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Mihir Tanna |984 Answers |Ask -Follow

Tax Expert - Answered on Jul 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 sachin on Jun 07, 2023Hindi

Money

i have Loss of around 2 Lakhs in stock market ..mostly intraday during 2020-2021 annual Year ..Can i show in this Year ITR and get some relief on Tax ..My annual Package is 13 Lacs with no Home Loan ..but Have Personal Loan of around 10 Lac

Ans: Transfer of capital asset being shares is taxable in the year in which shares are transferred from D-Mat.

Thus, if shares transferred in FY 20-21, it can not be shown in FY 21-22.

Further, loss from intraday is chargeable under the head speculative business and it can not be set off against salary income.

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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Question by Sudheendra - Jun 28, 2023Hindi

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I have short term loss in shares of 9 lakhs in FY 19-20. I did not show it in ITR for AY 20-21. Now in FY 2022-23, I have profit of 9 lakhs in short term equity, can I offset or I have to pay tax on 9 lakh

Ans: No,

If loss is not shown in ITR of relevant year and not carried forward to future years, loss can not be set off against eligible income of current year.

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Question by Mounesh - Jul 20, 2023Hindi

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Hi, I have 200 shres of Gammon india and 100 shres of Core Education in my Demat account for last ten years and both are not traded on BSE / NSE. The long term loss of above stocks is Rs. 30,000/-. Can I show above loss in ITR and setoff loss against long term profit in the coming assessment years ? Thanks. Mounesh

Ans: please visit a Chartered Accountant and he/her will be the right person to answer this question.

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Tax Expert - Answered on Jul 21, 2023

Asked by Anonymous - Jul 20, 2023Hindi

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Hi, I have 200 shres of Gammon india and 100 shres of Core Education in my Demat account for last ten years and both are not traded on BSE / NSE. The long term loss of above stocks is Rs. 30,000/-. Can I show above loss in ITR and setoff loss against long term profit in the coming assessment years ? Thanks. Mounesh

Ans: Loss from shares can be claimed once shares are transferred from d-mat. Thus, loss from non tradable shares can not be claimed unless shares transferred from d-mat.

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Tax Expert - Answered on Sep 21, 2024

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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Asked by Anonymous - Jan 13, 2025Hindi

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Sir, By mistake I have filled wrong DOB in my JEE application form , I have worked really hard ???? and my anxiety level are also at its peak after this incident ! I have send an email to NTA about my problem but there was no response ! ???? Please guide me Sir and will I be able to give my Exam ! ????

Ans: Hi
please write an email jo the JEE authorities stating the correct date of birth. Also carry the proof of actual date of birth & hard copy of email with you to avoid any inconvenience. There won't be any issue in appearing for exam.

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Asked by Anonymous - Jan 13, 2025Hindi

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Hi I am 2016 passed out. Currently i am working in BPO. I have 7 years of experience in BPO Non-voice. Health care field. I would like move IT field in software developer. It is possible to move IT jobs. Kindly assist

Ans: What are your qualifications?

Asked on - Jan 13, 2025 | Answered on Jan 14, 2025

Ans: Try to increase your qualification by doing MCA etc. Develop your skill set on advance topics like AI, DS etc by doing online course. Then probability of getting job will increase.

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Question by AVIJIT - Jan 12, 2025Hindi

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I HAVE CARE HEALTH INSURANCE BASE POLICY 1000000 FOR 2 A+ 1 K , AGED 60 YEARS, 45 YEAR AND 16 YEARS. AND FROM THE LAST 15 YEARS NO CLAIM. 2023 I PORTED MY MEDICLAIM POLICY FROM NATIONAL INSURANCE TO CARE HEALTH INSURANCE WITH 1000000 L BASE AND 50% NCB. I GOT A RENEWAL ON DEC/24 AND NCB 50% WAS ADDED WITH MY BASE INSURANCE. NOW I WANTED TO TAKE A SUPER TOP-UP OF NIVA BUPA HEALTH RECHARGE OF 90 LAKH . IS IT GOOD FOR MY FAMILY ? PL ADVISE ME .

