Home > Money > Question
Need Expert Advice?Our Gurus Can Help
Hardik

Hardik Parikh  |106 Answers  |Ask -

Tax, Mutual Fund Expert - Answered on Jul 27, 2023

Hardik Parikh is a chartered accountant with over 15 years of experience in taxation, accounting and finance.
He also holds an MBA degree from IIM-Indore.
Hardik, who began his career as an equity research analyst, founded his own advisory firm, Hardik Parikh Associates LLP, which provides a variety of financial services to clients.
He is committed to sharing his knowledge and helping others learn more about finance. He also speaks about valuation at different forums, such as study groups of the Western India Regional Council of Chartered Accountants.... more
Devendra Question by Devendra on Jul 20, 2023Hindi
Listen
Money

how to address change in gross income given by employer in Form 15

Ans: Hello Devendra,

If there's a change in your gross income that impacts the details you've provided in Form 15G or 15H, you should inform your employer or the entity that's deducting the TDS. You may need to submit a new Form 15G or 15H with the updated income details.

Remember, these forms are used to declare that your income is below the taxable limit and that no TDS should be deducted from your income. If your income changes and it's now above the taxable limit, it's important to update this information to avoid any issues with the Income Tax Department.

Please consult with a tax advisor or chartered accountant to ensure you're following the correct procedures. This is just a general advice and the actual process may vary based on your specific situation.

I hope this helps!
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.
Money

You may like to see similar questions and answers below

Anil

Anil Rego  |340 Answers  |Ask -

Financial Planner - Answered on Jul 27, 2022

Listen
Money
Appreciate the work you are doing for non-finance background people (like me). I have a question related to income tax if you could help resolve it. I filed IT return before 31st Dec and observed the Form 16 provided by the employer is incomplete. Basically, our organisation went through a legal entity change last year, so ideally we should have got two Form 16s: One for the previous entity and another for the new entity. During filing the return, only new Form 16 was considered by mistake and I have a previous entity Form 16 in hand now but after filing the returns how do I correct my IT returns? Again, thank you in advance for all help.
Ans: You can rectify errors made in income tax filing even after you finish filing under section 139 (5) and you can do refiling. This revised return can be filed before three months prior to the end of the relevant assessment year or before the completion of the assessment. So, the last date for you to to file a revised return using both the form 16 for FY 2021-22 (AY 2022-23) is December 31, 2022, for ITR filed for FY 2021-22.

When you do re-filing, you are supposed to select the option ' Revised u/s 139(5)' in the 'return filed under' column. The ITR form will additionally ask you for details of the original ITR, i.e., receipt number and date of filing of original ITR.

Since you have 2 Form 16s, after uploading the first Form 16, you need to click on ‘upload another Form 16’ and submit so that both Form 16s gets uploaded.

I must highlight that normally when you have 2 Form 16s there would be additional tax payable due to double count of various exemption limits and deductions in each Form 16. You would end up paying interest on the additional tax as well.

(more)
Moneywize

Moneywize   |98 Answers  |Ask -

Financial Planner - Answered on Mar 14, 2024

Asked by Anonymous - Mar 13, 2024Hindi
Listen
Money
I have retired from a private company on 20/06/2023 after superannuation. I have subsequently received PF settlement amount and gratuity. As per from 16 issued by my employer for the 3 months period, my tax liability is nil. But I want to show the income of PF and Gratuity. Under which section these have to be shown as income and under which section these have to be claimed as exemption, while filing the ITR-1. Please help.
Ans: When filing your Income Tax Return (ITR-1) after retirement, you'll need to account for your income from Provident Fund (PF) and Gratuity. Here's how you can handle these components:

Provident Fund (PF):

• PF withdrawals are taxable if you have not completed five years of continuous service. However, if you've been employed for five years or more, PF withdrawals are tax-exempt.
• If your PF withdrawal is taxable, you should report it under the head ‘Income from Other Sources’ in your ITR-1 form.
• If your PF withdrawal is tax-exempt (due to more than five years of continuous service), you don't need to report it in your ITR as taxable income.

