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Mihir Tanna |905 Answers |Ask -Follow

Tax Expert - Answered on Dec 06, 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 Janaki on Jul 02, 2023Hindi

Money

Can we divide our income of interest income of TD to file IT return

Ans: Can you please elaborate your query

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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CA, CS, Commerce Expert - Answered on Jul 02, 2023

Question by Janaki - Jul 01, 2023Hindi

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Dear Sir, I am filing my own & my Mrs. tax return separately. I have a question, my Mrs. and daughter are jointly holding a TD with post office on yearly interest payable basis. This year due to this interest her (Mrs) tax slab is becoming too high. Can the interest be accounted in the name of my daughter who is the 2nd holder? Regards, J B Biswas

Ans: No. But consult your CA for proper advise.

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Tax, Mutual Fund Expert - Answered on Jul 26, 2023

Asked by Anonymous - Jul 26, 2023Hindi

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My interest on FD has been taxed at 10% TDS already . Why does it have to be taxed again during the return filing . Example of interest is 2 lakhs and TDS is 20000.

Ans: Hello there,

I understand your concern about the double taxation on your Fixed Deposit (FD) interest. Let me clarify this for you.

The Tax Deducted at Source (TDS) is a means of collecting income tax in India and is governed under the Indian Income Tax Act of 1961. When it comes to FDs, banks deduct TDS when your interest income exceeds a certain threshold in a financial year. As of now, this limit is Rs. 40,000 for non-senior citizens and Rs. 50,000 for senior citizens.

Now, coming to your question, the TDS deducted by the bank is not the final tax. It's just a part of the total income tax you're liable to pay for the year. The bank deducts TDS at 10% (if PAN is provided) on the interest earned, but your final tax liability could be at 5%, 20%, or 30% depending on your total income for the year.

So, when you file your Income Tax Return (ITR), you need to add the interest income from the FD to your total income for the year. The tax on this total income is then calculated based on the income tax slabs. If the total tax calculated is more than the TDS already deducted, you'll have to pay the difference. Conversely, if the total tax is less than the TDS, you can claim a refund.

For example, in your case, if your total income including the FD interest falls under the 30% tax bracket, you'll need to pay an additional 20% tax on the FD interest (30% total tax minus 10% TDS already deducted).

I hope this clarifies your doubt. Please consult with a tax advisor or chartered accountant for personalized advice based on your total income and tax slab.

Best regards.

Samkit Maniar |157 Answers |Ask -Follow

Tax Expert - Answered on Mar 28, 2024

Question by CLARENCE - Mar 27, 2024Hindi

Money

My name is Clarence Fernandes . I had posted this question to rediff gurus on 20th February but have still not received any response I have income from interest on NCD on which tds is deducted from the current AY. The Debenture has matured in this FY. Interest is paid from say 15 Jan 23 to 14 Jan 2024 .Maturity date is 15 Jan 2024 Tds is deducted on interest from 15 Jan 23 to 14 Jan 24. I have already declared accured interest income from 15 Jan 23 to 31st March 23 in my itr for AY 24 . How do I show interest income from April 23 to 14 Jan 2024 as my tds certificate shows interest for the full period as mentioned above

Ans: You have done right thing by showing the proportionate income in the preceding financial year. Please show proportionate income for the current year as well. The credit of tds needs to be shown in the current year ITR in the Tds section appropriately by selecting proper assessment year.

Please take your CAs assistance as well on this.

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Tax Expert - Answered on Jul 10, 2024

Question by Sarath - Jul 10, 2024Hindi

Money

My name is Sarath. I have debentures of various companies interest of which are received after deduction of TDS. But when I file ITR I'm finding that these accumulated interests are shown as income from other sources and are again taken into account for taxation. My question is why do we have to pay tax again and is there any means by which we can avoid this double taxation?

Ans: You have to show it as Income from other sources and claim TDS under prepaid tax head. There is no double taxation. In case TDS is deducted @10% and avg tax liability on interest income as per your income slab rate is say 22%, you just have to pay balance 12% as additional atx.

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I got 93 percentile in jee mains in csab round which clg can i get

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Sir, Let me know the order of preference. CSE in SRM Kattankulathur, EEE in Amritha Bangalore, CSE in ComedK colleges (DSCE, NIE Mysore, SIT Tumkur, BIT, BMSIT, Nitte Meenakshi, CMRIT, Bangalore). Also, let me know Is better CSE core or CSE with specialization like AIML, AIDS, IOT, CYBERSECURITY, etc. I need this information for my daughter as Round 1 counseling is starting today in Comedk.

