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Mihir Tanna |1053 Answers |Ask -Follow

Tax Expert - Answered on Feb 28, 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 Ayan on Feb 07, 2023Hindi

Money

Is NPS of 50000 and employer contribution upto 10% of basic is available in the new regime?

Ans: Employer contribution as per specified condition under Sec.80CCD(2) is eligible for deduction under the new tax regime.

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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Mihir Tanna |1053 Answers |Ask -Follow

Tax Expert - Answered on Sep 22, 2022

Question by Pranabananda - Sep 22, 2022Hindi

Money

Sir, I would be grateful if you could provide some clarifications regarding NPS. I am a salaried person. I am getting full tax benefit under 80C for PF and VPF. I am also getting benefit of Rs 50,000 by investing in Tier-I account of NPS. My employer has contributed Rs 2,45,941.40 in my NPS account in 2021-22. Should I get tax benefit on my employer's contribution of Rs 2,45,941.40. Please answer.

Ans: I understand that amount of PF and VPF is sufficient to claim deduction of Rs 1,50,000 u/s 80C and deduction of Rs 50,000 is taken under 80CCD (i.e. upper limit of deduction specified under both sections are taken); you will not be eligible for deduction for employers contribution.

Mihir Tanna |1053 Answers |Ask -Follow

Tax Expert - Answered on Feb 05, 2023

Question by Naresh - Feb 02, 2023Hindi

post budget, Is deduction under section 80CCD(2)-employer contribution under NPS admissible under new tax regime? Should employer contribution be treated as Income?

Ans: Deduction of NPS u/s 80CCD(2) will continue to available under new tax regime even after proposal of Budget 2023. Further, employer contribution is part of salary and deduction is available in 80CCD

Mihir Tanna |1053 Answers |Ask -Follow

Tax Expert - Answered on Feb 23, 2023

Asked by Anonymous - Feb 03, 2023Hindi

Money

If i have a salary of more than 15 Lakhs, What are the exemptions available in new tax regime. Heard EPF(12% of basic) and corporate NPS contribution(10% of basic) is exempted. Please confirm. Also confirm 80 ccd2 NPS is available in new regime?

Ans: If a Person having income from salary opt for new tax regime, deductions like HRA, interest on self occupied housing loan, 80C, 80D etc will not be available. PPF, NPS contribution will continue to be exempt and NPS deduction will also be available

Mihir Tanna |1053 Answers |Ask -Follow

Tax Expert - Answered on Feb 27, 2023

Question by amit - Feb 03, 2023Hindi

Money

dear sir, i am a railway employee covered under NPS . presently i am on deputation to PSU under ministry of railways for 3 years.when i am in railways(technically i am) 14% amount given to my NPS account by the railway is wholly tax free,but now PSU which is given same amount i.e. 14% not tax free only 10% of it tax free even though PSU giving same money to railway to credit on my NPS account .please tell whether i will get full employer contribution is tax free or only employer contribution 10% of basic plus DA is tax free? regards amit srivastava

Ans: Deduction is available upto 14% from AY 2020-21 if employer is central/state government employee

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Dr Nagarajan J S K |401 Answers |Ask -Follow

NEET, Medical, Pharmacy Careers - Answered on May 15, 2025

Question by Nidhi - May 15, 2025

Career

Kiit Kalinga university me btech biotechnology me registration ho gya hai 75000 registration fees bhi jma ho chuki hai lekin cbse ka result ab aaya hai marks 60% aur pcb me 50+ hai ayesa na ho ki registration reject ho jaye kya admission ho jayega

Ans: Hi Nidhi,
greetings.
According to the prospectus, you are not eligible for admission to KIIT for the B.Tech in Biotechnology program.
The basic requirement for B.Tech and M.Tech in Biotechnology is that you must pass 10+2 or an equivalent exam with at least 60% marks in Physics, Chemistry, and Mathematics/Biology/Biotechnology combined.

Since you have only achieved 50%, I recommend considering other courses such as Nursing or Pharmacy instead of Biotechnology.

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NEET, Medical, Pharmacy Careers - Answered on May 15, 2025

Asked by Anonymous - May 15, 2025

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Hello sir.Could you pls suggest best colleges for pharmacy sciences in Punjab? I will be very thankful to you

Ans: Hi,

Punjab is not a district; it is a state. To gain admission into an undergraduate (UG) program, you must either write an entrance exam or go through the state selection board. Given this context, it is challenging to provide specific advice.

If you are interested in pursuing pharmacy, visit the website of the respective college to find information about the Standards of Instruction for Pharmacy (SIF) through the Pharmacy Council of India (PCI). The institution may have shared important details about their programs. You can choose colleges based on their infrastructure.

Don’t focus solely on placements. If you have the right skills, you will naturally secure a placement. However, do not stop at completing your UG; you should also aim to pursue a postgraduate (PG) program, as it will provide you with more exposure.