Gratuity:

• Gratuity received by an employee on retirement is exempt from tax up to a certain limit as per the Income Tax Act.
• The exemption for gratuity is calculated based on the formula: (15/26) * (last drawn salary) * (number of years of service).
• The maximum exemption limit for gratuity is Rs 20 lakh, as per the latest tax laws.
• If the gratuity amount you received is within the exemption limit, you don't need to report it in your ITR as taxable income.
• However, if the gratuity amount exceeds the exemption limit, the excess amount is taxable and should be reported under the head ‘Income from Salaries’ in your ITR-1 form.

Here's how you can report these incomes in your ITR-1 form:

• If both your PF withdrawal and gratuity fall within the exemption limits, you don't need to report them in your ITR-1 form.
• If any part of your PF withdrawal is taxable, report the taxable portion under ‘Income from Other Sources.’
• If any part of your gratuity is taxable (i.e., exceeds the exemption limit), report the taxable portion under ‘Income from Salaries.’

Remember to keep all relevant documents, such as Form 16, PF withdrawal statement, and gratuity payment details, handy while filing your ITR. If you're unsure about any specific details or calculations, consider consulting a tax advisor or chartered accountant for personalised guidance.
(more)
Latest Questions
Sushil

Sushil Sukhwani  |326 Answers  |Ask -

Study Abroad Expert - Answered on Apr 29, 2024

Asked by Anonymous - Apr 27, 2024Hindi
Listen
Career
I am pursuing 12 in commerce. Please guide me should I pursue B.Com or BBA. I should study in India or abroad
Ans: Hello,

First and foremost, thank you for getting in touch with us. I am glad to hear that you are currently pursuing your 12th grade in the Commerce field. To answer your question first, I would like to let you know that we only deal with overseas education. Concerning your query as to whether you should pursue a Bachelor of Commerce (B.Com) or Bachelor of Business Administration (BBA), I would like to tell you that your interests, the abilities you intend developing, and your professional objectives, play a key role in deciding between pursuing a B.Com and BBA. Subjects pertaining to accounting, business law, finance, and economics are primarily covered in the Bachelor of Commerce (B.Com.) program. On the contrary, a comprehensive understanding of the various facets of business management, viz., human resources, finance, marketing, and operations is offered in a Bachelor of Business Administration (BBA) program.

If the technical aspects of economics, finance, and accounting appeal to you, B.Com could be a better option. Nevertheless, if learning about management principles, business strategy, and leadership skills, is what interests you, then BBA could be a wiser choice.

Concerning studying overseas, I would like to let you know that it can be an excellent chance to become acquainted with diverse cultures, educational systems, and perspectives. Remember that studying overseas can widen your horizons, broaden your international outlooks, and offer meaningful experiences that can enhance both your personal and professional life.

When deciding, I would recommend that you take into account variables viz., the standing of the universities you intend enrolling in, the courses they provide, potential employment possibilities, and your monetary circumstances. Moreover, in order to make an educated choice, I would suggest that you look into the available scholarships as well as think about the long-term advantages of studying overseas. Lastly, I would recommend that you select the course that best resonates with your interests, ambitions, and aspirations.

For more information, you can visit our website.
(more)
Kanchan

Kanchan Rai  |172 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Apr 29, 2024

