You are currently viewing Your queries: Income Tax | No Form 16? Apply to jurisdictional tax officer with pay slips

Your queries: Income Tax | No Form 16? Apply to jurisdictional tax officer with pay slips

  1. Pending Refund: If you filed your returns in June and have not yet received the Rs 10,000 refund, it’s advisable to check the e-filing portal for any potential issues. Ensure that the nominated bank account for the refund is pre-validated.
  2. TDS Issue: If your previous employer deducted tax at source but did not issue Form 16 and the TDS is not reflecting in AIS or Form 26AS, you should approach your jurisdictional tax officer. Provide relevant documentary evidence such as payslips or bank statements for resolution. The Centralised Processing Centre will only accept TDS claims if they are reflected in Form 26AS or AIS or if Form 16 is issued by the employer.

Forming Hindu Undivided Family (HUF): Tax Benefits

  1. Formation of HUF: Yes, family members, including brothers, can form a Hindu Undivided Family (HUF). HUF is considered a separate entity from its members and includes those who share a common ancestor, along with their wives and unmarried daughters.
  2. Tax Benefits: HUF enjoys basic exemption on its income and is eligible for various benefits and perquisites independently from its members. Forming an HUF can offer tax planning opportunities and facilitate the efficient management of family wealth.

Tax Implications of Gold ETF Investment and Withdrawal

Investment and Withdrawal: If you invest Rs 5,00,000 as a lump sum in gold exchange-traded funds and withdraw the gains after three years, any gain made after March 31, 2023, with less than 35% equity investment, shall be taxable at applicable slab rates. The taxation will be based on the applicable income tax slabs, regardless of the holding period for the investment. It’s crucial to consider these tax implications when planning your investment strategy in gold ETFs.


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