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


Reply
 
Thread Tools Search this Thread
Old 3rd July 2014, 09:57   #511
Senior - BHPian
 
undead's Avatar
 
Join Date: Jan 2008
Location: Bhavani - Komarapalayam
Posts: 1,187
Thanked: 165 Times
Default

Quote:
Originally Posted by binand View Post
My understanding is that what shown on TRACES is the gospel truth, since that is what the IT department knows about. If your company says it has deducted (say) 2 lakhs as tax but TRACES says only 1.5 lakhs have been deposited by the company, then you are in tax arrears of 50K.

The person who signs the Form 16 is an employee of your company, not an IT official. His signature cannot trump IT dept's own records.

.
http://taxguru.in/income-tax-case-la...-mismatch.html

Read the case law on the link given.
undead is offline   Reply With Quote
Old 3rd July 2014, 10:10   #512
Senior - BHPian
 
Join Date: Dec 2008
Location: Bangalore
Posts: 1,947
Thanked: 1,410 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by undead View Post
http://taxguru.in/income-tax-case-la...-mismatch.html

Read the case law on the link given.
Yes, that is the part I agreed with you. It very clearly says "the mismatching is not attributable to the assessee and the fault solely lay with the deductor", which is the case I mentioned too (my tenant).

My point was about veracity of TRACES data in situations like: say company X pays individual A salary of Rs. 12L, tax on this (at 30% flat rate) is 3.6L which X deducts @30K per month from the salary. So A receives 70K salary per month. X, for reasons unknown paid only 20K per month to the government, but issued false Form 16 to A showing full 30K with fraudulent challan numbers etc. A will see 3.6L tax in his Form 16 but only 2.4L in TRACES. Under such circumstances, A should know TRACES is correct in this case. The criminal liability of company X is unquestioned here.
binand is online now   Reply With Quote
Old 3rd July 2014, 20:13   #513
BHPian
 
Join Date: Oct 2011
Location: mumbai
Posts: 450
Thanked: 181 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by undead View Post
http://taxguru.in/income-tax-case-la...-mismatch.html

Read the case law on the link given.
Undead
Hi.Reading a post by you after a long time.
You may remember that I had posted a link to a judgement by Delhi High Court that in the event of a mismatch the onus was on the IT department.This was a case of a mismatch between TDS and the IT records.
I had tagged you in that post.
Regards
faustus77 is offline   Reply With Quote
Old 4th July 2014, 15:24   #514
BHPian
 
dre@ms's Avatar
 
Join Date: Oct 2006
Location: Singara Chennai
Posts: 545
Thanked: 149 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

80c under child education loan, how much is the exemption. When checked the rule and google, how much ever is the tuition fees, it would be totally exempted. But when showing proof in my office, it was mentioned the max limit is Rs. 100/month. Am I missing something here.
dre@ms is offline   Reply With Quote
Old 4th July 2014, 15:48   #515
Senior - BHPian
 
Join Date: Dec 2008
Location: Bangalore
Posts: 1,947
Thanked: 1,410 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by dre@ms View Post
80c under child education loan, how much is the exemption. When checked the rule and google, how much ever is the tuition fees, it would be totally exempted. But when showing proof in my office, it was mentioned the max limit is Rs. 100/month. Am I missing something here.
You are mixing two things.

- Education loan is covered under 80E; all the interest paid on the loan is deducted from your taxable income. There are conditions, but generally loans taken to cover most professional courses in India are eligible.

- Tuition fees paid is covered under 80C; subject to the overall limit of Rs. 1 lakh for this section. It can be deducted from your taxable income.

