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Mihir Tanna |942 Answers |Ask -Follow

Tax Expert - Answered on Nov 14, 2022

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 Venkatesh on Nov 14, 2022Hindi

Money

My Mom passed away and she has a refund on her returns for last fiscal year as per the filed IT returns. However, all the bank accounts in her name have been closed. Is there a way I as her son can claim for the refund in my bank account?

Ans: In case the refund reissue is from a Legal Heir of the taxpayer, the legal hair is required to comply with ‘Legal Heir’ registration formalities and upload the necessary documents like PAN card copy of Legal Heir, Death certificate copy of the deceased tax payer, Copy of Legal Heir proof as per the norms, Copy of order passed in the name of the deceased and Copy of Letter of Indemnity.

For registration log on to www.incometax.gov.in with your (Legal hair) credentials
Click on ‘Register as Representative Assessee’ under ‘Authorised Partners’ menu
Select ‘Request Type’ and enter the ‘Required Details’ and Click ‘Proceed’
Click on the dropdown and select ‘Deceased (Legal Heir)’ and provide the required details under ‘Details of Deceased’
Provide details of Legal Heir's bank account under ‘Details of Bank Account of the Legal Heir’
Upload the ‘attachments’ then ‘Validate’ and ‘Submit’

Legal Heir need to pre-validate their Bank Account in e-filing website

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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My father passed away because of Covid last year without filing his tax returns. We want to file his income tax return now. How can we rectify this situation? Can one file tax returns of a dead person? How to go about it? Please inform us at the earliest.

Ans: Yes, you can file the returns of your father. First of all you have to register as his Legal Representative through his Login at Income Tax Portal through submitting the necessary documents. The Income Tax Department then deactivates your father’s login ID from the Income Tax Portal and then you can file the return of your father through your login.

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Question by Kalyan - Nov 01, 2022Hindi

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2. The name of deceased has been deleted from the joint bank accounts. Can the refund be credited to an account of the husband? The account number will remain as it was in the last ITR.

Ans: Once the above-mentioned process is completed, while filing the return, the bank account number that he wishes can be incorporated for the refund and then the refund will be credited to the account of the legal heir.

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Question by Ulhas - Sep 02, 2024Hindi

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Namaste Madam, Iam having type 2 diabetes since 2017. My recent reading of fasting sugar is 131 and post meal is 190. Kindly suggest me diet plan for reversal of diabetes as quoted. Myself Ulhas Subhedar from Aurangabad, Maharashtra . You may please suggest me in Hindi. Taking Metsamall 500 mg 2 times. Eurepa 0.5 mg for 2 times, Dilzem 30 mg after breakfast, Rosave 10mg at night and Aspisol 75 mg at night.

Ans: It’s great that you’re looking to manage and potentially reverse your type 2 diabetes through diet. Reducing your intake of carbohydrates can help manage blood sugar levels. Focus on non-starchy vegetables, lean proteins, and healthy fats. Include leafy greens, broccoli, cauliflower, fish, chicken, nuts, seeds, and avocados. Avoid sugary foods, white bread, pasta, and rice.
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Asked by Anonymous - Aug 28, 2024Hindi

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Hi, I am 52 years old and weigh around 78 kgs. I walk around 12000 steps daily. I do hindu pushups around 4 sets of 15 each. My fasting sugar level is always in the range of 135-140. How do I reduce it

Ans: It’s great to hear that you’re staying active with walking and Hindu pushups! For dietary adjustments focus on meals that include a balance of protein, healthy fats, and fiber. This can help stabilize blood sugar levels. Choose foods with a low glycemic index, such as whole grains, legumes, and non-starchy vegetables. Be mindful of portion sizes, especially with carbohydrates. Smaller, more frequent meals can help maintain stable blood sugar levels. Opt for snacks like nuts, seeds, and Greek yogurt, which can help keep blood sugar levels steady. Include protein-rich foods like legumes, tofu, low-fat dairy products, eggs, lean meat, etc. Strengthening exercises will help in gaining muscle mass and remain well hydrated throughout the day.

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I am 54 year male having diabetes for the past 8 years. I used have fasting sugar at 135 which increased to 180 in 2020. After taking ayurvedic medicine dibex & madhumeh kusmakar rasa i was able to control fasting sugar between 100-120. But after some time it effects reduced. Tried neem powder, jamun powder gurmar powder with some sucess. Now again i am on cross roads with fasting sugar at 170. Kindly help me with the medication as well as diet.

Ans: I understand that managing diabetes through diet can be challenging, but there are several strategies that might help you lower your fasting blood sugar levels. Include non-starchy vegetables like broccoli, spinach, which are low in carbohydrates and high in fiber, which can help regulate blood sugar levels. Opt for whole grains like quinoa, brown rice, and oats which have a lower glycemic index and can help maintain stable blood sugar levels. Include protein rich sources like eggs, chicken, fish, tofu, and legumes. Include healthy fats present in avocados, nuts, seeds, and olive oil which can help improve insulin sensitivity. Adopt a regular exercise regimen and focus on fat loss. Remain well hydrated.

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Asked by Anonymous - Sep 19, 2024Hindi

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Can I retire early at 45 with 2.5 cr and monthly expense of 1 Lakh. Pl mind that I am yet to have kids and my mother and my wife are my dependents. Pl advise approximate corpus in case this is inadequate.

Ans: I recommend that you postpone your retirement till accumulation of additional corpus of 1.5+1=2.5 Cr+

This incremental 1.5 Cr with existing 2.5 Cr adding upto 4 Cr can be used to buy an annuity.

Assuming 6% annuity rate you can expect a monthly payout of 2 L(pre-tax).

After deducting monthly expenses, the balance can be reinvested in moderately risky funds to protect against inflation/healthcare costs in older age.

1 Cr can be corpus earmarked for future needs.

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Question by Sanjay - Dec 04, 2023Hindi

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Sir my wife is working in school Her PF was deducted under EPF Now her school has given her reemployment on adhoc basis and her PF is still deducted. As she has attained the age of 58her deductions are not taken in EPS. How can she get her pension as date of retirement under EPS and EPF are to be mentioned as same as her EPF is still being deducted

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Date of exit for EPF and EPS may need not be the same.

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Asked by Anonymous - Dec 07, 2023Hindi

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Hi sir, I am 24, Goal 1 cr in next 10 year MONTHLY total SIP @ 7000 ,( PPFS 2 , MOTILAL Oswal midcap1.5k , axis small cap2.5k, ICICI valu discovery1k) step up 30% per year Lump sum - 10000 NipponPower fund 10000 - HDFC REQUIREMENT FUND EQUITY. ( Step up 15-30% each half year as per performance PLS SUGGEST. Any deletion or addition.

Ans: I offer you two scenarios:
1. Step up both SIP and lumpsum by 40% every year to reach your target of 1 Cr corpus, 10 years from now.

2. Step up your SIP and lumpsum by 15% every year to reach your target of 1 Cr corpus 15 years from now. (Modest return of 13% assumed)

Your sip break up is:
PPFAS flexicap fund (2 K)
MO Midcap fund (1.5 K)
Axis Small Cap (2.5 K)
ICICI Pru Value Discovery Fund (1 K)

I suggest you to remove ICICI Pru Value Discovery Fund from your portfolio and add that 1 K sip into MO midcap fund.

Also I recommend you to migrate to Nippon India Small Cap Fund (2.5 K)

The lumpsum I would suggest you to invest in Quant ELSS tax saver fund and SBI Technology Opportunities Fund

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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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