CA. Naresh Jakhotia

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...

Query 1 ] As per revised guidelines information about all the accounts other than inoperative is to be furnished in ITR forms. Kindly guide as to how to report in the following cases: 1.       A joint account with son & first name being of son (student). Amount remitted to this account by father, is for son's food and day to day recurring expenses for academics. Father is filing his IT return regularly. 2.       Husband & wife are having joint account with husband's name being first name. Both are filing IT returns regularly. Interest incomes pertaining to wife deposits are also credited to this account. 3.       Wife is not having any account with her name as first name. She is having only joint account with husband with second name as joint account holder. How to show the details of accounts when they are in joint while filing individual IT returns? [ d_pande1@yahoo.in ] Opinion: “ To...

TAX TALK-19.01.2015-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant Tax Planning: Sale of Agricultural Land vis a vis N.A. Land Query 1] My grandfather received a farm about 40 years ago as a gift. After his death my mother's name was put up legally on 7/12 extract as his kin. Whether it was taxable? Now, we want to make the land as Non Agricultural and clear it from Town planning (NA/TP). Is it advisable or possible? If yes, then can we start our own business? Are we required to pay taxes for this gift if we start business and can we have the rights to Gift or Sale this property to other person who don't belong to our family? Please help & guide as to the aspects that we should look in to from income tax angel. We would be thankful if you can kindly suggest tax planning measures. [N eha Rathod- rathodn326@gmail.com ] Opinion: First of all, agricultural land received by your mother as a result of inheritance is totally tax free ...

house rent: salaried preferred over self employed Query 1] I am paying a house rent for Rs 14,000/- per month and additional Rs. 1,200/- towards maintenance for which receipt is being given to me every month. Will I get HRA exemption on Rs. 14,000/- or Rs 15,200/-. Please clarify. [N.K. Panda- niroj_p@yahoo.com ] Opinion: With handful of options to save tax for the salaried taxpayers, one can definitely explore the possibility of reducing tax bill by revisiting the exemption & deduction provision. One such tool is claiming an exemption towards rent payment of residential accommodation. Employees generally receive a house rent allowance (HRA) as a part of the salary package, in accordance with the terms and conditions of employment. HRA is given to meet the cost of a rented house taken by the employee for his stay. Exemption on HRA is available under Section 10(13A) of the Income Tax Act and Rule 2A of the Income Tax Rules . Taxpayer would be surprised to see that ...