Answer for Taxation Queries

#41
Yes. Mediclaim premium can be paid by the daughter for her parents. A deduction of 25,000/- is allowed. If parents are senior citizens then deductions upto 30,000 is allowed.

View attachment 32133
Thanks for reply.
But my query is with a condition.
"even if the mediclaim policy is in the name of father"
or
the policyholder's name is irrelevant and whosoever will pay premium (subject to above table), will get deduction

Let me clarify:
We know that, if I am a mediclaim policy holder and names included are of me, my wife, my children and my parents. I will get deduction, as per table.

But, will I get deduction, even if the mediclaim policy is in the name of my father and my name is included in that policy (or may be not included) and I am paying this premium.
 

Riskyman

Well-Known Member
#42
Thanks for reply.
But my query is with a condition.
"even if the mediclaim policy is in the name of father"
or
the policyholder's name is irrelevant and whosoever will pay premium (subject to above table), will get deduction

Let me clarify:
We know that, if I am a mediclaim policy holder and names included are of me, my wife, my children and my parents. I will get deduction, as per table.

But, will I get deduction, even if the mediclaim policy is in the name of my father and my name is included in that policy (or may be not included) and I am paying this premium.
Please have a re-look at the image I attached. Simply put, If you have a policy for yourself/wife/kids and have a separate policy for father and mother, even then you can seek deductions under 80d.
Hope it helps.
 

john302928

Well-Known Member
#43
Hi I have a query.Could any CA help me on this. thanks in advance
If we withdraw 2lakh from 5 lakh invested in a business, should we consider this 2lk as income in the personal Income sheet or we should not? or we just have to increase the cash in hand by 2lk in the personal balancesheet ?
fyi, share of profit and remuneration from business are added as income in personal income sheet
fyi
business filing ITR is done separately and personal filing ITR is done separately
This 2lk is shown as withdrawal in business balance sheet
 
#44
Any withdrawl of amount from a business share (or even otherwise) is not an income

It is a cash withdrawl from your share of profit and remuneration (if any) and money invested (total capital invested) from business
It will be added to your cash in hand, in your books

Though it would have been better if you have withdrawn this amount by way of cheque/internet banking

I may add that I am not a taxation expert, only from my personal experience of running a business, a few years ago. (I dont know if there is any change of rules in last few years)
 
#45
Nikhilji,
In ITR 4, for stock market traders, what is the business code to be filled.
13010 investment activities
13015 stock brokers, sub brokers, and related activities
or something else
 

JFM

New Member
#47
Dear All,

Over past couple of years, especially after demonetization, we have seen an avalanche of amendments in taxation laws, be it regarding how you file returns under 44AD, the tax return forms, cash deposits, reporting requirements (Form 61A) etc.

I would be glad to help you all for any specific queries you have. Please feel free to add your questions to this thread.

Regards

CA Nikhil
Dear CA Nikhil:
Do you have clients for accounting and auding Option Transactions?
Hardly any CAs know about Options Trading?
j.
 

lvgandhi

Well-Known Member
#48
Is it necessary to file tax return when doing intraday trade even if the total income is less than minimum taxable income.
 
#49
Someone please reply to following points (for 80C ELSS investments):

- whether date of investment for FY20 has been extended to 30.6.20.
- what about FY21 investments, whether from 1.4.20 onwards or after 30.6.20 only
- if also from 1.4.20 onwards, then its my choice to classify it for (account for) FY20 (if required) OR FY21
(yes, I understand that same investment cant be accounted for for both FY's)
- if I am investing, say for, both years FY20 and FY21 by 30.6.20, then choice will be on random basis OR on First Invested First basis. as in later case one has to be careful for amount of each investment

Though I got answers for some of above (from unknown sources) but I will like to have reply from reliable sources, from TJ members.

Thanks
 
#50
Someone please reply to following points (for 80C ELSS investments):

- whether date of investment for FY20 has been extended to 30.6.20.
- what about FY21 investments, whether from 1.4.20 onwards or after 30.6.20 only
- if also from 1.4.20 onwards, then its my choice to classify it for (account for) FY20 (if required) OR FY21
(yes, I understand that same investment cant be accounted for for both FY's)
- if I am investing, say for, both years FY20 and FY21 by 30.6.20, then choice will be on random basis OR on First Invested First basis. as in later case one has to be careful for amount of each investment

Though I got answers for some of above (from unknown sources) but I will like to have reply from reliable sources, from TJ members.

Thanks
Last date permissible for filing IT returns for FY 2018-19 (AY 19-20) under late return catagory is extended from existing 31-3-2020 to 30-6-2020......for FY 2019-20 nothing is changed.....which means the following :

1) For 80 C investments last date to qualify for deductions in FY 2019-20 (AY 20-21) is 31-3-2020....no change here....

2) Date for filing IT returns for FY 2019-20 or AY 20-21 for audit cases and non audit cases both remain unchanged....

3) You cannot claim one investment done under 80 C in FY 2019-20 under 2 financial years....for investments done on or after 1-4-2020 will come in FY 20-21 or AY 21-22..No choice to club it in 2 different financial years is given...investments done till 31-3-2020 will come under FY 2019-20 or AY 2020-21.....

The above is based on my understanding of the concessions given by FM couple of days ago....some practicing CA will guide us better...

Smart_trade
 

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