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Mihir

Mihir Tanna  |905 Answers  |Ask -

Tax Expert - Answered on Sep 01, 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 - Jul 22, 2023Hindi
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I have salary income, some interest income, dividend and some share transactions. Capital gains only Rs.1000. Which ITR form I should file?

Ans: Resident person having Income from Salary, Capital Gain and Other sources is required to file Income tax return in ITR 2.
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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Hardik

Hardik Parikh  |106 Answers  |Ask -

Tax, Mutual Fund Expert - Answered on Jul 27, 2023

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Dear Mr. Parikh, I am 86 years age and retired from IOCL (PSU). Last year I sold 2 nos. of Mutual Fund. The difference between sale and cost price was about Rs. 13296 which is less than the taxable limit of Rs. 100000/-. A sum of Rs. 10834/- was deposited as TDS. I propose to fill - ITR Form 1 including the Capital Gain of Rs. 13296 in the Exempt Income (for Reporting Purpose). Kindly advice whether this is in order or should I fill - ITR Form 2 ?
Ans: Dear Rajesh,

Firstly, I appreciate your diligence in managing your taxes. Now, coming to your query, the choice between ITR-1 and ITR-2 depends on the nature of your capital gains.

ITR-1, also known as Sahaj, is for individuals with income up to Rs. 50 lakh from salary, one house property, other sources (interest, etc.), and agricultural income up to Rs. 5,000. However, it does not allow you to report capital gains.

On the other hand, ITR-2 is for individuals and HUFs not having income from profits and gains of business or profession. It includes the provision to report capital gains.

In your case, since you have capital gains from the sale of mutual funds, even if it's less than the taxable limit, it would be more appropriate to file ITR-2. The TDS that has been deducted can be claimed as a refund in your return if your total income is below the taxable limit.

Please consult with a tax professional or chartered accountant to ensure you're following the correct procedure as per the latest tax laws.

Remember, it's always better to be accurate in your tax filings to avoid any future discrepancies or issues with the tax department.

I hope this helps.

Best Regards

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Nayagam P

Nayagam P P  |2569 Answers  |Ask -

Career Counsellor - Answered on Jul 27, 2024

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Sir my self krishna sir can't able focus on studies properly plz give some tips to study for more hours for jee
Ans: Krishna, adhere to the following Strategies/Tips/Steps:

(1) Whenever you study at home, study for 45-minutes. Then take a break of 10-minutes when you can move away from your study table, walk, have some water & relax. If you continue studying beyond 45-minutes, your concentration power will go down, resulting to low output. Most students commit this mistake.
(2) On daily basis (morning or evening whichever will be convenient to you), do yoga or meditation or physical exercises or play any games / sports for at least 30-45 minutes. This will further reduce your stress / distractions.
(3) Study tough topics / tough subjects (applicable to you) early morning with your fresh mind.
(4) Eat a lot of green vegetables / fruits which you can afford for & Avoid soft drinks/junk foods
(5) Every day night, before going to bed, revise whatever you have studied during the day.
(6) Also, revise every week whatever you have covered till date (here your short-notes which you should prepare will be helpful).
(7) Keep practising questions on topics which you have covered either offline or online
(8) Give utmost importance to wrongly answered / difficult / complicated / tough questions and have a separate note-book specially for this for each subject (PCM)
(9) You might be aware that JEE rank is allotted on the basis of highest score in Maths, followed by Physics & Chemistry. Practice more and more in Maths, till you reach Speed & Accuracy

(10) By December-January, attempt fully syllabus online test series, evaluate and analyse your performance such as,

(a) which topic / unit / concept you are weak which needs your revision and improvement as this will disturb you when you appear in actual JEE exam
(b) abnormal time taken to attempt any question which you can come to know from Online Test Series which you should reduce
(c) which questions you skipped and why?

(11) Please AVOID studying under pressure that you should get admission only into IITs/ NITs. Never advisable. Any one can be successful, even if he / she studies in NON-IIT / NON-NIT Colleges also.

(12) Have Plan B & Plan C for other Colleges Entrance Exams / Disciplines-Streams.
(13) Avoid comparing yourself with other students.

(14) Also, it is highly ideal to appear in / attempt\minimum 5-7 Entrance Exams (for both Govt & Private Engineering Colleges). You will have a lot of options (easiest method) to choose the best and most suitable one, keeping in view a lot of factors such as, College | Location | Your Interest | Stream Preference | Placement Records | College Culture | Your Short & Long Term Goals | Pressure You Can Go Through | Your AIR & Job Market Condition when you apply for your BTech & Even after.

I hope I have answered to your question with value additions. All the BEST for your Bright Future.

To know more on ‘ Careers | Education | Jobs’, ask / Follow Us here in RediffGURUS.

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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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