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Old 30th January 2014, 15:19   #451
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Are you sure that fuel and toll receipts are acceptable for LTA claim? I have around 14k of bills from my recent Kolkata travel and I would show them if they're acceptable as LTA, although I have my reservations on it.
Section 10(5) of the Income Tax Act has not prescribed any mode of travel for claiming LTA exemption. However, it only refers to First Class AC fare for cap on claim. Rule 2B of the Income Tax states as follows:

'Where place of origin of journey and destination are connected by rail and the journey is performed by any mode of transport other than by air - Air-conditioned first class rail fare by the shortest route to the place of destination.'

Thus it is clear that any mode of transport is allowed but the maximum amount is restricted to lesser of actual LTA amount or actual transportation expenses. Hence, petrol/diesel and toll charges can be claimed as deduction but not food expenses, lodging, etc.
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Old 30th January 2014, 23:00   #452
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

[quote=ajmat;3357873]
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Originally Posted by faustus77 View Post
Hi.
The income tax department has a toll free number.
It is 1800 180 1961. Quite easily accessible.
Before visiting the office( I personally avoid visiting) please call the CC.
Incidentally I was under the impression that all returns are uploaded and the hard copy posted. Somebody please correct if I am wrong.
Regards[/QUOTe

Rang this number to check on my refund status of Rs 1 Lakh +. They were polite and told me it will come between 3 months and 2years from date of filing. Since this was 2012-2013, I should get this around the middle of this year!
Ajmat
Hi
I am surprised that they said 2 years. It doesn't take that long nowadays. Did you upload your returns then 2 years is way too long.
Suggest you call up your ITO ward officer. His phone number would be on the incometax website.
Regards
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Old 30th January 2014, 23:58   #453
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I forgot to file my return for the last year (2011-12) and now I have received a love letter from the Income Tax department about the same. It has a predefined format with some standard options and I have to tick the appropriate one and send it to them within 10 days. Any guidance on this would be appreciated.
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Old 31st January 2014, 10:00   #454
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

If you have a huge money (more than 10k) to get as refund. Please get in touch with a trusted/reliable IT auditor, pay him 500/- INR to file your returns.

The chap who filed my returns has been doing for it years, since the banking service days of my dad.

My refund during the year 2011-2012 took only 5 months to arrive , I am not sure if this would have happened if I had to file the same online.

If there are no refunds, online filing is the best option.

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I forgot to file my return for the last year (2011-12) and now I have received a love letter from the Income Tax department about the same. It has a predefined format with some standard options and I have to tick the appropriate one and send it to them within 10 days. Any guidance on this would be appreciated.
Did you receive it as speed post with acknowledgement?
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Old 31st January 2014, 10:03   #455
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Medical bills reimbursement exemption is available under section 17(2) and Mediclaim premium under section 80D. Usually, you cannot claim exemption for the same thing and same expenditure under different sections of IT.
Your finance team's interpretation of the exemption is correct AFAIK.
Clarification - I am not claiming for IT rebate under section 17(2). I am claiming medical reimbursement from my office for the medical insurance premium (in addition to my other medical bills).

All such medical reimbursement claims exceeding 15k get added to my taxable income under perquisites.

Now since I have purchased this medical insurance from my taxable income, why is it wrong to claim for tax rebate under section 80D ?

Rohan
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Old 31st January 2014, 10:17   #456
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Originally Posted by rohan_iitr View Post
Clarification - I am not claiming for IT rebate under section 17(2). I am claiming medical reimbursement from my office for the medical insurance premium (in addition to my other medical bills).

All such medical reimbursement claims exceeding 15k get added to my taxable income under perquisites.

Now since I have purchased this medical insurance from my taxable income, why is it wrong to claim for tax rebate under section 80D ?

Rohan
Point is that you can not claim deduction for same expense twice. If you had claimed deduction u/s 17 (2), then no deduction elsewhere. Moreover, 17(2) is only for actual medical treatment, and I am afraid this may not be available for medical premium paid. However, if this premium is not claimed under 17(2), then you can claim u/s 80D.
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Old 31st January 2014, 11:46   #457
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Team,

Our office does not let you take advantage of housing loan intrest benifit or principle benifit unless you take possession of the house, is this normal because my wife gets tax exception for one of our property which is on a loan and no building yet. kindly clarify.

