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Mihir Tanna |942 Answers |Ask -Follow

Tax Expert - Answered on Oct 26, 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 S on Oct 24, 2023Hindi

Money

IN MY PROFILE THE BANK ACCOUNT IS RESTRICTED FOR REFUND IS SHOWN. HOW CAN I CHANGE IT SIR.

Ans: You can delete the restricted account and revalidate the bank account again. In case issue is not resolved, please contact bank.

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 |942 Answers |Ask -Follow

Tax Expert - Answered on Sep 20, 2023

Question by Pijush - Sep 18, 2023Hindi

Money

Sir, refund amount of Rs.26650.00 was shifted to my account on 13.10.2022 for the ay 2022-23 as per 26 AS but the amont was not credited to my account till now. Matter was raised several times through grievence portal but still pending.pl suggest me what can i do now? I AM ALSO A SR. CITIZEN. PIJUSH KANTI PAUL, AGARTALA.

Ans: Many taxpayers are not able to claim refunds mainly due to 2 reasons

(1) Outstanding Tax Demand
(2) Issue in crediting refund in given bank account

Please check at income tax portal if any income tax demand is outstanding, check if bank accounts are properly validated. For Bank account validation, income tax department has asked to check following in news tab dated 13th Sep 2023.

Check Bank A/c validation Status For Refund.

Has your bank merged with another bank?

Has your bank branch changed?

Has your bank account number changed?

Has Your name in Bank Account changed?

Has your bank account closed or become inactive?

Has IFSC Code of your bank account changed?

IF YES….

You need to Update/ Revalidate your Bank A/c details on e-filing portal.

To update/revalidate your bank account details, login to: https://eportal.incometax.gov.in > Profile > My bank Accounts > Click on three vertical dots > Choose Revalidate>make required changes in data for updating details > Click on Validate button.

For adding a new bank account, login to https://eportal.incometax.gov.in > Profile > My bank Accounts > Add bank account > fill the required details > Click on Validate button.

After some time, you can check the status of bank account Validation.

Once the Status of Bank account changes to Validated, don’t forget to nominate it for refund by enabling the ‘Nominate for Refund’ button.

If the bank account validation has failed, you can remove that bank account by clicking on the three vertical dots on “My bank accounts” screen.

Please ensure that only those bank accounts, which are linked with PAN should be validated and nominated for refund. Refund cannot be credited to Bank A/c not linked with PAN.

For more info: Watch the video ‘How to pre-validate your bank account’ -https://youtu.be/2ie86mHNeyc

For Any further assistance you may reach our helpdesk contact numbers mentioned at https://www.incometax.gov.in/iec/foportal/latest-news

Ramalingam Kalirajan |6287 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Jul 17, 2024

Asked by Anonymous - Jul 11, 2024Hindi

Money

I am getting restricted refund in bank amount will my amount credited to my bank account

Ans: If you're expecting a refund that is restricted, such as from a financial institution or under specific conditions, here’s what you can consider:

Check Refund Conditions: Understand the terms of the refund. Restrictions may mean certain criteria must be met before the refund is processed.

Bank Account Details: Ensure your bank account details provided for the refund are accurate. Double-check the account number and IFSC code.

Communication with Provider: Contact the entity issuing the refund. Inquire about the status and any specific steps required to receive the refund.

Patience and Follow-Up: Sometimes refunds, especially restricted ones, may take longer to process. Stay patient but follow up periodically for updates.

Documentation: Keep all relevant documents and correspondence related to the refund handy for reference.

If you need further assistance or specific details, reaching out directly to the entity issuing the refund would be advisable.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

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Milind Vadjikar |125 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Sep 13, 2024

Asked by Anonymous - Sep 04, 2024Hindi

Money

I have purchased a residential studio unit with home loan for 23 lacks in March 2022, I have got possession in May 2024 and in Aug2024 I have sold this unit to 31 lacks, What will be capital gain tax implications? Can I have claim Renovation, Maintenance, NOC charges (while selling) to be included while considering capital gain, can we reduce capital gain using those?, Where should i invest to save capital gain?

Ans: Date of possession will be considered as date of acquisition (May 24) so this will be short term capital gain as per your slab rate.

Improvement and transfer expenses may be deducted from your short term capital gain (8L) but do consult a CA to ascertain as to what is allowed as deductible as per IT laws

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Insurance, Stocks, MF, PF Expert - Answered on Sep 13, 2024