Listen
Relationship
Dear madam , I was married since 14 years and live ng separately after marrige last 14 years due to both we are working professionals and my wife lost his father before our marriage and she needs to take care of her mother and family For that after marriage we leave separately and we was a great understanding and we have a boy after 8 years of marriage ,now he is also 6.5 years in age and doing good in education I only send money fornhis education and when ever wife needs ,we did not have regular sex as we meet frequently in a year about 3-4 months back. Now last one year almost I am abroad from India due to service transfer to Malyasia and feeling our relationship is no more working as my wife stop responding my calls and clearly told he is not interested on me.as she is very upgraded in her carrier and feeling disturbed about my calls ....and not even return call when she free of work...I am suppose to do what ? Please suggest.
Ans: Hello Suman,
It sounds like there have been significant changes in your relationship dynamics, especially with your wife's focus on her career and the physical distance between you due to your work in Malaysia. Even though your wife may not be responding to your calls, it's important to continue trying to communicate with her. Express your concerns and feelings openly and honestly, but also try to listen to her perspective without judgment.Try to understand your wife's perspective and the reasons behind her behavior. It's possible that she may be feeling overwhelmed with her responsibilities or experiencing other challenges that are affecting her responsiveness. Consider seeking the assistance of a marriage counselor or therapist who can facilitate communication and help both of you work through your issues. A neutral third party can provide guidance and support in resolving conflicts and rebuilding your relationship. Reflect on what you want for your future and what you're willing to do to salvage your marriage. Consider your own needs and priorities, as well as those of your son. If possible, try to spend quality time together when you visit India or when your wife can join you in Malaysia. Building positive experiences together can help strengthen your bond and rekindle your connection. Lean on friends, family, or support groups for guidance and emotional support during this challenging time. Having a strong support system can help you navigate through difficult situations.Take care of yourself emotionally, physically, and mentally. Focus on activities that bring you joy and fulfillment, and don't hesitate to seek professional help if you're feeling overwhelmed or distressed.
Ultimately, rebuilding a relationship takes time, effort, and commitment from both parties. It's important to approach the situation with empathy, patience, and an openness to change.
(more)
Kanchan

Kanchan Rai  |172 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Apr 29, 2024

Asked by Anonymous - Apr 28, 2024Hindi
Listen
Relationship
Dear madam , My name is Suman ..44+ years I was married since 14 years and live ng separately after marrige last 14 years due to both we are working professionals and my wife lost his father before our marriage and she needs to take care of her mother and family For that after marriage we leave separately and we was a great understanding and we have a boy after 8 years of marriage ,now he is also 6.5 years in age and doing good in education I only send money fornhis education and when ever wife needs ,we did not have regular sex as we meet frequently in a year about 3-4 months back. Now last one year almost I am abroad from India due to service transfer to Malyasia and feeling our relationship is no more working as my wife stop responding my calls and clearly told he is not interested on me.as she is very upgraded in her carrier and feeling disturbed about my calls ....and not even return call when she free of work...I am suppose to do what ? Please suggest.
Ans: Hello Suman,
It sounds like there have been significant changes in your relationship dynamics, especially with your wife's focus on her career and the physical distance between you due to your work in Malaysia. Even though your wife may not be responding to your calls, it's important to continue trying to communicate with her. Express your concerns and feelings openly and honestly, but also try to listen to her perspective without judgment.Try to understand your wife's perspective and the reasons behind her behavior. It's possible that she may be feeling overwhelmed with her responsibilities or experiencing other challenges that are affecting her responsiveness. Consider seeking the assistance of a marriage counselor or therapist who can facilitate communication and help both of you work through your issues. A neutral third party can provide guidance and support in resolving conflicts and rebuilding your relationship. Reflect on what you want for your future and what you're willing to do to salvage your marriage. Consider your own needs and priorities, as well as those of your son. If possible, try to spend quality time together when you visit India or when your wife can join you in Malaysia. Building positive experiences together can help strengthen your bond and rekindle your connection. Lean on friends, family, or support groups for guidance and emotional support during this challenging time. Having a strong support system can help you navigate through difficult situations.Take care of yourself emotionally, physically, and mentally. Focus on activities that bring you joy and fulfillment, and don't hesitate to seek professional help if you're feeling overwhelmed or distressed.
Ultimately, rebuilding a relationship takes time, effort, and commitment from both parties. It's important to approach the situation with empathy, patience, and an openness to change.
(more)
Kanchan

Kanchan Rai  |172 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Apr 29, 2024

