on the remaining INR 21.2 lakh (INR 6,36,000)
Total tax liability under the Old Regime: INR 7,48,500

Under the New Tax Regime, you won't be able to claim deductions for your NPS investment and health insurance premium. Your taxable income would be INR 32,00,000. The tax liability would be:

Nil on the first INR 3 lakh
5% on the next INR 3 lakh (INR 15,000)
10% on the next INR 3 lakh (INR 30,000)
15% on the next INR 3 lakh (INR 45,000)
20% on the next INR 3 lakh (INR 60,000)
30% on the remaining INR 17 lakh (INR 5,10,000)
Total tax liability under the New Regime: INR 6,60,000

Comparing the tax liabilities under both regimes, you would save INR 88,500 by opting for the New Tax Regime. It's important to note that you will have to forgo the deductions mentioned, but in your case, the savings in tax outweigh the deductions. Therefore, I would recommend opting for the New Tax Regime for this financial year.

Please note that this is just an analysis based on the information you provided, and it's always a good idea to consult a tax professional for personalized advice.

I hope this helps!

Best regards,

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Question by Anand - Apr 11, 2023Hindi

Money

Hi my salary annualy is 11 lakh. which tax regime should i opt for? I am paying home loan 12k per Month,LIC 24k ,ULIP30k yearly. Able to save Monthly MF12k non ELSS.

Ans: New scheme is likely to be beneficial for you. Interest on housing loan is allowed to adjust against income from salary under old scheme upto Rs.2 lacs p.a. Further, principal repayment of housing loan and tax saver MF are allowed to deduct u/s 80C upto Rs.1.5 lacs p.a.

You compare tax liability under both regime at https://incometaxindia.gov.in/Pages/tools/115bac-tax-calculator-finance-bill-2023.aspx

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Hi, I was working for a pvt company for 24 years. I am no longer working with them now. My PF amount is lying in the trust formed by the same company. How long can i leave PF amount with them & still get paid for interest. Please suggest?

Ans: Hello;

As per rules, upto 55+3(grace)=58 years.

But I would recommend you to withdraw it and reinvest it in NPS or transfer it to your new employer, if any.

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I have invested in axis small cap it is performing very well why, please answer.

Ans: Hello;

What is the time frame for which you believe the performance of Axis small cap fund is very well?

Have you reviewed it's performance vis-a-vis the category average and the benchmark for the chosen time frame?

If you do this exercise you will get your answer.

But please keep in mind the risk of investing in smallcaps is the highest.

Kindly review your asset allocation and rebalance if required.

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Asked by Anonymous - Jun 17, 2024Hindi

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Dear Mihir, I am a senior citizen. I am having Senior Citizen Savings Scheme (SCSS) account with Union Bank. In spite of my repeatd emails, the bank has not updated either the TDS on AIS and 26AS till date (17 Jun 24). I am eligible for TDS refund to be claimed in ITR filing. I need to file ITR for AY 24-25. How can I file ITR and claim the TDS.

Ans: You should claim TDS actually deducted even though same is not appearing in 26AS. Keep written communications with TDS deductors.

Unfortunately, said issue will be litigative and you will not get TDS credit at the time of processing ITR. It is likely that you have to file appeal before CIT(A) and get the credit.

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Asked by Anonymous - Jun 18, 2024Hindi

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Sir, I am an NRI. Besides my non resident salaries, I have some income of Rs 180k p.a. From rent and around Rs100k interest earning in India. I have a housing loan NRO where the interest payment is Rs 9 lakhs pa. Do I have to still file my returns . How much tax I have to pay.

Ans: You can opt for new tax regime and as per which your taxable income is below exemption limit of Rs.3 lacs, so you are not required to file income tax return unless any of the following conditions are applicable

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Question by Saurabh - Jul 13, 2024Hindi

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Sir, My NSC interest is reflecting in AIS. I am going to fill return as per new tax regime. May I pay tax on NSC interest at maturity or its mandatory to pay tax every year on accrued interest? If I can pay tax at maturity then how to treat AIS report?

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Question by Chandran - Jul 14, 2024Hindi

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Sir, I have the following two problems in ITR-2 filing. 1. There are wrong figures in my AIS which is not a part of the 26AS. Quite a few corrections are needed in AIS. (example Rs.6040 in place of 1040). In the "feedback" window, earlier there was a provision to click "Information is not fully correct" with which one could at least indicate a mistake. Now it is conveniently removed and one is left with no alternatives to point out an error. Can you please guide me how to proceed? 2. For a mistake in 26AS, I contacted the Deductor Co. and explained orally and also in writing but they simply did not respond. I am just hoping that they will do the needed correction within the few days available as on today. If they do not act, is there a way out?

Ans: I just checked income tax portal for one of our client and option "Information is not fully correct" is still available.

Also with reference to 26AS issue, you can file grievance at eNivaran option available at income tax portal

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Doctor, my daughter is 22 years old, and she was born with a cleft lip that was operated on when she was a baby. The surgery went well, but there’s still a faint scar and some asymmetry that becomes noticeable in photos or under makeup. We’re now planning for her wedding, so she’s feeling very self-conscious about her appearance. Is there anything that can be done at this stage to improve the appearance of her lip? Are there advanced treatments or minor surgeries available that could help smooth the scar or create better balance? Because of the wedding, we are on a tight budget. Can you suggest options that might work for us, both in terms of cost and recovery time? We want her to look her best and be happy on her big day.

