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Old 4th July 2013, 17:02   #331
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by abs182 View Post
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.
Is the car invoiced in the company's name? If its not then there's no way you can claim depreciation as the asset is not purchased by the company. You can however claim maintenance and fuel expenses as reimbursement of expenses incurred for company work.

If the car is invoiced in the company's name, you can try registering it in something like Mr. xxxxxx, Director XYZ Ltd...... THis way the company's name will appear in the RC book and you may be able to convince the assessing officer that the car belongs to the company. But then seeing the company name in the address part, the RTO may say that this is a company registration!

Normally an assessing will check whether the car is invoiced to the company and that's it. Very rarely will they dig so deep and ask for the RC book etc... It basically depends on his interpretation. There must be some case laws on this subject and if the A.O. is smart, he will catch you.
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Old 4th July 2013, 20:29   #332
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

^^^ thanks for the clarity. I guess I'll stick to company registrations only for my future purchases. Thanks once again
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Old 17th July 2013, 05:56   #333
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

I have been served notice under sec 124 (1) to explain Credit card bills >2lakh in AY 11-12 by a letter from AO dt 01/7/13.
1. Is this valid? as i fililed it return for that AY in 8/7/11 almost 2 years ago
2. If not valid what can I do about it?
3. Am salaried so there is no hassle in explaining the CC bills but has anyone had experience with AOs and the scrutiny process?? I will be carrying all bank accounts, form 16, IT return ack, CC bills etc.
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Old 18th July 2013, 15:57   #334
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Unable to e-file returns ,since there is difference in total tax amount as compared to form 16 , there is addl. component of interest around 4200 u/s 234b & 234c .

I am salaried and TDS paid details is available in annexe,helpline is of little use ,since they are suggesting to edit all details and submit again .
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Old 18th July 2013, 21:50   #335
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Originally Posted by rm_arjuna View Post
Unable to e-file returns ,since there is difference in total tax amount as compared to form 16 , there is addl. component of interest around 4200 u/s 234b & 234c .

I am salaried and TDS paid details is available in annexe,helpline is of little use ,since they are suggesting to edit all details and submit again .
Something has gone wrong somewhere. If you are salaried and you have NO OTHER SOURCE OF INCOME your TDS should match your total tax liability unless your employer has goofed up big time. Seek professional help to avoid further complications.
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Old 19th July 2013, 11:04   #336
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Default Missing acks fro ITR-V

I had filed four returns (ITR2) for the family at the same time, and sent the signed ITR-Vs by SpeedPost. Yesterday I got sms acknowledgements for only two of them. What should I do now?
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Old 19th July 2013, 12:03   #337
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Originally Posted by sgiitk View Post
I had filed four returns (ITR2) for the family at the same time, and sent the signed ITR-Vs by SpeedPost. Yesterday I got sms acknowledgements for only two of them. What should I do now?
Options available to you:-

1. Wait for some more time for the acknowledgement - the duration is 120 days for sending of the ItrV. So depending on when you filed the return you can wait for some time - the acknowledgements should come. Also check the mail. Often these are received in the mailbox and SMS may or may not be sent.

2. Send in additional signed copies to the address by post / speed post. It is a fail safe method that even if the first one does not reach the second will. The IT department is not going to penalise you for swamping them multiple ITR V s. ( they may come up with a penalty for this later though :-)
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Old 29th July 2013, 23:44   #338
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by Oxy View Post
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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Originally Posted by Warwithwheels View Post
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.
The same problem as Oxy is facing here - My wife failed to submit our home loan documents (joint home loan with 30% share being hers/joint ownership of the apartment too) this time and excess tax has been deducted. Now, when I checked with couple of friends, I was told that I can just include the interest/principal amounts when I file the ITR and it is not necessary to send any other documents along with this.

My question is: On a safety side, should I send across the property related documents like
1. Provisional Certificate
2. Municipal tax receipt
3. Joint declaration from us claiming our percentage of possession (me:70% and wife 30%) etc.,
along with the ITR-V ? Or is it just enough to send the ITR-V alone?

P.S: This is not the first time we are claiming tax exemption for the home loan. We already claimed exemption for the last AY (2012-13) in the same 70-30% split-up.

Another question: The ITR-1 excel sheet is asking for a 11 digit account number. However, both my accounts (in two different banks) has only 9/10 digits. Is it okay to prefix the numbers with 00/0 respectively?

