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Mihir

Mihir Tanna  |1018 Answers  |Ask -

Tax Expert - Answered on Feb 27, 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
Asked by Anonymous - Feb 03, 2023Hindi
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My mother is a senior citizen. Her income through pension , FD interest, etc is Rs. 3,50,000/- and LTCG through sale of equity is 1,50,000/- Thus making the total income Rs. 500,000/- . Will she qualify for rebate under section 87A. How will the tax be calculated? Will investment under section 80C save any tax? My query is for the current financial year. Please guide.

Ans: 87A rebate is available for tax amount upto Rs.12500. As in your mother's case, tax is likely to remain below 12,500; tax liability is likely to be Zero for FY 2022-23.
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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