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Old 25th January 2013, 17:56   #301
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by mjothi View Post
Please consider the year the PF account was opened. Meaning, even if you have transferred from other employer, and stayed with this employer for 2 years, you need to consider the previous employers experience too.

provided, the PF was transfered from emp-1 to emp-2.

http://taxguru.in/income-tax/withdra...y-taxable.html
I had withdrawn PF in 2008 when I changed employment, so there was no carry forward.

Hence I don't complete 5 years.

However, the article you mentioned brings an interesting point to my notice.
It expects the EPF to cut TDS. Now, I am not sure if that has happened in my case. I checked IT department website and I don't see any TDS except my current employer.
So, should I wait for a month for EPF office to give me the certificate? How will they send it?
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Old 25th January 2013, 18:58   #302
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by S_U_N View Post
I had withdrawn PF in 2008 when I changed employment, so there was no carry forward.

Hence I don't complete 5 years.

However, the article you mentioned brings an interesting point to my notice.
It expects the EPF to cut TDS. Now, I am not sure if that has happened in my case. I checked IT department website and I don't see any TDS except my current employer.
So, should I wait for a month for EPF office to give me the certificate? How will they send it?
Seriously, its a pain to interact with this office.

Anyway, things are changing.

You can register in the below website, to get your epassbook.

http://members.epfoservices.in/

They have the records from 2010. I am not sure if they show the withdrawal and tax headings, but still worth trying it out.

Initially, it took almost a week or so for me to get the epassbook after registration. And I noticed a discrepancy in the amount credited for one of the month. I have already taken up with our finance, but without these transaction details, we never know whats happening in the other end.
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Old 26th January 2013, 09:34   #303
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by mjothi View Post

You can register in the below website, to get your epassbook.

http://members.epfoservices.in/

They have the records from 2010. I am not sure if they show the withdrawal and tax headings, but still worth trying it out.
I have already tried that.
I get invalid member ID when I try the "Download Epassbook" option. E-challan from May 2012 is required for the record to be available. In my case there was no transaction in 2012 (except the interest). So I did not expect that to work in my case.
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Old 28th January 2013, 17:34   #304
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

A Friend of mine is looking to buy a property (flat) and wants to know if he can claim stamp duty and registration for tax deduction? The SD & Reg will be paid next month (feb or at worst by march 15). The apartment is ready to occupy. Can he claim this as part of the 1 lac savings that is required?

We searched on the internet and there were confusing opinions on this.

Any expert advice on the above would be really helpful.
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Old 28th January 2013, 20:18   #305
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by veyron_head View Post
Any expert advice on the above would be really helpful.
The SD and registration charges are incurred in relation to your capital asset (Residential Flat in this case).

They will be allowed as a deduction only when you sell the flat and make some CAPITAL GAINS on the transaction.

As far as I know there are NO deeming provisions under Section 80C that allow stamp duty and registration charges as a deduction against your salary income.

PS: I am no expert. Just guiding you on the basis of what I have heard over the years. Please seek professional help.
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Old 10th February 2013, 14:28   #306
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Applying for a pan card, NSDL, i was asked to select the AO code. I am a Indian resident, residing with my father, in Jamshedpur. I am currently studying, without any source of income. What is my AO code? When i selected my city, i was given 16 options. I am confused. What does COMP I/L below 50000 mean? Please help.
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Old 11th February 2013, 00:11   #307
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Applying for a pan card, NSDL, i was asked to select the AO code. I am a Indian resident, residing with my father, in Jamshedpur. I am currently studying, without any source of income. What is my AO code? When i selected my city, i was given 16 options. I am confused. What does COMP I/L below 50000 mean? Please help.
Hi
AO means an assessing officer under whose jurisdiction your place comes.Since you are staing with your father and if has a pan card check out his AO.
Here is a link
https://www.tin-nsdl.com/pan/pan-aocode.php
Do see the home page too.You can opt for application through NSDL.
I am a layman so my knowledge is limited.
In Bombay they charge rs 140 to do all the paperwork.I am sure there would be some in Jamshedpur too.That is in case you want to go through them.
Hope this helps
Regards
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Old 12th March 2013, 11:06   #308
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

So, it is time to pay advance tax - deadline March 15 and I still have some unresolved query on the money I have received from EPF.

I have checked the Form 26AS and I do not see any TDS from any bank/ institute except from my current employer.
I managed to download e-Passbook from EPF website, but it says :since your account is closed, you need to contact the office for details.

Bottom line is, I managed to get fairly accurate breakup of:
1. Employee contribution
2. Employer contribution
3. Interest
4. Pension Fund

Now, based on some sites, such as this one, it seems

"...., payment received by the individual in respect of the employer's contribution along with the interest accrual thereon is taxed as "salary". Interest on the employee's contribution is taxable as "other income". Payment received in respect of the employee's own contribution is exempt from tax (to the extent not claimed as a deduction earlier)."

