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Mihir Tanna |961 Answers |Ask -Follow

Tax Expert - Answered on Aug 17, 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 - Jun 25, 2023Hindi

Money

Sir, I was a NRI for last 14 years and in June 2022 I permanently returned back to India after job contract finished and i qualified as RNOR for FY 2022-23, upon returning in June 2022 I closed all my NRE FD and opened resident FD. Is the interest earned upto June 2022 in NRE FD s are taxable as RNOR

Ans: Person cannot avail the exemption under section 10(4)(ii) of the Act and the NRE interest income earned for the entire year shall become taxable till the time the account is operational. Further, the taxable interest earned from the NRE account will be eligible for deduction of up to Rs 10,000 (for savings interest only), under section 80TTA and up to INR 50,000 (for senior citizens) under section 80TTB of the Act.

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 |961 Answers |Ask -Follow

Tax Expert - Answered on Aug 17, 2023

Asked by Anonymous - Jun 15, 2023Hindi

Money

Sir, I was a NRI for last 14 years and in June 2022 I permanently returned back to India after job contract finished and i qualified as RNOR for FY 2022-23, upon returning in June 2022 I closed all my NRE FD and opened resident FD. Is the interest earned upto June 2022 in NRE FD s are taxable as RNOR taxation?

Ans: Person cannot avail the exemption under section 10(4)(ii) of the Act and the NRE interest income earned for the entire year shall become taxable till the time the account is operational. Further, the taxable interest earned from the NRE account will be eligible for deduction of up to Rs 10,000 (for savings interest only), under section 80TTA and up to INR 50,000 (for senior citizens) under section 80TTB of the Act.

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Asked by Anonymous - Mar 30, 2024Hindi

Money

I was an NRI for last 6 years. In June 2023 I permanently returned to india and qualified as RNOR for the financial year 2023-24. In June 2023 I closed all my NRE fixed deposits and reopened as Resident FD. Is the interest income on NRE FD until June 2023 taxable for the FY 2023-24?

Ans: No, the interest income on your NRE FD earned until June 2023 is not taxable for the financial year (FY) 2023-24.

Here's why:

• NRE accounts are tax-exempt in India for NRIs. This means any interest earned on your NRE FD up to the point you became a resident (June 2023) is not subject to tax in India.
• Income tax is based on your residency status for the financial year. Since you were an NRI until June 2023 (falling within FY 2022-23), the interest income on your NRE FD during that period is not considered part of your income for FY 2023-24.

However, it's important to note that:

• Interest income earned on your resident FD accounts after June 2023 will be taxable for FY 2023-24 onwards.
• If you have any further questions about NRE accounts, resident FD accounts, or taxation in India, it's always best to consult with a qualified tax advisor.

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Question by Meghanasagar - Nov 08, 2024Hindi

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Sir ,,in 1st attempt i got 340 ..in 2nd attempt i got 384 in 3rd attempt i got 458 ..as no way i cant do full drop now ....can i go with partial drop or leave neet and focus on bsc sir !!confused sir plzz help me ...but am more likely wanted to do mbbs ....plx give me a suggestion sir

Ans: Hi Meghnasagar
to be honest there is nothing called partial drop, its like sailing in 2 boats. This will not help.
Private colleges in India are pretty expensive. If MBBS is your only dream, we can explore options for MBBS abroad, which are quite economical.

Other options can be physiotherapy, pharmacy, bsc in forensics etc.

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Asked by Anonymous - Aug 27, 2024Hindi

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my son is a us citizen and i have returned back to india when he is very young due to family issues... now he completed graduation in india.. and is interested to work in usa what are the opportunities that he can get to pursue further studies in usa with scholarships or assistance or get some help in settling there(unemployment benefits) as i cannot afford to sponsor him anymore

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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Question by Sravani - Nov 02, 2024Hindi

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Sir/Madam, I'm pursuing B. Tech in Food technology and I'll graduate in 2025. I want to pursue PhD after B. Tech in Food Science and Technology abroad. So please suggest me of its a better idea or do i have to study Masters?

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Question by Rockstars - Nov 07, 2024Hindi

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Hi Sir,I am Sunny,I have given jee advanced in 2023 and took a drop and appeared for jee mains but didnt qualify for jee advanced.I didnt gave jee advanced 2024 but now the latest news is the no.of attempts in jee advanced 2025 has been increased for three in three consecutive years Can i give jee advanced in 2025 if i clear jee mains? and the main question there will gap between my 1st attempt in 2023 and 2nd attempt will in 2025 because i have not given jee advanced 2024

Ans: You can, but let me know what you are doing right now. Have you taken admission in some other courses. Let me know your age. Here the questions are assigned to me through rediffmail. So second time whether your question will come to me or not is not known to anyone of us. Due to the policy I can’t share my email ID and Phone Number. But I would request you to follow me in LINKEDIN and send request so that I can accept you, then through LINKEDIN I can counsel you in the future multiple times. Through LINKEDIN I will be readily and easily accessible. I have counselled and changed thousands of lives. As long as I am there I won’t allow you to be defeated. Mind that always I am there with you like an invisible shadow to show you the right career path. Best of Luck. You just need a spark of motivation to create fire and I will ignite your dormant talent.

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Question by Serene - Nov 07, 2024Hindi

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I am engineer with 16 years of IT experience and now a break of 11 yrs. But in 11 yrs I had been taking Quantitative aptitude lectures as a visiting faculty in various engineering and MBA colleges and also done Mutual fund certification. I haven't been siting but doing many things professionally in last 11 yrs(In my subject of interest as Maths, Teaching, Finance, Accounting, Wealth Management). I was thinking of doing ESG certification. What kind of role I would get if i am CFA ESG certified.I am looking for Professionally and intellectually engaging role where I can contribute to Society. Not a very NGO type( I have tried working with few NGO's)

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Asked by Anonymous - Nov 06, 2024Hindi

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What path should i follow after doing pg in economics, BEd and a 4 year career break after BEd for upsc preparation? Its been 7 years of higher education with a post 4 year break even after that...i feel hopeless.

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Question by Kundan - Oct 26, 2024Hindi

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dear sir ,i am working in automobile sector as a sales trainer i have completed diploma, but now i wanted to change my field and career so where can i go for that and whats should i do for best jobs and earning pls suggest .

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Sir i am pursuing my btech in cse with specialization in (AI and ML).am i eligible to apply for renowned universities in Australia to do masters in C.S with no specialization? What would be eligibilty if i am applying for only university of melbourne?

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Asked by Anonymous - Jun 21, 2024Hindi

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I am 29 years old, I have worked in manufacturing industry for 4.5 years but left it for joining IT industry. Since 2.5 years I am working in IT industry with salary of 7 lpa I am broke now . Not getting what should I do?

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Asked by Anonymous - Aug 22, 2024Hindi

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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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