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


Reply
 
Thread Tools Search this Thread
Old 30th July 2013, 15:17   #346
Senior - BHPian
 
msdivy's Avatar
 
Join Date: Aug 2006
Location: Bangalore
Posts: 1,437
Thanked: 809 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by callvvijay View Post
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.
My account number is 10 digits & I added a 0 in the front. BTW, I not hopeful that I will get a refund
msdivy is offline   Reply With Quote
Old 30th July 2013, 15:21   #347
BHPian
 
bejoy's Avatar
 
Join Date: Mar 2004
Location: Bangalore
Posts: 630
Thanked: 406 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by callvvijay View Post
Thank you, Sommos!



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.
I too faced the same issue with my Citi account. It has only 10 digits. Called Citi and asked if i can prefix a '0' - got the answer as 'No'. So I had no option but to give my alternate SBI a/c no.
bejoy is online now   Reply With Quote
Old 30th July 2013, 15:45   #348
BHPian
 
callvvijay's Avatar
 
Join Date: Nov 2010
Location: Chennai
Posts: 250
Thanked: 143 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by msdivy View Post
My account number is 10 digits & I added a 0 in the front. BTW, I not hopeful that I will get a refund
We (me/wife/dad) have always been getting refunds without any issues. I feel the IT department has revamped their structure a lot and it is lot more easier these days.

You can very well be assured that you will get your refund - provided you give all your details correctly. Even if not, the online system says why your ITR-V has been rejected.

Quote:
Originally Posted by bejoy View Post
I too faced the same issue with my Citi account. It has only 10 digits. Called Citi and asked if i can prefix a '0' - got the answer as 'No'. So I had no option but to give my alternate SBI a/c no.
Let me tell you my miserable experience with Citi. Called them up yesterday and upfront asked if I can prefix '0'. Now this smarty customer-care guy asks

CC: Surely I will help you. But for verification, can you tell me your DOB please?
Me: xxxxxx
CC: Your email id?
Me: xxxxxx
CC: Last 2 transactions?
Me: xxxxxx
CC: Thanks for your details. However sir, I am sorry to inform you that we will not be able to give any tax-related information to you. You can call up IT department helpline to check this out.
Me: Thank you.

I called up Indian Bank where I have another account and checked the same and I was told that I can prefix 0s (two in this case) and so did I.

Thanks!
callvvijay is offline   Reply With Quote
Old 30th July 2013, 15:47   #349
Team-BHP Support
 
bblost's Avatar
 
Join Date: Jul 2007
Location: Hyderabad
Posts: 9,615
Thanked: 6,417 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

My wife and I have a home loan on the house we live in.

I pay 100% of the EMI's and claim tax benefits.

My wife owns another flat in her own name. This flat does not have any loan on it.

Does it make more sense to live in that(fully owned) flat while l claim tax benefits with the unlimited interest write off?
Is it legal?

What if both the flats are occupied by us and/or parents?
i.e. there is no rental income on either of them.

Please advice.
bblost is offline   Reply With Quote
Old 31st July 2013, 14:28   #350
Senior - BHPian
 
S_U_N's Avatar
 
Join Date: Mar 2010
Location: Pune
Posts: 1,781
Thanked: 378 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by null View Post
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.

Can an individual file ITR 1 if?
1. She has income from NSC maturity, Employee PF, Company FD, Bank FD, Savings Interest and bonds

2. Receives benefits under section 10 (exemption?) like HRA/ medical, LTA all of which amount to about Rs. 1 lac.
S_U_N is offline   Reply With Quote
Old 31st July 2013, 14:55   #351
Newbie
 
Join Date: Sep 2010
Location: Bangalore
Posts: 15
Thanked: 0 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by bejoy View Post
I too faced the same issue with my Citi account. It has only 10 digits. Called Citi and asked if i can prefix a '0' - got the answer as 'No'. So I had no option but to give my alternate SBI a/c no.
I contacted Citibank with this query and was told that adding a 0 to the beginning of the acount number would classify it as a Current account as against a Savings account. The workaround that I have found is to add hyphens in your account number. Look at the statement from Citibank and you'll see that your account number is hyphenated. Eg. '6-xx5xxxx-09'
I was able to file my tax returns by using including the hyphens in my account number.

Note: Pls do substitute the 'x' with the actual numerals in your account number.
+rex is offline   Reply With Quote
Old 31st July 2013, 15:20   #352
Senior - BHPian
 
NetfreakBombay's Avatar
 
Join Date: Jan 2008
Location: Bombay
Posts: 1,374
Thanked: 315 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by S_U_N View Post
Can an individual file ITR 1
From what I ahve been told, almost no one can use ITR1.

