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Old 22nd October 2011, 15:18   #136
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

How does one obtain a duplicate PAN card? Mom lost hers, and I do not find anything info on the nsdl / utisl websites. There is no change of info (addres, etc).
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Old 22nd October 2011, 18:44   #137
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How does one obtain a duplicate PAN card? Mom lost hers, and I do not find anything info on the nsdl / utisl websites. There is no change of info (addres, etc).
Do you remember the Permanent Account Number? Then you can find the answer here https://www.tin-nsdl.com/pan/faq-pan-reqfornewpan.php

Quote:
How do I obtain a new PAN card without any changes in details?
When you have a PAN but have not received your PAN card/in case you have lost your PAN card, then you have to fill all the columns in the form for Request for New PAN Card or/and Changes or Correction in PAN data but do not have to tick any of the boxes on the left margin. In case of an individual, you have to affix a colour photograph of the size 2.5 cm X 3.5 cm.
The best thing would be to visit a NSDL centre in your neighborhood and drop your form there. Most of the NSDL centres even help you in filling the form. You should be getting your PAN card in a week or so.

Hope it helps!

Last edited by Warwithwheels : 22nd October 2011 at 18:49.
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Old 13th December 2011, 14:22   #138
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Guys need some info on this:
Can the cost of vaccination be claimed under the 15000 per annum medical allowance.
My little one is going through her vaccinations and I was wondering if I can claim that.
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Old 13th December 2011, 18:17   #139
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Guys need some info on this:
Can the cost of vaccination be claimed under the 15000 per annum medical allowance.
My little one is going through her vaccinations and I was wondering if I can claim that.
Yes, you can claim it.
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Old 15th December 2011, 15:21   #140
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Our company has come up with investment guidelines and there are two points which are somewhat controversial.
For medical reimbursements, they have mentioned one point:
<quote> As per Income Tax Law, bills for spectacles and dental care cannot be considered under Medical Reimbursement.
</quote>

I cannot find any exclusion of dental care made by the Income Tax department.


For LTA, they have mentioned:
<quote>
Only travel bills are considered for expenses against Flight, Train, Bus Travel (State Transport or Private bus) hired vehicle, own vehicle’s petrol expenses will be honoured under LTA claim.
</quote>

As per my understanding, petrol bills cannot be used to claim LTA exemption.


Can a qualified CA please comment on these two points?
Is this at the discretion of the company or do they have to abide by the laws first?
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Old 20th December 2011, 21:50   #141
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I am no CA, but AFAICT, petrol bills show that you have actually made the travel.
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Old 21st December 2011, 10:25   #142
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Default Form16 and Form 26AS problem.

Hi Guys,

I recently got a notice from CPC saying that i need to pay out so and so amount for year 2007-8

I checked my form 16 and found out that the TDS has already been deducted and paid

When i checked my Form 26AS from TIN website they are not showing the tax received for 4 months

How can it be, the company has submitted the tax with some RBI branch they have also mentioned the cheque and challan numbers in form 16, but seems like the tax did not reach government as it is not being reflected in form 26AS

What should i do here? How should i proceed on this? Please help me

Has anybody been in this situation before, how do i get my form 26AS corrected?

Last edited by pb10gagan : 21st December 2011 at 10:30.
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Old 25th December 2011, 20:39   #143
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Default Re: Form16 and Form 26AS problem.

Quote:
Originally Posted by pb10gagan View Post
Hi Guys,

I recently got a notice from CPC saying that i need to pay out so and so amount for year 2007-8

I checked my form 16 and found out that the TDS has already been deducted and paid

When i checked my Form 26AS from TIN website they are not showing the tax received for 4 months

How can it be, the company has submitted the tax with some RBI branch they have also mentioned the cheque and challan numbers in form 16, but seems like the tax did not reach government as it is not being reflected in form 26AS

What should i do here? How should i proceed on this? Please help me

Has anybody been in this situation before, how do i get my form 26AS corrected?
Friend this is common problem. Technically the information submitted by the company should be verified by them (company) whether the same has been accepted and approved. The information of tax dedn is submitted qtrly. If any error is noticed by IT dept. the qtrly info is rejected and we do not get credit of tax, we have to suffer.

The only solution is to approach your company with F-26AS and apprise them that you have not got the credit of the taxes deducted by them.

