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Old 29th July 2012, 13:05   #211
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Gurus, I have a quick question on behalf of a relative. Currently, the said relative owns one apartment each in Bombay and Pune. He is planning to sell out both the apartments and club the money earned to buy a bigger apartment in Pune. Both the old apartments are over 10-15 years old and are not under short term capital gains. What would be his liability to capital gains in case he decides to club the amount for purchase of a single property? I am aware that 1-1 purchase absolves you from paying any form of long term capital gains tax. How would it be for 2 to 1 purchase?
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Old 29th July 2012, 14:08   #212
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by moralfibre View Post
Gurus, I have a quick question on behalf of a relative. Currently, the said relative owns one apartment each in Bombay and Pune. He is planning to sell out both the apartments and club the money earned to buy a bigger apartment in Pune. Both the old apartments are over 10-15 years old and are not under short term capital gains. What would be his liability to capital gains in case he decides to club the amount for purchase of a single property? I am aware that 1-1 purchase absolves you from paying any form of long term capital gains tax. How would it be for 2 to 1 purchase?
Two house sold, two house bought. What shall be exemption? ? taxworry.com

I don't think you can do that.
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Old 29th July 2012, 16:51   #213
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Thanks for the link.

Wow, never known of this. Quite strange.

Seen people selling more than one small houses and invest it back in a bigger one and its making more sense.

Nice govt, makes sure they can tax the common people in all means.
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Old 29th July 2012, 22:15   #214
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I have a coupon for Taxspanner worth Rs. 449.
Please PM in case someone needs to file last minute returns.
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Old 30th July 2012, 02:40   #215
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Hi everybody
My daughter's refund for assessment year 2008-2009 not received.
Wrote 2 letters to the AO of ward 18(3)(4) attaching photocopies of returns files,form 16A showing the TDS etc.No reply not even an acknowledgement.
How do I escalate and to whom at Piramal Chambers Lalbaugh Bombay?
Please reply at the earliest.
Thanks a lot and regards.
PS :Subsequent refunds recieved.
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Old 30th July 2012, 07:56   #216
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Gurus, I have been filing my returns (ITR2) since the online filing days. In the previous years, those who had income from housing had to use ITR2. Now I see that the ITR1 also has the provision to declare it. So, should I use ITR1 this year? Apart from housing income (actually a loss) I need to declare the interest from savings. These seem to be there in ITR1. So is this a change from previous years?


Also, I use the excel tool from the e-filing website. In this month itself, I have seen at least four versions of the forms(ITR2). The new version will have something broken. The latest one does not calculate the interest on the tax dues.
Thanks,
Bejoy
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Old 30th July 2012, 09:44   #217
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Folks,

Need a quick help. am filling ITR-4 (since i have regular income and car lease income courtesy car lease with spouse's employer). The car lease income is over 1.2L - do I need to give detailed P&L / BS or just fill in the numbers in the 'No Account Case' in P&L of ITR4. Many thanks for your time.
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Old 30th July 2012, 10:14   #218
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by bejoy View Post
Gurus, I have been filing my returns (ITR2) since the online filing days. In the previous years, those who had income from housing had to use ITR2. Now I see that the ITR1 also has the provision to declare it. So, should I use ITR1 this year? Apart from housing income (actually a loss) I need to declare the interest from savings. These seem to be there in ITR1. So is this a change from previous years?
ITR-1 to be filled for people with only one house property and saving account interest income, other than salary.

If you have more than one house property or any other sources of income, use ITR-2.

Rohan
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Old 30th July 2012, 10:42   #219
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Hi Gurus,

What can be claimed newly at the time of tax filing (without declaring to employers which means they don't appear in Form -16)
I know any items under 80C or 80D can be claimed at the time of filing tax returns without a need for Form 16 carrying the same information.

But can one claim things like HRA, LTA, Medical allowance without having the same accounted/shown as part of Form 16?

