16. I incurred losses last year while trading in shares. Can gains from other sources set these off?
Short-term capital losses can be set off against long-term (LTCG) or short-term capital gains (STCG), but long-term capital losses can only be set off against LTCG. Loss from trading in shares cannot, however, be set off against gains from 'other incomes'. A loss that is not wholly set off in the financial year in which it is incurred can be carried forward to eight succeeding assessment years.
17. I don't have a PAN card. How do I file my return?
The Permanent Account Number (PAN) is a compulsory entry in the tax return form. If you have lost the card and forgotten the number too, get your PAN number and also a new copy of your card by giving your personal information to the Income Tax Department.
The tax return form needs only the number, so you can file return if you get that in time. If you have not obtained a PAN card till now, you should apply for one. Act fast as the last date for filing returns is very close.
18. My minor child is earning an income. Should I file a separate return on her behalf?
It depends on the source of income. In case the child has earned income using her talent, it will be assessed in her hands and you will have to file return as the guardian of the child. However, if the resources from where income has arisen belong to you, it will be clubbed with your income.
19. I am a salaried employee. I don't know whether I am liable to pay advance tax. If I am, is there a penalty if I don't pay?
Payment of tax in advance on the income of the current financial year is compulsory for every person liable to pay tax in India. However, there is no need to pay advance tax if the total tax payable for the year is less than Rs 5,000 or if the employer has deducted tax from the salary as TDS. Non-payment or short payment of advance tax will attract penal interest.
20. My brother is abroad and will return after 31 July. How can he file his return?
If your brother had left India without signing on the ITR form, offline filing of return is not possible. The only way for him to file his return in that case is to log on to a computer and let technology work for him. He can do this from anywhere in the world. He will need to use his digital signature.
Image: A bank employee counts currency notes | Photograph: Indranil Mukherjee/AFP/Getty Images
Also read:
How to make your child money savvy
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