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Mihir Tanna |905 Answers |Ask -Follow

Tax Expert - Answered on Nov 28, 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 Podugu on Nov 18, 2023Hindi

Money

My children’s fee/ year is around 7 to 8 lakh s Is it claimable , while filling tax returns

Ans: Tuition fee is deductible u/s 80C within overall limit of Rs.1,50,000

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 rabinarayan - Mar 27, 2024Hindi

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MY WIFE HAS AN INCOME OF RS. 4 LAKHS FROM TUTION. WHICH ITR SHE WILL FILE.

Ans: I understand that your wife is eligible for presumptive taxation u/s 44ADA and ITR 4 can be filed for the same

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Asked by Anonymous - Jul 08, 2024Hindi

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Hi, I m Thiyagarajan. I m 52 years old. I hv applied education loan of 20 lakhs for my son's higher education in foreign country. I m the co applicant. Can I avail the income tax benefit for the interest payable for the loan

Ans: The only dilemma is whether higher education defined includes foreign education or not. Conservative view says it should not and aggressive view states it should. Practically many clients are claiming such deduction in their ITR.

Please take a call in discussion with your CA before going ahead with this. If you are going ahead and claiming it as a deduction you will be eligible for half of the interest payable on loan since you are a co-applicant.

Please consult your CA before moving ahead.

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Mutual Funds, Financial Planning Expert - Answered on Jul 24, 2024

Asked by Anonymous - Jul 17, 2024Hindi

Money

I have received a bonus of Rs 70000 and would like to invet the same for my daughters education (10 years). What is my best option?

Ans: Investment Goal and Horizon

You aim to invest Rs 70,000 for your daughter's education.

The investment horizon is 10 years.

Why Equity Funds?

Equity funds can offer higher returns over the long term.

They help in beating inflation effectively.

With a 10-year horizon, the risk is manageable.

Benefits of Equity Funds

Professional fund management for better returns.

Diversified investments reduce risk.

Potential for higher growth compared to traditional options.

Recommended Investment Approach

Systematic Investment Plan (SIP)

Consider starting a SIP with the bonus amount.

It provides the benefit of rupee cost averaging.

Regular investments lead to disciplined savings.

Diversified Equity Funds

Opt for diversified equity mutual funds.

They invest in various sectors, reducing risk.

Actively managed funds often outperform index funds.

Regular Monitoring

Review your investment periodically.

Adjust based on market conditions and fund performance.

Consult a Certified Financial Planner for professional advice.

Final Insights

Investing in equity funds is a smart choice for long-term goals.

They offer potential for higher returns and growth.

Stay disciplined, review regularly, and seek professional guidance.

By doing this, you can secure your daughter's education fund effectively.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

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Sir i I completed msc microbiology, my goal is to do research, how can i I achieve my goal ? And what are the other opportunities for me ?

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Sir, My daughter is in 10th this year. She wants to go in research line like microbiology or similar kind. She prefers ICMR Delhi as of now. Please suggest what we should plan? She is not good in math's so already eliminated Carrers related to math's. She is good in Biology but doesn't want to prepare for NEET.

Ans: Hi Ashish,
Greetings.
Microbiology is a common subject in most health sciences courses. Instead of pursuing a Bachelor's in Microbiology, it might be better for her to focus on other health-related courses that will be beneficial for her future. There are still two more years remaining, and her interests may change during this time. It's best to wait for any changes in her interests before making any decisions.

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I am 66, worked in sales marketing and warehouse management for over 30 years in Southern African. Retired a year back and came to India. After sitting home for a year found it very difficult, boaring and health loosing, again felt a strong desire in me to do some work, will prefer work from home or out, for 5-6 hrs, again enabling me to spend a health enjoyable and active life. Really feeling very difficult to find a job of my caliber and liking at this age in India. Pls advice

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I can understand and appreciate your situation... suggest you explore freelancing or join NGO...It will help you keeping yourself engaged

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Sir due to financial problem I have taken admission in aimt a small institute for BCA sir can you advice me. How can I do better inorder for better jobs for future

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Sir i am completed 12th science in 2018. I am not continue study . I want to become a data scientist what should i do join the the bootcamp /Institutes and continues to graduate in data science

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Hello Sir/Madam, I hope this message finds you well. I am writing this email to seek advice regarding an unresolved issue with my pending salary from my previous employer. Despite leaving the company in May 2023, I have yet to receive my due payments. I have sent numerous reminders through email, WhatsApp messages, and phone calls, and I have also met with them face-to-face twice. It has been a common practice at my previous company to delay the full and final settlement for employees who resign. Timely salary payments have also been an ongoing issue, often requiring follow-up calls every month. Furthermore, the company has not been providing facilities for deducting PF, gratuity, or other employee benefits, which is a total exploitation of employees. Although the company began opening PF accounts last year following government regulations, the overall compliance remains insufficient. Given the company’s established presence in the IT industry for over 30 years and its workforce of more than 100 employees, it is disheartening to experience such treatment. I have served the company for more than 17 years, but they have never paid my salary on time, even though the company is financially sound. I kindly request your advice on how to proceed with this matter. Thank you for your attention and understanding. Sincerely,

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Suggest you consult a lawyer.

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Question by AIJAZ - Jul 21, 2024Hindi

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Iam 35.years of age b. Com graduate but experience in hotel industry but now iam change to IT dept its help me to earn good package in present situation or which course helps me to get this.. Pls help iam confuse

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While career shift is possible at any age however it comes with its own set of challenges. In case you want to shift to IT...you may take up any of the online courses IIT Chennai has a course in data science you may explore that.

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Asked by Anonymous - Jul 21, 2024Hindi

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I am having 12 years of experience as a banker in PSU bank.mostly in credit profile. I want to either switch my banking profile to another sector or do something of my own. Pls suggest courses related to finance and accounts field l. I have done B.Com then MBA in finance (2008) so there is too much gap for studies now. Lastly I passed IBPS for banks in 2012.

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Suggest you explore role shift in your own bank or explore joining private sector bank.

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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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