| I am a government pensioner, aged 66 years. I hold a PAN and my total income in 2006-07 was below Rs 1.85 lakh. Till when can I submit my returns? I invested money in post office monthly income scheme in my wife’s name who is a housewife. Will the interest on the MIS be added to my income? |
Ananta Sen, Palta |
|
| |
| If an individual’s total annual income is less than the threshold limit or if an assessee has paid his/her tax in full before March 31 of a financial year, he/she can file the return till Mach 31 of the following year. So, if you have no outstanding tax liability, you can file your returns till March 31, 2008. Yes, the interest income on the monthly income scheme will be added to your income and you will have to pay accordingly. |
| |
|
| |
|
| |
| PPF withdrawal |
| My PPF account will mature in August this year. I want to reinvest the amount for five years. Is it possible to withdraw some money during the period? |
Swapan Ghosh, Calcutta |
|
| |
| If a PPF account is extended beyond 15 years, partial withdrawal up to 60 per cent of the balance you have at the end of the 15-year period is allowed. |
|
| |
|
| |
| It’s a gift |
| I wish to gift Rs 40,000 to my son who is a student. What is the ideal method of gifting money? |
Ramashish Singh, Calcutta |
|
| |
| Tell your son to write you a letter asking for a donation of Rs 40,000 for his studies. In reply you agree to pay the amount as gift and send him the money. Gifting between blood relations does not attract any tax at present. |
|
| |
|
| |
| Senior citizen |
| I am 64 years old. I have income only from interest on post office monthly income scheme, Senior Citizen Savings Scheme and Varishtha Pension Bima Yojana. The total interest income is Rs 77,000 a year. Do I have to file income return? |
Sajal Bose |
|
| |
| It is not compulsory for you to file income returns because your annual income is less than the threshold limit of Rs 1 lakh. |
| |
| If you have any queries about investing or taxes or a high-cost purchase you are planning, mail to: btgraph@abpmail.com, or write to: Business Telegraph, 6 Prafulla Sarkar Street, Calcutta 700 001. |
