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Mihir Tanna |1041 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 Shravan on Feb 20, 2023Hindi

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Hi, My annual taxable income is 39 L and now in feb i get a bonus of 15 L which takes it above 50 L...would the new surcharge be applicable on delat above 50 L or entire income

Ans: Surcharge applicable on tax calculated on entire taxable Income

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 Adarsh - Feb 01, 2023Hindi

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Is there any change in surcharge for annual income between 50 lakhs to 2 crores?

Ans: Hi Adarsh
The surcharge for taxable income of Rs. 50 Lakhs to One Crore is 10% and between One Crore and Two Crores is 15%

Mihir Tanna |1041 Answers |Ask -Follow

Tax Expert - Answered on Dec 16, 2023

Asked by Anonymous - Dec 14, 2023Hindi

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Hi Mihir, It seems my total income will go marginally above 50L due to additional bonus that I will get from my employer this year. I was checking in income tax calculator that going above 50 lacs has huge impact on tax because there will be additional surcharge of 10% on total tax (not on delta) income. If you see this, net tax on 51 L minus net tax on 50 L is even more than 1 lac to my surprise. If this is true, do you have any suggestion to keep income within 50L..like add more money in meal card or any other suggestion?

Ans: Marginal relief is available from surcharge in case where net income exceeds Rs. 50 lakh but doesn't exceed Rs. 1 Crore, the amount payable as income tax and surcharge shall not exceed the total amount payable as income tax on total income of Rs 50 Lakh by more than the amount of income that exceeds Rs 50 Lakhs.

So for e.g. if your income is 50 lacs, tax liability will be Rs.13,12,500 plus cess and no sucharge. If income is 51 lacs, tax liability will be Rs.13,42,500 plus surcharge of 1,34,250 so total of Rs.14,76,250 plus cess. However, you will be eligible for marginal relief of Rs.64,250 (Additional income Rs.100000 and additional tax is 164250). So surcharge will reduce to Rs.70000.

Samkit Maniar |180 Answers |Ask -Follow

Tax Expert - Answered on Aug 28, 2024

Asked by Anonymous - Aug 19, 2024Hindi

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Is 10% additional surcharge applicable if your taxable income is 40 Lakh (after deductions) but exceeds 50 lakh if you add LTCG to it?

Ans: Yes, you will need to see it considering all your income sources. Accordingly, if after considering all income less deductions (ie net taxable income) is greater than 50 lacs then surcharge will be applicable @ 10%.

Please consult your CA before moving ahead.

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Hi sir My father is in possession of following shares that he is not able to trade or convert to money 1. Hindustan Financial Management Limited - 200 2. Pal - Peugeot Limited - 100 3. Maxworth Country India Limited -100 4. LAN Eseda Steel Limited - 100 5. Sanghi Polyster Limited - 100 What can be done about these

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Question by Siddharth - Mar 31, 2025Hindi

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I am 43 years old. I have invested in VPF since 2008 and it has grown to 64lacs currently. But have not invested in NPS at all. Should I divert my monthly investment to NPS and start from zero or should I continue to invest in VPF to take advantage of compounding? Please suggest.

Ans: Hello;

Interest on employee contribution to provident fund(EPF+VPF) in a financial year above 2.5 L is taxable after Budget 2021.

Hence it is recommended that you may divert your monthly investments into NPS tier-1 account.

You may select active choice and allocate maximum possible to equity and the rest between Govt securities and corporate bonds.

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Sir, My father forced me to B-tech engineering degree. I completed my B-tech in chemical engineering in 2008 but our college didn't gave any placementin core chemical. I wanted to go for higher education like M-tech or MBA, but my father didn't make that happen. I gave many interviews from outside in pvt sector and not selected in the final interview. I also qualified in PSUs and same thing happened not qualified in the final selection process. In PSUs also they are wanting higher education. Recently I have done one internship in AI with project from Skillible and one internship in cyber security with project from Edunet foundation. I have 2 years of experience as a math expert in Chegg India. What will I do, please suggest. My father has completely ruined my life.

Ans: Nodody can ruin your career if you have the potential. Your father is not your enemy.
1. Further Education (If Feasible)
If higher education was a roadblock before but is now an option, consider pursuing an M.Tech (Chemical/AI/Cybersecurity) or an MBA (Operations, Data Analytics, or IT Management).
Distance learning programs from IITs, NITs, IIMs, and ISB could also be beneficial.
GATE 2025: If you're still interested in PSUs, qualifying GATE again with a high rank could give you opportunities.

2. Alternative Careers in Mathematics and Teaching
Since you have experience as a math expert at Chegg, you could look at:
Government teaching jobs (NET, SET exams).
Private coaching (IIT-JEE/NEET coaching institutes like FIITJEE, Aakash, etc.).
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Actuarial Science or Data Analytics, which involve heavy mathematical modeling.

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I have invested in VPF since 2008 and it has grown to 64lacs currently. But have not invested in NPS at all. Should I divert my monthly investment to NPS and start from zero or should I continue to invest in VPF to take advantage of compounding? Please suggest.

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Asked by Anonymous - Mar 31, 2025Hindi

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Sir I got 95 percentile in JEE mains 2025 can I get admission in nit allahabad(cse) with sc category and home state

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There is a strong chance to get admission to CSE at one of the NITs. If everything goes well, you may also get Allahabad. Best of luck to you. Thanks
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MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Mar 31, 2025

Asked by Anonymous - Mar 31, 2025Hindi

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Sir I got 95 percentile in JEE mains 2025 can I get admission in nit allahabad(cse) with sc category and home state

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Sir I got 95 percentile in JEE mains 2025 can I get admission in nit allahabad(cse) with sc category and home state

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Asked by Anonymous - Mar 30, 2025Hindi

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Hey... Five years ago, I confessed my feeling to my crush. She declined my proposal politely and asked me to be friends. I respected her decision of putting down my proposal but i didn't want to in friendzone so I broke my contract with her. Since then we never encountered each other. After fuve years one of our mutual friends met her and she was asking him about me. She did ask him about me twice. I know this can be her normal behavior. I want to know if she thinks about me or if she wants to get connected?

Ans: Dear Anonymous,
Like you mentioned, it is very normal for old friends to enquire about each other, especially if they have not been in touch for a long time. It might be the same in this case. The only way to tell for sure is to ask her. If you are interested in reconnecting, you can think about the same and ask her once you are back in talking terms. But I would recommend not assuming anything and getting your hopes up.

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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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