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Old 20th December 2012, 11:47   #271
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Any way of getting the tax assessment order. Out of five of our returns four have been assessed. However, the e-mails with the order never came.

How does one get the order?
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Old 20th December 2012, 13:54   #272
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If you did not receive a notice for assessment from the Dept.within one year of filing the RoI, then the acknowledgement that you received at the time of return filing, is as good as the assessment order.
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Old 20th December 2012, 15:53   #273
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Quote:
Originally Posted by akshay380 View Post
Hey guys,

Need small help. We want to sell one of our flats and then use a part of it to buy another flat after few months. Some of this amount will be used for other expenditure.

My question is, for how long we can keep this amount with us without paying income tax over it? I went to section 54 but did not understand much. http://www.vakilno1.com/bareacts/incometaxact/s54.htm

Thanks in advance.
It says, that you can avail the benefit if

1. You are a individual or a HUF.
2. You have held the flat for minimum 36 months.
3. You buy a residential place one year before to two years after the sale date.
4. You do not sell the new residential place for another 36 months.

The amount of benefit is lesser of the two
1. Indexed capital gain if new house is bought at higher price than indexed capital gain.
2. Price of new house, if the indexed capital gain is less than price.

The rest of the section talks about where you can keep money while you pay for the new house. Do you have any specific questions you want to ask.
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Old 20th December 2012, 21:33   #274
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Hi everybody
Need some urgent clarification.Please help.
My daughters refund for assessment year 2008-2009 not received.
I have submitted form 16 A with everything else at the time of filing returns.Subsequently have written to them again enclosing all papers.
There seems to be a discrepancy.The ITO is asking for 26 AS which is not available with the me as an assessee.It is between the deductor and the goverment.
My question:Are they justified in asking for 26 as?How to sort out?
Thanks a lot
Regards
PS:Yesterday received refund for this year.
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Old 20th December 2012, 23:05   #275
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Quote:
Originally Posted by faustus77 View Post

The ITO is asking for 26 AS which is not available with the me as an assessee. It is between the deductor and the goverment.

My question:Are they justified in asking for 26 as?How to sort out?
Form 26AS is available on the Income Tax e-filing website. Please log-in to the e-filing website using your PAN and you will see the link on the left.

Hope this helps.

Cheers!

Last edited by lapsi : 20th December 2012 at 23:17.
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Old 23rd December 2012, 18:08   #276
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Originally Posted by lapsi View Post
Form 26AS is available on the Income Tax e-filing website. Please log-in to the e-filing website using your PAN and you will see the link on the left.

Hope this helps.

Cheers!
Lapsi
Hi
Thanks your response.
As I have mentioned the refund relates to assessment year 2008-2009.
At that time there was no way to see our credit online.This was introduced subsequently.
I spoke to the ITO and according to him there is no credit.
Now they are asking me to submit a proof that the tax is deducted and deposited under my pan no.For me to do that is not easy.
My query is whether an ITO can ask an assesse to prove or is the onus on them.
They have not officially written or responded in any way.
Definitely in my interest to get the money,no doubt about that.
Regards
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Old 23rd December 2012, 18:41   #277
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Quote:
Originally Posted by faustus77 View Post

Now they are asking me to submit a proof that the tax is deducted and deposited under my pan no. For me to do that is not easy.

My query is whether an ITO can ask an assesse to prove or is the onus on them.
Well, you can check now to see it you have received credit for that year. If you have not received credit, you will have to submit a copy of the TDS certificate. Once you have the TDS certificate, it will be ok if the credit is not visible in the Form 26AS.

Yes, you will have to prove that your tax was deducted and that you are entitled to a refund.

You can email me at my username at icai.org
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Old 24th December 2012, 00:10   #278
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Quote:
Originally Posted by lapsi View Post
Well, you can check now to see it you have received credit for that year. If you have not received credit, you will have to submit a copy of the TDS certificate. Once you have the TDS certificate, it will be ok if the credit is not visible in the Form 26AS.

