In an hour-long chat on rediff.com on Thursday, direct tax expert Vikas M Gandhi offered many valuable tips.
Loss incurred in F&O transaction is considered as speculation loss and this can be carried forward to subsequent years, provided you file your return within the due date, says direct tax expert Vikas Gandhi.
Direct tax expert Vikas M Gandhi offers some valuable tax tips.
The finance minister's tax giveaways are what have saved tax-payers from the impact of inflation and higher home loan rates.
Direct tax expert Vikas Gandhi offers some valuable tips on investments.
Direct tax expert Vikas Gandhi offers some valuable tips.
Do you want to know if your investment in a house, mutual fund, insurance or real estate taxable? How is tax calculated on your ESOPs?
Direct tax expert Vikas Gandhi replies to readers' queries.
Direct tax expert Vikas M Gandhi offers some valuable tips.
Direct tax expert Vikas M Gandhi replies to readers' queries on tax and investments.
Life insurance offers dual benefits: financial security to your family in case of the policyholder's death as well as helps you save tax, says Alok Patnia.
A recent ruling by Income Tax Appellate Tribunal (ITAT) in the case of Chandrakant Shah stated that if you borrow interest-free money from friends and colleagues neither you nor the lender will have to pay tax.
Direct tax expert Vikas M Gandhi offered some valuable tips on tax planning.
Interest accrued on PPF account is exempt from tax.
The criteria for filing returns when you possess phone or house previously existed. However, there is no such requirement now. Irrespective of what you own, you are required to file return only if your total income exceeds the exemption limit, says tax expert Vikas Gandhi.
For a lot of investors, tax-planning is little more than a mandatory investment activity (under Section 80C) for saving tax. However, the fact is there is a lot more to tax-planning than writing cheques indiscriminately to your insurance company.
If you have one and attach digital signature while e-filing, there is no need to submit a hard copy. However if you file without a digital signature, then you will have to submit a hard copy of ITR-V (generated on the e-filing) within 15 days of e-filing, says Vikas Gandhi
Saving tax through Ulips will lead to mixing of insurance with investment.
Individuals often postpone tax planning till the end of the financial year. As the deadline for showing proof of investments draws near, they invest randomly in any product that will help them save tax for that year. Later, they realise that it is not suited for them, so they abandon it. Tax planning should not be a standalone, one-off activity, but should be in sync with your overall financial plan, says Sanjay Kumar Singh.
As per the IT rules, all proofs establishing your income or expense or deductions have to be maintained for seven years from the end of the financial year it relates, says direct tax expert Vikas Gandhi.
One has to include one's savings bank interest while calculating one's taxable income and pay tax on the same, says direct tax expert Vikas Gandhi. In ITR, one needs to have schedule of income from other sources. For online payment of tax, visit tin.nsdl.com.
Do you know what short-term capital gains tax is? When do you have to pay this tax? Is it different for shares and other physical assets?
Gift received from relatives are exempt from tax and hence one does not have to pay any tax on such income, says tax expert Vikas Gandhi. One can show such incomes under Exmept Income schedule.
You can still file your return for last year. However, since you are filing late, interest on refund will be given from date of filing of return and not from 01/04/2007. If you are filing returns for the first time, you can file return in the city where you are currently residing, says tax expert Vikas Gandhi.
Income tax return has to be filed per person and not per income. Hence one has to file only one return with all the income included, says direct tax expert Vikas M Gandhi.
If your risk appetite permits investing in a tax-saving fund, now is the time to scout for one and start off an SIP.
It is your obligation to file your income tax return. Although your employer is not providing you Form-16 it would be advisable for your file your return. While doing so just mention TAN of your employer to ensure that you get credit for the tax deducted frrom your salary income, says direct tax expert Vikas Gandhi.
If you have traded in shares, your income will be considered as business income. Hence you will have to prerpare a profit and loss account, similar to that prepared by a trader and cliam all the expenses that you incurred for purchase and sale of shares. However while doing keep in mind that you will not be able to claim Securities Transaction Tax (STT) as expenses from the income, says direct tax expert Vikas Gandhi.
The primary consideration should only be the amount of cover it provides
Any education loan taken for full-time studies for any graduate or post-graduate course in engineering, medicine, management or for post-graduate course in applied sciences or pure science qualifies for deduction u/s 80E. The tax benefit is available only for the interest component and not for principal repayment, says direct tax expert Vikas Gandhi.
With barely a few days left before the current financial year (2007-08) comes to an end, it's time to pay taxes and file returns.
Tax expert Vikas Gandhi advises tax payers to keep their PAN data updated. In case of change in address, one can download a form from the website of NSDL http://tin-nsdl.com, fill it up and submit to NSDL with suppoprting documents. In addition it will be advisable if to intimate the Income Tax Officer about such change in writing. If an NRI is drawing income in India, he needs to get a PAN card and file income tax returns too as this income would be taxable in India.
Are you a salaried employee and a bit confused by how much tax your employer is deducting at source from your salary? If at all tax is deducted at source, do you know how to plan to save taxes? Get ahead tax expert has the answers.
You cannot get any benefit u/s 80C for fees paid for your own studies. this deduciton is available only when tuition fees is paid for your children, says direct tax expert Vikas Gandhi.
To pay tax on capital gains, you first need to know whether the gain is short term or long term. If you have kept shares for more than one year the gain will be termed as long term otherwise short term, says direct tax expert Vikas Gandhi.
Gifts are not allowed as an expenditure and hence you can not claim any benefit out of gift given, says direct tax expert Vikas Gandhi.
Interest paid on loan on mortage of house will not bring the same tax deduction as from rental income, says direct tax expert Vikas Gandhi.
For claiming exemption from HRA, you need to provide rent receipt or rent agreement to your employer, based on which your employer will calcuate the exemption and deduct TDS accordingly from your salary, says tax expert Vikas Gandhi.
Gift is not regarded as an expense and hence whatever amount of gift you give, you will not be able to reduce it from your taxable income, says tax expert Vikas Gandhi.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances