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Yogi Zone

Useful articles for your finance management by our team of experts

itr ltcg in usa tds on bank deposits

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Question:


I have recently file an ITR but some little mistake I had found in it. Then, how can i submit the correction ?

Answer:

If you have already received ITR-V acknowledgement for the original return, then you need to file a Revised Return now where you can make necessary changes to the ITR form.

You can file a Revised ITR 1 or 2 for FY 2011-12 (AY 2012-13) from our site. Just select ‘Revised Return’ instead of ‘Original return’ in the Welcome page (after logging into TaxYogi) and proceed. The remaining procedure is the same as Original return process.

Question:

I am 22 years old.I started my career last year.My annual income is 3 lakhs. And I don’t have any TDS deductions in my company.So i have to plan all my tax saving things myself.Give me some advice on this.I want my tax saving investments to support my marriage expenses at age 25.

Answer:

You can find some useful information here:

http://www.investmentyogi.com/oi_planning/planning-for-financial-freedom.aspx

You should first consider purchasing adequate health insurance cover for yourself in case your employer is not providing currently. Apart from that, we suggest you utilize our FREE online Financial Plan to analyze your future money needs and plan for the same accordingly.

Check out our FREE Financial Plan here:

http://www.investmentyogi.com/FinancialPlans/home.aspx

Check out our many useful and Easy-to-use calculators here:

http://www.investmentyogi.com/FinancialCalculators.aspx

Question:

How to calculate LTCG & STCG for ESOP allotted shares sold in USA? What is the role of indexation & exchange rates?

Answer:

ESOP

1)Short-term Capital gains tax – 15% on the difference between the Current Marketprice of shares and the Offered price of shares.
2) Long-term Capital gains tax – NIL

Indexation is allowed only for LTCG, although the same is tax exempt in this case. Exchange rate would be the rate on the date of transfer.

Question:

I am a senior citizen. In the Fy 2011-12, (AY 2012-13) I have total income of about 9.50 lacs. Of this about Rs. 4,25,000 is accrued interest on some special term deposits. These deposits have not matured as on 31.03. 2012. But my bankers have deducted a sum of about Rs.45,000/- as income tax on 31.03.2012 ( probably as tax on the accrued interest) and have remitted the sum to Govt.. in April 2012. This has been shown in AS 26 statement under my PAN. My doubt is that in as much as the interest income has arisen only on 31.03.2012, am I liable to pay any interest to Govt..for the IT under the above sections on the principle that 90% of tax has not been paid on the income by 15.03.2012 I shall be thankful for the considered opinion of the experts in the matter

Answer:

The interest of bank deposits is fully taxable either at the time of maturity or on yearly basis. Since your bank has already deducted TDS of 10% on the interest for the year 2011-12, you need to pay the balance 20%.

You can e-file your ITR through us which will compute the balance tax payable in this case. Then you can make the balance tax payment online and e-file your ITR.

You can get information here on online payment of tax:

http://www.investmentyogi.com/taxes/procedure-for-e-payment-of-tax.aspx

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