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Mihir Tanna |961 Answers |Ask -Follow

Tax Expert - Answered on Jul 21, 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

Question by BD on Jul 20, 2023Hindi

Money

Dear Mr. Mihir, I was working for a private company and retired on superannuation in November 2022. Thereafter, I was engaged by the company as a consultant to complete some pending project. Therefore during the financial year 2022-23, I have salary income from the company and also some amount the company paid to me for professional services for my consultant role after retirement. Which ITR form should I use, ITR-2 or ITR-3? I have income from salary and also from professional service. Regards

Ans: After retirement you were working on as profession on full time basis, thus, it will be chargeable under the head Income from Business and profession. If your profession is covered by list of profession mentioned in 44AA and gross receipt from profession is less than 50 lacs, you can opt for presumptive taxation and take 50% deduction. If presumptive taxation is opted, you can file ITR 4 else ITR 3 is applicable.

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 Pratima - Nov 07, 2022Hindi

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If I put my royalty income under the head “Profits and Gains of Business or Profession” then which ITR form I am supposed to fill - ITR 3 or ITR 4?

Ans: ITR form will depend on the fact that Royalty is out of main business activity carried out by you OR Income from other sources. ITR 3 and 4 both are applicable for Income from Business and Profession (subject to other conditions).

Main difference is that ITR 4 is applicable if you are eligible and opting for presumptive taxation as per Sec 44AD/44ADA.

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Asked by Anonymous - Jul 20, 2023Hindi

Money

Dear Mr. Mihir, I was working for a private company and retired on superannuation in November 2022. Thereafter, I was engaged by the company as a consultant to complete some pending project. Therefore during the financial year 2022-23, I have salary income from the company and also some amount the company paid to me for professional services for my consultant services after retirement. Which ITR form should I use, ITR-2 or ITR-3? Regards

Ans: After retirement you were working on as profession on full time basis, thus, it will be chargeable under the head Income from Business and profession. If your profession is covered by list of profession mentioned in 44AA and gross receipt from profession is less than 50 lacs, you can opt for presumptive taxation and take 50% deduction. If presumptive taxation is opted, you can file ITR 4 else ITR 3 is applicable.

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Asked by Anonymous - Jul 20, 2023Hindi

Money

Sir how to choose the right ITR form? Who can use 1 and when to use 2? I am a salaried professional.

Ans: Hello,

Choosing the right ITR form depends on the nature of your income. As a salaried individual, you can use either ITR-1 or ITR-2.

ITR-1, also known as Sahaj, is for individuals who have income from salary, one house property, other sources (like interest), and whose total income does not exceed â‚¹50 lakh during the financial year.

On the other hand, ITR-2 is used when an individual or a Hindu Undivided Family (HUF) has income from any source except income from profits and gains of business or profession. So, if you have income from salary and also capital gains, for example, from equity shares or mutual funds, then you will be required to file an income tax return using the ITR-2 form.

Remember, the choice of ITR form primarily depends on your sources of income. If you are unsure, it's always a good idea to consult with a tax professional.

I hope this helps!

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i am a retired PSU employee and in FY 2324, have incomes from EPFO pension, interest on deposits, sale of mutual funds and presumptive income on account of consultancy/Technical services.Confused which ITR form shud I chose to submit ITR.

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Ans: No issue. Being the citizen he will get the benefit and tuition fess will be very low as compared to other international students. I won't allow his talents to die. But don't send him for Masters, because now a days in Masters it is very difficult to get scholarship, that means tuition fees waive. Let him directly try for PH.D. Ph.D admission always comes with funding. You need to spend only for the air ticket. For long term counselling join me in LINKEDIN. In Ph.d after two years if he wants to discontinue he can safely exit with an MS degree and please don't think of unemployment benefits. It's a negative thinking. Since he is an American Citizen by birth let him fly and inscribe his name in golden letters in the academic landscape of USA. I am always there to help him. No worries please. I thank you for your kind concern for your son. GOD BLESS HIM. Professor

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Asked by Anonymous - Nov 06, 2024Hindi

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Asked by Anonymous - Aug 22, 2024Hindi

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Dating, Relationships Expert - Answered on Nov 08, 2024

Asked by Anonymous - Nov 07, 2024Hindi

Relationship

Dear Sir, I am 45 yrs, married person with a son. My relations with wife is zero due to her health problem. In my office one lady faculty of 32 yrs with daughter, speaks and behave very sweetly with me. I feel she likes me and i also like her. So i invited her for coffee on one day. She came and we spent more than one hour about speaking on each other's personal things. After few days i again invited her for coffee. She also accepted it. But this time, i mistakenly told about this one of office friend, who is very jealous to us. It goes viral in office. Now that lady stopped talking to me and blocked me from her contacts. May i lost the chance of love with her due to this mistake?

Ans: Dear Anonymous,
You are assuming that your lady-friend liked you romantically; she could've considered you a good friend- good friends can have coffee together too. Maybe the reason she blocked you is that you misread the relationship and even discussed it with someone in the office. And since you mentioned you have a wife and she has health issues as well, how do you think things would have worked out between you and your lady friend, even if you knew for a fact that she is interested in you? I suggest you move on from this and also consider opening up to your wife about how the lack of intimacy in your marriage is pushing you to look for the same feelings outside.

Best Wishes.

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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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