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Mihir Tanna |984 Answers |Ask -Follow

Tax Expert - Answered on Jul 10, 2024

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 SURINDER on Jun 18, 2024Hindi

Money

If one misses the advance tax payment on 15 Jun for the F/y 2025-2026 what is the penality? Can the first instalment be paid now?

Ans: If advance tax is missed, quarterly interest of 3% will be levied. If advance tax is not paid by 15th Sep, additional interest will be charged.

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 Ravindra - Oct 25, 2022Hindi

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Dear sir, today is the last date for first advance tax due for this FY. Can you reply to my query so that I will make payment if applicable? Eagerly waiting for your reply.

Ans: You need not pay any advance tax on your income, including on long-term capital gains from sale of Land. You can disclose this tax liability (in case you are not planning to reinvest into another property or REC bonds to save tax) while filing your income tax return on or before July 31, 2023.

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Question by vasudevan - Jul 26, 2023Hindi

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Hi Sir, I have been trying to file IT returns for the current assessment year for a relative but there seems to be some problem in linking bank account with the IT portal. I have all data prepared because of the issue the portal does not allow to proceed further. In this regard I have filed a grievance also but there is no satisfactory solution. In such a case if things are right after the deadline, will I have to pay fine for as late filing . In this case I will be filing for refund of TDS , the assessee falls under non taxable slab.

Ans: write an email to the ITO of your ward and explain this sitution with request to waive penalty for late filling . If the requested is accepted, then only penalty may be waived off.

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Question by manish - Mar 07, 2024Hindi

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IF UPDATED INCOMETAX RETURN IS FILED NOW FOR A.Y. 2023-24 THEN WHAT WILL BE POSITION AS REGARDS FOR LEVYING PENALTY OF 25%

Ans: Incase tax is payable then certainly penalty provision will trigger but we need to substantiate genuineness of the delay. Now it will 50% instead of 25%.

Please take your CAs advice before moving ahead.

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Asked by Anonymous - Aug 08, 2024Hindi

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Sir, It assessess sec 44ada provision itr returns filed f.y.23-24 cash on hand balance rs:20 lacs as per books as on dt:31-03-24 Question: Cash on hand balance huge amount year ending penalty applicable under income tax act

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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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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 .

Ans: Hello;

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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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.

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

Best wishes;

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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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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.
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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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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

Ans: Switching over to digital marketing is not recommended. For your parents you can't move out of the town. I appreciate your caring attitude for your parents, but at the same time unless you go to a big city you can't get a good break. Best of luck. Professor.................................:)

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Thanks sir for valuable feedback

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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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