Your Queries (Income Tax): Use ITR Form 1 if you have income from salary and dividend only

So, should you’re a non-resident for revenue tax functions in India you shall not be required to cite Aadhar and linking of PAN and Aadhar just isn’t wanted.

By Chirag Nangia

In my Kind 26AS for AY 2021-22, wage amounting to Rs 29 lakh is mirrored in Half A below Part 92 and dividends from Infosys, Tata, Hero, Mahindra, SKF amounting to Rs 1226 are mirrored in Half A below Part 94. TDS has been deducted and deposited on wage. Nevertheless, no TDS has been deducted on dividends. Which ITR type is to be crammed? Until now I used to be filling ITR Kind 1.
—Sushil Agrawal
Assuming that you’ve got revenue solely from wage and dividends, it’s possible you’ll proceed to declare revenue in ITR-1. Disclosure could also be made below head ‘Wage” and “different sources”. Notably, TDS has not been deducted on dividends as a result of the identical is lower than Rs 5,000. Nevertheless, it’s important to disclose the dividend revenue within the ITR. You probably have revenue from sale/ redemption of shares within the type of capital features, then you definitely shall not be eligible to file ITR-1, disclosure shall then need to be made in ITR 2.

Final yr we offered the home which was in my mom’s identify. My father had spent on renovation however we don’t have any proof about this. I solely have the unique buy worth in 1991. How can I calculate the long run capital features tax legal responsibility?
—Sidharth Pupneja
In your mom’s case, the features from sale of home property can be taxable as ‘Lengthy Time period Capital Acquire’. For calculating long run capital features, sale worth needs to be decreased by the listed value of acquisition, listed value of renovation and the switch prices. Because you should not have correct info relating to the price of renovation, it’s advisable to not declare the deduction of such bills. To scale back the tax burden, the capital features/ sale consideration may be reinvested in particular belongings or schemes (for example, buy of one other home property or bonds of RECL/NHAI) inside the prescribed time restrict.

CBDT has mentioned all unlinked PAN playing cards by June 30, 2021 can be declared as inoperative. Does this apply to Non Resident Indian PAN playing cards?
—A Venkat
The CBDT has exempted non-residents from quoting Aadhar in PAN functions and Earnings Tax Returns. So, should you’re a non-resident for revenue tax functions in India you shall not be required to cite Aadhar and linking of PAN and Aadhar just isn’t wanted.

The author is director, Nangia Andersen India. Ship your queries to fepersonalfinance@expressindia.com