I have opened fixed deposits on behalf of my three minor children, on which the bank has been deducting TDS. My children’s PAN bear their father’s name. Can I or my husband claim refund on the tax deducted in our tax returns? Amit Maheshwari, Partner, Ashok Maheshwary and Associates says, "As per Section 64(1A) of the Income-tax Act, income of minor child shall be included in the income of the parent whose total income after including minor’s income is greater. Any such income included in the parent’s income is exempt up to Rs 1,500 per minor annually, for a maximum of two children. If TDS is deducted on such income then the parent with whose income the minor’s income is clubbed can claim refund of the TDS amount in his/her return. According to Rule 37BA(2), such credit can be claimed by that parent by filing a declaration with the bank to report such tax deduction in the name of the said parent." I had bought 10,000 shares of Gitanjali Gems at Rs 8.25 … [Read more...] about Can you claim refund on tax deducted on FD in the name of your children?
Line 101 tax return
If you still have not zeroed in on a financial product to invest in to reduce your tax outgo for the year, you can take the online route. Here are few tax-saving options which can be made online where you do not have to issue a cheque. However, do keep in mind that there could be glitches while making these online transactions at the last minute. It’s always better to get in touch with the company and then proceed after getting a confirmation from them regarding the availability of tax benefit on the transaction made today. 1. Five-year bank fixed deposit The five-year tax-saving fixed deposit is the probably the most hassle-free way of making an online tax saving investment. If you have a know-your-customer (KYC) compliant account, all you need to do is log into your Net banking account and invest from there. Make sure your PAN is updated in the bank's records. Redemption on maturity comes directly to your bank account. You can indicate whether you want monthly, quarterly or … [Read more...] about 6 online tax-saving investments for late-starters
Things were made worse when Alpha decided to give Negan (Jeffrey Dean Morgan) a chance to prove himself and join The Whisperers, ignoring the pleas of Beta to kill him on the spot. … [Read more...] about The Walking Dead season 10 finally returns with new episodes
“India’s direct tax-to-GDP ratio is among the lowest in the world,” said Dr. Ranade, participating in the panel discussion moderated by Raghavan Srinivasan, Editor, Business Line, on Saturday. “GST is a virtual admission of failure that we were unable to go for a progressive tax regime that includes higher direct taxes: About 70 % should come from direct tax. Indirect tax is regressive,” he added. … [Read more...] about The Huddle 2020 | Widening direct tax net should be key priority, say economists
The tax industry and the IRS have played a part in the problem. Together they run the IRS Free File system, which about 70% of taxpayers are eligible for but only a sliver use. It was designed to help low- and middle-income taxpayers find a reliable program to file at no cost and boost online filings. However, the IRS has long faced criticism for its failure to promote and support the program. And recent media reports uncovered efforts by the tax software preparation industry to misguide users of Free File and nudge them into paid products. … [Read more...] about Free tax filing has confused many Americans. Here’s help.
"Margin expansion on sequential basis was due to structural changes, favourable product mix and operating leverage benefits in Q3FY20. Extended monsoon impacted the volume growth in Q3FY20. However, management expects double-digit volume growth going ahead. Looking forward, the capacity addition and current utilisation level at 60 percent incremental capex won't be higher in FY21," the brokerage said. … [Read more...] about Analysts remain bullish on this plastic pipe maker, see double digit return after Q3 earnings