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Mihir Tanna |984 Answers |Ask -Follow

Tax Expert - Answered on Feb 05, 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 Rajeev on Feb 03, 2023Hindi

If in FY 2022-23 I have opted for old regime of income tax, may I opt new tax regime for FY 2023-24

Ans: For a person earning income from source other than business and profession, option of availing old tax regime is available every year and new tax regime rates are default from FY 2023-24 as per proposal of Budget 2023

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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Mihir Tanna |984 Answers |Ask -Follow

Tax Expert - Answered on Mar 02, 2023

Asked by Anonymous - Feb 01, 2023Hindi

Money

I opted for new tax regime for FY 20-21 and moved back to new tax regime for FY 21-22 since i bought a house. Can I opt for new tax regime again now or have to continue with the old tax regime.

Ans: You can switch to new scheme if you don't have income from business

Mahesh Padmanabhan | Answer |Ask -Follow

Tax Expert - Answered on Feb 03, 2023

Question by Rohini - Feb 02, 2023Hindi

Money

Hi Mahesh,Is there any time limit for continuation in new tax regime if we opt in AY 2024-25 or we can change it to old tax regime in AY 2025-26

Ans: Yes you could opt for the old tax regime freely assuming that you do not have any business / professional income

Mahesh Padmanabhan | Answer |Ask -Follow

Tax Expert - Answered on Feb 17, 2023

Question by N - Feb 16, 2023Hindi

Money

Suppose I opt for new tax regime for current financial year , is it open for me to switch over to old tax regime next financial year ?

Ans: Hi
If you do not have income from business or profession then you could switch between the two regimes in two separate years

Hardik Parikh | Answer |Ask -Follow

Tax, Mutual Fund Expert - Answered on Aug 08, 2023

Question by SUSHANTA - Jul 24, 2023Hindi

Money

I sumitted my income tax return for AY 2022-23 (FY 2021-22) under new revised system. For AY 2023-24 (FY 2022-23), can I switch over to old system for submission of income tax return, wherein deductions are allowed e.g., payment of interest on housing loan availed from bank.

Ans: Hi Sushanta,

Certainly, I can help you with your query regarding the income tax return systems for AY 2023-24 (FY 2022-23).

Yes, you can switch back to the old system for the submission of your income tax return for AY 2023-24 (FY 2022-23), even if you have filed under the new revised system for AY 2022-23 (FY 2021-22). The option to choose between the old and new tax regimes is available to individual taxpayers, and you can make this choice every year as per your convenience.

Under the old system, you can avail of various deductions, including the payment of interest on housing loans availed from a bank, as you mentioned.

Regarding the NRI deductees for rent, the standard TDS rate on rent paid to an NRI is 30% under section 195 of the IT Act. However, it's always advisable to consult with a tax professional or refer to the Income Tax Department's official guidelines for the most accurate and up-to-date information.

I hope this answers your question.

Best,
Hardik

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Rajesh Kumar Singh |37 Answers |Ask -Follow

IIT-JEE, GATE Expert - Answered on Jan 20, 2025

Asked by Anonymous - Jan 19, 2025Hindi

Career

I am at 44 yr Engg graduate with 21 yrs of Telecom HR+MKT Experience with Govt as officer .Now doing Exe MBA from IIM joined 4 months ago . So what are the career options in the industry other sectors for me at age of 46 or i Should go for Phd from IIM or IIT .What should relevant topics for research then

Ans: Ph.D. will broaden your horizon and you will be eligible for Teaching.
Industry demand skill and performance not Highest Degree.

Anu Krishna |1442 Answers |Ask -Follow

Relationships Expert, Mind Coach - Answered on Jan 19, 2025

Asked by Anonymous - Jan 13, 2025Hindi

Relationship

My wife died in 2017 cause of death was unknown but I had doubt that she ingested something and it was because of me as I was always keeping distance between her. This thought never let me sleeps peacefully I always think if she ingested something what amount of trouble she was experienced.I feel so guilty that this thought gives me panic attack.I am an able to breath. Is this what we call karma which return it way of this deadliest thought. Kindly help me how I can surpass this thought and live healthy life.

Ans: Dear Anonymous,
I strongly suggest that you see an expert who can help you with this entire journey. It's not simple yet it can have a solution for you. Approach a professional and let them work with you guiding you step by step on not only releasing guilt BUT also work on your past relationship with your late wife which needs closure.

All the best!
Anu Krishna
Mind Coach|NLP Trainer|Author
Drop in: www.unfear.io
Reach me: Facebook: anukrish07/ AND LinkedIn: anukrishna-joyofserving/

Anu Krishna |1442 Answers |Ask -Follow

Relationships Expert, Mind Coach - Answered on Jan 19, 2025

Asked by Anonymous - Jan 13, 2025Hindi

Relationship

Hello..I met him on Jan 4 th of 2024.. this year he is not with me. We were in a relationship for almost 8 months. Everything was fine and blissful. Last December he told me he needs some time to decide about our relationship. First of all it was a blow to my confidence..I thought he will stay by my side no matter what it is. After a few days he told me he wants to move on. I was in no contact for 10 days. After I went back and called him..he told me he is talking with another girl and he likes her and going to marry her. My world was broken. The reason for this? Our horoscopes doesn't match also he brings up caste differences even though there is not much difference. We were each other's best friends cared and loved each other so much. Stood by eachother's tough times..I begged him I cried d...I lost all my self respect..I somehow wanted to keep him with me...but he threw me away. It pains a lot. I haven't recovered yet..but he is going to marry her very soon...the toughest part here is I have to see him everyday atleast for the next 6 months. How will I handle if he gets engaged? How will I handle when he gives out his wedding cards? I have big goals in life I want to achieve them. But I am terrified what if it all crumbles because of my inability to handle this pain and suffering? What should I do? Your suggestion is very much needed.

