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Old 20th March 2013, 18:15   #316
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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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.
Oh boy!! That's sad. The refund process takes quite sometime but then the process has been streamlined a bit now.

All you need to do is file your IT Return in the appropriate form along with exact details of your Bank Account (A/c No, MICR Code etc.,). This can be done online. Once the assessment is complete your refund orders will be made available to you via mail/ online portal, followed by the credit to your bank account.

Last edited by Warwithwheels : 20th March 2013 at 18:17.
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Old 20th March 2013, 19:20   #317
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Oh boy!! That's sad. The refund process takes quite sometime but then the process has been streamlined a bit now.
I recently read that Govt. have been sitting on refunds for almost 4 years now, silently. The article was mentioning about the interest revenue Govt. was getting due to this.

But anyway, we have no options. We need to "FILE" and "WAIT".
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Old 20th March 2013, 19:27   #318
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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I recently read that Govt. have been sitting on refunds for almost 4 years now, silently. The article was mentioning about the interest revenue Govt. was getting due to this.
It is also pertinent to note that in many cases, the Govt. is supposed to refund the tax money along with interest which would go on to nullify the interest revenue earned on that idle money!
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Old 21st March 2013, 18:34   #319
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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It is also pertinent to note that in many cases, the Govt. is supposed to refund the tax money along with interest which would go on to nullify the interest revenue earned on that idle money!
It is also worthy to note that last year government didn't return majority of the refunds, citing some or the other excuses. Such as income tax pending for any past year(even though one has paid the income tax), those who didn't contest, government got their money. There have been several stories on this adventure of income tax department. Will search and share stories soon.
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Old 23rd March 2013, 18:14   #320
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Hi everybody.
A couple of days back read on a website that the Delhi high court has given a judgement that it is the assessing officer's responsibility in case there is a discrepancy in 26 AS TDS statement.
This particular piece is dated 16th march at 14.09 hours.So the judgement would be around that time.
Since I was on a driving trip to Delhi and back i have been out of touch with the newspapers.Has anybody read it?If yes please give the link.
As posted by me earlier my daughters refund for AY 2008/2009 is stuck because of such a discrepancry.
Incidentally the interest on refund is .5% per month from the date the returns are filed.So on effect the government starts taking your money from April onwards and gives you the interest after more than 15 months.And if there is a discrepancy in your filing then the date from which the interest is calculated is the date when you file the revised return.
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Old 16th June 2013, 12:53   #321
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Default Maintenance costs deducted while calculating LTCG

A close frined's father recently sold his house bought in 1989 for 113000 for 25 Lacs. He had done modifications worth 3 Lacs in 2011 and 6.5 Lacs in 2012.
Being a DIY type of guy he wants to calculate his LTCG tax liabilities himself and hence probing me for the rules and hence this post.
Can he include gram panchayat taxes and monthly maintenance expenses as deductibles for calculating his LTCG tax liability? He is not keen on reinvesting in another flat and rather looking for tax saving schemes. ANy advices for him?
My friend has settled abroad and hence I have to help him out on this.
Rgds.
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Old 17th June 2013, 17:01   #322
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Guys I have already made my filing and IT department has also acknowledged my ITR-V
Heard from a friend that we can show the medical bills spent on our dependents. Is that true. Like my wife had a minor surgery which was covered by my office insurance. My son's vaccination. Can these be claimed. If yes, iin which section. BTW, these are not showed to my office and so the Form 16 wouldnt reflect them.
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Old 17th June 2013, 17:15   #323
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by mjothi View Post
I recently read that Govt. have been sitting on refunds for almost 4 years now, silently. The article was mentioning about the interest revenue Govt. was getting due to this.

But anyway, we have no options. We need to "FILE" and "WAIT".
Quote:
Originally Posted by tanwaramit View Post
It is also worthy to note that last year government didn't return majority of the refunds, citing some or the other excuses. Such as income tax pending for any past year(even though one has paid the income tax), those who didn't contest, government got their money. There have been several stories on this adventure of income tax department. Will search and share stories soon.
This I think is under strict orders from the highest levels in the ministry to ensure there is no drop in net collections on account of refunds ( all though I fail to understand how refunds to the salaries class would move the needle much ). I invariably have refunds in every filing due to Section 80G donations or Home loan interest > Rs1.5 lakhs. For AY 2011-12 I hadnt received the refund and hence filed an RTI application 2 months back. Got a response in a month's time that my refund was adjusted against some past year's claim ! Went to meet the AO and figured out that they had done all my calculations wrongly and assumed I had filed my returns incorrectly. However they were reasonably prompt ( by Govt office standards ) to rectify their error and triggered a refund cheque.

