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Do you have income tax-related queries?
Please ask your questions HERE and rediffGURU Samkit Maniar, a CA from The Institute of Chartered Accountants of India with eight years of experience, will answer them.
CLARENCE: I have income from interest on NCD on which tds is deducted from the current AY. The Debenture has matured in this FY. Interest is paid from say 15 Jan 23 to 14 Jan 2024. Maturity date is 15 Jan 2024 Tds is deducted on interest from 15 Jan 23 to 14 Jan 24.
I have already declared accrued interest income from 15 Jan 23 to 31st March 23 in my itr for AY 24.
How do I show interest income from April 23 to 14 Jan 2024 as my tds certificate shows interest for the full period as mentioned above?
You have done right thing by showing the proportionate income in the preceding financial year. Please show proportionate income for the current year as well. The credit of tds needs to be shown in the current year ITR in the tds section appropriately by selecting proper assessment year.
Please take your CA's assistance as well on this.
Jignesh: I AM 40 RIGHT NOW, SUPPOSE I GET 1 CRORE (GIFT FROM DAD) FROM THE SALE OF PROPERTY. HOW CAN I SAVE MAXIMUM ON TAX ON 1 CRORE IF I PUT IT IN FD. SUPPOSE I HAVE 5 BANK ACCOUNTS (3 IN MY NAME AND 2 IN WIFE’S NAME) AND DEPOSIT EQUALLY.
HOW MUCH TAX I HAVE TO PAY ON THE INTERST EARNED? SUPPOSE IF I DONT WORK CAN I CLAIM IN IT RETURNS IF I DONT HAVE ANY OTHER SOURCE OF INCOME OTHER THAN FD INTEREST?
On sale of property there will be capital gains tax in the hands of your father.
Gifting the money to you or your wife in 5 different accounts will not help you or your father save any taxes.
Instead you can invest in section 54EC bonds to the extent of 50 lakh or invest in residential property within the specified time limits.
Pardeep: My mother sold house with LTCG on it. Can she invest the LTCG on buying new house on my name to save tax?
Unfortunately, she cannot buy new house in your name as capital gains in her name.
Anonymous: Sir my brother is an employee working in private sector. His gross salary income is 10 lakh. He has received some profits from shares, mutual funds and options trading. Which ITR he needs to file? Thank you
Options trading is typically considered business income and you may need to file ITR 3 / ITR 4. Please take your CA's assistance before filing the return once.
Pramod: I work in an IT company and have a total package of 8 cr including bonuses and stock options. Can the stock options be cashed immediately after leaving the current job? I have a competitor's offer at Rs 9.5 cr. Please let me know.
This depends upon your stock options agreement with your company.
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