Last minute Tax Planning guide

  • guest: Hello Sir,in my Form 16 I show Rs.150000/- deposited in ELSS fund but actually I deposited Rs.150000/- in my PPF account , is it make any punishment if I file return and get 80C deduction? please must answer.

  • Anil Rego:

    First you have to confirm the assessment year. if it is for FY2016-17 then , you can ask the concerned department for rectification. if it is for FY2015-16 , then already form 16 would have been generated and further rectification is not possible. if scrutiny comes, explanation should be provided

  • guest: What are the tax rebate with Amt. In various sections like 80, 80D etc.. For F.Y. 17-18.?

  • Anil Rego:

    For people with net taxable income below Rs 5 lakh, the tax rebate has been increased from Rs 2,000 to Rs 5,000 u/s 87A. This would benefit people who have net taxable income between Rs 2.7 Lakhs to Rs 5 Lakhs

  • guest: Sir, please advice if I can claim further deduction of 50000rs under NPS (new section 80ccb) from my existing contribution towards NPS. since I have crossed the savings limit of 1.5 lakhs..if yes, then is it my employer contribution or my contribution that can be claimed for further deduction .

  • Anil Rego:

    Yes. you can claim Rs.50k for NPS (section 80CCD)which is over and above section 80C (Rs.1.5 lakhs under section 80C). By claiming NPS you can get deduction upto Rs.2 lakhs. Employee contribution only can be claimed by you for further deduction


  • Anil Rego:

    It is advisable to file the last 3 years returns. But online filing is possible only for one current and one previous year. its is always advisable to file returns even there is tax payable or not

  • guest: Iam senior citizen.How to calculate Tax liability.

  • Anil Rego:

    For a senior citizen, income <3 lakhs is tax free >3 lakhs and <5 lakhs is taxed at 10% >5lakhs and <10 lakhs is taxed at 20% >10 lakhs is taxed at 30% Rebate under Section 87A is applicable if the income is not above Rs.5 lakh

  • guest: Gift from HUF to son?s HUF My HUF consisting of Self, wife, unmarried daughter and son wish to give gift of money ( about Rs 10-15 Lakhs) with mutual consent to my son?s HUF. My son?s HUF has PAN and consists of himself, his wife and 2 minor daughters. Please inform – 1. Whether this gift will not taxable as income for my son?s HUF 2. Whether the income from such gift will not be clubbed with the income of my HUF.

  • Anil Rego:

    HUF is treated like an individual investor, provided it has at least three co-parceners. The income of the HUF should accrue from its own assets. Any income arising from assets transferred by a member or co-parcener will be clubbed to their respective incomes and taxed as such. They will not be treated as the income of the HUF if aggregate amount received as gift during the year is more than R50,000/- the same will be chargeable to tax

  • guest: Is the principle amount of loan paid prior to getting possession taxable under amortization? or if it cannot be used for tax exemption?

  • Anil Rego:

    Tax benefit of home loan under section 80C for repayment of principal part of the home loan is allowed only after the construction is complete and the completion certificate has been awarded. No deduction would be allowed under this section for repayment of principal for those years during which the property was under construction.

  • guest: What is the best way to save tax for person with salary income of Rs 11 Lakhs. (Note: 80C & 80D Limit is already Exhausted, HRA is already claimed). Kindly suggest.

  • Anil Rego:

    You can invest to NPS under section 80CCD which provides deduction of Rs.50k which is over and above section 80C Deduction Up to Rs 25,000 (50% of amount invested) is allowed if you make investment in preapproved stocks and mutual funds in Rajiv Gandhi Equity Savings Scheme (RGESS). This is available to first time equity investors subject to certain conditions (The maximum investment allowed for claiming deduction under RGESS is Rs. 50,000, RGESS tax deduction can be claimed for people earning below or equal to 12 lakhs/ annum)

  • guest: Hello, my annual income is less than the taxable slab. If I earned profit or interest more than 10k by mutual fund investment, Bank FD saving account then it is taxable or not?

  • Anil Rego:

    The MF returns post 1 year (equity ) is tax free and the debt funds is taxable as per tax slab for a period less than 3 years of investment and 20% with indexation for period higher than 3 years the bank interest earned above Rs.10 is taxed as per your tax slab. since your tax slab is zero there wont be any deduction

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