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Mihir

Mihir Tanna  |963 Answers  |Ask -

Tax Expert - Answered on Mar 27, 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
Ravi Question by Ravi on Feb 06, 2023Hindi
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In case of share sale how profit or loss will be depicted in ITR III

Ans: ITR 3 is applicable in case of trader of shares. Gain from shares will be taxed after deducting expenses incurred exclusive for trading in shares. In case books of accounts are required to be prepared as per Sec 44AA, you have to fill Balance sheet and P&L in ITR 3
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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Anil

Anil Rego  |377 Answers  |Ask -

Financial Planner - Answered on Jun 09, 2022

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I am Super Senior VETERAN, DOR 01 SEPT 1998. I have been filing my ITR regularly.  2) I shall appreciate your help to calculate Profit/Loss on Share/M.F Txt. 3) I have redeemed Tata Infrastructure Fund Folio No. 142726 , Qty 1496 units, Amt Rs.38473/ Dt 23/11/2020. 4) My Purchase was a) 489.939 units at Rs 10000/- Dt.01/03/2007b) Units 1069.68 at Rs 30000/- @28.05 Dt.23/01/2008 5) PLZ Calculate LTCG/LOSS. Also let me know if Purchase NAV will be based on NAV 31ST JAN 2018. 6) For Share Txt of VEDANTA QTY 210 Sell & L&T QTY 5 Sell, I will give details on receipt of your comment on Tata M.F. Redemption. 
Ans: Grandfathering would be applicable for you while computing the capital gains for Tata Infrastructure Fund. The Cost of Acquisition to be considered would be the higher of:

(i) Cost of Acquisition of the asset and

(ii) Lower of:

  1. Fair market value of the asset as on January 31, 2018 and
  2. Full value of consideration received / receivable on transfer of the capital asset.

The computation for the same is tabulated below. I had assumed it is under dividend mode based on the NAVs provided:

Capital Gains Computation
Sl No Description Date Units NAV Amount
1

Sales Consideration

23-11-2020 489.939 25.717246 12,600
Purchase 1 01-03-2007 489.939 20.410704 10,000
Cost of Acquisition - on FMV 31-01-2018 489.939 32.27 15,810
As per grandfathering principle - COA   12,600
2 Sales Consideration 23-11-2020 1006.061 25.717246 25,873
Purchase 2 23-01-2008 1006.061 28.045771 28,216
Cost of Acquisition - on FMV 31-01-2018 1006.061 32.27 32,466
As per grandfathering principle - COA   28,216
  Long Term Capital Loss -2,343

..Read more

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Career Counsellor - Answered on Nov 15, 2024

Asked by Anonymous - Nov 14, 2024Hindi
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Career
Dear sir, I have been working in pharma segment n I have a terrible experience to share almost 5–6 companies have not settle my genuine dues of salaries and expenses. Some are almost 5–8 yrs old n the latest one is almost 75 days old. Some have some special statements written on there appointment letters, which gives them freedom , and others seem to have no concerns at all. I cannot take legal action against them as a don't have so much money. In the latest episode, my company says that they cannot give me my full n final till the time stockist does not pays his dues to the company. In this regards, I want to inform you that 1 I have no dues on the stockist 2 I have returned all my property 3 companies settlement time is of 45 days 4 after fighting so long I have received one part as salary but expenses are still held they say that they will only settle my dues when the stockist pays his pending payments. 1 I have no dues certificate from all stockists 2 And my views on this is 1 I'm not in organization now, how am I responsibile for the old payments of my time, because it's responsibility of the current staff to follow up for his secondary n payments 2 party's due on company is around rs 46000 but stockist already has non sellable goods of rs 70000 in his shelf . 3 the current staff do not meet the stockist, help in liquidation of stocks or clearing payments. Kindly help me with your detailed view in how to get my ffs from this organization as I have 1 written several times on main with no proper response. 2 I have called many times to hr n concerned managers but they repeat same thing, ie payments of one stockist Kindly help me with solution to get my ffs from this n old pharma companies. Thanks Jasvinder singh
Ans: You need legal support. Please contact senior advocate Mr. Tanoj Joshi with my reference. Search about him in LINKEDIN.
He is a very good person and he won't charge you much if you give my reference. Please give me the update. Best of luck. MAY GOD BLESS YOU. Professor...........................:)

...Read more

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