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  • Homi Mistry - Partner, Deloitte Haskins & Sells LLP

    Homi Mistry

    Partner, Deloitte Haskins & Sells LLP

    DATE: July 31, 2015, 12:00 PM

    SUBJECT: How to file 2014-15 income tax returns?

    PF

CHAT CLOSED. READ TRANSCRIPT BELOW

  • MODERATOR:

    Hello and welcome to the webchat with Homi Mistry, Partner, Deloitte Haskins & Sells LLP who will answer your income tax related queries


    HOMI MISTRY:

    Hello


  • K

    KRISH

    Dear Partner, I'm salaried employee in UK, London. Tax & NI are already deducted from my monthly salary incl. bonus. Why I need to file the tax returns still to HMRC just because i have incurred some travel expenses and paid by my company in the year 2014-2015? Thanks Krish

    HOMI MISTRY

    This being a UK tax question, you may wish to check with your UK tax advisor on this.


  • N

    NIRMAL

    Hi Mr. Homi, Good to hear. I would like to know the complete procedure of filing Financial year 2014-15 Income Tax Returns. Also, the steps involved in the process of filing and geenerating the reference number online. Looking for a positive response at the earliest.

    HOMI MISTRY

    The procedure to file a return for 2014-2015 is as follows: 1. Compute your income and taxes 2. Download the income tax form applicable to you from incometaxindiaefiling.gov.in 3. Fill up the Form 4. Generate the xml file from the form 5. Log in to your income tax account on the incometaxindiaefiling.gov.in portal 6. After logging into your online account, a window to link Aadhar with your PAN card will pop up 7. Fill in the Aadhar card number and the Captca code and click on Link Now. Linking process is complete; 8. Then, upload the xml file; 9. After uploading it, you will get 4 options – one of which will be to send OTP to your registered mobile number to verify ITR V; 10. Click on that option -> enter the OTP in the tab to verify the ITR V. Please note that Aadhar OTP will be valid for 10 mins only The EVC can also be done through Net Banking, ATM of a registered bank and through income-tax website (only in case where total income is INR 5 lakhs or less & no refund claim).


  • H

    HUSSAIN RANGWALLA

    Mr Homi Mistry, Sir i am a small time trader in the stock market. I trade on the F&O segment regularly. For the year ended 31/03/15 i have made a loss of around 1.25 lakhs. I was told that i would still have to pay minimum tax @ 8% under the new rules on the turnover of the futures & options segment. I dont understand that instead of carrying forward the loss i have to pay tax on it. Could you please clarify and suggest a way out sir. Thanks. Regards Hussain.

    HOMI MISTRY

    Ordinarily, you may be liable to pay tax @ 8% of the total turnover / gross receipts on a presumptive basis. Notwithstanding that, you can opt not to be governed by the presumptive taxation rules and claim the loss that you have incurred and carry it forward provided you maintain the required books of accounts and get a tax audit of the books done by a chartered accountant. In order to carry forward the loss, please ensure that the return is filed within the applicable due date.


  • N

    NIRAV GANDHI

    My daughter studies in the USA and has a Bank account where me and my wife are joint holders alongwith them . The amount is less than 750 dollars . Do I still need to declare it as a foreign asset in my return. Me , my family and my daughter are Green card holders (US permanent residents ) but we stay in India and only my daughter is abroad.

    HOMI MISTRY

    A Resident and Ordinarily Resident in India (ROR), is required to disclose all his foreign assets in his India tax return form.  Hence, all  the joint holders who are RORs should disclose this bank account in their respective returns. 


  • D

    DIYA

    How are stock gains within a year taxed? Is it cut directly through TDS or do you have to declare these gains? Also I was not able to file my LTA, medical reimbursements because of which my tax was cut. Can I apply for these tax returns now?

    HOMI MISTRY

    There is no TDS on stock gains. The tax on the taxable gains should be paid by way of advance tax during the financial year. It can also be paid as self assessment tax when you are filing your tax return along with interest. As regards the LTA and medical reimbursements, you can claim exemption for the same while filing your tax return.


  • R

    RAMAN

    I missed filing my return a few years ago though all the tax due was paid. I have got a notice from the IT authorities now asking me to file the missed return. Should I file or ignore the notice? What are the implications if I don't file? Is there any penalty involved in case I file?

    HOMI MISTRY

    If you have got a notice asking you to file a return, you should file your return, failing which the tax officer may do a best judgment assessment and estimate your income to the best of the information available with him, raising a tax demand and may also levy a penalty.


  • Y

    YATIN VISAWADIA

    Hi, If the person is second holder/joint holder in bank account but still able to operate the bank account; would he be still required to disclose that bank account number in the Return ?

    HOMI MISTRY

    Yes, even if a person is a second / joint holder in a bank account, he would still be required to disclose that bank account in his return.  


  • S

    SHEKARAN

    I am salaried who also does some freelance work. I earn almost one-third of my total income from freelance. Which form should I fill?

    HOMI MISTRY

    Assuming that your freelancing work is out of a profession, the ITR form applicable to you would be ITR 4.


  • N

    NIRMAL

    All this talk about black money and disclosure of foreign asset is really scary. I am an IT professional. I keep going to Malaysia and Indonesia for small assignments ranging from one to four months. I get the salary in my bank account in India. I pay expenses through a pre-paid card there. What all do I need to disclose?

    HOMI MISTRY

    Since you are mostly likely to be a Resident and Ordinarily Resident in India, you should make full disclosure of any foreign income that you earned during the year and any foreign asset that you held during the year, in your tax return.


  • S

    S GUPTA

    1. PF / PPF interest earned during the year needs to be shown as exempted income or not? 2. Many of my equity holdings are more than 20 years old purchased at varying rates, with multiple bonus / rights issues, splits-subdivision, mergers / de-mergers, arrangements etc., average rate is not readily available and some are received from my father, who had purchased some 50 years back . If sold thru Stk-Ex paying STT how to calculate LTCG? 3. My children (both minors) are going to receive some cash gift from my in-laws. While such gifts received from relatives are exempted from tax, whether interest income earned from such gift will be clubbed in my hand for payment of income tax? How to avoid such tax? Even if, it is to be clubbed with parents' income, can it be shown with my wife's whose income is less than mine, and proposed gift is from my wife's father / mother?

    HOMI MISTRY

    1. Interest from PF / PPF earned during the year needs to be disclosed as exempt income in the return form.   2.  LTCG from sale of your shares on the stock exchange will be exempt from tax. To report the exempt LTCG in your tax return, you may use some reasonable / justifiable basis to determine the cost of acquisition.   3. The income of the minor child will have to be clubbed with the income of that parent whose income is higher.  However, a deduction up to INR 1500 per child (up to 2 children) is allowed to the parent. Hence the income of your children will have to be clubbed with your income. You can invest the gift money in tax free investments such as PPF in your children's name. 


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