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Old 1st August 2012, 11:38   #241
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by sgiitk View Post
A colleague with an income in excess of 10L filed a paper application yesterday which was accepted.

What should he do now? e-file or sleep over it.
Not sure if its applicable in your colleagues case , but you can file revised return online.
There is a place in excel where you can mention old return while filing revised return.

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Old 1st August 2012, 12:17   #242
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

This thread is generating lot of activity now - lot of last minute work happening.

Those using online services such as Taxspanner, taxsmile, taxshax, et. al., should put in short reviews of their experience.
With DTC coming in next year, there might be gray areas again and some of us will need to get help through these sites one more time.
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Old 1st August 2012, 14:22   #243
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Quote:
Originally Posted by sgiitk
A colleague with an income in excess of 10L filed a paper application yesterday which was accepted.

What should he do now? e-file or sleep over it.
He can file a revision online.
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Old 1st August 2012, 21:45   #244
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Quote:
Originally Posted by Jaguar

I had switched jobs and withdrew my PF last year. Didn't show the PF in ITR. I am not sure if that is the right approach, but the filing was done by a tax consultant in the office.
I think there are subsections under section 10 to address these receipts. Read section 10.

Quote:
Originally Posted by Su-47
This years ITR-2 has a section to declare foreign assets.

I understand that a lot of US-MNCs grant stocks to employees in India (stock-grants and/or stock-purchase via salary deductions). Does one need to declare these as foreign assets?

Cheers,
Su-47
I checked on this today and was informed that the options only need to be disclosed if actually exercised. Just having options, even if vested, don't constitute an asset.

Quote:
Originally Posted by phamilyman
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.
I would think that you should fill in the amount under the 'no accounts maintained' area. Hope you will remember to claim depreciation on the car.

Quote:
Originally Posted by Wheeliej

I would think that you should fill in the amount under the 'no accounts maintained' area. Hope you will remember to claim depreciation on the car.
You can also claim the maintenance costs for the car if you have retained the bills. Sorry mods for the multiple posts. Just remembered.

Last edited by benbsb29 : 2nd August 2012 at 10:59. Reason: Merging back-to-back posts. Plz use the Multi-Quote button to reply to more than one post at a time.
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Old 1st August 2012, 22:41   #245
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by Wheeliej View Post
I checked on this today and was informed that the options only need to be disclosed if actually exercised. Just having options, even if vested, don't constitute an asset.
Thanks, this is good information. When you say exercised, do you mean "exercising the option to buy them at the option price" or "exercise and sell"? If it is the former, it makes sense. In the latter case, one doesn't own anything and the income is anyway reported.

Extending this logic further, I would think that ESPP and vested RSUs would be considered as foreign assets. Can you please check this with your source?

Thanks,
Su-47
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Old 2nd August 2012, 21:37   #246
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Quote:
Originally Posted by Su-47

Thanks, this is good information. When you say exercised, do you mean "exercising the option to buy them at the option price" or "exercise and sell"? If it is the former, it makes sense. In the latter case, one doesn't own anything and the income is anyway reported.

Extending this logic further, I would think that ESPP and vested RSUs would be considered as foreign assets. Can you please check this with your source?

Thanks,
Su-47
Hi, exercise would mean buying them at the option price. If there is a difference between the purchase price and the Market value, then that would form the perquisite value.

I will check and revert. What is the full form of ESPP?
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Old 3rd August 2012, 11:39   #247
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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I will check and revert. What is the full form of ESPP?
ESPP= Employee Stock Purchase Plan. Usually an optional plan, where the employee can opt for payroll deductions for a %-age of salary, and the accumulated sum over a period of some months (say six) is used to buy company stock at some discount to the prevailing market price.

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Old 3rd August 2012, 22:20   #248
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Quote:
Originally Posted by Su-47
ESPP= Employee Stock Purchase Plan. Usually an optional plan, where the employee can opt for payroll deductions for a %-age of salary, and the accumulated sum over a period of some months (say six) is used to buy company stock at some discount to the prevailing market price.

Thanks,
Su-47
Hi, I would think it would be the same. Every month when the payroll deduction happens, the difference between the Market price and purchase price, ie the discount, will be the perquisite value subject to tax.

With RSUs too, when any payment is made towards acquiring them, that's when it becomes taxable, and an asset.

