It is important to mention the income of the mutual fund in the returns
I am 78 years old. In addition to the pension, most of my income comes from mutual fund payments, dividend reinvestment, and growth schemes. Dividends from dividend reinvestment and growth schemes should be shown in returns when calculating income tax and not in returns. If income is to be shown in returns, then how will the calculation of income of the growth scheme be calculated? Also, in my case, the maximum exemption limit of tax-free dividend received from all the sources will be for the financial year 2017-18.
Ramakant Jaiswal, Aligarh
Dividend Reinvestment and the dividend received from the Growth Scheme should be shown in returns by calculating income tax when calculating income tax. Under the Growth Scheme, the company does not pay dividends to you, but in lieu of the declared dividend, you allocate additional units of mutual funds based on a NAV basis. Hence, the additional units you have deposited in your account will be multiplied by NAV of that time, then you will know dividend income. Maximum exemption limit of tax-free dividend from all sources is up to 10 lakh rupees. On receipt of more than 10 lakh, a tax is payable at the rate of 10 percent. Dividend income is tax-free under Section 10 (34) of Income Tax which you are clearly showing.
I bought a house on October 15, 2015, for Rs 50 lakh, which I now plan to buy and sell the second house for about Rs 80 lakh. Will, I have any tax liability on this.
Pankaj Kumar, Sikar
You have kept the house you are selling for yourself in less than three years. Therefore, you will get capital gains for a short period of 30 lakh rupees. There is no tax exemption on short-term capital gains to invest in a new house. Hence, after adding this short-term capital gains to your other income, you will have to deposit whatever tax you make.
Income tax has been deducted every month from the salary item by my employer. But because of not sending the quarterly report to the income tax department, income tax department is not returning the refund by filing an objection in return on the basis of TDS.
Vinay Kumar Jha, Bhagalpur
You should ask your employer to submit your horror report immediately. Depending on whether your employer has issued Form-16 to you, the department should also give your income tax refund to the department.
The balance of more than 12 lakh in my tax assessment year 2018- 2019 balance sheet. Can I deposit my savings now?
Ravindra Kumar Verma, Delhi
If your tax assessment is more than 12 lakh balances in the balance sheet of 2018- 2019 and you have shown it while depositing your income tax return, then you can deposit your savings account without any fear. There will be no penalty or extra tax on you.