Do you have income tax-related queries?
Please ask your questions HERE and rediffGURU Mihir Tanna, associate director, S K Patodia and Associates, will answer them.
Anonymous: I PURCHASED A LAND IN RS 7LACKS PLUS REGISITRY AMOUNT 1 LACKS AND 58 THOUSAND IN 2018 NOW I SELL IT MARCH 2025 IN RS 20 LACKS GOVRMENT VALUE OF THIS LAND IS 58 LACKS HOW MUCH TAX I HAVE TO PAY?
Assuming you have acquired it in April 2018, not taken any deduction of registry amount in FY 18-19 and don't have any other income, you are required to pay tax of Rs 5,80,250 (i.e. 12.5%). Also please note that as you are transferring it below stamp duty value, tax will be calculated on gain part considering stamp duty value and not on actual consideration.
Shailesh: 1. I have opt to file ITR-3 return under the new Tax regime for F.Y. 2024-2025 (A.Y. 2025-2026)
2. I have Short Term Capital Gain & Normal Business Loss, Income from house property & Other Sources of Income during the year (Gross Total Income is Rs. 6.25 Lacs)
3. I want to set-off business loss against short term capital gain instead of automatic set-off of business loss against House Property Income or Income from Other sources as per ITR online utility.
4. But online utility is not allowed to the set-off of business loss against short term capital gain.
5. Because of the above adjustment I have to pay income tax on Short term capital gain due to rebate u/s 87A is not considered for capital gain even though my total income is less than 7 Lacs.
I would like to know that, is it mandatory to set-off of current year business loss against other income first then short term capital gain later as per Income tax Act.
Department utility does not allow to offset losses from lower tax rate of head of income against higher tax rate of income. However, there is no such specification in the provisions of income tax.
Padmaja: How to prevent 25 lakh tax per year while getting 75 lakh aggregate per annum working in a semi govt organization?
After revision in slab rate, new tax regime is likely to be beneficial for most of the taxpayers. Salaried person taxability also depends on salary structure. If it include certain allowance/reimbursement which are still allowed under new tax regime, some tax savings can be done. NPS investment through employer also provide some tax relief under new tax regime.
Ramakrishnan: My company deducted TDS from my salary but did not deposit the amount with the Income Tax office. Due to the company financial condition, it is unlikely that the TDS will be deposited. What are my options?
Matter is litigative and considering the cost of litigation you have to decide whether it is worth challenging it.
In case TDS amount is substantial and you are not in position/you are not willing to pay tax already paid in the form of TDS then you can claim it in ITR provided you have proof of TDS deduction (salary slip/any letter/mail communication).
However, if you claim it in ITR, it is likely that the income tax system will not grant TDS credit of it as credit of the same will not appear in 26AS and you will get tax demand.
In response to the same you can file an appeal before CIT (A) and make submission with actual facts with proof TDS deduction.
You can rely on the Judgment of Delhi High Court. Delhi High Court in the case of BDR FINVEST PVT LTD (W.P.(C) 9043/2021 & CM No.55881/2023) allowed credit of tax deducted at source to the deductee (Assessee) which was not deposited by the deductor and holds that no recovery can be made against Assessee in view of the provisions of Section 205; HC relies on co-ordinate bench ruling in Sanjay Sudan and observes, “Section 205 read with instruction dated 01.06.2015, clearly point in the direction that the deductee/assessee cannot be called upon to pay tax, which has been deducted at source from his income”; Observes that since the deductor failed to deposit the tax with the government, recovery proceedings can only be initiated against the deductor.
CIT (A) may give you relief. In case, CIT (A) doesn't grant credit, you can file an appeal before ITAT wherein there is a high chance of getting relief.
Nithesh: Sir I have a question I am 20 year old and I am a trader and I made 10 lakh from trading and I have a doubt about tax on the profit that i earned.
How much should I pay tax if this profit comes under the 12.75 lakh employee salary or there is an another section for trading and it is only 3 lakh for non-taxable income above that we should file itr now wt is the solution for this which section is applicable for me?
There are 5 heads of income under Income Tax Act and your trading income appears to be taxable as Income from Capital Gain. It is taxable at different rate depending on holding period of shares on which STT is paid at the time of acquisition and sale as well as on date of sale.
In FY 2024-25, if shares are sold before 23rd July, Short term capital gain is taxable at 15% and Long term capital gain is taxable at 12.5% (above gain of 1 lakh). If shares are sold after 22nd July, short term capital gain is taxable at 20% and long term capital gain is taxable at 12.5% (above gain of 1.25 lakh).
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