Ans: Dear Anonymous,
You did invest too much of yourself in him; but who can stop the way feelings move, right?
As hard as it maybe to accept this reality, move on...initially, it will be painful, but it's not worth losing yourself to anyone. Protect your identity and know that it does not stem from anyone or anything BUT it's YOU who defines it.
Maybe the past year that you lost time and could not focus on your goals, this year can be your year. Let him do what he needs to; why focus on someone who did not have the decency or courage to tell you things on your face. What will you gain by actually being with a person like that? I am sure you deserve much more...
Your goals and aspirations need you; go for it!

All the best!
Anu Krishna
Mind Coach|NLP Trainer|Author
Drop in: www.unfear.io
Reach me: Facebook: anukrish07/ AND LinkedIn: anukrishna-joyofserving/

Anu Krishna |1442 Answers |Ask -Follow

Relationships Expert, Mind Coach - Answered on Jan 19, 2025

Asked by Anonymous - Jan 13, 2025Hindi

Relationship

My wife has started following Premanand ji maharaj and has stopped any intimacy between us since last one year. This has resulted v badly on me as my address level has increased, my blood pressure has increased and I have started feeling lonely. Have spoken to her several times, but no change.

Ans: Dear Anonymous,
At times, spiritual paths can temporarily derail people from what they are used to; it can just be a new way of living life...But since this is over a year and it has begun to bother you, don't you think you must talk to your wife and tell her how you feel. If you are quiet about it, obviously she's going to go with her changes and not think much about how things are getting affected back home; which she in fact should.
It is easy for people to get swayed by influential people and forget who they are and what they must be doing. I only hope this change is a temporary one and that your wife comes back to where she belongs and adopts the changes into her life positively,

All the best!
Anu Krishna
Mind Coach|NLP Trainer|Author
Drop in: www.unfear.io
Reach me: Facebook: anukrish07/ AND LinkedIn: anukrishna-joyofserving/

Anu Krishna |1442 Answers |Ask -Follow

Relationships Expert, Mind Coach - Answered on Jan 19, 2025

Question by arun - Jan 12, 2025Hindi

Relationship

How can I convince anyone for having trust over me ?

Ans: Dear Arun,
You cannot convince anyone of anything. Especially when it comes to TRUST, it's not a mere word. Display this in action where you do what you say/promise and be consistent with it. Trust then builds over time.

All the best!
Anu Krishna
Mind Coach|NLP Trainer|Author
Drop in: www.unfear.io
Reach me: Facebook: anukrish07/ AND LinkedIn: anukrishna-joyofserving/

Anu Krishna |1442 Answers |Ask -Follow

Relationships Expert, Mind Coach - Answered on Jan 19, 2025

Question by Work - Jan 11, 2025Hindi

Relationship

The seconds of time during taking action..I get into the overthinking/over-analysing thoughts... 1. Imaginative: Where I becom's the character & live life(see images, speak..) in those..like being rich,powerfull,disciplined,wife,kids....things which I want/perceive from social media...+ memos of past also.. 2. Stuck: Where I becom's a "OBJECT" & voices + images of brain guides me to quit task's when doing things/challenging...by saying.. *What this thing(task/book..) gonna benefit you? *Don't do it, you will do worse/fail..people gonna judge/laugh to you...look yourself!!..no good face, no good dress, u don't hv courage/skill to do that thing. 3. Coping: "Quit it" & use Mobile(songs,reels,yt videos..) to stop/distract myself from those dark clouds. i) What/How [solution] to don't get stuck in those next time. ii) How to use that overthinking for my advantage.. with hving control. iii) I tried to fill the possible voids by dress/looks but things were same..so it's internal.. What to do for that?

Ans: Dear Work,
Overthinking and over processing never helped anyone. Focus on your self-talk and change that.
- Journaling
- Sports
- Art work
- Meditation
- Breathwork
These are a few ways in which you can attempt to slow down the mind from racing thoughts. Once that happens, work on your self-talk to make it more useful where you start to direct yourself towards what you want to do.

