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Mihir Tanna |961 Answers |Ask -Follow

Tax Expert - Answered on Jul 20, 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 Rohit on Jul 18, 2023Hindi

Money

I have PPF account since 1993 and I never reported its interest in exempt income of ITR , Is it essential , My contribution was always less than 150000 , and since 2016 around 10000-50000 per year , Interest is 235000 in AY 2023/24 Already filed return , should I revise ?

Ans: Person is required to show details of all income correctly in Income Tax Return. Though PPF interest income is exempt, it is advisable to file revised return for AY 2023-24 and show interest income correctly in exempt income schedule.

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 Vyankatesh - Jul 10, 2023Hindi

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I would like to know whether the interest in PPF account is taxable and has to be included in filling the ITR.

Ans: In the Income Tax Return, interest income on PPF is required to be shown under EXEMPT INCOME schedule as exempt u/s 10(11) of Income Tax Act.

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Asked by Anonymous - Jan 30, 2024Hindi

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i am 58 years old and my EPF account has to be closed now. I have not been working since 2018. Since I didnt withdraw my EPF earlier, I have been getting interest on my EPF accumulation since 2018. When I withdraw my EPF i will have to pay Income tax on the interest I earned since 2018. In the past 5 years I had income below taxable.limit so I have been paying zero income tax but I have filed returns for all these years Now when i file my returns for the current financial year, under which section in ITR should i mention this interest.

Ans: It's commendable that you've diligently managed your finances, ensuring compliance with tax regulations even during periods of low income. Now, as you prepare to withdraw your EPF and face the prospect of paying taxes on the interest earned since 2018, it's crucial to navigate this process smoothly.

When filing your returns for the current financial year, you can mention the interest earned on your EPF under the appropriate section of the Income Tax Return (ITR). Typically, this would fall under the "Income from Other Sources" section of the ITR form. Ensure to accurately report this income to maintain compliance with tax laws.

Remember, tax compliance is essential for financial well-being, and seeking guidance from a Certified Financial Planner can provide clarity and peace of mind during such transitions. Your commitment to fulfilling your tax obligations reflects your responsible approach towards financial management.

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Asked by Anonymous - Jul 22, 2024Hindi

Money

My ppf account is closed ,I have never shown it in my itr before. Should I show it in current year itr

Ans: It is advisable that you show your contribution to ppf under 80C (old regime) and the interest earned/withdrawal in PPF account as exempt income in ITR.

Please consult a CA for a detailed feedback to avoid any income tax queries.

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Career Counsellor - Answered on Nov 08, 2024

Asked by Anonymous - Aug 27, 2024Hindi

Career

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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Ans: If you get integrated Ph.D programme in USA you can go for it and after completion of 32 credits you can exit also with MS degree. If you pursue MS then I would recommend only MS. Be in my LINKEDIN list for having permanent counselling many times in future. If you get Ph.D (integrated) then certainly don't go for Masters. I will be always showing you the correct path. There is hidden fire within you, I will only add a spark to ignite it which will take you to a great height.Bye and best wishes. Professor

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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)

Ans: I won't recommend you to go for ESG certification unless you are having a background of Env. Engg and Environmental Impact Assessment. The certificate course of ESG is costly also. I would request you to open your own academy ( if off line not possible then online) and go for only one subject. Let me know your age.Focus only on one subject. You have explored many areas and now you are perplexed. 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.

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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.

Ans: I can understand your situation, very much frustrating. But there is no point in lamenting over the spilt milk. Like you many candidates lost 4-6 years for UPSC. Now don't be hopeless. Here the questions are assigned to us. I suggest you to join me in LINKEDIN, where I can take care of you time to time. Mind that no exam is the last exam of your life. Let me know your age and then I will give you further counselling. Send me request in LINKEDIN. Best of luck. I am there for you. No worries.

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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 .

Ans: Since you are a diploma you are not graduate. So I would advise you to go for an online BBA along with you job. It will take three years. After that go for online MBA. It will take another two years. Keep your job and you may switch to other companies. Within five years you will be a post graduate with another five years experience. Join me in LINKEDIN for permanent relation and counselling. In REDIFF the questions are assigned to us. But in LINKEDIN you can directly contact me. Never be depressed. I am there for you. Best of luck.

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Question by Dheeraj - Aug 30, 2024Hindi

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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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Asked by Anonymous - Aug 22, 2024Hindi

Career

How is the opportunity in india for a candidate who has done master in data science Australia and also has 1 year work experience in Australia

Ans: Truly speaking you can't expect much. First thing is that how India will consider the Master degree of Australia is not known to anyone. Even if an American MS comes after ten years of experience he/she will never get the desired and required treatment, hike and salary. India is flooded with Data Science professionals and bodies like Intellipaat are giving certificate in Data Science with collaboration with Chennai IIT or Roorkee IIT. Secondly the reputation of your Australian university is also a major factor. I think you can't expect much. Best of Luck.

Ravi Mittal |403 Answers |Ask -Follow

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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