Which ITR form should an RNOR file?
Which ITR form should an RNOR file?
I was residing outside India from 2007 to 2020 and moved to India in August 2020. I have taxable income in India for FY 2020-21. I am aware that since I qualify for RNOR status any income generated ou
2 years ago
A. Hello Sir
Yes you could surely file an Income Tax Return in India.
The ITR-1 form is also called Sahaj form, ‘Sahaj’ meaning ‘Simple’. The form is filed exclusively by a single taxpayer. An individual becomes eligible for filing ITR-1 in the following conditions:
1. If the individual is a salaried employee and not a businessman or an entrepreneur
2. If the individual receives a pension
3. If the individual earns from 1 house property
4. If the individual earns a tax-free income that is ...ReadMore
Ayantika Mondal @ Prime Legal
ITR Filing Question
I was residing outside India from 2007 to 2020 and moved to India in August 2020. Hence, I qualify for RNOR status. However, I have taxable income in India for FY 2020-21. Am I required to file a tax
2 years ago
A. Hi,
In your case, you are allowed to keep your RNOR status for up to 3 financial years post your return back to India. Your taxation will be very much in line with that of an NRI and therefore income that you may earn outside of India will continue to be not taxed in India.
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Ayantika Mondal @ Prime Legal
About advice on income tax
My father is a post office employee and he has basic pay of ₹66000 (monthly) DA of ₹18480 HRA of ₹5940 non metro city TA of ₹1800 In which contribution to GPF is ₹12000 PLI of ₹2229 He h
2 years ago
A. Hi,
You can refer to the government notifications to get the detail of the income tax to be paid in a year. The Indian Income Tax Act (Section 4) provides that in respect of the total income of the previous year of every person, income-tax shall be charged for the corresponding assessment year at the rates laid down by the Finance Act for that assessment year.
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Ayantika Mondal @ Prime Legal
Time limit to Reinvest money deposited into Capital Gains Account Scheme
In July 2019, I deposited the income from sale of land into CGAS account. I could not invest in house property within 2 years from CGAS deposit. In July 2022, 3 years is getting over for me. If I am n
2 years ago
A. Hi,
Please go through the recent notifications of the government of India to know about it. You can deposit your capital gains in the Capital Gains Account Scheme when you are unable to reinvest them in a specified investment asset before the stipulated time limit expires for that specific investment and before the due date of filing income tax returns.
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Ayantika Mondal @ Prime Legal
Will I have to pay any kind of tax for this Mutual fund units transfer or no
I was the co owner of some mutual funds with the capacity of the second applicant. Now the first applicant or I must say the real owner of those mutual fund dies. Now as per rule all the units of the
2 years ago
A. Dear client,
The transmission of the Mutual Fund takes place as a process where in if the first holder dies, it is either transmitted either to the joint holder or nominee, and if no nominee is their it us transferred to the legal heirs.
The Mutual Fund need to be in the name of a single investor for the units to be transferred to the registered nominee.
And for capital gains it is perfectly mentioned by the advocates to the reply.
Thank you
ULIP REDEMPTION AFTER 5 YEARS IS TAXABLE?
I bought a Single Premium ULIP (Reliance) (1) in 26 July 2011 for 1 lakh (1.25 lakh Sum Assured) and (2) in 07 May 2014 for 1 lakh (1.25 lakh Sum Assured). I surrendered both the policies in 09 Janua
2 years ago
A. Hello Sir.
Your query could be better understand and acknowledge by an chartered accountant or a income tax lawyer. You could find income tax lawyers in your through Vidhikarya.
Thanks
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Ayantika Mondal @ Prime Legal
Benefit of Early Redemption on ULIP Taxable
I, Dilip Shah, retired, age is 63 years. My question is : I surrendered ULIP (Reliance Life Insurance policy) in 09 January 2021 which was taken, one in 26 July 2011 and second in 07 May 2014 paying s
2 years ago
A. Hi,
The income from ULIP is considered as income under the heading income from capital gains for the assessment of income tax. You can claim deduction under Sec 80C. However, it is advisable that you consult with a CA to calculate your exact tax liability.
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Ayantika Mondal @ Prime Legal
Tax on interest on Fd and savings for wife.
I am a housewife and my husband has made certain FDs on my name. I have received Form 16 for interest on FDs with TDS details. So, for this interest I need file It return or my husband is supposed to
2 years ago
A. Hi,
Interest earned on a fixed deposit is entirely taxed. It will be added to your total earnings and taxed at the same slab rates as the rest of your earnings. However, only one individual should file an IT return for taxes, which would almost certainly result in tax duplication. As a result, you should get advice from a professional before proceeding.
Thank you very much.
Ayantika Mondal @ Prime Legal
Income tax notice for senior citizen
my mother who is senior citizen 75 years old ,got notice for filing ITR FOR YEAR 2013-2014 , can income tax send notice like this for a case as old as 2013-2014, since now senior citizens are exempte
2 years ago
A. Dear Sir,
Normally, four years is the limitation and you must approach through Income Tax Advocate or Chartered Accountant and get clarify the matter thereafter it will be quashed.
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Income tax notice under Section 148A
my mother is 75 years old & very sick,,now she has got notice from IT Dept to file her returns for year 2013-2014 under section 148A stating she escaped from assessment .Is it Legally rightfor IT
2 years ago
A. Dear Sir,
Normally, four years is the limitation to issue such notices. You may approach Advocate practicing on income tax matters or approach any chartered accountant to solve the problem.
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