If financial constraints prevent you from pursuing PG studies, consider entering pharma marketing after completing your UG. There are plenty of opportunities to excel in marketing.

If you would like get more information, please come to me with a selected list of colleges, and I will be able to assist you further.

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Asked by Anonymous - May 15, 2025

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What is neet 2025 cutoff for self financing colleges

Ans: Hi,
There are many parameters that need to be decided, perhaps between 350 and 580.

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NEET, Medical, Pharmacy Careers - Answered on May 15, 2025

Asked by Anonymous - May 15, 2025

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Sir With 94 marks in manipal exam and 75 percent in boards ,what branch can i expect in main manipal campus.

Ans: Hi, you have shared the marks of the board and entrance exams. Which course are you planning to pursue? You did not share that detail. Kindly share the information so that I can help you.

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Question by Rajiv - May 15, 2025

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My son was born in Maharashtra, and has a Birth-certificate of Maharashtra, but we are permanent residents of Delhi. Is my son eligible to get its benefit in terms of local reservation in MHTCET-2025/

Ans: Hi Rajiv,
As your son born in Maharashtra, you cannot claim a domicile certificate from Maharashtra. To be eligible for a domicile certificate, one needs to have resided in the state for the last 15 years. Therefore, having only a birth certificate is not sufficient. I hope I have answered your question.

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Question by Fathima - May 15, 2025

Career

12 CBSE Improvement exam 2025- when is the improvement exam gonna be held and only in one subject can we write or more ?

Ans: Hi Fathima,
Your query is very brief and lacks sufficient detail.
Could you please explain why you want to take the improvement exam? Is it necessary?
Kindly share more details about your query so I can assist you better.

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Vipul Bhavsar |83 Answers |Ask -Follow

Tax Expert - Answered on May 15, 2025

Asked by Anonymous - Jan 31, 2025

Money

My relative has 2 residential houses (H1,H2) and 2 residential sites(S1,S2). She plans to sell house H2 and buy a residential flat H3 in my her spouse name. She plans to claime capital gains under Section 54. Later she plans to sell sites S1,S2 and buy a residential flat H4 in her name. She plans to captial gains exemption under section 54F. Since at point of sale of sites, she only has only house H1 in her name, she can claim exemption under section 54F. She seems to meet all the conditions for section 54, 54F. Is this possible?

Ans: This is possible, but it is strongly advisable to consult a CA in order to correctly study the case and get desired outcome

Vipul Bhavsar
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www.capitalca.in

Vipul Bhavsar |83 Answers |Ask -Follow

Tax Expert - Answered on May 15, 2025

Asked by Anonymous - Feb 16, 2025

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Sir, I got retired on 30-Jun-24 after attaining the age of 58. I do not have any further contribution to PF. I would like to know if PF gives interest for next 3 years. In other words, when I withdraw PF at the age of 61 in Jun-2027, would PF have paid interest for 3 years from Jul-24 to Jun-27.

Ans: If no contributions are made for more than three years after retirement, the account becomes inoperative.
It stops earning interest.
The existing balance remains safe.

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Tax Expert - Answered on May 15, 2025

Question by arun - Feb 24, 2025

Money

we intend to dispose 2 prop. do v need to keep this amount in cg separately or in one a/c. if v intend buy prop in 2 years can v keep in fd saving or cg is compulsory. how many prop can b bought from deal. in my case I have already committed around 40% amount in a prop in instalments, for which I have already paid one instalment from my pocket. can I take this amount which is pre deal from deal. balance need to b kept in cg or sfd and if I invest in 2 yrs still I need cg. since my wife is also disposing her prop and if v acquire prop in 2 yrs do v need to invest in cg. if v buy a joint property can v both invest from our deal amount in a joint property. what will b tax liability.

Ans: Pointwise answers are as follows:
1. Amount to be kept in Separate CG account for each property
2. keeping in CG Scheme is compulsory within 6 months from date of sale or due date of filing of Return of income, whichever is earlier
3. Predeal commitment can be considered if not more than 1 year before from date of sale
4. Your wife can claim CG exemption and pay tax, if any separately for the property sold by her

It is advisable to consult CA as your case needs careful understanding and execution to claim exemptions and minimize taxes if any

Vipul Bhavsar
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www.capitalca.in

Vipul Bhavsar |83 Answers |Ask -Follow

Tax Expert - Answered on May 15, 2025

Asked by Anonymous - Mar 19, 2025

Money

Dear Experts, I have sold my flat for Rs 73 lacs in Thane, Maharashtra. I would like to know whether I am eligible to pay capital gains? I had bought in 2016. Moreover how do I invest this amount, I am not intending to purchase any new property. So suggest any other way out. Thanks in advance.

Ans: We need folllwing information in order to calculate Capital Gain and tax on it.
1. Purchase agreement of the property sold
2. Details of your income apart from this capital gain transaction

Vipul Bhavsar
Chartered Accountant
www.capitalca.in

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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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