Ans: Prefer (1) DSCE (2) NITTE (3) CMRIT (4) BMSIT. Prefer AIML, Cyber Security, followed by AIDS & IOT. All the BEST for Your Daughter's Bright Future.

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Question by Vijay - Jul 05, 2024Hindi

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Sir Please suggest what should choose between Electrical and computer engg in Thapar and Chemical engg in BITS Hyderabad

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Career Counsellor - Answered on Jul 27, 2024

Question by TARRA - Jul 05, 2024Hindi

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Sir my self krishna sir can't able focus on studies properly plz give some tips to study for more hours for jee

Ans: Krishna, adhere to the following Strategies/Tips/Steps:

(1) Whenever you study at home, study for 45-minutes. Then take a break of 10-minutes when you can move away from your study table, walk, have some water & relax. If you continue studying beyond 45-minutes, your concentration power will go down, resulting to low output. Most students commit this mistake.
(2) On daily basis (morning or evening whichever will be convenient to you), do yoga or meditation or physical exercises or play any games / sports for at least 30-45 minutes. This will further reduce your stress / distractions.
(3) Study tough topics / tough subjects (applicable to you) early morning with your fresh mind.
(4) Eat a lot of green vegetables / fruits which you can afford for & Avoid soft drinks/junk foods
(5) Every day night, before going to bed, revise whatever you have studied during the day.
(6) Also, revise every week whatever you have covered till date (here your short-notes which you should prepare will be helpful).
(7) Keep practising questions on topics which you have covered either offline or online
(8) Give utmost importance to wrongly answered / difficult / complicated / tough questions and have a separate note-book specially for this for each subject (PCM)
(9) You might be aware that JEE rank is allotted on the basis of highest score in Maths, followed by Physics & Chemistry. Practice more and more in Maths, till you reach Speed & Accuracy

(10) By December-January, attempt fully syllabus online test series, evaluate and analyse your performance such as,

(a) which topic / unit / concept you are weak which needs your revision and improvement as this will disturb you when you appear in actual JEE exam
(b) abnormal time taken to attempt any question which you can come to know from Online Test Series which you should reduce
(c) which questions you skipped and why?

(11) Please AVOID studying under pressure that you should get admission only into IITs/ NITs. Never advisable. Any one can be successful, even if he / she studies in NON-IIT / NON-NIT Colleges also.

(12) Have Plan B & Plan C for other Colleges Entrance Exams / Disciplines-Streams.
(13) Avoid comparing yourself with other students.

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I'm 25 years old. I have completed my MCOM & cleared 1st group of CA Inter, but after giving so many attempt not able to clear 2nd group. I'm searching for job in MNC.

Ans: Some basic reasons for not clearing CA Exams after so many attempts:

1) NOT thoroughly going through the Study Materials, provided by ICAI.
2) NOT updating the amendments of various laws.
3) NOT changing the Preparation Strategies.
4) NOT preparing own short-notes.
5) NOT leaving breaks every 45-minutes of studying.
6) NOT maintaining consistent studies.
7) NOT revising the covered topics daily/weekly/monthly.
8) NOT focusing on weak subjects / topics.
9) NOT attempting mock tests frequently.
10) NOT following the ideal study schedule.

If you have searching for jobs:

1) Have a LinkedIn Profile/Update it.
2) Put job Alerts of the vacancies, you prefer to apply
3) Please keep in mind you are fresher. Avoid being specific for MNC. Join even any medium-sized Company & gain experience.
4) Keep upgrading your skills / knowledge through Certifications to be competitive in the job market.
5) Try to apply to at least 3-4 companies daily through LinkedIn or through the Companies Websites.

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Hello Sir- My Son has got 247 marks in BITSAT and he wants to build his career in Fintech companies, for that he want to have Msc Economics in any one of the campus. Woukd it be a wise decision to do Dual degree and what are the chances to get Msc Economics.

Ans: Yes Nikhil Sir. Can go ahead as he is much interested in it. All the BEST for Your Son's Bright Future.

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Career Counsellor - Answered on Jul 27, 2024

Asked by Anonymous - Jul 09, 2024Hindi

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Sir , i am getting cse in vnr/cbit and mechanical in bits pilani hyderabad. I'm also getting cse in few lower iiit's like kottayam,dharwad,west bengal,nagpur.Which one should I choose?

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Asked by Anonymous - Jul 09, 2024Hindi

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My daughter got seat Btech ece and data analysis in srm kattankulathur, andalso got seat of cse aids in amirtha coimbatore give u r valuable advice

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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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