Go Back   Team-BHP > Around the Corner > Shifting gears


Reply
 
Thread Tools Search this Thread
Old 12th March 2010, 10:36   #16
BANNED
 
Join Date: Oct 2009
Location: New Delhi
Posts: 362
Thanked: 63 Times
Default

I am waiting for refund since last two years for assesment year 2006-07.
My CA say they will do next as they are busy doing this and that and story is going on since last one and half year.
Refund is not a small amount but more than couple of lakh.
What should I do to get it earliest as I have already closed the business and waiting for refund to close the company.
jacksons is offline   Reply With Quote
Old 12th March 2010, 11:25   #17
BHPian
 
rohan_iitr's Avatar
 
Join Date: Feb 2009
Location: Bangalore
Posts: 992
Thanked: 401 Times
Default

Quote:
Originally Posted by benbsb29 View Post
I was pleasantly surprised when my wife received a cheque from the IT department for the tax refund for FY 2008-09. The cheque is valid for 90 days, and issued for an SBI account.

The refund for FY 2007-08 has still not come, and so i am surprised that they sent the refund for 2008-09.
Are you sure that the refund is for Financial Year 08-09, not Assessment Year 08-09 ? Please do check it again.

I recently received my refund for Assessment Year 08-09 (meaning Financial year 07-08).

It is highly unlikely that IT Dept would start giving refunds for FY 08-09 when refunds for FY 07-08 are still pending.

Rohan
rohan_iitr is offline   Reply With Quote
Old 12th March 2010, 11:30   #18
Senior - BHPian
 
DCEite's Avatar
 
Join Date: Sep 2004
Location: NCR
Posts: 3,022
Thanked: 454 Times
Default

I worked for two employers during this financial year. When i moved from company A to company B in July 2010, i could not submit the "previous employer income" (form 12b ?) to my current employer B. So my current employer calculates tax assuming my previous employer income to be NIL. I was thinking that at the time of filing my returns, i would obtain a form 16 from company A and the CA will do tax calulation according to both form 16s (A and B) and i can pay Advance Tax Challan if any and attach it with ITR. Is that okay ?
DCEite is offline   Reply With Quote
Old 12th March 2010, 11:37   #19
Senior - BHPian
 
Join Date: Dec 2006
Location: pune
Posts: 1,178
Thanked: 450 Times
Default

Quote:
Originally Posted by khan_sultan View Post
Yesterday I got this email from NDSL. Has anyone else also got it and is this genuine? I do submit my IT returns online (through an IT advisory firm) so don't know what to make out of this.

If this is genuine, what is this meant for?

NOTE the from email address is: 26ASauto-reg [at] nsdl.co.in
Looks genuine, have received similar email more than a month back. My guess is that those persons who have stated email address while filling IT returns would have received such email.

This registration one to know TDS payments in current financial year in online format known as 26AS. Previously, one used to get such report via email & email used to get generated late mostly after June/July. Now, in online form, one can check TDS payment acknowledgment even during financial year.

Quote:
I was thinking that at the time of filing my returns, i would obtain a form 16 from company A and the CA will do tax calulation according to both form 16s (A and B) and i can pay Advance Tax Challan if any and attach it with ITR. Is that okay ?
@ DCEite: It would be better to calculate total tax liability now and pay advance tax challan before 15th march itself.

Last edited by sukiwa : 12th March 2010 at 11:40. Reason: added response for DCEite's query
sukiwa is offline   Reply With Quote
Old 13th March 2010, 01:22   #20
BHPian
 
Ketan's Avatar
 
Join Date: Sep 2005
Location: Bangalore
Posts: 827
Thanked: 160 Times
Default

Guys,

I have not filed my IT return for this year (I guess the last date for those who doesnt have to pay anything was around January 2010).
Can someone tell me if I can still file my returns?
Ketan is offline   Reply With Quote
Old 13th March 2010, 13:35   #21
Senior - BHPian
 