All the best!
Anu Krishna
Mind Coach|NLP Trainer|Author
Drop in: www.unfear.io
Reach me: Facebook: anukrish07/ AND LinkedIn: anukrishna-joyofserving/

Mayank Chandel |1965 Answers |Ask -Follow

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on Jan 19, 2025

Question by SS - Jan 12, 2025Hindi

Career

Sir 1 have 6 year gap between class 10 and 12 and now I cleared jee exam so I am able to get any nit if I have 6 year gap between 10 and 12

Ans: Hi SS
For appearing in the JEE Main 2025, there is no age limit for the candidates. Candidates who have passed the class 12 or are in equivalent examination in 2023, 2024 or appearing in 2025 irrespective of their age can appear in the JEE Main - 2025

Mayank Chandel |1965 Answers |Ask -Follow

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on Jan 19, 2025

Question by Vaishnavi - Jan 16, 2025Hindi

Career

I had given improvement exam but scored less than original exam during form filling of neet what marksheet's roll no. Should i fill in neet form

Ans: Hi Vaishnavi
you should fill only the roll no of that marksheet with more marks.

Nayagam P P |4059 Answers |Ask -Follow

Career Counsellor - Answered on Jan 19, 2025

Asked by Anonymous - Jan 19, 2025Hindi

Career

Sir, my daughter has got 22nd morning shift for her jee mains, being first anything to be prepared or to be careful? Pls guide

Ans: All the BEST for your Daughter's JEE January Session. All instructions clearly explained just 1-week back in EduJob360 YouTube Channel. Please advise your daughter to watch the same when time permits. MOST IMPORTANT: Please take her to the Exam Centre (even if it is nearby) tomorrow morning to know the time taken to reach the centre, spend around 30 minutes there and come back (to remove her exam fear). SECOND IMPORTANT: To have very light food on 22nd morning and carry a transparent small water bottle (if allowed inside the hall). For the rest, please wath the video which is in detail. Once again, All The BEST for your Daughter's JEE & other Entrance Exams. Please follow RediffGURUS to know more on 'Careers | Jobs | Education'.

Ramalingam Kalirajan |7550 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Jan 19, 2025

Question by Prajwal - Jan 19, 2025Hindi

Money

Hello Sir. I have Rs1,00,000 that I want to invest as a lump sum in SBI Mutual Funds for the long term (15+ years). Considering that SBI has one of the largest Asset Management Companies (AMCs), could you please recommend which SBI Mutual Funds would be suitable for such an investment and have the potential to deliver good returns over this period? I am doing this investment for my daughter's education.

Ans: Your decision to invest Rs 1,00,000 for your daughter's education is commendable. A long-term horizon of 15+ years offers significant growth potential through mutual funds. Below are insights and recommendations to guide your investment.

Why SBI Mutual Funds?

SBI is one of India’s largest and most trusted AMCs.

They offer a wide range of funds suitable for different goals and risk levels.

Their consistent performance track record reflects sound fund management.

Key Factors to Consider for Long-Term Investments

Investment Objective:

Education is a critical financial goal.

Focus on wealth accumulation through equity-oriented funds.

Risk Appetite:

Equity funds involve volatility but offer high growth.

Ensure alignment with your risk tolerance.

Fund Type Selection:

Choose funds based on asset allocation and diversification.

Evaluate the performance of large-cap, mid-cap, and hybrid funds.

Tax Implications:

LTCG over Rs 1.25 lakh is taxed at 12.5%.

Understand taxation for equity and debt funds.

Suggested Fund Categories for Your Investment

1. Large-Cap Funds

Invest in funds focusing on well-established companies.

They offer stability and moderate risk.

Suitable for conservative investors.

2. Mid-Cap Funds

These funds focus on medium-sized companies with high growth potential.

They are riskier than large-cap funds but offer higher returns.

Suitable for investors willing to take calculated risks.

3. Flexi-Cap Funds

Invest across large, mid, and small-cap companies.

They offer diversification and the flexibility to adapt to market conditions.

Ideal for investors seeking balanced growth.

4. Equity-Linked Savings Schemes (ELSS)

ELSS funds offer tax benefits under Section 80C.

They have a lock-in period of three years.

Suitable for investors aiming for tax-efficient long-term growth.

5. Hybrid Funds

Invest in a mix of equity and debt instruments.

They offer stability through debt and growth through equity.

Suitable for moderate-risk investors.

Benefits of Investing Through a Certified Financial Planner (CFP)

CFPs offer expert guidance tailored to your goals.

They help monitor fund performance regularly.

They ensure optimal fund selection and rebalancing.

Regular plans through CFPs provide dedicated service and support.

Why Choose Actively Managed Funds?

Active funds aim to outperform benchmarks through expert fund management.

They offer higher potential returns compared to index funds.

Fund managers actively adjust portfolios based on market trends.

Ideal for long-term investors seeking growth.

Key Steps to Start Your Investment

Define your financial goal clearly.

Consult with a CFP for fund selection.

Review the chosen fund’s historical performance and portfolio composition.

Use SIPs for additional investments to benefit from rupee cost averaging.

Monitor your portfolio periodically to ensure alignment with your goals.

Final Insights

Investing in SBI Mutual Funds is a smart choice for your daughter’s education. Selecting the right fund category ensures growth and stability over 15+ years. Partnering with a Certified Financial Planner ensures professional guidance and optimal returns. Stay committed to your goal, review your investments regularly, and focus on long-term growth.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

https://www.youtube.com/@HolisticInvestment

See more questions »

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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