CA. Naresh Jakhotia

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TAX TALK-13.07.2015-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant Income from funds transferred to Wife attracts clubbing provision Query 1] I am a salaried person and pay Income Tax. I transfer my salary from salary account to a joint saving account where I am the 1 st holder and my wife is 2 nd holder. My wife transfers this account's deposit into term deposits where she is 1 st holder and I am 2 nd holder. She is having PAN and submits 15G in bank. Total interest is below Rs. 2.50 Lacs. Please tell me whose is the tax liability on the interest received from term deposit? [S.Nandi , Jabalpur- snandi1957@gmail.com ] Opinion: "The husband who wants a happy marriage should learn to keep his mouth shut and his checkbook open." - Groucho Marx Its not your case alone. It a global phenomenon as has been rightly recognized by Joey Adams also when he says "Marriage is give and take. You'd better give it to her or she...

TAX TALK-06.07.2015-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant Classification of income is important from tax planning perspective Query 1 ] 1.       Do we need to enter interest income, dividend income and long term capital gains (STT paid) anywhere else also which are already entered in schedule E-1 in column 1, 2 & 3? If yes, where? 2.       Can a salaried person having income as LIC / Mutual fund agent, file return in ITR-2, showing these commissions as income from other sources? [ Shankerlal fatnani- srf.fatnani@yahoo.co.in ] Opinion: 1.       The exempt income is required to be disclosed only in “Schedule EI” of the ITR forms. Additionally, agriculture income is required to be reported in Part B to “Schedule TI” . Further, if the return is to be submitted manually, the consolidated exempt amount is required to be filled up in the acknowledgment in ITR-V...

TAX TALK-29.06.2015-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant A step-by-step guide to file income tax return Query 1 ] I am a salaried employee. Please explain in detail regarding procedure of filling income tax return. Also, please tell me whether I can fill it directly. Please explain in details the procedure to be followed for filing income tax return? [Amol Sherkhane- sherkhane.a191@gmail.com ] Opinion: With new income tax return forms now notified, here is a step-by-step guide for filing income tax returns. Income tax return filing may seem like a big deal for the beginners. However, following sequential steps would make the task easy. July 31 st is normally the last date for filing income-tax return for salaried assessee. The best part is that it is extended to 31 st August for the AY 2015-16. 1.       Preparing statement of income: First & foremost, assessee should prepare the statement of income b...

TAX TALK-08.06.2015-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant Tax impact varies with Time, Place & Heads Query 1 ] I purchased plot on 1 st June 2006 on installment bases for Rs. 1,05,500/- & incurred Rs. 7,500/- towards registry expenses. I have sold the said plot on 23/01/2015 for Rs. 5,84,000/-. The full amount is given on 23/02/2015 for purchase of plot. It is still not registered as Release Letter (RL) is not obtained from Nagpur Improvement Trust (NIT). Please clarify the following: 1.       What is the obligation in regards Income tax? 2.       What is the time limit to show in IT returns? 3.       Any delay in registration, how should overcome this?  [CRM Reddy- chavarajmohanreddy@gmail.com ] Opinion: Most of the taxpayer may not know the fact that sale deed is not the only documents that give rise to taxable event in respect of property tr...