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Mihir Tanna |1016 Answers |Ask -Follow

Tax Expert - Answered on Feb 25, 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 Prasanna on Jan 27, 2024Hindi

Money

dear sir, my mother is 79 and she has yearly pension of about 2.1 lakhs and yearly interest from FD is about 47 lakhs , is she eligible for submission of 15H , please

Ans: Senior citizen can submit form 15H if tax calculated on income is NIL. Further, a resident individual with taxable income up to Rs 7,00,000 will receive a rebate from tax upto Rs 25,000 in FY 2023-24.

Thus, in your case tax on bank interest and pension is not likely to be zero, you can not submit form 15H.

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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Dear sir My sister is a heart patient and spending around Rs 5000 per month.She is a widower and age arround 65. I want to deposit an amount of ? 1500000.00 in her name at Senior citizens scheme apart from already deposited 400000 lac. I put my daughter name, her grandchildren name as nominee. Any hurdles in this one. Please send the reply to me

Ans: It's heartwarming to see your concern for your sister's well-being, especially given her health condition. Depositing an additional amount in her name under the Senior Citizens Savings Scheme (SCSS) can indeed provide her with financial security during her retirement years.

As for the nomination process, nominating your daughter and her grandchildren as beneficiaries is a thoughtful gesture. However, there might be some considerations to keep in mind:

Consent: Ensure that your sister is aware of and agrees to the nomination arrangement. It's essential to respect her wishes and ensure that she is comfortable with the decision.
Legal Requirements: Verify if there are any specific legal requirements or restrictions regarding nominees for SCSS accounts. While nominating family members is common, it's prudent to confirm compliance with applicable regulations.
Contingency Planning: Consider discussing contingency plans with your daughter regarding the management of the funds in case of your sister's demise. This ensures a smooth transition and effective utilization of the funds for your sister's intended beneficiaries.
Documentation: Complete all necessary paperwork accurately and ensure that the nomination details are correctly recorded in the SCSS account documents.
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Question by Prasanna - Mar 02, 2024Hindi

Money

dear sir, in my query earlier instead of Rs 4,7 lakhs interest earned on FD i had mentioned 47 lakhs by mistake Now sir my question remains same sir, my mother is 79 and she has yearly pension of about 2.1 lakhs and yearly interest from FD is about Rs 4.7 lakhs , is she eligible for submission of 15H , please

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Question by P - Dec 02, 2024Hindi

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Thank you very much for your reply sir. Can she opt for higher pension of RS 15,000/- per month ? If so what is the procedure to be adopted ?

Ans: Hello;

The current maximum monthly pension payable under EPS is Rs. 7500/-.

So getting 15 K monthly pension is not possible.

The EPF fund which she will receive after retirement may be invested in an immediate annuity/bank FD/POMIS to get additional monthly income.

Best wishes;

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As of now I have opt for Old tax regime.. With my income of 11.89 LPA , can you please suggest which regime is good ,, Old or the new .. Also guide on tax saving components for the respective option

Ans: If you are going for Old Tax Regime then following options for reduction in Tax outgo
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Hello.sir, FM says no tax upto 12 laks but she has also said tax Slabs where there are slabs varying from 0 to 30percent , not clear what to infer. Is this for those whose income is overand above the 12laks per amnum

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Hello sir I am 35 years old working in SBI with annual salary of around 20 lacs.Husband is also Railway employee and cricket coach with Annual income of around 15-20 lacs.We are based in lko We own a house worth 1.00 cr and have recently purchased anotger villa for self occupancy for around 1.7 Cr with a staff HL of Rs 91.00 lacs.Another liability is a staff car loan of rs.10.00 lacs with EMI 8000/-.We have 2 kids studying in class 8th and nursery. Please provide guidance to start our investment freshly for long term as we have spent our savings on buying home.

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1. Average monthly expenses (regular)

2. Total loan EMIs for a month

3. Emergency fund/EPF/PPF balance, if any.

This will help to guide you suitably.

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Asked by Anonymous - Feb 15, 2025Hindi

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Hello sir, I want a health insurance which covers my wife's delivery cost, and if any complications occurred or my baby is pre delivered in 7 months, insurance to cover the baby NICU fees which may go upto 30 Lakhs for 3 months.

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Some companies may warrant a prior health check up before underwriting.

2. Sub-limits on coverage. For eg some companies offer limited neo-natal coverage.

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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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