Hope this helps.
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Old 4th August 2012, 09:51   #249
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Hey guys..last month received a mail that my refund cheque for 2011-12 has been dispatched. Checked the NSDL site, cheque had reached my old city and now returned back since I moved to Hyderabad.

Contacted CDC, they asked to make a 143 request in their website on the re-issue of cheque to new address.

Did the same, got an acknowledgement that the submission was successful. Waited for a couple of weeks, as told by CDC. Returned to the website to check the status, but none shown. Called back CDC to check if my rectification is active, but got a IVR response that none has been received.

Now, what should I do? What are my other options?
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Old 9th August 2012, 16:45   #250
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by Wheeliej View Post
With RSUs too, when any payment is made towards acquiring them, that's when it becomes taxable, and an asset.
I think the value of the portfolio becomes the value of the asset here irrespective of what was the price you acquired for.

And you should show the portfolio value in INR, I believe.

Right?
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Old 15th August 2012, 09:27   #251
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by dre@ms View Post
Hey guys..last month received a mail that my refund cheque for 2011-12 has been dispatched. Checked the NSDL site, cheque had reached my old city and now returned back since I moved to Hyderabad.

Contacted CDC, they asked to make a 143 request in their website on the re-issue of cheque to new address.

Did the same, got an acknowledgement that the submission was successful. Waited for a couple of weeks, as told by CDC. Returned to the website to check the status, but none shown. Called back CDC to check if my rectification is active, but got a IVR response that none has been received.

Now, what should I do? What are my other options?
Before talking about your refund, what address have you mentioned in the return, also to which address is your PAN card registered to? It is recommended that you get the address changed to your new address, so that your case is handled by an AO in the current city. Also in case an assessment order is passed correspondence will be easier if your AO is in the same city.

With regards to the refund, contact CPC Bangalore helpline. If that does not work, write an application to your present AO in duplicate and take his acknowledgement on the same. Besides if you have been entitled to a refund then would've received from your a letter stating that your assessment is over, the computation of your income and stating the amount of refund. Get hold of this letter.
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Old 15th August 2012, 11:55   #252
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by Bookkeeper View Post
Before talking about your refund, what address have you mentioned in the return, also to which address is your PAN card registered to? It is recommended that you get the address changed to your new address, so that your case is handled by an AO in the current city. Also in case an assessment order is passed correspondence will be easier if your AO is in the same city.

With regards to the refund, contact CPC Bangalore helpline. If that does not work, write an application to your present AO in duplicate and take his acknowledgement on the same. Besides if you have been entitled to a refund then would've received from your a letter stating that your assessment is over, the computation of your income and stating the amount of refund. Get hold of this letter.
My PAN is having chennai address. Now I have moved to Hyderabad. The cheque was sent to my old address and returned. Contacted CPC, they asked to make a service request. Did so, but it doesnt get reflected in their records. Tried with IE too with same result.
CPC then gave a suggestion to change the address in PAN and then they can re-issue my cheque to that address, for which the request can be taken verbally.
Made online request now for my PAN, sending the details to them through speedpost tomorrow. Hope everything gets streamlined.
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Old 16th August 2012, 12:25   #253
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

A different question this time.

For those working in private sector, is your employer offering you an option to participate in National Pension Scheme (NPS).

Key points:

Amount invested is completed tax free, restricted to 10% of basic.

So, basically if you fall under 30% bracket, you could save 30K if you invest Rs. 1 lac from salary income.

There are six fund manager options and three asset allocation options as well.

If you change employer, you need to either find another who offers this benefit, or continue with deposits on your own or withdraw (paying tax) at 80% annuity.

Fund charges are much less compared to Mutual Funds (though I don't know for sure how much is the MF charge).


Any comments?
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Old 16th August 2012, 15:11   #254
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

I filed all my family's returns around July 8 and mailed out the ITRVs on the 16th. On the 31st I got five sms'es accepting the ITRVs. However, I am still to get the e-mails to this effect. Is this a new procedure this year, sms and no e-mail?
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Old 16th August 2012, 15:54   #255
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by sgiitk View Post
I filed all my family's returns around July 8 and mailed out the ITRVs on the 16th. On the 31st I got five sms'es accepting the ITRVs. However, I am still to get the e-mails to this effect. Is this a new procedure this year, sms and no e-mail?
Did you check your spam folder by any chance? Are sure the email ID on your IT profile is the one that you check for the IT mails?
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