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Mihir Tanna |964 Answers |Ask -Follow

Tax Expert - Answered on Jul 10, 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 Rohit on Jul 09, 2023Hindi

Money

I am an bank employee. My Gross Salary is 14 lakhs. I have redeemed elss sip worth Rs 24000. which form should I file ITR 1 or ITR 2?

Ans: Redemption of Mutual fund is taxable as Income from capital gain. Person earning income from salary and capital gain; is required to file ITR 2.

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 Gaurav - Jul 26, 2022Hindi

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I have SIPs of 20k per month since May 2021. Till now I haven't withdrawn any amount. Do I need to file ITR-2 or ITR-1 will work? I don't have any other income source apart from salary. Please let me know.

Ans: Since you don't have any other income apart from salary and you have not made any redemption from Mutual funds, you can go with filing ITR-1.

Once you make redemptions from mutual funds, you will have capital gain tax. At that point of time, you can use ITR-2 for filing.

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Asked by Anonymous - Jul 20, 2023Hindi

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Dear Mr. Mihir, I was working for a private company and retired on superannuation in November 2022. Thereafter, I was engaged by the company as a consultant to complete some pending project. Therefore during the financial year 2022-23, I have salary income from the company and also some amount the company paid to me for professional services for my consultant services after retirement. Which ITR form should I use, ITR-2 or ITR-3? Regards

Ans: After retirement you were working on as profession on full time basis, thus, it will be chargeable under the head Income from Business and profession. If your profession is covered by list of profession mentioned in 44AA and gross receipt from profession is less than 50 lacs, you can opt for presumptive taxation and take 50% deduction. If presumptive taxation is opted, you can file ITR 4 else ITR 3 is applicable.

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i am a retired PSU employee and in FY 2324, have incomes from EPFO pension, interest on deposits, sale of mutual funds and presumptive income on account of consultancy/Technical services.Confused which ITR form shud I chose to submit ITR.

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Hi, I did my master's in computer science and working as an computer teacher at a global school earning fine. But psychology is on my bucketlist so I am doing it now just completed 1 st year. I want to pursue my career in psychology as well. I am doing in distance but I am looking for internship for hands-on experience or want to do a diploma for better pratice. As the distance education is not much value as regular course I also want to try NET. I want to know what could be possibilities for me be become a psychologist I am more interested in student counseling. Coz they need it more. Pleas let me know the govt. Or private jobs related to psychology. Thanks

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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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