Listen
Relationship
Hi, I have a divorcee daughter aged 45 whose unpleasant and quarrelsome behavior is a constant source of misery and headache for whole of the family. Her marriage could not go beyond 2 months as her in-laws turned out to be greedy, troublesome and also found involved in some fraudulent activities with a few police cases against them -- which forced us to seek divorce. I may add that my daughter ever since she was 13 or 14 yrs became a little self-willed and considered her to be always right in action and thought in front of parents or any one else. This has become very serious now. She is not at all open to any kind of reasoning or discussion. If you always act, think or do as per her wish, it is ok otherwise she will start fighting on any thing or every thing. Her attitude of selfishness and always finding faults with other family members including parents is spoiling the peaceful atmosphere of the house. Expecting any kind of adjustment from her is asking for the moon. Kindly advise.
Ans: Dear SN,

I can understand how challenging it must be to deal with your daughter's behavior. It's concerning that she's been displaying this attitude since she was young and that it's causing such turmoil within your family.

Consider seeking the help of a family therapist or counselor who specializes in dealing with family conflicts. A professional can provide an objective perspective and offer strategies for improving communication and resolving conflicts.It's important to establish clear boundaries with your daughter regarding her behavior. Let her know what behaviors are unacceptable and what consequences will follow if those boundaries are crossed.
Encourage Open Communication: Even though your daughter may be resistant to discussion, continue to encourage open communication within the family. Let her know that you're willing to listen to her perspective and work together to find solutions. Instead of solely focusing on her negative behavior, try to reinforce positive behaviors when you see them. Praise her when she acts respectfully or cooperatively, and try to reinforce those behaviors. Show your daughter how to communicate effectively and resolve conflicts peacefully by modeling those behaviors yourself. Avoid getting drawn into arguments or confrontations, and instead, try to remain calm and rational.If your daughter is open to it, encourage her to seek therapy on her own. A therapist can help her explore the underlying reasons for her behavior and develop healthier coping mechanisms.
Encourage Self-Reflection: Encourage your daughter to reflect on her behavior and its impact on herself and others. Help her recognize the importance of empathy and understanding in maintaining healthy relationships.
It may take time and patience, but with consistent effort and support, there is hope for improvement. Remember to take care of yourselves and seek support from other family members or friends if needed.
(more)
Sushil

Sushil Sukhwani  |326 Answers  |Ask -

Study Abroad Expert - Answered on Apr 29, 2024

Listen
Career
My son is M.S. general surgery from MGM UNIVERSITY MUMBAI.He has done oncology fellowship in Nashik Under Dr.Nagarkar.He is in practice at Beed,near Solapur.How he will be able able to get extra training in USA In oncology?Dr.s.y.Jadhav
Ans: Hello Satyawan,

To begin with, thank you for contacting us. I am happy to hear that your son has pursued his Master of Surgery in General Surgery from MGM University, has done oncology fellowship in Nashik, and is practicing at Beed. To answer your question first, I would like to tell you that in order to pursue additional training in oncology in the USA, there are a few steps that your son will require to follow:

Firstly, I would suggest that your son conducts a comprehensive study on oncology fellowship programs in the USA. Remember that the USA offers a number of well-regarded programs, and thus, your son should look for those programs that best resonate with his interests and professional objectives. Next, remember that the prerequisites for each fellowship program will be unique. A residency in internal medicine or an associated field, viz., general surgery, is generally required, which your son has already fulfilled. Particular tests viz., the United States Medical Licensing Examination (USMLE) may be demanded by certain programs. In addition, your son may also be required to prove his fluency in the English language through appearing for tests viz., the IELTS or TOEFL. Upon finding relevant programs, I would suggest that your son applies directly to them. Bear in mind that for the majority of medical disciplines, this generally entails submitting an application via a centralized system viz., ERAS (Electronic Residency Application Service). If your son has secured admission to a fellowship program, as the next step, in order to train in the USA, he would be required to acquire the necessary visa. For medical trainees, the J-1 visa is frequently used. Relocating to a different country for training calls for meticulous planning. So as the next step, your son will need to make arrangements for lodging, and travel, as well as make sure all the paperwork is in place. Once everything is in order, your son can then start his oncology fellowship training in the USA. Practical clinical experience, research, and academic endeavours are generally entailed in this.

