Tax questions on Income Tax

Summary of my income tax

I have no idea till date about how income tax are calculated, and what to do to save them. I know its embarrassing. I have lost lot of money due to this. Can someone guide me on what my taxable income is, how much should I invest in tax saving instruments, what bills are needed to be produced for monthly reimbursements, etc etc. I would really appreciate it. Below are the income details. My CTC...

Tax on Income Earned in Switzerland as Deputation for 80 Days

Team, Could you please help me clarifying my query on salary income earned in Switzerland is taxable in India ? Below are the points referring to above. 1. Stayed in Switzerland on deputation model for 80 days in previous fiscal year. 2. My employer is registered in India & Switzerland both and it's origin is US. 3. I have payed 11.50% tax to Switzerland government on my salary income. ...

Nri taxation for MF investments through normal saving account

Hello Sir, I am an NRI doing job in Saudi Arabia since 2014. Before moving to Saudi, I was having Mutual Fund investments through one of the online platforms in India through my Indian Salary Account. After I started getting my salary in my overseas job I just continued to invest in Mutual Funds same way through my old Resident Ordinary account as before. I did this because it was not poss...

Tds on insurance maturity proceedings

I am a Salary Tax payer. I invested in HDFC' s Insurance Policy @25000/- p.a., for 5 years commencing from March 2012 to march 2016. my total contribution is Rs.125000/- and the total maturity amount received is Rs.132517.68 which includes my contribution of Rs.125000/-. now they have deducted TDS @1% on total maturity amount to the extent of Rs.1325/- and paid the balance amount. Now the form ...

I had opened e-nps with atal pension yojana

Hello sir Actually I have Opened online Pension account with Atal pension yojana through SBI Netbanking six month ago when i was in business and now i am state govt employee and today i got message and Email like this could you please help me undertsand whats it for and what should i do now ? Subject:  Self-certification of Permanent Retirement Account Number (PRAN) under National Pension Sy...

F.Year 2013-14 returns not filed

Dear Sir, Good Evening. Thanks in advance. I have 2 queries. 1) I have filed my income tax returns up to financial year 2012-13. I have received scrutiny for the F.Year 2011-12, and subsequently it was replied and got order too. Now the audit committee asked some queries for the same year. After issued assessment order is it possible to raise a query for the closed file. 2) From the...

How to file itr for only epf & eps withdrawal...?

Hi, i have withdrawn my epf & eps money in fy 2016-17 (exactly july-2016 to be precise). in fy 2016-17 i do not have any other income apart from epf and eps (since i didn't joined any other company after feb-2016). my epf came with 10% tds since i withdrawn my epf before 5 years (4.8 years to be precise). after referring to many documents i got somewhat confused so i request the ass...

Regarding itr 4s

I have 2 cases: 1. A case having receipt from advocate profession is 7.10 Lacs. No any books of accounts are maintained and profit shown more than 8 % of receipt. Can I file the ITR 4s only providing the amount of receipt, Net profit after claiming expenses. Although statement of income and expenditure & Balance sheet prepared and kept for record purpose. 2. A house wife is running embroide...

Guidance regarding transmission of Demat account

Dear Sir/Madam, I am not sure if this is the right forum to raise this but I need advice and guidance regarding a question I have about transmission of shares in a demat account in the event of death of the sole account holder and the nominee. My grandfather held a demat account in his solo name, he had included my father as a nominee in the said demat account. My grandfather passed away a...

Query on Let Out properties

Hi Team, I need some help from you, its related to Let out property. Actually I have two flats one I have purchased in 2014 and got the possession for the same in April 2016 and in Aug, 2016 I purchased another flat. Both the flats are in outskirts of the city so both have been rented out. This time I was able to declare only one flat in Let Out Property as for the other flat I am yet to pay t...