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It is certainly a good proposition.

Just check on the deductible, sub-limits on some diseases if any, cap on room rent, if any. Any exclusions.

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Question by AVIJIT - Jan 12, 2025Hindi

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I HAVE CARE HEALTH INSURANCE BASE POLICY 1000000 FOR 2 ADULTS 1 KID , AGED 60 YEARS, 45 YEARS AND 16 YEARS. AND FROM THE LAST 15 YEARS NO CLAIM. 2023 I PORTED MY MEDICLAIM POLICY FROM NATIONAL INSURANCE TO CARE HEALTH INSURANCE WITH 1000000 L BASE AND 50% NCB. I GOT A RENEWAL ON DEC/24 AND NCB 50% WAS ADDED WITH MY BASE INSURANCE. NOW I WANTED TO TAKE A SUPER TOP-UP OF NIVA BUPA HEALTH RECHARGE OF 90 LAKH. IS IT GOOD FOR MY FAMILY? PL ADVISE ME.

Ans: Hello;

It is certainly a good proposition.

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For salaried professionals investing in equity, does this market crash affect the benefits of Section 80C investments, such as ULIPs or ELSS, which are tied to market performance?

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Anything and everything connected with the market will get affected by market volatility. (ULIPs & ELSS too)

However for investors it is like a grand new year sale.

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Question by Deepak - Jan 13, 2025Hindi

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Tks a lot for the clear answers to my queries regarding transmission of shares. However, I would like some more clarification on custodial account for shares entitled to C. Custodial account for C will mean a brokerage account in name of C under guardianship of B or an account in name of B but under some category called as Custodial accounts? Alternatively, can the shares entitled for C be sold by B as C's legal guardian and then the sale proceeds be brought in India directly in a bank account in name of C under B's guardianship? Thanks in advance for the support.

Ans: A custodial account for shares typically means a brokerage account held in the name of the minor (C) but managed by the guardian (B). This allows the guardian to oversee the account and make investment decisions on behalf of the minor.
Alternatively, the shares entitled to C can indeed be sold by B as C's legal guardian. The proceeds from the sale can then be brought into India and deposited into a bank account in C's name, under B's guardianship. However, it's important to ensure that all legal requirements and permissions are met, especially if the shares are part of a larger estate or property.
Hope this helps.

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Asked by Anonymous - Jan 03, 2025Hindi

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Hello sir,I'm bsc graduate from tier3 clg.i was planning masters but I'm confused whether I should go for MSc ds and ai from mithibai clg or should I go for MCA?Also recently I was going through UPSC Exam details and opportunities.So I wanna know which path is good?

Ans: I believe M.Sc. is better

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Asked by Anonymous - Nov 30, 2024Hindi

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Hi, I am a 29 year old married man stuck between the career what to do and what not I have good experience in sales of around 6 years but not the proper pay as I am living in a city where there is no big companies no growth in terms of salary and in sales same thing from last 6 years that is 'calling' now I am wish to change the profile to digital marketing as it is in demanding stage and can learn and grow my skills as I am from technical background so please suggest me is it the right to switch the profile or remain in same profile and I am not getting the proper pay in my city but living because my parents are here

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Thanks sir for valuable feedback

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Tax Expert - Answered on Jan 13, 2025

Asked by Anonymous - Jan 10, 2025Hindi

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I am in the process of buying raw materials from different states for my manufacturing unit. How does the GST structure affect inter-state purchases, and how can I reclaim the input tax credit (ITC) on these transactions?

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02. While filing your GST Returns, you can off set your GST liability with the ITC, as reflected in GSTR-2B.
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Asked by Anonymous - Jan 11, 2025Hindi

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Sir, I purchased a flat in 1999 for 3 Lakhs, now in 2025 I am going to sell it for 35 Lakhs. Will there be any Capital Gain Tax on it?

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04. 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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