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Old 24th August 2013, 20:33   #376
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

For FY 2012-13, here is my status:
Filed online returns on 1-7-2013
Receipt of ITRV at CPC on 17-7-13
Returns processed : 19-8-13

For FY 2011-12 i.e. last year, the status was:
Filed online returns on 4-7-12
Receipt of ITRV at CPC on 18-7-12
Returns processed : 23-8-12
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Old 25th August 2013, 21:46   #377
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Quote:
Originally Posted by Warwithwheels View Post
Lemme try to decode!

As per the IT Records, you have claimed a refund while filing the returns for the AY 2009 - 10.

As per the IT Records, you also have a tax demand in arrears for the periods prior to AY 2009 - 10.

The letter says that, your refund has been adjusted against the earlier year tax arrears.

Solution:

Option 1: If you are salaried and the amount is not significant, just ignore it.

Option 2: If you are a professional or business man and the amount is material, seek professional help!

Have they attached the computation sheet along with the letter, describing the adjustment mechanism?
Nope. Nothing else came with the letter.
The amount is Rs. 2000. Your understanding is correct in terms of the refund. However I do not know what arrears are due since there was no taxable income which went beyond the minimum tax slab.
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Old 25th August 2013, 22:22   #378
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Does anyone know the approximate time for a refund to be processed. I have more than R 100000 due from my FY 2012-2013 due but the status says the returning office has not completed things yet.
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Old 26th August 2013, 16:11   #379
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Originally Posted by ajmat View Post
Does anyone know the approximate time for a refund to be processed. I have more than R 100000 due from my FY 2012-2013 due but the status says the returning office has not completed things yet.
Ajmat,

The period what you mentioned is FY or AY?

If its AY 12-13, then you should have received it already. If it is FY 12-13, then the refund happens anywhere between October 13 to January 14. In all the previous years I have received the refunds only during this period.
My experience is that if my Return is filed around September / October I get my refund in max 6 weeks. If its filed around July / August, the refund comes around December / January. This is from my own personal experience.
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Old 26th August 2013, 17:18   #380
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Originally Posted by vasanthjn View Post

Ajmat,

The period what you mentioned is FY or AY?

If its AY 12-13, then you should have received it already. If it is FY 12-13, then the refund happens anywhere between October 13 to January 14. In all the previous years I have received the refunds only during this period.
My experience is that if my Return is filed around September / October I get my refund in max 6 weeks. If its filed around July / August, the refund comes around December / January. This is from my own personal experience.
This is for AY 12-13. When I check the status on line, it says, the assessment officer has not sent refund order to bank
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Old 26th August 2013, 17:41   #381
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Originally Posted by S_U_N View Post
Nope. Nothing else came with the letter.
The amount is Rs. 2000. Your understanding is correct in terms of the refund. However I do not know what arrears are due since there was no taxable income which went beyond the minimum tax slab.
Further research into this led me to various news sites which have reported that various people have got such letters.

Now, coming back to the issue, it seems to me that my wife's employer (back in 2008) deducted tax (TDS) but the 26AS form does not show any amount under TDS section.
This means the employer has not forwarded the tax to the government.

In that case, what should be done?

I read a couple of cases of individuals who had to pay interest on tax with similar cases where the court has asked the IT department to recover money from the employers and not go after the individuals who have already paid tax on that income.
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Old 26th August 2013, 17:46   #382
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Originally Posted by ajmat View Post
This is for AY 12-13. When I check the status on line, it says, the assessment officer has not sent refund order to bank
Ajmat,

Now there are two options.
1. Contact your concerned AO (Assessing officer) and ask him about the refund. If this is not working out, then see below.
2. File an RTI to the concerned AO / Officer in charge, and ask about the refund details. I have seen in this method you will definitely get a refund in 2 months.

Quote:
Originally Posted by Sommos View Post
During the construction period you are not eligible for any deduction.
Deduction can be claimed only after you obtain the completion certificate from the Municipality etc., as the case may be. Pre-construction period interest is to be claimed along with your normal interest in the first five years.

