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Shagun Depan
I did forex and made money on cross currency pair, through Chinese broking company, I intend to keep the money and make more in coming years, how can I get this money as well
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Dharm Gupta
I have asked this question with so many CAs, but nobody has answered. I come to you with lots of hope. Would you please help me?
Suppose a person is working with XYZ government-owned company and is presently on sabbatical and pursuing higher studies. In this case, the employer is giving salary during the leave period and signed a contract; if this person leaves the company after completing his higher studies, he has to pay all the salary credited to his account during the leave period.
As he is getting salary from his employer, he has been paying income tax deducted at source. He is also giving the college fees.
Now there will be 2 cases:
Case 1 After completing his higher studies If a person continues to do the job with XYZ employer
Concern: Can this person save his income tax during the leave period through college fees?
Case 2 After completing his higher studies, if a person leaves this company and pay the bond amount and move away
Concern: This person has planned to leave his current job after completing higher studies. Systematically, he will return all the salary during the leave period to the employer at the end of the course. Now, he has already paid the income tax on which actually he has not earned a single penny (he returned all the salary). What should this person do to save the income tax? You can suggest if he can save this in future also (During ITR filing of next years)
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No as of now there is no provision for you to save tax either by paying for higher studies or if you take new job.
T&C applyC
Chandra Sekhar Annavarapu
My company gave me a joining bonus of 1Lakh rupees but on condition that I should stay in the company for at least one year. The company gave me 1Lkah rupees post-tax deduction which comes to around 78,000. But now after my resignation, the company asks me to pay a total 1Lakh and they would give me a document in the final settlement with a note that I returned the money and asked me to use that to claim a tax refund. Can you tell me what to do, please?
As i understood you had signed bond of Rs. 1Lac for the tenure of 1 year. As you are leaving the company then definitely you have to return the entire amount of Rs. 1 Lakh irrespective of the fact that you got 78 k post deduction of TDS. However make sure to get TDS certificate for Rs. 22K and also check TDS amount reflecting in you 26AS.
For further consultation you can reach us at ca.rahuldwivedi@gmail.com or 9004485377
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Nelson
I am a salaried person my ITR-1 is nil but my ET money capital gain statement showing that, I have to pay total tax to be paid is Rs.541/-
Visit our website www.tarunguptaca.com or call at 9216216819
CA Naman Maloo 5 Dec 2021If total income is below 2.5 lakh then no tax needs to be paid.
If you need any further assistance you can book consultation at: https://www.taxontips.com/tax-notice-personal-consultation/
T
Tushar Sah
Actually I have filed multiple ITRs for AY(2021-2022) with one original and two revised one. But i e-verified only revised ones. And now my condonation request has been raised for Original one. So will it takes 3-4 months for condonation request to get approved or my refund will be processed since i have e-verified my revised ITRs?
Hello Tushar ji, Don't worry
The querry asked by you is a very common querry,
The concept is "No return is valid till it is verified" and revised return is filed on the base of errors or ommission in original return, thus if original return is not successfully verified it will be invalidated. However there are no specific guidelines on this by Income tax department but its better you verify both the returns.
Now about Refund, Refund is based on revised return which is verified by you, Thus as per my opinion your refund proceeding would not be impacted and will be processed normally.
For any further consultation contact me on caharshittripathi@gmail.com
Dear Tushar,
The deadline to verify the ITR for the AY 2020-21 is over , so now you can't e-verify the same. The only option available is to apply for condonation.
As per my understanding your original return is not valid one since not e-verified you should apply for condonation and after acceptance of your request your refund will be processed as per Revised return which has been already e-verified.
For further clarification you can reach us at ca.rahuldwivedi@gmail.com or 9004485377.