Thanks!
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Old 30th July 2013, 10:05   #339
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Anyone able to login to incometaxindiaefiling.gov.in? I was able to this morning but giving service unavailable message now!
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Old 30th July 2013, 10:37   #340
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Originally Posted by akshay380 View Post
Anyone able to login to incometaxindiaefiling.gov.in? I was able to this morning but giving service unavailable message now!
I filed my returns yesterday. It was a breeze and dint give me any problems.
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Old 30th July 2013, 11:26   #341
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by callvvijay View Post
The same problem as Oxy is facing here - My wife failed to submit our home loan documents (joint home loan with 30% share being hers/joint ownership of the apartment too) this time and excess tax has been deducted. Now, when I checked with couple of friends, I was told that I can just include the interest/principal amounts when I file the ITR and it is not necessary to send any other documents along with this.

My question is: On a safety side, should I send across the property related documents like
1. Provisional Certificate
2. Municipal tax receipt
3. Joint declaration from us claiming our percentage of possession (me:70% and wife 30%) etc.,
along with the ITR-V ? Or is it just enough to send the ITR-V alone?

P.S: This is not the first time we are claiming tax exemption for the home loan. We already claimed exemption for the last AY (2012-13) in the same 70-30% split-up.

Another question: The ITR-1 excel sheet is asking for a 11 digit account number. However, both my accounts (in two different banks) has only 9/10 digits. Is it okay to prefix the numbers with 00/0 respectively?

Thanks!
Strictly No. Send only the ITR V.
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Old 30th July 2013, 11:50   #342
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Question for the experts:


Computed total tax was Rs. 3 lac, out of which Rs. 2.9 lac was paid on/ before March 15. Balance is around 9.7 K to be paid today.

u/s 234 A, B, or C computation from http://finotax.com/itax/intt234.htm indicates Rs. 390 has to be paid u/s 234B but nothing to be paid under 234A and C.

I believe that is correct but still wanted to confirm from the experts here.

Last edited by S_U_N : 30th July 2013 at 12:09.
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Old 30th July 2013, 12:43   #343
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by goandude View Post
I have been served notice under sec 124 (1) to explain Credit card bills >2lakh in AY 11-12 by a letter from AO dt 01/7/13.
1. Is this valid? as i fililed it return for that AY in 8/7/11 almost 2 years ago
2. If not valid what can I do about it?
3. Am salaried so there is no hassle in explaining the CC bills but has anyone had experience with AOs and the scrutiny process?? I will be carrying all bank accounts, form 16, IT return ack, CC bills etc.
This notice is valid. My sister got a notice from IT in 2008 for a similar scrutiny where her CC had a spending of more than 2 lakhs. Please get help from a CA and immediately draft a reply to this notice. If you do not reply, they will send further reminders and it could get serious. I recall my sister had to get all bank statements, details of anything purchased with the money/ credit card during that year. Your CA should be able to guide you.
From a future perspective, please ask your company to issue a corporate credit card and use the same for official use, so that you are not pulled up.

Quote:
Originally Posted by callvvijay View Post
Another question: The ITR-1 excel sheet is asking for a 11 digit account number. However, both my accounts (in two different banks) has only 9/10 digits. Is it okay to prefix the numbers with 00/0 respectively?

Thanks!
I think you are referring to IFSC code. The account number cell is not restricted to 11 digits.
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Old 30th July 2013, 13:06   #344
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by S_U_N View Post
...Computed total tax was Rs. 3 lac, out of which Rs. 2.9 lac was paid on/ before March 15. Balance is around 9.7 K to be paid today.

u/s 234 A, B, or C computation from http://finotax.com/itax/intt234.htm indicates Rs. 390 has to be paid u/s 234B but nothing to be paid under 234A and C.

I believe that is correct but still wanted to confirm from the experts here.
I am not an expert. But, I think the ITR1 form (assuming you are filing ITR1) when filled up & you press compute tax, will give the breakup against the various sections of 234 at the bottom of 1st tab. Hope this helps to verify.
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Old 30th July 2013, 15:04   #345
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by Sommos View Post
Strictly No. Send only the ITR V.
Thank you, Sommos!

Quote:
Originally Posted by hrman View Post
I think you are referring to IFSC code. The account number cell is not restricted to 11 digits.
I am referring to account number only and not the IFSC code.

If the option:

"Select Yes is you want your refund by direct deposit into your bank account/Select No if you want refund by cheque"

is selected as 'Yes', it is mandatory to give a 11-digit account number. Here is where I'm struck at. I feel it will be better to go for a direct deposit than to rely on factors like postal delay etc.
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