CA PARAS BAFNA's Expert Profile

Queries Replied : 9397

I am a practising CA from Surat

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Favourite field of activity is Income-tax .

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Rahul says : Date of Incorporation on HUF Pan Card
The date of incorporation on my HUF PAN Card has always been the Karta’s date of birth since 1986. Recently, my HUF demat account application was rejected by the bank, stating that the HUF PAN Card cannot use the Karta’s birthdate as the incorporation date. This issue was never raised before. Can you clarify the facts and suggest what is correct, including any relevant rules or regulations that apply?

Surajit Bhattacharya says : Deduction under section 80DDB of income tax
Respected Sir, Suppose, in an FY, a senior citizen cancer patient makes expenditure of Rs. 4.5 lakh for his medical treatment out of which, Rs. 4 lakh is reimbursed from insurance company. Can he claim the rest amount i.e. Rs. 50k (i.e. 4.5 lakh - 4 lakh) for deduction u/s 80DDB of Income Tax? Or he can't do so since reimbursed amount (i.e. Rs. 4 lakh) is more than max. deduction limit (i.e. Rs. 1 lakh) under the said section?

ATHULYA MOHAN says : Query regarding Form 107
I got mail asking to upload rejecting form 107 and asked to submit form103 on ssp portal. I can only edit form 107 as no option to change form 103. Is there any format for filing rejection letter in form 107. Do I need to write as a request letter to ICAI or to my principal (where I was supposed to do my supplementary articleship) and get approval from him and upload the same to ICAI portal?

ATHULYA MOHAN says : Query regarding Form 107
I got mail asking to upload rejecting form 107 and asked to submit form103 on ssp portal. I can only edit form 107 as no option to change form 103. Is there any format for filing rejection letter in form 107. Do I need to write as a request letter to ICAI or to my principal (where I was supposed to do my supplementary articleship) and get approval from him and upload the same to ICAI portal?

Suresh Golla says : Income Tax
Dear Sir I am retired employee and my wife is housewife, I get pension on monthly basis. Last year we have sold our old house and brought a new flat. Now when I see 26AS, the same amount of sale and purchase is mentioned in both of our 26AS (me and wife), where as the transaction was done only once. Please advise if both of us have to file separate returns for same transaction. Thanks