Note - the construction has to be completed with three years from the AY in which the loan is granted.
I would like to differ in this.

During your construction period, you can claim HL interest U/S 24 amounting to a maximum of 20% of that year. Let us assume that you paid Rs.100000 in Y1 and Rs.100000 in Y2 and Rs.200000 in Y3.

Self Occupied: You can claim U/S 24, Rs.20000 in Y1 and Rs.40000 in Y2. If the house has been completed in Y3 and if its self occupied, then the max rebate U/S 24 is Rs.150000

Rented Out: You can claim U/S 24, Rs.20000 in Y1 and Rs.40000 in Y2. If the house has been completed in Y3 and if its rented , then the max rebate U/S 24 is Rs.240000.

Hope this make it clear. I have claimed in the above manner on the advise of my Auditor.

Last edited by benbsb29 : 26th August 2013 at 18:01. Reason: Plz use the Multi-Quote button to reply to more than one post at a time. Thanks.
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Old 27th August 2013, 10:33   #383
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Quote:
Originally Posted by vasanthjn View Post
I would like to differ in this.

During your construction period, you can claim HL interest U/S 24 amounting to a maximum of 20% of that year. Let us assume that you paid Rs.100000 in Y1 and Rs.100000 in Y2 and Rs.200000 in Y3.

Self Occupied: You can claim U/S 24, Rs.20000 in Y1 and Rs.40000 in Y2. If the house has been completed in Y3 and if its self occupied, then the max rebate U/S 24 is Rs.150000

Rented Out: You can claim U/S 24, Rs.20000 in Y1 and Rs.40000 in Y2. If the house has been completed in Y3 and if its rented , then the max rebate U/S 24 is Rs.240000.

Hope this make it clear. I have claimed in the above manner on the advise of my Auditor.
Sir, I would like to quote Section 24 of the Income Tax Act, 1961. I would be greatly benefitted Sir (as a professional) if you can point out exactly where the above (your opinion) is written.

Quote:
[ Deductions from income from house property.
24. Income chargeable under the head "Income from house property" shall be computed after making the following deductions, namely:—
(a) a sum equal to thirty per cent of the annual value;
(b) where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital:
Provided that in respect of property referred to in sub-section (2) of section 23, the amount of deduction shall not exceed thirty thousand rupees :
Provided further that where the property referred to in the first proviso is acquired or constructed with capital borrowed on or after the 1st day of April, 1999 and such acquisition or construction is completed [within three years from the end of the financial year in which capital was borrowed], the amount of deduction under this clause shall not exceed one lakh fifty thousand rupees.
Explanation.—Where the property has been acquired or constructed with borrowed capital, the interest, if any, payable on such capital borrowed for the period prior to the previous year in which the property has been acquired or constructed, as reduced by any part thereof allowed as deduction under any other provision of this Act, shall be deducted under this clause in equal instalments for the said previous year and for each of the four immediately succeeding previous years:]
78[Provided also that no deduction shall be made under the second proviso unless the assessee furnishes a certificate, from the person to whom any interest is payable on the capital borrowed, specifying the amount of interest payable by the assessee for the purpose of such acquisition or construction of the property, or, conversion of the whole or any part of the capital borrowed which remains to be repaid as a new loan.
Explanation.—For the purposes of this proviso, the expression "new loan" means the whole or any part of a loan taken by the assessee subsequent to the capital borrowed, for the purpose of repayment of such capital.]
Lastly Sir, the Income Tax practitioners can get refund by various ways/means. But please remember if you ever happen to be under scrutiny, he will not bail you out, because the return has been signed by you and only you are responsible for everything that is declared in the return.
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Old 27th August 2013, 19:44   #384
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Quote:
Originally Posted by Sommos View Post