Pramod
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Old 31st January 2014, 13:10   #458
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Team,

Our office does not let you take advantage of housing loan intrest benifit or principle benifit unless you take possession of the house, is this normal because my wife gets tax exception for one of our property which is on a loan and no building yet. kindly clarify.

Pramod
What your office is doing is partially correct. Principal benefit can be provided when the house is under construction, Interest benefit is not provided unless you have possession of the house. However, all the interest benefit you have lost up to possession can be claimed equally over five years from the year of possession.

Regarding the practice in your wife's office, it is not correct. Some companies are lenient in their internal rules for tax exemption, but the onus of proving it comes on the employee if the case comes up for scrutiny.

http://www.livemint.com/Money/pXyy4r...ossession.html
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Old 31st January 2014, 13:22   #459
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Originally Posted by pramodkumar View Post
Team,

Our office does not let you take advantage of housing loan intrest benifit or principle benifit unless you take possession of the house, is this normal because my wife gets tax exception for one of our property which is on a loan and no building yet. kindly clarify.

Pramod
Housing loan interest for self occupied house is to be allowed as deduction under section 24B and if the house could not be occupied due to employment in a different place and the house is not let, even then interest should be allowed up to 1.5 lakhs. If the property is let, then interest is allowed without any upper limit. Similarly, repayment of principal should be allowed under chapter VI A. However, this benefit is available for only one self occupied house. Please ask your employer the reasons for not doing so.
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Old 31st January 2014, 14:24   #460
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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What your office is doing is partially correct.
Thanks, i thought so as well

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Please ask your employer the reasons for not doing so.
I am a bit confused, ours is a plot purchased in 2012 sep. We have activly started to persue our house plan now and construction will begin in 2 months and is expected to be complete in 6-8 months(is just 1200 SFT), its in the same city as we currently live and we were getting a tax filing statement from the bank for the loan on this property, the issue now is my wife is a central govt employee and she got the tax benift in both 2012 and 2013 financial year, i was thinking since its a joint loan i might as well get some benifit if possible. i was self employed for good 4 years and decided to get back to a job just to ensure the house is completed. Now since our company has put this statement across i am confused how is my wife able to do it and not me?

Pramod
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Old 31st January 2014, 14:37   #461
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by pramodkumar View Post
Thanks, i thought so as well



I am a bit confused, ours is a plot purchased in 2012 sep. We have activly started to persue our house plan now and construction will begin in 2 months and is expected to be complete in 6-8 months(is just 1200 SFT), its in the same city as we currently live and we were getting a tax filing statement from the bank for the loan on this property, the issue now is my wife is a central govt employee and she got the tax benift in both 2012 and 2013 financial year, i was thinking since its a joint loan i might as well get some benifit if possible. i was self employed for good 4 years and decided to get back to a job just to ensure the house is completed. Now since our company has put this statement across i am confused how is my wife able to do it and not me?

Pramod
If the construction has not yet started, then you can not claim deduction for interest on housing loan till construction is over. After construction is complete, the cumulative interest till then can be claimed in 5 equal installments.
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Old 3rd February 2014, 07:43   #462
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Did you receive it as speed post with acknowledgement?
Yep. I sent a reply stating the return is under preparation. I am not worried about refunds.
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Old 11th February 2014, 17:41   #463
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

So its that time of the year where we get busy filling up those forms required for tax exemption. I hope my doubt will be cleared here. My question is:

1. Can I include the bill for the new car battery that I had replaced a few months back in the vehicle maintenance expense?

I checked with the accounts person at our company, but he says No.
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Old 11th February 2014, 22:25   #464
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by DudeWithaFiat View Post
So its that time of the year where we get busy filling up those forms required for tax exemption. I hope my doubt will be cleared here. My question is:

1. Can I include the bill for the new car battery that I had replaced a few months back in the vehicle maintenance expense?

I checked with the accounts person at our company, but he says No.
Hi
If you are an employee then you are not entitled. In case you are self employed then yes, you are entitled.
I am not a CA but this is as per my understanding.
Regards
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Old 12th February 2014, 07:30   #465
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Quote:
Originally Posted by DudeWithaFiat View Post
So its that time of the year where we get busy filling up those forms required for tax exemption. I hope my doubt will be cleared here. My question is:

1. Can I include the bill for the new car battery that I had replaced a few months back in the vehicle maintenance expense?

I checked with the accounts person at our company, but he says No.
Can you please clarify the following:

Whether the car is owned by you or the company?
Whether you get car expenses like petroleum and repairs reimbursed from your organization?
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