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Vivek Lala | Answer |Ask -Follow

Tax, MF Expert - Answered on Mar 09, 2024

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more

Asked by Anonymous - Mar 08, 2024Hindi

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Hello Vivek, first of all thanks for your valuable inputs in this column. last year my total income through salary, FD interest & shares was around 10 lacs. I haven't filled ITR even once ( experience of 15 years but salary was quite low so just skipped it). Now this year my total income has exceeded 12 lacs & plan to file ITR in coming June, so please advise can i file it only for current year or will have to compulsorily file it for last year/s as well? Thanks again.

Ans: Hello, you can start filing from this year itself which is AY 24-25
And please make sure to pay advance tax before 15th march on capital gains to avoid any interest of tax payable

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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I was working from June 2010-September 2017. In this period, I have filed ITR. But, in September 2017, I have left my job and am pursuing studies now. Since I didn't have a job since Sep 2017, I didn't file ITR. Is it fine or I am missing something regarding ITR? Please guide.

Ans: You do not need to file a return if your income is below the taxable limit.

However, since you were working in the past, it is recommended to file a 'NIL' income return/file a return for whatever income you receive including interest from deposits if you plan to start working again.

This will help you maintain a record for these years and avoid any notices from the department to file your returns.

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Asked by Anonymous - Mar 08, 2024Hindi

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Hello Mihir, first of all thanks for your valuable inputs in this column. last year my total income through salary, FD interest & shares was around 10 lacs. I haven't filled ITR even once ( experience of 15 years but salary was quite low so just skipped it). Now this year my total income has exceed 12 lacs & plan to file ITR in coming June, so can i file it only for current year or will have to compulsorily file it for last year/s as well? Thanks again.

Ans: Current year return can be filed without filing ITR of earlier year.

However, considering your facts, it is advisable that you check your eligibility to file updated return for earlier year and file it to avoid any penal consequences.

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Asked by Anonymous - Jul 11, 2024Hindi

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I am 73 years old. Retired from private firm. currently trading in stock market. total income below 2.00 lacs and investment is Rs.4.00 lacs in last 5 years. Do I need to file ITR? if yes then Which?

Ans: Considering your income is below exemption limit you may not be required to file income tax return (assuming you are Indian resident). The moment your income exceeds the limit, you will require to file your returns under ITR 2.

Please take advice from your CA before moving ahead.

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Asked by Anonymous - Sep 02, 2024Hindi

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For more than 20 years I have not filed ITR since no taxable income but during FY 22-23 TDS was deducted from FD interest and Dividend income totalling about Rs 2500. Can I file ITR now for refund claim. Since I am planning to sell some equities there will be LT/ST capital gains but without any other income. I am planning to sell some shares and transfer some money say 10 lakhs to my Son's account for him to invest in equities. Can I start filing ITR regularly now onwards without any problems. Thanks

Ans: 01. You have missed the opportunity to file your ITR for F/Y 2022-23 & claim refund.
02. You may again start filing your ITR's on regular basis, with immediate effect, without any problem.
Most welcome for any further clarifications. Thanks.

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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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