Lastly Sir, the Income Tax practitioners can get refund by various ways/means. But please remember if you ever happen to be under scrutiny, he will not bail you out, because the return has been signed by you and only you are responsible for everything that is declared in the return.
Sommos,

Thanks for the clarification. Its my oversight and my apologies for the same.
I just referred my past returns and realised that I have taken a home loan only at the end of construction, hence claimed the full interest in the same year.
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Old 4th September 2013, 12:51   #385
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Quote:
Originally Posted by vasanthjn View Post
Ajmat,

Now there are two options.
1. Contact your concerned AO (Assessing officer) and ask him about the refund. If this is not working out, then see below.
2. File an RTI to the concerned AO / Officer in charge, and ask about the refund details. I have seen in this method you will definitely get a refund in 2 months.


.
Well, found the answer for the delay here

h
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Old 6th September 2013, 11:57   #386
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Has anyone received acknowledgement for ITR V send to CPC Bangalore ?

Last year I received the same in a weeks time after posting the ITRV to CPC Bangalore. This year I filed e-return on 30/Jul and sent the forms to CPC the same day. Yet to receive the acknowledgement.
Received the acknowledgement by mail today morning.
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Old 7th September 2013, 15:32   #387
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A quick update on processing status for my parents ITR submission:
1. Was submitted online on 30th July for both parents. ITRV was posted couple of days later in a single envelope.
2. One is in ITRV Received status (and got a notification email)
3. Was worried about the other since there was no receipt email. Logged in today & notice that it is processed completely (without any notification).

BTW, my ITR online submission was done on 4th Aug. I think the ITRV was posted around 20th August. ITR Status is still "Uploaded". I hope it would change in next few weeks to "ITRV Received".
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Old 30th September 2013, 08:10   #388
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Experts, please suggest next steps:

I got a notice from IT deptt. saying that I have paid more than 2 lac rupee as credit card bill for AY 2010-2011 and AY 2011-2012 and the deptt. have asked me to furnish the details of IT returns for those years and asking me to reply within 10 days.
  • I checked my records and found that I paid approx. 55000 bucks for my credit card each year. Held only one credit card and had only one savings account for the given period.
  • I was out of India for entire AY 2010-2011 and had no income in India, hence did not file IT return.
  • I was out of India for most of AY 2011-2012 and had indian income only for approx. 35 days and that was below taxable limit. I have the Form16 but did not file IT return.

What shall be my response to IT deptt?
Can I ask the IT deptt. (and would they provide) the details (or at least the account#) for 2 lac payment? I am afraid my PAN card is being misused and is attached to someone else's credit card account.
To add to the complexity of situation, I am again out of India (though have filed IT return for AY 2012-2013 and for AY 2013-2014).

Can I now file IT return for AY 2011-2012? If yes, how? and how much is the approx. penalty?

Last edited by infotech58 : 30th September 2013 at 08:12.
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Old 30th September 2013, 12:06   #389
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

infotech58, you should reply to the notice stating what you've stated here with proof.

State that you had no income for AY10-11 since you were out of the country. For AY11-12, you're not required to file returns if your income falls below the exemption limit ( ie even before tax savings in 80c etc ). My understanding is that filing for AY11-12 cannot be done anymore, but check with an expert.

Attach your CC bills and Form 16 copy, bank statement for both years. Send your reply by regd post ack due. Consulting a CA may be a better option before sending a response. I believe the IT dept is simply trying to find out the reasons for non-filing , so if you reply in a proper manner it should be addressed.

If you've spent > 2 lacs on your CC it should also appear in the e-filing website https://incometaxindiaefiling.gov.in/ . You can login and see the details there.
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Old 30th September 2013, 16:52   #390
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Originally Posted by sdp1975 View Post
If you've spent > 2 lacs on your CC it should also appear in the e-filing website https://incometaxindiaefiling.gov.in/ . You can login and see the details there.

Where exactly would I be able to see this? Also, is there still a safe limit which is suggested for CC spends, also, if applicable, across multiple cards?

thanks!
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