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


Reply
 
Thread Tools Search this Thread
Old 30th October 2014, 12:45   #586
Senior - BHPian
 
dass's Avatar
 
Join Date: May 2008
Location: Bangalore
Posts: 1,052
Thanked: 434 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by binand View Post
First thing to do, open your return (download it from the e-filing website) and see if there is a mismatch between tax payable and tax paid. If the latter is lower than the former, you have to make a payment ("self-assessment tax"), include the challan number in your return and re-file it. Essentially you need to get the "Amount Payable" field to be 0.

It could be that your employer computed tax liability wrongly and deducted less tax than was due; you need to make up the difference yourself and pay any interest accrued. The IT return form (Excel version is what I use) will compute all this automatically.
I made a mistake in the salaries column and the original return was showing an excess tax to be paid of Rs. 750. I revised that in the return filing and the tax due was 0 and this was submitted in April. Will wait for them to come back with a solution/next steps and then take it forward.
dass is offline   Reply With Quote
Old 5th December 2014, 07:03   #587
BHPian
 
Join Date: Jul 2006
Location: hyderabad
Posts: 48
Thanked: 23 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Hello All. What is the best time of the year for a company owner/director to buy a car in to avail maximum depreciation benefits? I was told in December by someone but before I could ask him why the topic changed and he left shortly. Why in December?
wannabelean is offline   Reply With Quote
Old 5th December 2014, 07:30   #588
Senior - BHPian
 
hserus's Avatar
 
Join Date: Sep 2014
Location: Chennai
Posts: 1,811
Thanked: 1,796 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

You buy the car cheaper and also get to claim a years worth of depreciation for free. Of course if you intend to resell the car you're stuck with a year older model so lower resale value than a model bought a few weeks later.

Still that's not a big deal if you keep the car long enough to depreciate the value down to zero.
hserus is offline   Reply With Quote
Old 5th December 2014, 07:49   #589
BHPian
 
Join Date: Jul 2006
Location: hyderabad
Posts: 48
Thanked: 23 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by hserus View Post
You buy the car cheaper and also get to claim a years worth of depreciation for free. Of course if you intend to resell the car you're stuck with a year older model so lower resale value than a model bought a few weeks later.

Still that's not a big deal if you keep the car long enough to depreciate the value down to zero.
Are cars usually cheaper in December? Also how much depreciation % can you claim if you buy in December?

Thanks for your reply
wannabelean is offline   Reply With Quote
Old 6th December 2014, 07:45   #590
BHPian
 
Gokrish's Avatar
 
Join Date: Aug 2013
Location: Chennai and AR
Posts: 289
Thanked: 157 Times
Default

Quote:
Originally Posted by wannabelean View Post
Are cars usually cheaper in December? Also how much depreciation % can you claim if you buy in December?

Thanks for your reply
Assuming that you have business or professional income, you can claim depreciation on motor vehicles and deduct from income. If the car is bought after September, then allowable depreciation is 50% of normal rate of 15% i.e. 7.5%. Thus a person buying a car for 10 lakhs saves Rs. 22,500 from income tax, assuming 30% tax on business income.
Gokrish is offline   Reply With Quote
Old 6th December 2014, 09:19   #591
BHPian
 
Join Date: Jul 2006
Location: hyderabad
Posts: 48
Thanked: 23 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by Gokrish View Post
Assuming that you have business or professional income, you can claim depreciation on motor vehicles and deduct from income. If the car is bought after September, then allowable depreciation is 50% of normal rate of 15% i.e. 7.5%. Thus a person buying a car for 10 lakhs saves Rs. 22,500 from income tax, assuming 30% tax on business income.
Thank you for the clarification!
wannabelean is offline   Reply With Quote
Old 6th December 2014, 10:20   #592
Senior - BHPian
 
hserus's Avatar
 
Join Date: Sep 2014
Location: Chennai
Posts: 1,811
Thanked: 1,796 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Depreciation query being answered, dealers often have sales in December to get rid of the remainder of that years stock so they sell fresh stocks from January. So of course cheaper cost and correspondingly lower resale value.
hserus is offline   Reply With Quote
Old 19th January 2015, 16:47   #593
BHPian
 
Join Date: Aug 2009
Location: Bangalore
Posts: 105
Thanked: 30 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

