I want to know, whether I can submit form 15H to banks if my total gross income was below Rs. 5 lakh in FY17. I am a senior citizen (63-years-old) and have invested Rs. 1,50,000 in tax exempted MF under section 80C. I will receive Rs. 5,000 as rebate under
section 87A as per the last Budget, and Rs. 3 lakh rebate for being a senior citizen.--MAHESH GOEL
You will have no tax liability on estimated total income of upto Rs. 5 lakhs for FY16-17 considering the deduction us.80C and rebate us.87A. You can avail the benefit of no deduction us.197(1C) of IT Act, 1961 by filing the Form 15H to the banks. While I
was in the US last year, I invested in bonds shares which generated interest income, dividends and capital gains. There is a mismatch between their financial year and ours. Form 1042-S was issued to me for 2015. Do I simply take income TDS figures of 2015
alone or do we have to work out income TDS as per our FY and seek a revised form 1042-S from them? --TC GUPTA
We assume that your status in India is Resident and your world income is chargeable to world income is chargeable to tax in India. Under the provisions of I.T.Act,1961, the income of the assessee for a financial year i.e. April to March is chargeable to
tax as against the US, where tax year is calendar year. You have to compute the income for the period 01.04.2015 to 31.03.2016 and pay tax in India. You can take credit for corresponding TDS. There is no need to seek revised form 1042-S. As per section 194
of the IT Act, a buyer of property of Rs. 50 lakh and above is required to deduct 1% of cost and deposit the same to the IT deptartment as TDS. I'm planning to purchase two 1 bhk units from a builder in Mumbai. One unit costs Rs. 28.50 lakh and both together
Rs. 57 lakh. Please advise whether this clause will be applicable.--KAUSHAL KISHORE
Us.194-IA(2) tax is required to be deducted where the consideration payable for purchase of an immovable property is Rs. 50 lakhs or more. The limit of Rs. 50 lakhs is applicable to each transaction of purchase. Since the consideration of each property you
are buying is less than Rs. 50 lakhs, you are not required to deduct the tax at 1% us 194-IA. - www.economictimes.indiatimes.com [15-06-2016]