Category Archives: Income Tax Adviser

Tax-Gyaan 2014-15

Tax-Gyaan2014-15 More PowerPoint presentations from Lalit Khandelwal

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Advance tax exemption to senior citizens applicable from FY13

by SC Vasudeva Q. I became a senior citizen in December 2011. I e-filed my income tax return for the financial year 2011-12 (AY 2012-13) in July 2012. The State Bank of Patiala gave me the TDS details on my … Continue reading

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Form 15-H applicable only if total income is nil

by SC Vasudeva Q. I am an assessee aged over 83 years. My taxable income is little over Rs 5 lakh. My income is from pension, SCSS, MIS and fixed deposit in banks only. It is learnt that a senor … Continue reading

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No tax on monetary gift to parents

A.N. Shanbhag Q: I have a small apartment on the outskirts of Mumbai which I have let out for a rent of Rs 11,000 pm. I have no other income in India. Would I have to pay any tax on … Continue reading

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Fixed medical, mobile allowance taxable

by SC Vasudeva Q. I have been serving as lecturer in Govt Senior Secondary School, Khuian Saredar, Fazilka. I have been getting medical allowance Rs 500, mobile allowance Rs 500, BHRA (Border area allowance) (5% of basic pay) in lieu … Continue reading

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Senior citizens not liable to pay advance tax

by SC Vasudeva Q. While presenting Budget for F.Y. 2012-13 on 28.2.2012, the Finance Minister had announced that senior citizens would be exempted from paying advance tax in case of income from salary and interest on bank deposit etc. But … Continue reading

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No tax on leave encashment

by SC Vasudeva Q. a) I retired from Hisar Agricultural University (funded by the state government as well as by the Indian Council of Agricultural Research) on March 31, 2010 at the age of 60. My retiral dues were released … Continue reading

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