In addition to the above, there is an exemption of Rs. 100 per month per child (for max. two children).
binand is online now   Reply With Quote
Old 4th July 2014, 21:24   #516
BHPian
 
Gokrish's Avatar
 
Join Date: Aug 2013
Location: Chennai and AR
Posts: 289
Thanked: 157 Times
Default

Quote:
Originally Posted by dre@ms View Post
80c under child education loan, how much is the exemption. When checked the rule and google, how much ever is the tuition fees, it would be totally exempted. But when showing proof in my office, it was mentioned the max limit is Rs. 100/month. Am I missing something here.
80E- interest on education loan is deductible from taxable income without any upper limit. Allowed for a maximum of 8 years. Any higher study after SSC or equivalent is permitted. Loan from even employer allowed.
80C- Tuition fees up to a maximum of Rs. One hundred thousand is deductible from income u/s 80 C.
Education allowance and hostel fee allowance - Rs.100 and Rs.300 per month respectively. But these will have to be paid as such allowances by the employer and are not blanket deductions.
Gokrish is offline   Reply With Quote
Old 4th July 2014, 21:46   #517
BHPian
 
dre@ms's Avatar
 
Join Date: Oct 2006
Location: Singara Chennai
Posts: 545
Thanked: 149 Times
Default

Quote:
Originally Posted by binand View Post

- Tuition fees paid is covered under 80C; subject to the overall limit of Rs. 1 lakh for this section. It can be deducted from your taxable income.



In addition to the above, there is an exemption of Rs. 100 per month per child (for max. two children).

Quote:
Originally Posted by Gokrish View Post
80C- Tuition fees up to a maximum of Rs. One hundred thousand is deductible from income u/s 80 C.
Education allowance and hostel fee allowance - Rs.100 and Rs.300 per month respectively. But these will have to be paid as such allowances by the employer and are not blanket deductions.
My bad. I was indeed asking about the child education exemption and not the loan. Thanks for the brief explanation. I will produce my son's fee receipt and get the exemption.
dre@ms is offline   Reply With Quote
Old 11th July 2014, 20:37   #518
Senior - BHPian
 
Join Date: Apr 2007
Location: Pune
Posts: 2,442
Thanked: 946 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

The ITR-2 is available in excel sheet format.
It also has two buttons:
1. Import previous version
2. Import Personal/Tax Details

When I click 1st, it says "To be integrated from PR2".
When I click 2nd, it allows me to open an xml file (presumably from previous year), but then I gives validation errors!

Anyone knows how to make either of these imports work? Will be a great help.
anandpadhye is offline   Reply With Quote
Old 13th July 2014, 21:25   #519
BHPian
 
Join Date: Jul 2010
Location: Bangalore
Posts: 60
Thanked: Once
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

I was trying to file my ITR online today. I also purchased a property last year and paid TDS to govt towards payments made to builder. Now these TDS amounts show as advanced tax and finally shows as a refund requested
(Since I paid more tax that was due on me). Has anyone else faces this or I am doing something wrong.
perseus is offline   Reply With Quote
Old 13th July 2014, 22:35   #520
Senior - BHPian
 
Join Date: Dec 2008
Location: Bangalore
Posts: 1,947
Thanked: 1,410 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by perseus View Post
I was trying to file my ITR online today. I also purchased a property last year and paid TDS to govt towards payments made to builder. Now these TDS amounts show as advanced tax and finally shows as a refund requested
(Since I paid more tax that was due on me). Has anyone else faces this or I am doing something wrong.
Every person who made a payment after 1/6/13 (when this rule of TDS @1% for property purchases > 50L was implemented) is facing this issue. The advice currently being circulated on my apartment owners' mailing list is to simply edit this TDS field and set it to 0 so that no refund is computed.
binand is online now   Reply With Quote
Old 14th July 2014, 12:05   #521
Distinguished - BHPian
 
swiftnfurious's Avatar
 
Join Date: Sep 2009
Location: Chennai
Posts: 6,438
Thanked: 6,403 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

I am trying to file the return this year online - first time for me doing it online. Could someone help?

Am I supposed to click on Quick e-file ITR?