Question by Chandra - Sep 07, 2024Hindi

Money

**Subject:** Request for Investment Review and Future Corpus Estimation Dear Mr.Sunil, I hope this message finds you well. I wanted to review my current investment portfolio and seek your expert advice regarding the future growth potential, as I aim to build a corpus of at least INR 3 - 5 crores by the time my daughters turn 18 years old. Is this figure realizable? Here’s a breakdown of my current investments: 1. **Mirae Asset Large & Midcap Fund (Direct Growth)** – INR 5,000 monthly - Current value: INR 135,281 2. **Canara Robeco Small Cap Fund (Direct Growth)** – INR 10,000 monthly - Current value: INR 210,164 3. **Quant Small Cap Fund (Direct Plan Growth)** – INR 5,000 monthly - Just started; current value: INR 5,190 4. **ICICI Prudential Balanced Advantage Fund (Growth)** – INR 20,000 monthly - Current value: INR 583,113 5. **HDFC Balanced Advantage Fund (Growth)** – INR 15,000 monthly - Current value: INR 503,604 6. **SBI Balanced Advantage Fund (Regular Growth)** – INR 15,000 monthly - Current value: INR 321,491 7. **Sukanya Samriddhi Yojana (SSY)** – INR 50,000 annually for my 9-year-old daughter - Current value: INR 565,805 (since 2016) 8. **Provident Fund (PF)** – Current balance: INR 10 lakh 9. **Tata AIA Life Insurance Fortune Pro ** – Started last year INR 150,000 to be paid for 5 years till 2027 10. SBI Child Plan Smart Scholar - Completed INR 500,000 Total Investment for 5 Years in 2024. From this year every financial year I plan to invest my working bonus of INR 3 Lacs to INR 5 Lacs every year as a bulk investment and diversify in different funds. I am 46 years old and plan to continue working and investing for another 5 to 6 years due to health reasons. My spouse is 37, and we have two daughters aged 9 and 5. My goal is to accumulate a corpus of at least INR 3 to 5 crores by the time my daughters reach 18 years of age. Based on my current investments, do you think this target is achievable within the given timeframe? I would greatly appreciate any suggestions or adjustments you might recommend to help reach this goal. Thank you for your guidance.

Ans: Yes your target is achievable in the given time frame.(13% conservative return assumed). I am sure you have planned for some regular income after you stop working(~6 years from now) to meet the regular expenses. Please make sure you have good family floater health insurance apart from employer's group health policy if any. Insurers typically insist 3-4 years of continuous coverage after which pre existing illnesses are covered. Consider investing in SSY in the name of second daughter if possible. As you approach your target move corpus away from equity MFs into liquid or ultra short duration debt funds.

*Investments in mutual funds are subject to market risks. Please read all scheme related documents carefully before investing

You may follow us on X at @mars_invest for updates.

Happy Investing

Milind Vadjikar |125 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Sep 13, 2024

Question by Anand - Sep 09, 2024Hindi

Money

I am 70 yrs. Received Rs3cr as inheritance. I have my own house and enough rental income for monthly expenses. No liabilities. How and where to invest for next 3-5 year peroid. Already invested in SCSS, PMVVY, POMIS etc.

Ans: You may invest this corpus(3 Cr) in SBI magnum gilt fund. The 5 yr returns are best in the category.

The best part is since these mutual funds invest only in Government bonds so credit risk is nil but interest rate risk is there.

For a horizon of 3 to 5 years this is a good risk free investment option.

There is no lock-in. Also no exit load if the investment is redeemed after 15 days.

*Investments in mutual funds are subject to market risks. Please read all scheme related documents carefully before investing

Milind Vadjikar |125 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Sep 13, 2024

Question by Bhavna - Sep 13, 2024Hindi

Money

I have 4 lakhs where to invest? I also invest in Mutual and stock market. please advise..

Ans: You can do lumpsum investment for 4 Lacs in the mutual fund schemes where you are already invested.

You can do a FD with a reputed bank/NBFC for the tenure and interest payment option as desired by you.

You can buy RBI floating rate saving bonds.

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Asked by Anonymous - Sep 13, 2024Hindi

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Which would be better BTech CSE at Sharda University Noida versus BTech CSE at GL Bajaj Noida.

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My son is getting seat in galgotias university in Btech cse specialisations in artificial intelligence and machine learning and also seat bs program in applied ai and data science in iit jodhpur and its an online program for 4 years duration please suggest me which is better or my son do both course at the same time my son is saying he wants to pursue both programs at the same time

Ans: Doing these simultaneously is challenging but if your son wants to do that then I will recommend for the same. He has to work hard.

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Question by Suruchi - Sep 13, 2024Hindi

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Question by Kamal - Sep 13, 2024Hindi

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My son is in 3rd year Diploma in computer engineering from Mumbai, kindly suggest for BE which college to prefer in Mumbai, Pune ,Chennai or Delhi. Or else from Lovely professional University

Ans: Here are some good options for pursuing BE in Computer Engineering in Mumbai, Pune, Chennai, and Delhi
Mumbai:
Veermata Jijabai Technological Institute (VJTI)
Sardar Patel Institute of Technology (SPIT)
Dwarkadas J. Sanghvi College of Engineering (DJSCE)
Thadomal Shahani Engineering College (TSEC)
Pune:
College of Engineering, Pune (COEP)
Vishwakarma Institute of Technology (VIT)
MIT World Peace University (MIT-WPU)
Bharati Vidyapeeth Deemed University College of Engineering
Chennai:
SSN College of Engineering
SRM Institute of Science and Technology
Sathyabama Institute of Science and Technology
Hindustan Institute of Technology and Science
Delhi:
Delhi Technological University (DTU)
Netaji Subhas University of Technology (NSUT)
Indraprastha Institute of Information Technology, Delhi (IIIT Delhi)
Maharaja Agrasen Institute of Technology (MAIT)

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Insurance, Stocks, MF, PF Expert - Answered on Sep 13, 2024

Question by ANIMESH - Sep 13, 2024Hindi

Money

In New Tax Scheme, How Can a Private Job Person Save Tax by Himself?

Ans: In new tax regime no deductions are applicable, except 25 K extra standard deduction as opposed to 50K allowed in the old regime.

In case you happen to be in the 30% bracket, thumb rule is if your deductions are more then 3.75 Lacs then Old Regime is suitable else new regime is more optimal.

See more questions »

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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