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Mihir Tanna | Answer |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.

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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

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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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I understand your concern but how will you know whether height is an issue for her until you go ahead and speak to her? If you are worried about confessing your feelings for her directly, it's best you take things slow. Anyways, people are more likely to take such confessions on a positive note if they know the person.

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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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