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32 responses to “Disclaimer”
Hi Admin,
My name is Manish Chauhan and I am marketing manager at Tax2win. I am writing this email on behalf of my CEO Abhishek Soni who is keen to share information around income tax with your readers and is willing to solve income tax queries of your readers as a guest contributor in your website.
Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2Win.in. Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments. His articles and opinions are regularly published in publications like Economic Times, Financial Express, Money Control etc.
I am hoping that you would love to have an expert helping your readers with their income tax queries.
Please let me know your thoughts.
Thanks
Manish Chauhan
Marketing Manager – Tax2win
https://tax2win.in
Dear Sir,
I read your blog regularly and find it very useful for my financial planning.
Following is my question:
I earned 6 lakh as salary in FY 2017-18 out of which I gifted 2 lakh to my wife; which she added in bank FD. (Separate account then mine)
She had her own business (Beauti-parlour; which she is running from home) from which she earned 1.5 lakh and deposited in her account during FY 2017-18.
What will be my wife’s tax liability? Can you please break down which income components are taxable for her.
Do I have to pay tax on FD interest from my wife? (As I read from internet- Tax clubbing?!)
Hoping for answer soon.
Thanking you in anticipation.
Regards
Thanks for kind works Sir.
If she has a PAN then you can avoid clubbing of income.
Did you give her in lump sum or small amount over period of time
Can you say that the money you gifted to the wife was for from business?
And from her own income she has made the Fixed Deposit?
If Yes then the FD interest will not be clubbed with yours.
As her income is less than 2.5 lakhs(including the interest from FD) she does not have to pay any tax on her income.
If the interest on FD is more than 10,000 a year then she will have to submit Form 15G so that TDS is not deducted.
hello ji,
kindly update and release the capital gain calculator as i used to do my capital gains calculation of my debt mutual funds through it. god bless you for your efforts in making financial matters easy and uncomplicated.
thanks
Dear sir
My brother in law died in Nov 2012 .no will only a nomination letter given to society in pune .nominee no one wife and nominee no two sister equal shares.after his death nominee no one wife wrote a letter to society to transfer the property on her name but society not transferred the property.after two year nominee no one died leaving behind a registered will in which she gives the flat to her brother.now nominee no two also claimed the property.I am the benefitery of the willlease tell me
I need some Income tax and finance plans as in Chart to put in project. Can you help for this or you can send me the links from where i can understand.
HI,
Could you please help me to know about the tax on Dividends gained from shares. Which ITR should I use for filing tax returns if I am having earnings from dividends upto Rs 1 Lakh. I read that dividends are tax exempted. Is there any limit upto which tax has to be paid?
Hi,
I have a query..can i directly send PF withdrawal forms(10 + 19C) to the concerned PF office via post(registry, speed post) in other state. Reason being my previous employer is no more in existence.
I have Withdrawal Form(s) complete in all means.
Will sending via Post do the needful?
Hi,
My query is: Suppose, i have two FDs in two different banks worth 1 lac each. Say, r.o.i on FD is 9% in each bank. Taken individual bank, interest earned is 10k. My Query is am i eligible for TDS in this case?
Hi,
My query is: Suppose, i have two FDs in two different banks worth 1 lac each. Say, r.o.i on FD is 9% in each bank. Taken individual bank, interest earned is 10k. My Query is am i eligible for TDS in this case?
Akahay
With 9% interest on FD on 1 lakh with quarterly compounding you will not get interest more than 10,000 (FD calculator shows that with quarterly compounding you will get interest of 9308.33 Rs.
Calculation apart rule is if TDS on all FDS in a branch of bank is more than 10,000 rs in a financial year then TDS will be deducted at the rate of 10%.
Tax on interest in FD is according to your income slabs. So if you are in 20% tax bracket you would have to pay more tax on interest earned.
With examples this is discussed in out articles FAQ on Tax and Fixed Deposits and Fixed Deposit , Interest , TDS, Tax,Income Tax Return, Refund
Hope I am able to clarify. Any more questions or clarification?
you wrote(in bold)..if TDS on all FDS in “a” branch of bank or it should be TDS on all FDs including all the banks(where i have account). Plz confirm.
I wanted to get your attention to the fact that TDS is deducted branch wise. ref: Q.11 in IDBI bank webpage (selected randomly)
Thanks for prompt help!
Thanks for asking us. The more we share information the more aware we become ..it’s a win win situation
Hi,
My query is: My father retired in Oct 2012, so from then onwards he is not getting Form 16 to know what his taxable income is?
Is there any site/way he can know his taxable income and file the return accordingly. Does PAN card no. help in this case?
