Home > Money > Question

Sign In | Create an account

Language:

Now in हिन्दी too

Need Expert Advice?Our Gurus Can Help

Active Duty Service Member: When is the Tax Deadline for Extra Income?

T S Khurana |326 Answers |Ask -Follow

Tax Expert - Answered on Aug 10, 2024

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Question by Dr on Aug 03, 2024Hindi

Money

Good morning. I am doing service. Apart from my salary I have some other income. What is the last date of giving tax on that extra income to avoid fine?

Ans: It depends upon the volume of extra income & period of its earning.
If you are covered under Advance Tax Provisions, you have to pay 100% tax till 31 March of the financial year. However, if the amount is small, you may pay tax till last date of filing your ITR (31st July). In case of delay, you may have to pay Interest for delayed period.
Most welcome for any further clarifications. Thanks.

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.

MoneyReply

You may like to see similar questions and answers below

Anil Rego |384 Answers |Ask -Follow

Financial Planner - Answered on Oct 25, 2022

Question by Ravindra - Oct 25, 2022Hindi

Money

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.

Mihir Tanna |998 Answers |Ask -Follow

Tax Expert - Answered on Nov 27, 2023

Asked by Anonymous - Nov 14, 2023Hindi

Money

Dear sir I am 69 years old and now working on contract. I have income of 30 lacs per annum and 10 percent TDS is deducted. What can be my final tax as I am now working on contract. Thank you

Ans: Contract income being income from full time/main activity, chargeable under the head "Income from business and profession". You are required to pay tax on net income i.e. after deducting expenses incurred for earning income from contract subject to specified conditions.

T S Khurana |326 Answers |Ask -Follow

Tax Expert - Answered on Jan 20, 2025

Asked by Anonymous - Dec 24, 2024Hindi

Money

Sir if my only source of income is intrest from fd that is around 2 lacs per month then how much tax I have to give and my age is 51

Ans: Your question is incomplete without details of :
(a). Tax Savings, if any.
(b). Other Income details including Interest earned from Saving Bank Accounts.
(c). Please also specify financial year under reference.
Most welcome for any further clarifications. Thanks.

Latest Questions

Dr Anshuman Manaswi |29 Answers |Ask -Follow

Plastic-Aesthetic Surgeon, Emergency Care Consultant - Answered on Feb 06, 2025

Question by Chetann - Aug 22, 2024Hindi

Health

Hi mam.I am 42 old female. my hair are getting rough and grey gradually.please suggest some diet plan to cure this.can greying of hair be stopped by taking proper diet.

Ans: To some extent, greying can be due to nutritional deficiencies and hormonal issues, but mostly it is due to aging.
You can check with a physician about nutritional / iron deficiency. If not, you will hv to accept it.

Roughness can be addressed by using hair conditioner and oil

T S Khurana |326 Answers |Ask -Follow

Tax Expert - Answered on Feb 06, 2025

Question by Raj - Jan 28, 2025Hindi

Money

I had an Apartment in Delhi which we purchased in 2002 in my and my wife name. now, we sold this in 2024 and got 50% each in my and my wife account separately. Question is how Capital gain Tax calculated. Both will pay separately to income tax based on 50% amount received from sale. 2nd question , if We want to invest in Capital gain Tax bond 54 EC then do we need to buy separately or in joint. could you help in this situation ?

Ans: 01. First of all, calculate LTCG on this transaction, considering Sale Value & Cost of purchase. You both shall file your ITR on the basis of 50% share of LTCG each.
02. If you purchase Capital Gain Bonds, these should be taken separately in the name of both of you. However, spouse can be a co-applicant, while purchasing these bonds or nomination in favor of your spouse can be made, to protect your interest.
Most Welcome for any further clarification. Thanks.

T S Khurana |326 Answers |Ask -Follow

Tax Expert - Answered on Feb 06, 2025

Asked by Anonymous - Jan 10, 2025Hindi

Money

I’m a freelancer working with multiple clients across different states. How should I handle GST on my services? What are the best practices for charging GST on my invoices, especially when working with clients in other states?

Ans: Get GST number based on your place of work. Issue proper Invoices for all transactions, which may be in any State of India. Don't forget to charge GST on the same at applicable rate & then deposit the GST with the department. You will also have to file proper GST Returns, which are applicable in your case.
Most Welcome for any further clarification. Thanks.

T S Khurana |326 Answers |Ask -Follow

Tax Expert - Answered on Feb 06, 2025

Question by Prateek - Jan 09, 2025Hindi

Money

I receive money on behalf of my friend from many persons and i collect that money in my account (around 30-40k everyday) and send it my friend’s account at once. So will i be taxed on this amount

Ans: It is always better to avoid yourself in getting involved in such transactions. IT Department may doubt these transactions. Once in a while for small amount, it is O.K. BUT never on regular basis.
Advice your friend to get the amount transferred in his account directly online & he should disclose such income in his ITR.
Most Welcome for any further clarification. Thanks.