Rahulkool's Avatar
 
Join Date: Oct 2007
Location: Chennai
Posts: 1,257
Thanked: 504 Times
Default

I have not received refunds for last 2 years :( , anyone knows how to go about it ? I have filled online both years.
Rahulkool is offline   Reply With Quote
Old 13th March 2010, 14:03   #22
mkh
Senior - BHPian
 
Join Date: Oct 2009
Location: Bangalore
Posts: 1,071
Thanked: 107 Times
Default

My wife has been receiving refunds for each year since the last 5 years now. The refund for the Financial year 2008-2009 for which the return was filed in June 2009 is pending. We get the refund in Oct of the next year and with the interest. The last we got was in Oct2009 for return filed in June 2008.
There are CA's who will get you a refund, taking some small amount, about 10%. I have not used any such people, but some of my colleagues did whose refunds were stuck
Refunds come as ECS now and not in cheques
They must get streamlined, and give by about 6 months like in any other country. Its only a few who pay tax anyways honestly- give them their due else more and more will be encouraged to steal tax!
mkh is offline   Reply With Quote
Old 13th March 2010, 16:37   #23
BHPian
 
Ketan's Avatar
 
Join Date: Sep 2005
Location: Bangalore
Posts: 827
Thanked: 160 Times
Default

Quote:
Originally Posted by Ketan View Post
Guys,

I have not filed my IT return for this year (I guess the last date for those who doesnt have to pay anything was around January 2010).
Can someone tell me if I can still file my returns?
Anyone has got any idea about this? any CA around who can advise!
Ketan is offline   Reply With Quote
Old 13th March 2010, 17:28   #24
BHPian
 
nkapoor777's Avatar
 
Join Date: Nov 2006
Location: New Delhi
Posts: 580
Thanked: 84 Times
Default

Quote:
Originally Posted by Ketan View Post
Anyone has got any idea about this? any CA around who can advise!
@Ketan: If you are talking about AY 2009-2010, then you have time till March 31, 2010 to file your return without any penalty.
nkapoor777 is offline   Reply With Quote
Old 13th March 2010, 19:52   #25
BHPian
 
Ketan's Avatar
 
Join Date: Sep 2005
Location: Bangalore
Posts: 827
Thanked: 160 Times
Default

^ Thank you Nitin,
yes, I'm talking about 2009-2010. I will check the online (e-filing) site or find out some CA who can help me do this now.
Ketan is offline   Reply With Quote
Old 13th March 2010, 21:28   #26
BANNED
 
Join Date: Jan 2007
Location: NAMMA BENGALURU
Posts: 5,613
Thanked: 2,454 Times
Default

Follow the below link to check the Refund status.

http://www.tin.nsdl.com/

1. Click on Status of Tax refunds, it will open another window.

2. Enter your PAN number, and select the year for which you are looking for REFUND.

It will give you information on the progress.
PAVAN KADAM is offline   Reply With Quote
Old 25th March 2010, 22:59   #27
Senior - BHPian
 
clevermax's Avatar
 
Join Date: Jun 2006
Location: Tvm/Amsterdam
Posts: 1,573
Thanked: 364 Times
Default

I've been getting an automatic mail from incometaxindiaefiling.gov.in saying that they have still nor received my ITR-V form, despite me sending it by normal post few months ago to their bangalore CPC (Central Processing Center).

Subject line of the email is

Subject: Non - Receipt of ITR-V at Income Tax Department-CPC, Bangalore - your case - Reg

I just wanted to ask whether it is my specific case, or is it that everyone is getting this mailer from incometaxindiaefiling. They have asked in the mail to send it by Mar-31-2010.

Last edited by clevermax : 25th March 2010 at 23:01.
clevermax is offline   Reply With Quote
Old 9th July 2010, 13:07   #28
Senior - BHPian
 
Join Date: Jun 2007
Location: Kochi
Posts: 2,147
Thanked: 142 Times
Default

Asking on behalf of one of my staffers.