Query from many of my team members, pls help.
That means you have not submitted rent receipts to your employer and that's why its not shown in form 16.

From internet I read that this is possible provided you have HRA as part of salary.
During filing reruns you need to deduct the HRA amount from the Salary Income and the refund would be automatically processed.

But you need to have valid rent receipts/agreement with you, in case taxman
asks for clarifications.
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Old 30th July 2012, 10:57   #220
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Originally Posted by born_free View Post
That means you have not submitted rent receipts to your employer and that's why its not shown in form 16.

From internet I read that this is possible provided you have HRA as part of salary.
During filing reruns you need to deduct the HRA amount from the Salary Income and the refund would be automatically processed.

But you need to have valid rent receipts/agreement with you, in case taxman
asks for clarifications.
Yes. That's what I was looking for. Thanks.
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Old 30th July 2012, 11:07   #221
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Can anyone help me understand Tds from a employee point of view.Why do they deduct tax in this manner.Whats the minimum limit for the employer to deduct tds.And do i get the money deducted back to me or is it gone forever.I do get a tds certificate from my employer which is form 16A. Im a layman where all this is concerned.
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Old 30th July 2012, 20:19   #222
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by raycers_honda View Post
Can anyone help me understand Tds from a employee point of view.Why do they deduct tax in this manner.Whats the minimum limit for the employer to deduct tds.And do i get the money deducted back to me or is it gone forever.I do get a tds certificate from my employer which is form 16A. Im a layman where all this is concerned.
TDS means Tax deducted at Source. The government has certain rules around which is specifies that organizations need to deduct the tax from the employees salary and pay it to the government. The company pays the tax on your behalf to the government. This reduces hassles for the individuals to pay tax to the government at the end of the year. Most of it is gone to the government. You get it back in terms of infrastructure (roads), security (army, navy, airforce), susidies (in fuel). Form 16A shows how much your employers pays you, how much tax they have deducted over the year and paid the government.
Around this time you file something called 'Tax Returns' which calculates how much tax you should have paid to the government in the previous financial year and how much you have already paid the government. At the end, it shows if you owe the government more tax or the government owes you some money back.
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Old 30th July 2012, 20:24   #223
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by kmadhok View Post
TDS means Tax deducted at Source. The government has certain rules around which is specifies that organizations need to deduct the tax from the employees salary and pay it to the government. The company pays the tax on your behalf to the government. This reduces hassles for the individuals to pay tax to the government at the end of the year. Most of it is gone to the government. You get it back in terms of infrastructure (roads), security (army, navy, airforce), susidies (in fuel). Form 16A shows how much your employers pays you, how much tax they have deducted over the year and paid the government.
Around this time you file something called 'Tax Returns' which calculates how much tax you should have paid to the government in the previous financial year and how much you have already paid the government. At the end, it shows if you owe the government more tax or the government owes you some money back.

Well explained! Just that Form 16 and Form 16A are quite different. Form 16 is issued by an employer to an employee while Form 16A is issued for all other payments like Interest income, Professional receipts etc.
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Old 30th July 2012, 21:08   #224
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quick question, I had made some donations during the year, but have misplaced the receipts, while I can request duplicate ones, I need the PAN number of the organization to be able to claim the credit. If anyone else has made a donation to Oxfam India and PlanIndia and if you have their PAN number, I would really appreciate if you can PM those to me.
Another question, I did not submit any medical expense proofs to my firm. Is there anyway I can claim for the excemption while filing the returns?

Last edited by kmadhok : 30th July 2012 at 21:16. Reason: added another question
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Old 30th July 2012, 21:21   #225
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

I have one question regarding the filing of returns. I prepared the ITR 2 sheet today and got to know that I owe to pay taxes. But, IT dept. still have unprocessed refund for me from the previous returns. Now, should I need to pay the taxes along with filing the returns or should wait for any intimation from IT dept?
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