T S Khurana |326 Answers |Ask -Follow

Tax Expert - Answered on Feb 06, 2025

Question by Manoj - Feb 04, 2025Hindi

Money

My mother in law wants to sell a property in another State and buyia flat in Mumbai. Her age being 90,She wants it to be registered in name of her daughter , meaning she will use the Capital gains in this purchase in this. Can this be done and she get benefits of Capital gain investment as per Income tax laws.

Ans: Yes. She can sell her property & purchase a Residential Flat in Mumbai, in the name of her daughter & claim Exemption u/s 54. However, department may raise some questions in such cases, which you may have to face. There are some cases also which will support your argument.
Another option is to purchase the property in the name of your mother in law (or joint names of both mother & daughter) & get her (mother in law) WILL Registered, in favor of your daughter. This will not create any problem while transferring the flat in favor of your wife later on.
Most Welcome for any further clarification. Thanks.

T S Khurana |326 Answers |Ask -Follow

Tax Expert - Answered on Feb 06, 2025

Question by SUJAY - Feb 04, 2025Hindi

Money

I have filed updated return for AY2023-24 on 29th January 2024 instead of 31st July 2023. Fir a total tax liability of Rs 584707, 234B interest calculation is coming around 56000 but IT Dept. Cakculating as around Rs 107000 and sent me additional outstanding tax demand. Please note that I have not paid any advance tax for AY2023-24. Can you please tell me how much should be 234B calculation for rs 584707 and whose calculation is correct ?

Ans: In your instant case, your tax liability is subject to ADVANCE TAX. Kindly compute your tax liability accordingly & then match the same with the calculations of the department. I hope, there should not be much variation in these figures.
Most Welcome for any further clarification. Thanks.

T S Khurana |326 Answers |Ask -Follow

Tax Expert - Answered on Feb 06, 2025

Asked by Anonymous - Feb 06, 2025Hindi

Money

Can I received any amount from father in law is tax free?

Ans: Yes. Any Gift received from Father in law, is not your income but gift. Hence, it is not subject to income tax.
Most Welcome for any further clarification. Thanks.

T S Khurana |326 Answers |Ask -Follow

Tax Expert - Answered on Feb 06, 2025

Question by Rajan - Feb 06, 2025Hindi

Money

My mother had a DDA flat in her name and her father as co-allotee. Both have passed away now and I am the only daughter of my mother. How can I get the flat transferred in my name from the DDA. Please advise

Ans: It can easily be done if you have got WILLS of your Grand Father & Mother.
First your G/Father's share will be transferred in favor of your mother, on the basis of his WILL & then, your mother's share can be transferred in your favor, again on the basis of WILL of your mother. Both WILLS should be Registered.
Most Welcome for any further clarification. Thanks.

Ravi Mittal |521 Answers |Ask -Follow

Dating, Relationships Expert - Answered on Feb 06, 2025

Asked by Anonymous - Jan 10, 2025

Relationship

I'm 42 single never married living with parents and a lawyer by profession, nor am i making good money just 10k per month. My parents or siblings not interested in hepling me get married but i want a stable relationship with a 38 + in age beautiful lady cause am good looking and doesn't look of 42 i mean less then 40 but also thinks will i get a single lady at this time of age and cause of this am interested in Long distance relationship with 35+ in age ladies online but not getting. Please suggest something so that i have a relationship online and carry on with making money in real life?

Ans: Dear Anonymous,
I am sorry but I didn't get you. Are you in a long distance relationship with a 35+ woman? Or do you want to marry someone who's 38+? I am a little confused. I need a little more clarity to help you with this.
Best wishes.

Patrick Dsouza |963 Answers |Ask -Follow

CAT, XAT, CMAT, CET Expert - Answered on Feb 06, 2025

Question by Pranesh - Feb 05, 2025Hindi

Career

i am 51 years of age and still struggling to stand financially stable and post graduate jobless, I completed MBA in 2014 from UP and completed BSc from Mumbai, please advice me

Ans: Advisable to contact placement agency to check if there are placement opportunities. At 51 years getting placed is difficult. But if you are willing to get a lower salary you can get a job.

See more questions »

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.

Video Reply
Audio Reply

WhatsApp
Facebook
Twitter
Copy link

Delete

Close

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

Sign up

email

uname

mobile no

Country Code

Mobile number

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

Already have an account?

LOGIN

x