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Hi Experts, Im 30 male from bangalore working in IT Field.Ive kid 1.6old and my is house wife. I would like to check if my current financial approach is correct or need any changes please suggest. My Goal is to have retirement corpus 2cr and ensure my Daughter education atleast 50L-1Cr. Below is my current investments EPF:210000(Both mine and employer contibution so far) SSY on my daughter name:24k(2k per month) SIP:109000(16K Per month)(Current value 120000) Stock investment:73K(Current value 81K) LIC:45K(Paid for 4years, total maturity yeas i 25y, premium to be paid till 16years) Emergency fund: 1L( accumulating it to 2.5 as monthly RD of 10k) And I have term insurance for 1cr. Health insurance im currently having company provided insurance only. My Inhand currently is 75K, Ill be getting 1L from jan month. Considering the above investments and salary what would be my best approach to achieve the Goals I mentioned? And I some how feel LIC investment doesnt feel OK considering the inflation but at the same time I dont want to totally invest in stock market due to voltality. So Is it good to continue in LIC or any other investment option we csn go for other than LIC. Please advise how to achieve above goals.

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Question by Mohammad - Oct 17, 2024Hindi

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Sir/madam My son is an MBA and wants to establish a cafe. Kindly guide. Regards

Ans: It's great to hear that your son is planning to open a cafe. With his MBA knowledge and entrepreneurial spirit, he has a strong foundation to build a successful venture. Here are some steps to guide him.

First,
He must decide on a unique concept for the cafe that will set it apart from others. Whether it is a cozy space for book lovers, a health-focused menu, or a modern cafe with a tech-friendly vibe, having a clear vision will attract the right customers. Additionally, researching the market to understand customer preferences, competition, and pricing trends is important to create a viable business plan.

Encourage him to prepare a detailed business plan that includes his vision, projected budget, marketing strategy, and operational plans. Choosing the right location with good visibility and foot traffic will be crucial to the cafe's success. He will also need to obtain the necessary licenses and permits, such as food safety approval and business registration, to operate legally.

Next,
Focus should be on creating a strong brand identity with a memorable name, logo, and interior design. Offering high-quality ingredients and a menu with a mix of unique and popular items will help build a loyal customer base. Excellent customer service and a welcoming atmosphere will further enhance the visitor experience.

And the last,
He should leverage MBA skills to manage finances effectively and use digital marketing and social media to promote the cafe. With proper planning and dedication, cafe can become a thriving business.

Wishing her all the best in this exciting journey!

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Asked by Anonymous - Dec 16, 2024Hindi

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We had been Dating since our College days & had a Love Marriage almost 2 Decades ago. My Wife had always been the Dominant one in the Relationship, while I had always been Soft-spoken. She is also much more Capable than me, in terms of Academic as well as Professional Competence, and also very Ambitious. These are some of the Qualities which I always admired in her. Over the years of our Marriage, I had to Compromise on my own Professional Growth, in order to support her Professional Growth. She has a Transferable Job, so I have taken up a Work-from-Home Job which pays much lesser, but allows more flexibility in timings, just to support her Professional Growth, I had given up much better opportunities. I have been literally living like a Stay-at-Home Husband, doing almost all the Household chores & also taking care of both our Children. I have no complaints about any of this, I am doing all this, just because I Love my Wife. My Wife too Loves me a lot, but doesn't seem to Respect me. She feels ashamed to introduce me to her Colleagues in her Office Parties. She often puts me down, in the presence of her Friends & Relatives. She asks others (her Friends, Colleagues & Relatives) for advice, even in matters relating to our Personal Life & gives more importance to their Opinions, compared to mine & has taken several big Decisions, without my Consent/Agreement. She doesn't bother telling me anything about her whereabouts & her Finances. While at Home, she Orders me around like a Boss & talks to me in a Condescending manner. Seeing her attitude, even our Servant Maid, Driver, Watchman & our Teenaged Children also don't treat me with due Respect. Our Neighbours, laugh at me behind my back. I have been Tolerating all this since many Years only because I Love my Wife so much. Many times, I tried to convey my concerns to her but she used to invalidate my feelings, labelling them as my 'Insecurity' or 'Male Ego' even though I never had either of those. She seems to have more time for her Partying with her Colleagues & Friends, rather than having a Productive Discussion with me about my Feelings. Now I am feeling Saturated. I need to do something to Earn Respect from my Wife, Children & the Society as I have realised that my Wife is not up for anything like Couples Counseling & I wouldn't be able to discuss my Feelings with anyone else (almost everyone I know, Respects her more than me). Please give me some Suggestions as to what can I do to become more Respectable in the Eyes of my Wife, Children & our Social Circle?

Ans: Dear Anonymous,
It's heart warming to know that you eased into a role that usually can be not a very 'manly' thing to do. But I guess somewhere your wife has begun to enjoy her dominant status; let me tell you...that part is not easy on a man...
You just adapted to it and slowly, it has begun to erode your self-esteem...
Assume the role that will bring back your self-worth; this will mean actually a career, bringing money home, taking care of your responsibilities as a husband and father. This will also mean a step back from what you are doing at home now...
Your wife may not want the extra chores that you had to drop off and there's bound to be some skirmishes; but better to take all this head on rather than skirt around the issue.
Slowly and steadily inch towards a space where the two of you are equal partners without anyone dominating the other.

All the best!
Anu Krishna
Mind Coach|NLP Trainer|Author
Drop in: www.unfear.io
Reach me: Facebook: anukrish07/ AND LinkedIn: anukrishna-joyofserving/

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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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