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Mihir Tanna |964 Answers |Ask -Follow

Tax Expert - Answered on Oct 19, 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 Rajesh on Oct 02, 2023Hindi

Money

The change of NRI status to RI status has to be done by taxpayer himself in the income website or it happens automatically. Whether it should be done at the same time when returned back to India or anytime in the same year of returning back or after the financial year is over but before filing IT returns? Also whether to do after converting all the accounts in banks from NRE accounts to RI accounts?

Ans: Change in residential status should be changed manually at portal as soon as status is changed after coming back to India.

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 Rajesh - Sep 30, 2023Hindi

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How to show the interest earned from the NRE accounts for the period of stay in India in the income of the year when NRE status is changed to RI ? Whether bank will deduct the TDS for interest earned from the date of change of status from NRE to RI or from date of coming back to India?

Ans: Income from interest on NRE A/c will be taxable as Income from other sources, once person become resident. Bank will deduct TDS once change of status is informed.

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Asked by Anonymous - May 12, 2024Hindi

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I have been NRI for more than 20 years. If I return to India for how long can i keep my NRI status and will any money earned by me after my return to India from a foreign sources be taxable? If yes, how much tax will I have to pay?

Ans: When you return to India after being an NRI (Non-Resident Indian) for more than 20 years, your tax residency status will change. You will be considered a Resident but Not Ordinarily Resident (RNOR) for the first two financial years (April to March) after your return.

As an RNOR, your foreign income is generally not taxable in India unless it's derived from a business controlled or set up in India. So, any income earned from foreign sources during the RNOR period would generally not be taxable in India.

However, any income earned in India during the RNOR period will be taxable in India, along with any income from a business controlled or set up in India, regardless of whether it's earned domestically or abroad.

After the RNOR period, if you continue to stay in India, you will become a Resident and Ordinarily Resident (ROR) for tax purposes. In this case, your global income, including income earned abroad, will be taxable in India.

Tax rates in India vary depending on the income slab you fall into, and there are also various deductions and exemptions available. It's recommended to consult with a tax advisor in India who can provide personalized advice based on your specific financial situation and the prevailing tax laws at the time of your return.

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Question by krishnan - Aug 13, 2024Hindi

Money

hello Sir! good day. I was an NRI for 14 years in Singapore and still continue to work for the organization in Singapore and draw my sal in Singapore in my account in Singapore . I hold NRE FDs /FCNR deposits/ NRI SB /NRO account . I returned to India due to some personal issues and my organization allowed to work from home . I still hold Employment pass in Singapore . I am still undecided about returning to Singapore which my company is okay with this idea. I am at the moment in cross roads . My question is I have been filing my income tax every year and for AY 2024-25 I filed RNOR status as i was not away from India for not more than 180days . My question is 1. Do I have to change all my NRE and FCNR deposit which i hold in a nationalised bank to RFC account and convert my NRE and NRO account to residency . I am not clear at the moment about staying back in India but can go back to Singapore still qualifying for the 180days rule. 2. Do i have to clsoe my account in Singapore and bring the proceed to India?. 3.Whom should I intimate about my account status. To the bank where i hold deposit ? thanks

Ans: Hello, need some more details for the same
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I'm a second year EC student, according to my senior suggestions most of the companies ask DSA in placements. I'm not that much interested in software and planning to give GATE exam in 4th year. Please suggest should I develop my interest in coding in the current year for the placement purpose or should I start my preperation for GATE from now onwards. It is really confused for being an EC student

Ans: Very good question. I advise you to focus only in one direction. Prepare only for GATE and try to have a good score. Always give preference to your first choice. It is clear that GATE is your first choice. Coding can be learnt from online videos and certification courses any time. Now only concentrate for gate. Just follow me. Best of luck. Give me the update. MAY GOD BLESS YOU. Professor..........................:)

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Asked by Anonymous - Dec 01, 2024Hindi

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I would like to consult you for my 16 yead old son who is in10th. Pl tell me how to reach you. Regards

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Hey I m in last year of ba program ( economics and political science) nd i m so confused what to do after which course is best to do and after that i decided data analytics but i m non maths background and i m scared of maths because i don't like maths so i m so confused whether this course best for me or not..

Ans: Don't go for Data Science or Data Analytics. You said you are scared of Mathematics. I advise you to go for off line MBA in Finance. Combination of Economics and Finance Management will make a bright future for you. Best of luck. Just follow me. MAY GOD BLESS YOU. Professor...........................:)

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Question by Amy - Nov 17, 2024Hindi

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I completed Bsc , Msc in biotechnology. Then PhD in neuroscience. Then i have teaching experience at university level. Latest, i completed postdoc from US and came back. I am struggling for jobs. Kindly assist.

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Question by Ranjana - Nov 30, 2024Hindi

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Question by LAGNA - Nov 28, 2024Hindi

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I am preparing for neet, but I can't able to crack, it is my 2nd drop.can you kindly suggest me any mbbs in abroad under 10 lakhs?

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To pursue medical education abroad, you need to clear the NEET exam. Since you have decided to pursue a career in medicine, I encourage you to try again with extensive preparation.

After completing your medical degree abroad, you will need to pass the licensure exam in India, which is conducted by the NMC. This will soon be mandatory even for local graduates. Therefore, instead of studying abroad right now, focus on clearing the NEET.

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Health Science and Pharmaceutical Careers Expert - Answered on Dec 01, 2024

Question by Joshitha - Nov 26, 2024Hindi

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Sir which is better b pharma or pharma d for girls nd future scope salary

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That's a good question. However, I want to emphasize that you shouldn't focus on salary without having the necessary skills. In our field, the health sector, it is essential to have skills; without them, you won't be able to excel.

To answer your query, I suggest considering a hybrid approach: pursuing a Pharm D after completing your B.Pharm, specifically the PB PharmD program. The scope of opportunities is generally better compared to the PharmD program.

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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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