Good to know that you are taking care of your father’s finances in old age.
Yes PAN card would certainly help. You can check in Form 26AS what TDS has been deducted. Our article Viewing Form 26AS on TRACES explains in detail.
As your father is retired is he getting pension, then the bank where he gets the pension would issue him Form 16.
thanks for the reply,Kirti.
Now, i can see the TDS deducted by the way u suggested.
One more query:
When i query for my PF balance online, it shows only the balance of my current(2nd) employer. I had opted for transfer of PF transfer from my 1st employer to 2nd one and i got a notification from EPFO,hyd that the amount has been transferred succesfully to EPFO, hyd from EPFO,pune via cheque in feb’2013.
Problem is when i query for the PF balance even today…it shows only the 2nd employer PF accumulations?
Is it like that the transferred amount is NOT shown online or any idea reg. this ?
Anil we have no idea about that.
Few questions that we want to ask is:
How did you see it online? Passbook or SMS?
Check EPF balance is till what date? (usually they lag behind)
Kirti,
I queried for PF balance using Passbook & SMS.
Vai passbook..it says “Statement of Accounts of Mr./Ms. ANIL KUMAR as on 04/01/2013 11:58:48 … passbook.” along with the details.
vai SMS..it says “Accounts updated upto 31-03-2012”..its 2012.
The thing is I want to withdraw the PF(as it has been more than continous 6 yrs) but fear that they may not include the TRNASFERRED amount while WITHDRAWL.
How much info would notification from EPFO,hyd that the amount has been transferred succesfully to EPFO, hyd from EPFO,pune via cheque in feb’2013 would give? Or do you have some more information as to Tax etc.
You can use RTI to get information. We mentioned about RTI in our article Withdrawal or Transfer of Employee Provident Fund. It talks about how one can file a RTI(Right to Information) if one is unclear about what your EPF status is or if one’s EPF transfer work has even started? Why did one’s EPF money still not credited in bank account etc etc… You can ask all these questions and you should be getting the 100% right and clear answers within 30 days. The only point here is that you should be doing it the RIGHT way. The three steps to file are:
Buying a Postal Order of Rs 10 from Post Office
Drafting your RTI letter
Sending the RTI letter by Registered Post or Speed Post
My father is a retired teacher in W.B. his annual income is not taxab
le. he is a senior citizen. but his income from interest of bank depo
sit exceeds Rs.10000.and actual interest is Rs 40000/ .Then he is liab
le to pay tds in case of interest income?
Suman thanks for query.
TDS or Tax deducted at Source is not paid by the person. In case of your father it would be cut by Bank as net interest from Fixed Deposit exceeds 10,000 Rs in a financial year.
As you father is below taxable income , being senior citizen the tax-free income for him in FY 2012-13 or AY 2013-14 is 2,50,000 .
To avoid tax being deducted by bank he had to in Apr 2012 fill Form 15H. If he has not done, he can claim the refund on tax deducted by filing Income Tax return by 31 Jul 2013.
Hope it answers your questions. In case of any clarification needed please don’t hesitate.
We will also cover these in detail in an article of ours in next week.
My father is a retired teacher in W.B. his annual income is not taxab
le. he is a senior citizen. but his income from interest of bank depo
sit exceeds Rs.10000.and actual interest is Rs 40000/ .Then he is liab
le to pay tds in case of interest income?
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Sir
I have worked with an organisation for two years from Aug.-2004 to July-2006.Now I want to withdraw my EPF from EPFO but my employer refused to sign the withdrawal form.Please suggest what should I do?
Sad to hear about your employer refusing to sign the withdrawal form. You still have hope. You can get the epf form signed by other people and send it to EPF Office yourself. It is explained below. It would be great benefit to readers if you can tell us what steps you took and what happened.
Quoting from rtiindia:PF account details
4. How to withdraw PF money without involving/sign of employer.
If the company is closed and the employer is either not traceable or refused to sign the subscriber to the fund can still submit his claim for settlement through other means. It is the duty of the employer under the Act & Scheme to help Employees’ Provident Fund organization to settle the Provident Fund dues of his employees. He has to complete the prescribed application within 5 days of receipt [para72 (5)] forms & hand over it to the member when he leaves the service. When a member finds it difficult to get the form attested by the employer, he can get the attestation of any of the following officer & send to the Provident Fund office:
1.Manager of a bank.
2.By any gazetted officer.
3.Member of the Central Board of Trustees./ committee/ Regional Committee (Employees’
Provident Fund Organization).
4.Magistrate/ Post/ Sub Post Master/ President of Village Panchayat/ Notary Public.