orried about your taxes?
Want to know how to proceed if your PAN card details are wrong?
Relax With Tax answers tax-related questions.
I filed my tax return for the year 2003-2004 through a tax consultant.
He returned my Form 2D (SARAL) with a stamp on it that says Central Processing Department, Income Tax Department, Mumbai.
I also have a refund claim of Rs 15,697, but there is no bank name or account number on this form.
What do I need to do to get my refund as soon as possible?
- Pankaj Sharma
You need to file a letter with the Income Tax Officer who handles the ward in which you are filing your returns.
State your bank name and account number along with a copy of your return.
If you are not aware of the ward, contact the Income Tax department helpdesk at Bandra-Kurla Complex in Mumbai.
Once here, I found that my date of birth on the PAN card as printed on the PAN card is wrong. What should I do?
- Chandrashekhar
Intimate the nearest IT PAN Service Centre or TIN Facilitation Centre about the change in address and the date of birth error.
They will make the required correction in the PAN database of the Income Tax department.
These requests will have to be made in a specific form: Request For New PAN Card And/ Or Changes In PAN Data.
Is it mandatory to have a Form 16 from my previous company to file my IT returns?
If I don't have that, can I still file returns using my salary slips from the previous company?
- Harshad Desai
You can definitely file your returns without your previous employer's Form 16.
You would need to make a declaration in Form 12B to your current employer declaring the salary earned from your previous employer. This declaration includes TDS and related investments, like provident fund.
This declaration will enable your current employer to incorporate your previous salary in Form 16. Salary slips are not accepted by the income tax department for the filing of IT returns.
I had invested in mutual funds in May 2004.
Recently, I received an e-mail from one of the fund houses telling me I need a PAN for further investments.
As an Non-Resident Indian, must I have one? If I do get one, does it mean I will have to file an income tax return at the end of every financial year?
I visit India once every two years.
- Rosario
An NRI can obtain a PAN by authorising a person here in India to represent him/her. This person would would be treated as a representative assessee.
The application can be made by the representative assessee on your behalf.
Filing of returns depends on your income. If your income is in excess of Rs 50,000, you will need to file your return.
Is it true that pension schemes give 100% tax rebate?
- Sridhar Malepati
Investment in pension schemes do offer a 100% deduction from income. But they are subject to a ceiling of Rs 10,000.
Any investment above this specified amount is not eligible for any deduction from income.
What are the tax-saving options for salaried people having an annual income greater than Rs 500,000?
- Amar
Here are some options:
i. Invest in a house and avail of the interest payouts as losses to be set off against salary income. But this benefit is available for a maximum of Rs 1,50,000.
ii. Invest in any pension plan and claim deduction under section 80CCC upto Rs 10,000.
iii. Go in for medical insurance under section 80D upto Rs 10,000. If you have dependants who are 65 years of age or above, the limit can extend to Rs 15,000.
I work with an American company but am based in India. I get paid $1,200 per month via wire transfer.
Must I file a return? Do I have to pay tax?
- Sandeep
As the services are being rendered here in India, the salary would be taxable in India. Yes, you need to file returns.
But if tax is being recovered on the same income in the US also, talk to your chartered accountant about the double tax avoidance agreement treaty entered between India and the US.
That would give you an indication of the tax impact on your income here in India.
Every month, I receive a gift of $500 via a remittance through remit2india. Do I need to pay tax on this? How much?
This remittance is approved by the Reserve Bank of India and I have a Foreign Inward Remittance certificate.
- D R Vaity
Gifts, by their very nature, are generally not received on a monthly basis, but on certain occasions or on a one-off basis.
Gifts received from people other than a relative, are exempt from tax only to the extent of Rs 25,000. But gifts received on certain occasions (like marriage), over Rs 25,000, is exempt from tax.
You need to be careful so as to ensure that the income tax department does not view this remittance as a sham transaction to cover up an income being remitted in the guise of gift.
Adequate documentation should be executed to evidence this gift.
Look at the detailed facts of the case and take a decision on the taxability.
Relax With Tax is a Mumbai-based personal tax and finance solutions provider.
Got a question for Relax With Tax? Please write to us! Questions may be edited for brevity.
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