This common problem has to be fought in group by giving representation to the Commissioners of IT. I don’t know whether this will solve. For no fault of us a demand is raised against us. They should go behind the Company.[/FONT]
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Old 25th December 2011, 20:48   #144
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by BaCkSeAtDrIVeR View Post
I am no CA, but AFAICT, petrol bills show that you have actually made the travel.
Agree that you have made the travel. but the exemption is limited to fares of first class AC train / bus, depending on the mode of travel by which the two places (your place and destination) are connected. This useless rule is being adopted from 1997.

You may read it here Income Tax Rules, there go to rule 2B
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Old 25th December 2011, 21:19   #145
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Default Re: Form16 and Form 26AS problem.

Quote:
Originally Posted by pb10gagan View Post
I recently got a notice from CPC saying that i need to pay out so and so amount for year 2007-8

I checked my form 16 and found out that the TDS has already been deducted and paid
Dont worry, this is a common problem.

Just pay to your CA to take care of this. His office boy will take:

1. Demand letter / Notice from CPC
2. Self signed copy of TDS
3. An application for update of records

To local IT office and get that acknowledged.

You can even do that yourself if you want to. Doing that via CA would cost 100-500 Rs.
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Old 13th February 2012, 11:51   #146
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

With property prices and interest rates rising with each passing year, the government is considering raising the tax exemption on interest paid on housing loans to up to Rs 3 lakh annually from the existing limit of Rs 1.5 lakh in the coming budget, which is scheduled to be tabled in Parliament on 16 March.

Relief for home-loaners, FM to double tax deductions | Firstpost

At first glance, this seems to be a welcome proposal especially for all involved. However, would like to know from the experts in this field if there are any pitfalls and what they could be.

Of course this would be benefical more for folks who have taken reasonably sized home loans. However, with this wont more people make a rush for home loans thus driving the property prices up further?

Last edited by selfdrive : 13th February 2012 at 11:53.
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Old 13th February 2012, 12:44   #147
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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...Of course this would be benefical more for folks who have taken reasonably sized home loans. However, with this wont more people make a rush for home loans thus driving the property prices up further?
The benefit proposed will have a considerable impact on your tax out flow.

The present limit of 1.5 lacs being revised to 3.0 Lacs will result in an extra saving of Rs.45,000(approx) as tax if you fall in the 30% tax slab. And an additional 60,000 if the 2 lacs principal component limit is also increased under Chapter VI A deductions.

Only if the proposal of increasing the Principal deduction also to 2 Lacs as contained in the article is implemented, it would be a real boon to the salaried class and start up entrepreneurs.

A person with a gross package of 8L p.a can get away without paying any tax by carefully planning his investments under the proposed system

It is worth mentioning here that there is no upper limit on the amount of interest you can claim on a let out house property as per the present tax laws.

The Realty market would react positively to this proposal if accepted. Keeping a track of reality stocks close to the days of budget would help you get a better insight about the surge in property prices.

Last edited by Warwithwheels : 13th February 2012 at 12:47.
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Old 13th February 2012, 12:51   #148
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Guys,
Recently I got the following from CPC:

The Income Tax Department- Centralized Processing Centre (ITD-CPC), Bangalore is not in a position to proceed with the e-return filed by you, details of which are indicated above. The return is transferred to Jurisdictional Assessing Officer (in AST) processing of which is to be done by the Jurisdictional Assessing Officer who may be contacted for further clarifications if any. In order to know your current jurisdictional Assessing Officer (AO) you may log on to https://incometaxindiaefiling.gov.in and click on "Know Jurisdiction" under "SERVICES" menu.

Do I need to get worried?
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Old 13th February 2012, 12:56   #149
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

This financial year, I have income from 2 companies. My current employer has not included the previous salary while calculating tax. So how/when do I need to pay up the tax for the salary from the first company? Now or only at the time of filing returns?

Also, I have received my PF withdrawal amount from the previous company. Do I have to pay tax for that amount?
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Old 13th February 2012, 13:17   #150
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Originally Posted by Jaguar View Post
This financial year, I have income from 2 companies. My current employer has not included the previous salary while calculating tax. So how/when do I need to pay up the tax for the salary from the first company? Now or only at the time of filing returns?

Also, I have received my PF withdrawal amount from the previous company. Do I have to pay tax for that amount?
Go to a CA or do a tentative calculation yourself and pay up the tax. There is a form that needs to be downloaded from the IT website. Some banks (I know of HDFC) accept such self assessed(?) tax payments. At the time of filing returns, you should visit a CA who can confirm these amounts and mention in the tax return.

PF withdrawal- I am not sure. But, my investment agent was saying it will be taxed as per your salary bracket.
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