Can an expert comment please?
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Old 15th March 2013, 10:27   #309
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

I have recieved an intimation u/s 143 from CPC for my returns filed for AY2012-13 which has a demand notice attached. From the document I see that the self-assessment tax paid has not been considered. Also, I notice that the "major head" for the self-assessment tax in the intimation is different from that in Form 26AS, but there is no option to specify the same in the excel sheet used to generate the xml as part of filing returns.

Am I missing something in generating the xml file? Or this another way to correct this?

Regards,
Girish
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Old 15th March 2013, 11:19   #310
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by girishab View Post
I have recieved an intimation u/s 143 from CPC for my returns filed for AY2012-13 which has a demand notice attached. From the document I see that the self-assessment tax paid has not been considered. Also, I notice that the "major head" for the self-assessment tax in the intimation is different from that in Form 26AS, but there is no option to specify the same in the excel sheet used to generate the xml as part of filing returns.

Am I missing something in generating the xml file? Or this another way to correct this?

Regards,
Girish
Hi Girish

From your post it appears as if the IT department has erronously not considered the self assessment tax paid and claimed by you in your return. Therefore your intimation u/s 143 would be having a demand of tax.

In the above case, you would have to file a 'rectification request' after logging into your efiling account. The link for the same is available on the left hand side of the screen and is quite self explanatory. Your contention should be that the department (IT) has made a wrong assessment of your tax by not considering the self assessment tax. Once a 'rectification request' is submitted online, you would be getting an acknowledgement number. The IT department would consider your request and revise its assessment in case of a genuine error and would be sending you a revised order in due course. Once the online request is submitted, you can follow up on the status of your 'rectification request' by dialing the CPC Toll free number 1800 425 2229.

In have done gone through the above process in my case and the total response time in my case (from filing rectification to revised assessment order being received) was around 4 months.

Hope this resolves your query.

Regards
Rajeev
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Old 15th March 2013, 11:33   #311
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by girishab View Post
I have recieved an intimation u/s 143 from CPC for my returns filed for AY2012-13 which has a demand notice attached. From the document I see that the self-assessment tax paid has not been considered. Also, I notice that the "major head" for the self-assessment tax in the intimation is different from that in Form 26AS, but there is no option to specify the same in the excel sheet used to generate the xml as part of filing returns.

Am I missing something in generating the xml file? Or this another way to correct this?

Regards,
Girish
What is this "Major Head"? I guess you need to check the "Schedule IT""

Are you sure you click on the compute/validate button in every sheet when you update?

You can input the sef-assesment tax information in the excel sheet in the worksheet (or tab) IT. You can enter both the Advance Tax & Self-Assesment tax in this sheet.
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Old 15th March 2013, 16:25   #312
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by S_U_N View Post
So, it is time to pay advance tax - deadline March 15 and I still have some unresolved query on the money I have received from EPF.

I have checked the Form 26AS and I do not see any TDS from any bank/ institute except from my current employer.
I managed to download e-Passbook from EPF website, but it says :since your account is closed, you need to contact the office for details.
Well I would like to clarify only the highlighted part in your query.

It is very much possible, if any authority or DDO (Direct Disbursing Officer) deducts TDS on any amount paid by him without a valid PAN. Until he submits the amount of TDS along with your PAN (PAN of the deductee) in the quarterly return submitted by him, it will not reflect in your 26AS.

I faced a similar issue last year with FD of my mother in SBI. The bank had deducted TDS in spite of submission of 15H. While 2 transactions were appearing in 26AS another 2 were not appearing. On enquiry I came to know that the bank did not update the PAN against the last 2 FD and so the TDS deducted was not appearing in Form 26AS.
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Old 16th March 2013, 14:18   #313
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by Sommos View Post
Well I would like to clarify only the highlighted part in your query.

It is very much possible, if any authority or DDO (Direct Disbursing Officer) deducts TDS on any amount paid by him without a valid PAN. Until he submits the amount of TDS along with your PAN (PAN of the deductee) in the quarterly return submitted by him, it will not reflect in your 26AS.

I faced a similar issue last year with FD of my mother in SBI. The bank had deducted TDS in spite of submission of 15H. While 2 transactions were appearing in 26AS another 2 were not appearing. On enquiry I came to know that the bank did not update the PAN against the last 2 FD and so the TDS deducted was not appearing in Form 26AS.
Thanks for this tip. I have initiated my communication with the EPFO. Hope they give me some hard copy document for reference.
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Old 16th March 2013, 16:25   #314
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Thanks for this tip. I have initiated my communication with the EPFO. Hope they give me some hard copy document for reference.
You are welcome and hope your confusion is resolved at the earliest.

But I doubt that the EPFO have deducted any TDS, though I'm no expert in this area. The onus of declaration is on the individual.
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Old 20th March 2013, 17:48   #315
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

I missed the deadline for submitting proofs at my office for claiming income tax rebate. Now due to this, some excess tax is going to be deducted from my salary this month. What's the procedure to claim the refund and where do I submit the proofs now since the finance department at my workplace says it cannot do anything from it's end.
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