By Chirag Nangia
In my Form 26AS for AY 2021-22, salary amounting to Rs 29 lakh is reflected in Part A below Section 92 and dividends from Infosys, Tata, Hero, Mahindra, SKF amounting to Rs 1226 are reflected in Part A below Section 94. TDS has been deducted and deposited on salary. However, no TDS has been deducted on dividends. Which ITR type is to be filled? Till now I was filling ITR Form 1.
—Sushil Agrawal
Assuming that you have revenue only from salary and dividends, you may perhaps continue to declare revenue in ITR-1. Disclosure may perhaps be made below head ‘Salary” and “other sources”. Notably, TDS has not been deducted on dividends because the same is less than Rs 5,000. However, you have to disclose the dividend income in the ITR. If you have income from sale/ redemption of shares in the form of capital gains, then you shall not be eligible to file ITR-1, disclosure shall then have to be made in ITR 2.
Last year we sold the house which was in my mother’s name. My father had spent on renovation but we do not have any proof about this. I only have the original buy worth in 1991. How can I calculate the lengthy term capital gains tax liability?
—Sidharth Pupneja
In your mother’s case, the gains from sale of property home will be taxable as ‘Long Term Capital Gain’. For calculating lengthy term capital gains, sale price tag has to be lowered by the indexed price of acquisition, indexed price of renovation and the transfer fees. Since you do not have right facts with regards to the price of renovation, it is advisable to not claim the deduction of such expenditures. To lower the tax burden, the capital gains/ sale consideration can be reinvested in particular assets or schemes (for instance, buy of one more property home or bonds of RECL/NHAI) inside the prescribed time limit.
CBDT has mentioned all unlinked PAN cards by June 30, 2021 will be declared as inoperative. Does this apply to Non Resident Indian PAN cards?
—A Venkat
The CBDT has exempted non-residents from quoting Aadhar in PAN applications and Income Tax Returns. So, if you are a non-resident for revenue tax purposes in India you shall not be necessary to quote Aadhar and linking of PAN and Aadhar is not required.
The writer is director, Nangia Andersen India. Send your queries to