Reason is 800 Per month conveyance allowance under u/s 10. Most of the salaried individuals would have this allwance and hance not ellibile for ITR-1. Max limit for u/s 10 allowance in ITR 1 is 5000 per year.
NetfreakBombay is offline   Reply With Quote
Old 31st July 2013, 15:33   #353
Senior - BHPian
 
S_U_N's Avatar
 
Join Date: Mar 2010
Location: Pune
Posts: 1,781
Thanked: 378 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

^So, this is similar to the Rs. 25 lac home loan benefit that Chidambaram came up with this year. You can hardly get anything in that price.
S_U_N is offline   Reply With Quote
Old 31st July 2013, 15:37   #354
Team-BHP Support
 
bblost's Avatar
 
Join Date: Jul 2007
Location: Hyderabad
Posts: 9,615
Thanked: 6,417 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

If you have one home loan you get to claim tax benefits on a part of the interest and the principal.

What if you or your spouse own another fully paid house and stay there. Then can you claim tax benefits on the entire interest component of your one home loan?
bblost is offline   Reply With Quote
Old 31st July 2013, 16:32   #355
BHPian
 
dar3dev|l's Avatar
 
Join Date: Dec 2009
Location: Hannover, DE
Posts: 290
Thanked: 88 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

^^ yes you can. However, i think since you do not stay at that house anymore, you would need to declare the rental income which of course will be taxable.
dar3dev|l is offline   Reply With Quote
Old 31st July 2013, 16:44   #356
Senior - BHPian
 
S_U_N's Avatar
 
Join Date: Mar 2010
Location: Pune
Posts: 1,781
Thanked: 378 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Is anyone declaring exempt income such as PPF interest?

BTW: Last date is now 5 August for filing returns.
S_U_N is offline   Reply With Quote
Old 31st July 2013, 17:47   #357
BHPian
 
Su-47's Avatar
 
Join Date: Aug 2006
Location: Bangalore
Posts: 617
Thanked: 86 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by bblost View Post
If you have one home loan you get to claim tax benefits on a part of the interest and the principal.

What if you or your spouse own another fully paid house and stay there. Then can you claim tax benefits on the entire interest component of your one home loan?
For you to claim the complete interest component, the house on which you have loan has to be rented out.

AFAIK, the lame logic behind this goes like this:
- If you rent out a house, it is like an additional income
- The interest that you pay is an expense incurred in the process of earning this income
- Therefore, this interest is fully exempt.

Disclaimer: I ain't no CA, but this is what a CA told me..
Su-47 is offline   Reply With Quote
Old 31st July 2013, 20:00   #358
BHPian
 
Join Date: Oct 2009
Location: Noida
Posts: 178
Thanked: 13 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by NetfreakBombay View Post
From what I ahve been told, almost no one can use ITR1.

Reason is 800 Per month conveyance allowance under u/s 10. Most of the salaried individuals would have this allwance and hance not ellibile for ITR-1. Max limit for u/s 10 allowance in ITR 1 is 5000 per year.
There is confusion going around on this but I confirmed from the tax experts and as of date if you are salaried ITR-1 is the form to be filled even when you receive Rs 800 pm conveyance allowance.
sheetumanu is offline   Reply With Quote
Old 31st July 2013, 20:31   #359
BHPian
 
motorpsycho's Avatar
 
Join Date: Jul 2009
Location: Hubli
Posts: 337
Thanked: 111 Times
Default 2 form 16s

Hello All,

I switched company in December and have 2 form 16's . how do I calculate the HRA exemption in this case.

Also my previous company had something called Special allowance , is this component exempt from tax.

Thanks in advance.
motorpsycho is offline   Reply With Quote
Old 1st August 2013, 00:21   #360
BHPian
 
Rajeev1's Avatar
 
Join Date: Oct 2012
Location: Bangalore
Posts: 140
Thanked: 99 Times
Default

Quote:
Originally Posted by S_U_N View Post

Can an individual file ITR 1 if?
1. She has income from NSC maturity, Employee PF, Company FD, Bank FD, Savings Interest and bonds

2. Receives benefits under section 10 (exemption?) like HRA/ medical, LTA all of which amount to about Rs. 1 lac.
Yes - she can file ITR1
Rajeev1 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 06:31.

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