When I select the "ITR Form Name" drop down, I see ITR-1 and ITR-4S. Which one should I select?
swiftnfurious is offline   Reply With Quote
Old 14th July 2014, 12:41   #522
Senior - BHPian
 
Join Date: Dec 2008
Location: Bangalore
Posts: 1,947
Thanked: 1,410 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by swiftnfurious View Post
When I select the "ITR Form Name" drop down, I see ITR-1 and ITR-4S. Which one should I select?
ITR-1 is for most salaried people (salary income + untaxed capital gains + not more than one house property).

ITR-2 is for people with, in addition to the above, taxable capital gains, multiple house properties, foreign assets/income and carried forward capital losses.

ITR-3 is for people who have income from a partnership (but not sole proprietorship).

ITR-4 is for most other businessmen and professionals having independent practices (doctors, lawyers, CAs, ...)

ITR-4S is a simplified version of ITR-4 where the income is < Rs. 60L (I think this is the threshold for mandatory annual audit).

Depending on which group you fall, you need to pick the right form.

Edit: The ITR-4S limit apparently is 1 Crore in AY 2014-15 (the one for which we are supposed to file by July 31).

Last edited by binand : 14th July 2014 at 12:44.
binand is online now   Reply With Quote
Old 14th July 2014, 15:03   #523
Senior - BHPian
 
undead's Avatar
 
Join Date: Jan 2008
Location: Bhavani - Komarapalayam
Posts: 1,187
Thanked: 165 Times
Default

Quote:
Originally Posted by swiftnfurious View Post
I am trying to file the return this year online - first time for me doing it online. Could someone help?

Am I supposed to click on Quick e-file ITR?

When I select the "ITR Form Name" drop down, I see ITR-1 and ITR-4S. Which one should I select?
What is your source of income ? Salary or business or filing incometax return for any special reason like income due to sale of property like land and building that attracted capital gains .
undead is offline   Reply With Quote
Old 14th July 2014, 15:08   #524
Senior - BHPian
 
dass's Avatar
 
Join Date: May 2008
Location: Bangalore
Posts: 1,053
Thanked: 434 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by swiftnfurious View Post
I am trying to file the return this year online - first time for me doing it online. Could someone help?

Am I supposed to click on Quick e-file ITR?

When I select the "ITR Form Name" drop down, I see ITR-1 and ITR-4S. Which one should I select?
If your primary source of income is salary, then ITR1, else you need to chose the others accordingly.

I just filed mine, and it took all of 10 minutes to fill it. One illogical thing is, if I cannot digitally sign, I need to take a print out and post it to them through mail. Why Cant I just upload it without a digital signature, and how on earth do I get a digital signature?

Last edited by dass : 14th July 2014 at 15:14.
dass is offline   Reply With Quote
Old 14th July 2014, 15:18   #525
Distinguished - BHPian
 
swiftnfurious's Avatar
 
Join Date: Sep 2009
Location: Chennai
Posts: 6,438
Thanked: 6,403 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by binand View Post
ITR-1 is for most salaried people (salary income + untaxed capital gains + not more than one house property)...
Quote:
Originally Posted by undead View Post
What is your source of income ? Salary or business or filing incometax return for any special reason like income due to sale of property like land and building that attracted capital gains .
Quote:
Originally Posted by dass View Post
If your primary source of income is salary, then ITR1, else you need to chose the others accordingly...
Thank You all. I am in a software form and hence ITR-1 should be the one to go thru. Let me see how good can I proceed.

Quote:
Originally Posted by dass View Post
...One illogical thing is, if I cannot digitally sign, I need to take a print out and post it to them through mail. Why Cant I just upload it without a digital signature, and how on earth do I get a digital signature?
I see we have an option to add digital signature in "Profile Settings". Since I do NOT know what & how those options are exercised, I might give it a pass this time.

Would anyone have any idea how to create a digital signature?

Last edited by swiftnfurious : 14th July 2014 at 15:22.
swiftnfurious is offline   Reply With Quote
Reply


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 19:46.

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