Yes, you will have to prove that your tax was deducted and that you are entitled to a refund.

You can email me at my username at icai.org
Lapsi
Thanks your response.
Noted your e-mail id.
I have submitted form 16 A which shows that the tax has been deducted.Isnt that enough?
Thanks once again
Regards
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Old 24th December 2012, 11:18   #279
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Originally Posted by faustus77 View Post
Lapsi

I have submitted form 16 A which shows that the tax has been deducted. Isnt that enough?
Yes. That should be enough.

You will need to escalate. Talk to the concerned staff that you will file a grievance. Write a letter stating facts to the ITO and copy it to his Commissioner. Wait for a few days and file an application under RTI.

You could also contact the person who deducted the TDS and inform him that the TDS deducted by him is not visible in your account and that he should correct any mistake made by him in filing his TDS Return.
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Old 24th December 2012, 23:33   #280
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Lapsi
Hi
Thanks a lot for your guidance.
I called up the deductor and they have asked me to call after 2/3 days.The old accountant has left.
Will wait until I talk to the new accountant and then decide which way to talk to the ITO.
Thanks a lot once again.
Regards
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Old 25th December 2012, 00:17   #281
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Quote:
Originally Posted by faustus77 View Post
Lapsi
Hi
Thanks a lot for your guidance.
I called up the deductor and they have asked me to call after 2/3 days.The old accountant has left.
Will wait until I talk to the new accountant and then decide which way to talk to the ITO.
Thanks a lot once again.
Regards
You are welcome.

I hope you have checked your Form 26AS to confirm that the credit is not visible in your account. Also check the PAN stated on the TDS certificate.

It is possible that the Deductor had made a mistake in the TDS return filed by him, e.g. stated a wrong PAN etc.

Any mistake in a TDS Return filed electronically can be rectified by filing a correction statement. Once he files the correction statement, the TDS amount will become visible in your Form 26AS of that A. Y. within 2 - 3 days.

Cheers!

Last edited by lapsi : 25th December 2012 at 00:19.
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Old 3rd January 2013, 16:23   #282
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I've a query regarding HRA. I joined my current employer towards the end of May 2012. I did not work during April and most of May 2012. Now, my company is asking for the rent/receipts that I paid (and will be paying) ONLY for the employment duration. Since I paid rent, whether employed or not, I should be getting the tax deduction for rent paid for the whole financial year. Am I correct?
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Old 5th January 2013, 00:46   #283
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Lapsi
Hi.
On first of January I received a part of refund(there were 2 16 As,I received refund for one of them)The amount with some interest was credited directly in my daughters account.
To that extent the problem,thanks to your guidance,is solved.Now I have to worry about the balance.
I believe the interest calculated on the refund received is way too less.Earlier it used be 9%.What is the current rate of interest on overdue refund?
Once again thanks a lot
Regards
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Old 5th January 2013, 07:30   #284
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by sa_kiran View Post
I've a query regarding HRA. I joined my current employer towards the end of May 2012. I did not work during April and most of May 2012. Now, my company is asking for the rent/receipts that I paid (and will be paying) ONLY for the employment duration. Since I paid rent, whether employed or not, I should be getting the tax deduction for rent paid for the whole financial year. Am I correct?
Technically yes. Since companies provide Form-16 for the duration of your employment, they do not encourage any investment / expense proof beyond this. You can still claim this when you are filling in the Saral forms.
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Old 5th January 2013, 15:28   #285
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

I have an S corp in the US which is taxed in the US and I ocassionally wire money to my accounts in India so that money is getting taxed twice. Is there any way around this? Should I set up an LLC in the US and run the funds thru that so that the money won't be taxed there (w8 ben)?

Or any way to set up an Indian subsidiary that won't be taxable? The income is earned completely offshore/outside India.
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