My wife did not work the last financial year, 2013-14.
Still filed IT return, because I was expecting to get back the TDS for an FD she had, abt 10k interest, and 1k tax deducted.
The return was rejected u/s 139(9).
The communication was not correct and some days passed.
Now, when I try to efile it again, the acknowledgement errors out.
What can be done now ? I did file a grievance asking for more details.
If this is the case, what other details must be put in the ITR form ?
ashokrajagopal is offline   Reply With Quote
Old 19th January 2015, 16:55   #594
Senior - BHPian
 
hserus's Avatar
 
Join Date: Sep 2014
Location: Chennai
Posts: 1,811
Thanked: 1,796 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

139(9) means the return was defective for some reason. Figure out what the reason is - for example was some tax shown as owing in your form 26AS and you paid it, but did not mention it in your tax return? Or some other reason? That will be mentioned in the 139(9) notice.

Then login to incometaxindiaefiling.gov.in - or login to whichever tax preparation site you used such as taxsmile, and follow the procedure to file a "defective income tax return". Then upload the xml that is generated. That is all.
hserus is offline   Reply With Quote
Old 19th January 2015, 17:58   #595
BHPian
 
Join Date: Aug 2009
Location: Bangalore
Posts: 105
Thanked: 30 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

@hserus, thanks a lot.
The 139(9) communication had the Reason column empty.
Let me check everything again and get back.
ashokrajagopal is offline   Reply With Quote
Old 19th January 2015, 18:00   #596
Senior - BHPian
 
hserus's Avatar
 
Join Date: Sep 2014
Location: Chennai
Posts: 1,811
Thanked: 1,796 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

There is a reason code specified - and a field for comments. The comments may be blank but the code wont be blank .. you can refer to the table where all the codes are listed, in the same 139(9) notice.

http://taxmantra.com/how-to-tackle-t...e-return.html/
hserus is offline   Reply With Quote
Old 20th January 2015, 14:12   #597
BHPian
 
ramki067's Avatar
 
Join Date: Sep 2006
Location: BANGALORE
Posts: 548
Thanked: 25 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Hi guys,
My brother has constructed a house by taking a joint loan with my mother who is the owner. My brother is paying the full EMI amount. Can my brother claim housing loan benefits in Income tax? If yes, how can he do that?

Thanks,
Ramki
ramki067 is offline   Reply With Quote
Old 20th January 2015, 15:32   #598
Senior - BHPian
 
hserus's Avatar
 
Join Date: Sep 2014
Location: Chennai
Posts: 1,811
Thanked: 1,796 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

He can claim it if the house is in both their names (joint ownership). Not if his mom is the sole owner.
hserus is offline   Reply With Quote
Old 5th February 2015, 13:51   #599
Senior - BHPian
 
clevermax's Avatar
 
Join Date: Jun 2006
Location: Tvm/Amsterdam
Posts: 1,573
Thanked: 364 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

I received an e-mail from CPC with a PDF file which says that my my e-filing for AY 2011-12 will be rectified by an AO:

All Income Tax Queries (refunds, disputes, rates etc...)-untitled.jpg

Is this because the tax computation which I did was wrong? Should I just wait until I receive further notifications on this or try to contact the Assessing Officer?

The letter says that I am requested to contact the AO but they have only given a cryptic code for the AO - like KAR/xx/xxx. There is no "Know your Jurisdictional AO" menu in incometax website.
clevermax is offline   Reply With Quote
Old 5th February 2015, 13:56   #600
Senior - BHPian
 
hserus's Avatar
 
Join Date: Sep 2014
Location: Chennai
Posts: 1,811
Thanked: 1,796 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

You have to contact your AO. You had better go to the income tax office in your city and ask for where the DCIT/ACIT for your ward is available. That is the jurisdictional AO for your return.

Do so ASAP - you're in for some pillar to post running around, at a minimum. You had better have your return for that year scrutinized by a qualified CA and take his assistance in approaching the AO.

Quote:
Originally Posted by clevermax View Post
I received an e-mail from CPC with a PDF file which says that my my e-filing for AY 2011-12 will be rectified by an AO:

Attachment 1336605

Is this because the tax computation which I did was wrong? Should I just wait until I receive further notifications on this or try to contact the Assessing Officer?

The letter says that I am requested to contact the AO but they have only given a cryptic code for the AO - like KAR/xx/xxx. There is no "Know your Jurisdictional AO" menu in incometax website.
hserus 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