1. He failed to submit returns for FY 2008-09. He does not have any tax liability; but the Gross income is around 1.85 Lakh.Net salary after eligible deductions is below 1.1 Lakh. Will he attract any liability if he files returns now? Which form should he use? (ITR 1 for that year? Or should he used the ITR1 for this year, if it has changed, with appropriate corrections for the accounting year?)

The problem has arisen here because he received some salary in arrears, his gross income would have been below the taxable limit but for the arrears.

2. How is HRA computed for him? His HRA per month is 600; actual rent paid is 3000. I have advised that only actual HRA (Rs. 600 PM) is eligible. Can somebody please confirm that I am correct?
BaCkSeAtDrIVeR is offline   Reply With Quote
Old 9th July 2010, 13:33   #29
Senior - BHPian
 
vnabhi's Avatar
 
Join Date: May 2007
Location: DC -> DC
Posts: 5,257
Thanked: 1,230 Times
Default

Quote:
Originally Posted by clevermax View Post
I've been getting an automatic mail from incometaxindiaefiling.gov.in saying that they have still nor received my ITR-V form, despite me sending it by normal post few months ago to their bangalore CPC (Central Processing Center).

Subject line of the email is

Subject: Non - Receipt of ITR-V at Income Tax Department-CPC, Bangalore - your case - Reg

I just wanted to ask whether it is my specific case, or is it that everyone is getting this mailer from incometaxindiaefiling. They have asked in the mail to send it by Mar-31-2010.
Sorry, I got to see this only now. It looks like your return did not reach them. I sent mine for last year and also this year by ordinary post to their Bangalore address after filing online, and I got their acknowldging email in around 3 weeks.
vnabhi is offline   Reply With Quote
Old 9th July 2010, 13:55   #30
BHPian
 
Join Date: Oct 2009
Location: Noida
Posts: 178
Thanked: 13 Times
Default

Quote:
Originally Posted by khan_sultan View Post
Yesterday I got this email from NDSL. Has anyone else also got it and is this genuine? I do submit my IT returns online (through an IT advisory firm) so don't know what to make out of this.

If this is genuine, what is this meant for?

NOTE the from email address is: 26ASauto-reg [at] nsdl.co.in
Yes it is genuine

Quote:
Originally Posted by BaCkSeAtDrIVeR View Post
Asking on behalf of one of my staffers.

1. He failed to submit returns for FY 2008-09. He does not have any tax liability; but the Gross income is around 1.85 Lakh.Net salary after eligible deductions is below 1.1 Lakh. Will he attract any liability if he files returns now? Which form should he use? (ITR 1 for that year? Or should he used the ITR1 for this year, if it has changed, with appropriate corrections for the accounting year?)

The problem has arisen here because he received some salary in arrears, his gross income would have been below the taxable limit but for the arrears.

2. How is HRA computed for him? His HRA per month is 600; actual rent paid is 3000. I have advised that only actual HRA (Rs. 600 PM) is eligible. Can somebody please confirm that I am correct?
If his taxable income is greater than 1.6L for FY 2009-10, he may just file the returns for the said period. He has to use ITR-1 provided he is a salaried individual.

BTW in which FY did he receive the arrears?

HRA exemption is computed as below:

Actual HRA
50% of Basic Salary if he resides in a Metro city else 40% of Basic Salary
Actual House Rent - 10% of Basic Salary

The least of the above three is exempted. Hope it helps.
sheetumanu is offline   Reply With Quote
Reply

« Recession Again ? | - »

Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
Tax on Tax? Road tax should be calculated on ex-factory price (not ex-showroom)! SILVERWOOD The Indian Car Scene 88 30th July 2017 12:39
Luxury cars outnumber tax-paying millionaires! Income tax evasion? Nav-i-gator Shifting gears 26 7th May 2016 09:35
Govt. to remove income tax exemptions and deductions. Please comment against it..... satish_appasani Shifting gears 15 15th May 2007 21:13
Road tax or income tax? SLK The Indian Car Scene 6 5th October 2004 14:52


All times are GMT +5.5. The time now is 06:06.

Copyright 2000 - 2017, Team-BHP.com
Proudly powered by E2E Networks