In a chat on rediff.com, direct tax expert Vikas M Gandhi offered some valuable tax-saving tips.
Direct tax expert Vikas M Gandhi offers some valuable tax-saving tips.
In an hour-long chat on rediff.com on Thursday, direct tax expert Vikas M Gandhi offered some valuable tax-saving tips.
In an hour-long chat on rediff.com on Thursday, direct tax expert Vikas M Gandhi offered some valuable tips.
In an hour-long chat on rediff.com on Thursday, direct tax expert Vikas M Gandhi offered some valuable tips.
In an hour-long chat on rediff.com on Thursday, direct tax expert Vikas M Gandhi replied to many such readers' queries.
Direct tax expert Vikas M Gandhi offered some valuable tax-saving tips.
Direct tax expert Vikas M Gandhi offers some valuable tips.
Direct tax expert Vikas M Gandhi offers some valuable tax-saving tips.
Direct tax expert Vikas M Gandhi offers some valuable tax-saving tips.
Direct tax expert Vikas M Gandhi offers some valuable tips.
In an hour-long chat on Thursday, direct tax expert Vikas M Gandhi offered some valuable tips on how to save tax.
Direct tax expert Vikas M Gandhi offers some valuable tax tips.
Direct tax expert Vikas Gandhi offers some valuable tips on tax saving and investments.
Direct tax expert Vikas Gandhi offers some valuable tips on investments.
Direct tax expert Vikas M Gandhi offers some valuable tips.
Direct tax expert Vikas M Gandhi replies to readers' queries on tax and investments.
Direct tax expert Vikas M Gandhi offered some valuable tips on tax planning.
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.
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
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.
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.
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.
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.
Direct tax expert Vikas M Gandhi answers readers' queries.
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.
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.
In case of a physically handicapped person, he gets a threshold deduction of Rs 50,000 from the taxable income. Further if such disability is more than 80%, the limit of Rs 50,000 increase to Rs 75,000. Thus in your case you will be starting paying tax only when your income exceeds Rs 1,60,000.
Transfer of money from one bank to another will not amount to income and hence the same will not be taxable.
For being eligible for tax benefit, the minimum period of fixed deposit has to be of 5 years. Since the period you have mentioned is 4 years, you won't be eligible for the tax benefit u/s 80C.
Wealth tax is exempt upto Rs.1500000/-. Any excess wealth will attract tax at the rate of 1 per cent of the net wealth. This rate is irrespective of the slab rate of income tax in which you fall, says tax expert Vikas Gandhi.
Exclude travel allowance from your salary. This will reduce your taxable income. In addiiton to this you can invest upto Rs 100,000 either in Life Insurance, PPF, NSC, fixed deposit with bank and claim further further reduction, says Vikas Gandhi.
Car loan is not eligible for any tax exemption similar to that of house loan, says direct tax expert Vikas Gandhi.
Mortgage loan won't qualify for benefits under Income Tax, says tax expert Vikas Gandhi.
However, you need to prove that the money was inherited.
You do not have to pay Income Tax on investment in shares, says tax expert Vikas Gandhi.
You cannnot take benefit for a home loan which has been taken in some other persons name, says tax expert Vikas M Gandhi.
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