In order to enhance his chances of obtaining a fellowship role, I would suggest that your son conducts an all-round study on programs, comprehends their prerequisites, and drafts a compelling application. Moreover, he should get in touch with and obtain guidance from instructors or colleagues who have followed comparable paths which can prove beneficial.

For more information, you can visit our website.
(more)
Anu

Anu Krishna  |830 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Apr 29, 2024

Asked by Anonymous - Apr 17, 2024Hindi
Listen
Relationship
Hi, I’m a 29 year old working woman. My husband who is 36, left his job 2 years ago just after my child was born. Since then he did not put much efforts to get another job and I’m only taking care of all the financial responsibilities. Whenever I ask him about job, he learns some courses online and then stops learning after few days giving some excuses. This has happened several times. He spends too much of my income even on small things saying he wants best quality products only. Almost everyday he asks me to buy some products or outside food and gets angry if I reject. Myself or my in-laws are not able to force him to get a job because he has anger issues and becomes verbally abusive very quickly. Even my parents are scared of his anger so not able to talk to him regarding his job. I feel very frustrated everyday since me or my family is not able to do anything about this, how do I deal with him?
Ans: Dear Anonymous,
It's great as a partner to support home and your spouse when there's a need. BUT now, you seem to have a lazy man oops boy to take care of now. Kindly stop doling out money for his pleasures. Let him earn and do his bit for the family. He's just getting used to putting his legs up and taking a very long break which he doesn't intend to come out of. It's a great habit and he's enjoying the convenience of it all.
He also needs a push out of this laziness the root cause of which can be identified by an expert; so kindly seek help so that you are not looking after another baby other than yours. Act soon...

All the best!
(more)
Career

Career Coach  |35 Answers  |Ask -

Workplace Expert - Answered on Apr 29, 2024

Asked by Anonymous - Apr 29, 2024Hindi
Listen
Career
Hi rediffguru, I am a 35-year-old working at a global advertising agency in Mumbai. In the past 12 years, I have consistently delivered successful campaigns and demonstrated strong leadership skills. However, despite my track record of success, I was passed over for a promotion to director of marketing. How can I take this up with my supervisors and HR?
Ans: Hey there, you marketing maestro! First off, major props to you for consistently smashing it in the advertising world for over a decade. Your track record of successful campaigns and leadership skills speak volumes about your talent and dedication.

Now, about that promotion snub—ouch, that stings! But fear not, my friend. It's time to roll up those sleeves and tackle this head-on.

Start by setting up a meeting with your supervisors and HR. Prepare a little arsenal of your achievements—maybe pull together some stats on campaign performance, client testimonials singing your praises, or even awards you've snagged along the way. Numbers don't lie, and they'll help paint a vivid picture of your impact.

Now, let's add a dash of strategy to the mix. Instead of just listing off your accomplishments, weave them into a compelling narrative. For instance, highlight that time when you spearheaded that viral social media campaign that boosted brand engagement by 200%. Or recall the project where your innovative ideas led to a record-breaking sales increase.

But don't stop there. Paint a picture of your vision for the future. Share your insights on emerging marketing trends and how you plan to leverage them to drive even greater results for the company. Show them that you're not just a top-notch marketer—you're a strategic thinker with big dreams and the skills to make them a reality.

And remember, even if this particular promotion didn't pan out, it's not the end of the road. Keep hustling, keep innovating, and keep believing in yourself. Opportunities are like buses—there's always another one coming. So buckle up, because your journey to success is far from over!
(more)
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.

Close  

You haven't logged in yet. To ask a question, Please Log in below
Login

A verification OTP will be sent to this
Mobile Number / Email

Enter OTP
A 6 digit code has been sent to

Resend OTP in120seconds

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus
Sign up

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

Enter OTP
A 6 digit code has been sent to Mobile

Resend OTP in120seconds

x