I have gone through your expert guide on Rediff.com. Kindly deliver your advice in my case as well. Thanks Sir.

I am a salaried class employee and filed ITR 1 for FY 2019-20 in Aug 2020. Inadvertently, I paid self-assessment tax twice through online (Rs 17,000 paid twice amounting total of Rs 34,000).

I wrote to the IT deparment for refund of the excess amount of Rs 17,000. The IT department advised me to file rectification online through my IT account. I tried in vain.

Kindly guide me in this regard.

Ans: Hello;

You will first need to link your previous pf account with active UAN as per process given on EPFO portal.

Then you may withdraw your entire PF.

Best wishes;

Ans: Hello;

Investing in stocks is never safe because it is always subject to different types of risks which may impact their price.

MobiKwik being a loss making Fintech startup is too riskier a stock to invest.

Happy Investing;

Ans: Hello;

Almost 20% annualized return is a very good performance.

Do you think you could have managed this on your own without help from the MFD website?

Answer this question with full honesty to yourself because a YES means you may invest in direct plans henceforth and move your investments gradually to the direct platform to optimise LTCG impact.

However if the answer is NO then you agree that the MFD platform has added value by guiding and helping you generate such excellent returns.

Typically there is a difference in Total Expense Ratio(TER) applicable for Direct and Regular plan options.

In Direct plans it's DIY(Do It Yourself) hence return maybe slightly higher compared to regular plans but your distributor guides you to suitable schemes which are apt for your risk appetite, financial profile, asset allocation and investment horizon.

But keep a practice of reviewing your fund performance vis-a-vis category average, benchmark and risk adjusted returns annually.

Also the asset allocation needs to be adjusted to suit your risk profile over a span of period.

Happy Investing;
X: @mars_invest

Ans: No, in case gain amount is invested in new property; capital gain tax will be Zero

Ans: Your income is below 7 lacs and gross tax liability will be 16380. Under new tax regime, you are eligible for rebate upto 25000. However matter is litigative. As per recent judicial decisions, rebate is available even against income taxable as per provisions of 111A.

Accordingly, in my view, tax liability will be Zero

You can calculate tax liability from income tax calculator available at https://eportal.incometax.gov.in/iec/foservices/#/TaxCalc/calculator

Ans: Kindly keep in touch with your employer to sort out this issue. He should manage to deposit your PF with EPFO.
Most welcome for any further clarifications. Thanks.

Ans: Yes. You will have to pay Income Tax on Short Term Capital Gains. In this case first 2.50 lakhs shall be covered under basic tax limit (under Old Regime) & on balance of Rs.4.00 lakhs, you will have to pay tax @ 20%.
In case of new tax regime basic exemption limit will be Rs.3.00 lakhs & on balance Rs.3.50 lakhs you will pay tax @ 20%. Cess shall be extra in both cases..
Most welcome for any further clarifications. Thanks.

Ans: Heera, The eligibility for JEE Advanced 2025 and 2026 relies on how the test authorities see your situation about your attempts in the Class 12 board exams. Candidates can try JEE Advanced two times in successive years maximum. The first year a candidate shows up for the complete set of tests appears in Class 12. That year is not regarded as an attempt or appearance if you missed all Class 12 board tests for medical reasons and did not receive a result. Your legitimate first look will land around 2024–25. Get in touch with the JEE Advanced officials, show medical credentials, and offer paperwork proving your first honest attempt in Class 12 exams to confirm your eligibility. You will be qualify for JEE Advanced 2025 and 2026 if you re-registered for 2024–25 after missing the tests in 2023–24 for a legitimate medical reason.

Right now, only pay close attention to getting ready for the JEE/Other Engineering Entrance Exam.

Value Addition Suggestion: Instead of depending just on JEE, have Plan B and Plan C, appearing for 5-7 Entrance Exams.

All The BEST for Your Prosperous Future.

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Ans: Swati Madam, HAPPY NEW YEAR!

Try a "Psychometric Test" (of any reliable source) for your son to determine your child's interest, aptitude, attitude, orientation style, and personality style in order to streamline the process of determining the best career option or options for them.

The results of the psychometric test will provide you the top two or three career options for your child, allowing you to choose between the arts and humanities, sciences, and commerce following the 10th Grade.

Your child's academic success across numerous disciplines from 6th Standard to the present is another criterion for determining the appropriate stream.

In order to compete for admission to any of the prestigious universities or institutions following the 12th grade, it is best to begin your child's entrance exam preparation as early as the 10th grade. Please ask if you require any other information.

All The BEST for Your Kid's Prosperous Future.

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