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Income tax clarification & suggestion

PK (n/a) (29 Points)

02 January 2017

Hello,

I am Priya 33 years old, married in 2009.

1. My Kids' school gave fee receipt mentioning TERM FEES, instead of TUITION FEES. They say TERM FEES would only be mentioned in our receipts.

Can i claim deduction ? If No, what to do?

2. Until now, I haven't shown my savings and jewellery received and saved from past so many years. Can I show now, all at once, and how ?

3. I want to get my file transferred from my CA at Hometown, to my current location and do it on own (self-assessment). What is the process ?

Kindly reply asap.

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8 Replies

A B Kundu (Professional) (1422 Points)
Replied 02 January 2017

Hello,

For your first query, you can cliam deduction U/s 80C because the nature of payment is "Tution Fees" for children, may be its nomenclature is different.

For your second query, I am not very sure but I think you can disclose your incomes but not in one shot as it will attract higher tax amount. And, as per new rule, you can hold upto 500gm gold/jewllary for which you are not liable to pay tax provided such gold/jewellary have been purchased or inherited from explained sources of income.

I didn't get your 3rd query, if possible please elaborate the matter.

Thank you.

PK (n/a) (29 Points)
Replied 02 January 2017

Thanks for the response.

My 3rd query :

At present my ITR file is with my CA in hometown (Gujarat). But now, I want to prepare and file my returns by myself/online.

3.1 Is it possible ? Process ?

3.2 Do I need some CA Attestation or CA mandatory to submit my return online ?

Thanks in Advance.

A B Kundu (Professional) (1422 Points)
Replied 02 January 2017

Yes, you can prepare and file your return on your own online. If you are filing return as Individual, no CA intervention is required.

1) Go to - https://incometaxindiaefiling.gov.in/

2) Here you have to Login by providing PAN as User ID, then Password, then Date of Birth. If your return is being filed through online mode till now, your CA must have created your profile, so ask your CA for the password of your profile.

3) If you get access to your profile then you can easily file your return. For appropriate ITR Form you just go through the above site, you will find the ITR Forms under Download section.

PK (n/a) (29 Points)
Replied 02 January 2017

Thanks.

One more query:

Before filing, as I'm novice, if someone can guide from planning to filing...it would be very very helpful.

A B Kundu (Professional) (1422 Points)
Replied 02 January 2017

Pls check your message box here. or send me one message here.

PK (n/a) (29 Points)
Replied 02 January 2017

Thanks.

I take tutions and dance classes at my home. So my income is average 3-4 lacs p.a.

All this income is from 30-40 students who pay in different amounts, monthly, quarterly, etc...

1. What prrof should I show of this income.... ?

2. And how much tax payable, if say this year income is 4 lacs ?

A B Kundu (Professional) (1422 Points)
Replied 03 January 2017

You can file your return by stating your incomes under the head "Income from Other Sources" and fill ITR-2 or 2A (as applicable). If you want to consider your income under the head "Income from PGBP" then in that case you have to comply more formalities like maintainence of proper books of accounts, P&L A/c, Balance Sheet.

If your gross income Rs.4 Lacs, from that you need to apply Deduction U/S 80,i.e., any tax saving expenses. After that, you are also eligible to get Rebate of Rs.5,000 from the tax liability U/S 87A as your income does not exceed Rs.5 Lacs.

Assuming that you dont have any tax saving expenses, and after applying rebate, on your total income of Rs.4 Lacs, the tax liability shall be Rs.10,300/-.

PK (n/a) (29 Points)
Replied 05 January 2017

I have tax saving investments like FD & Sukanya.

1. Well, Can I transfer or change Sukanya scheme to my Husband's account/file ? (because he has more tax liability than me)

2. Also, he receives HRA, but we live in own house (in Husband's name), so any suggestions to "save tax" or "show rent", or "gift me and then pay rent" ?

...