Did you know that in this age of electronic transfers ( and depsite the IT dept asking for details for electronic transfer in EVERY SARAL FORM ), they have some strange ( and convenient rule ) that any refund > Rs25000 needs to go by cheque !! So they sent my cheque around May 2nd week and since I was not at home it was returned undelivered on May 15th. Till today the AO in Chennai is clueless how long it will take for this to trigger a fresh issuance. So they have asked me to keep visiting them every week !

Why cant they privatise this as well like what was done to the Passport office !
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Old 17th June 2013, 22:37   #324
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

How much do we pay an auditor if we have to get our returns audited & filed under ITR4 (covering section 44AD - to declare profit/loss from business if you are trading F&O)?

I got quotes of 10K to 999 online with no clear explanation.

Anyone here is getting their books audited & filing using ITR4? If so, how much do you pay?
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Old 18th June 2013, 07:03   #325
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Originally Posted by null View Post
How much do we pay an auditor if we have to get our returns audited & filed under ITR4 (covering section 44AD - to declare profit/loss from business if you are trading F&O)?

I got quotes of 10K to 999 online with no clear explanation.

Anyone here is getting their books audited & filing using ITR4? If so, how much do you pay?
A first class auditor will charge around Rs 15k. He will help you make your books of accounts by entering all your receipts and expenses using tally software and produce your annual balance sheet and P& L account etc.
He will then figure out the tax liabilities or refunds as the case may be and help you file returns on time as well.
Ten to fifteen thousand is the norm for this service.
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Old 18th June 2013, 10:52   #326
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

I have a home loan in my name since last year, but havent received possession of the property yet. Since I had heard conflicting answers about this , I didnt claim this loan component in my tax calculator before 1st April this year.
But now I am told a possession letter is not necessary and a letter from the bank is sufficient to get tax exemption.
Can I still file for a refund on the basis of this during the tax returns ?
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Old 4th July 2013, 10:42   #327
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Hi Guys, I am looking for a Tax Return Preparer and have registered on the TRPS website http://www.trpscheme.com/

but so far no one has contacted me. I was salaried and just retired so need a good TRP to help me out. Anybody know of one?
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Old 4th July 2013, 12:03   #328
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

I dunno whether this is the proper thread to stick this post but nevertheless. My query is very specific.

Since last 6 years we've been buying cars in our companies to avail depreciation, maintenance, premium, EMI etc as our expense. We started doing this because about 6 yrs ago we'd been subjected to IT scrutiny and during that time the cars were individually registered in the name of the directors and all the expense and purchase was accounted to the companies. This was disallowed as the RTO mentioned the director and not the Company in their certificates.

However, I am planning to buy a new car before diwali and have been test driving vehicles upto 50 Lacs. And the RTO tax here is almost double for the company compared to individuals. To my amusements a lot of german high end saloon sales men had to say that most of their clients get these vehicle individually registered and claim the expenses and all to the company. Some of my friends have also been merrily buying cars every 2 yrs and charging the whole thing to their companies by registering them individually.

My CA on the other hand is insistent that the cars should be company registered as in event of a scrutiny the entire depreciation etc will be questioned and can be disallowed by the IT.

I want to know from fellow members what the black and white areas in this and what should be the solution to this.
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Old 4th July 2013, 15:24   #329
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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My CA on the other hand is insistent that the cars should be company registered as in event of a scrutiny the entire depreciation etc will be questioned and can be disallowed by the IT.
In all probability, your CA is right. When cars are registered in the name of the individuals, it becomes a difficult task to prove that the car has been solely used for the purpose of business or profession.

Registering it in the name of the company is a hassle free route and should create no discrepancies when the tax man knocks at your door next time.
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Old 4th July 2013, 15:35   #330
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by Warwithwheels View Post
In all probability, your CA is right. When cars are registered in the name of the individuals, it becomes a difficult task to prove that the car has been solely used for the purpose of business or profession.

Registering it in the name of the company is a hassle free route and should create no discrepancies when the tax man knocks at your door next time.
Thanks for your reply. Even the CA says that those who do it are doing it because they aren't caught yet or till now haven't had a query against it.

I guess I'll have to suck it in as far as the higher RTO Taxes are concerned. Thanks once again.

Last edited by abs182 : 4th July 2013 at 15:38.
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