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Old 20th May 2015, 19:53   #631
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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3. If you still get no proper response after a month or so, then open a grievance with the income tax department here, citing all previous history. http://office.incometaxindia.gov.in/...mechanism.aspx
Thank you so much for this information!

I sent an email with all details and attachments to their gmail account in Bangalore. At first no one responded, but after a week or so of prodding, they acknowledged my complaint.

In less than two months, my issue has been resolved and I received the confirmation by post today! I even got the refund for FY 2009-10. Now the only thingremaining is the refund for subsequent years which they had adjusted against the erroneous outstanding demand.
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Old 20th May 2015, 20:07   #632
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Just wait a few months - till your current return is processed. They might adjust all that withholding in the current return processing. Else reply to their email requesting adjustment of the refunds as well.
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Old 21st May 2015, 12:01   #633
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Just wait a few months - till your current return is processed. They might adjust all that withholding in the current return processing. Else reply to their email requesting adjustment of the refunds as well.
Last night, I was pleasantly surprised to get an email for the refund for last year. By this morning the money has already our account. Now only one year's refund is remaining and I am hoping that comes through on its own.

One aspect which complicated matters is that we are living in Koramangala for the last 10 years whereas my wife's PAN card is in the Indira Nagar address of my in-laws. As a result, it was transferred to the Bellary Road ITO.

Now I want to shift the jurisdiction for all future tax matters to the Koramangala ITO. I thought all I have to do to change the ITO is to change her address to Koramangala. But from what I read on the web, it is not so straightforward.

Could someone please guide me on how I can change my wife's jurisdictional ITO from Bellary Road to Koramangala?
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Old 23rd May 2015, 01:05   #634
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Last night, I was pleasantly surprised to get an email for the refund for last year. By this morning the money has already our account. Now only one year's refund is remaining and I am hoping that comes through on its own.

One aspect which complicated matters is that we are living in Koramangala for the last 10 years whereas my wife's PAN card is in the Indira Nagar address of my in-laws. As a result, it was transferred to the Bellary Road ITO.

Now I want to shift the jurisdiction for all future tax matters to the Koramangala ITO. I thought all I have to do to change the ITO is to change her address to Koramangala. But from what I read on the web, it is not so straightforward.

Could someone please guide me on how I can change my wife's jurisdictional ITO from Bellary Road to Koramangala?
Nowwhat
Hi.
A few years back I transferred my daughter's files to a different ward.
Gave an application for transfer and got their acknowledgement. A photocopy of the acknowledgement was attached to the subsequent year's return.
This may have changed as everything is now centralized at Bangalore. Our physical returns are sent there rather than to the concerned ITO.
Hope this helps
Regards
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Old 5th June 2015, 21:53   #635
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Hi all,
I am getting professional charges for my work. This year onwards my income has increased so that I have to pay 3 times the usual taxes,but the increase in income is 25%. I can get relief if I buy a car and can claim depreciation. Is it a good thing to buy a car for that and if so what kind of upper limit should be decided for car. I mean does it make sense to buy a D segment car like a Jetta or a BMW to save tax or is it better to just settle for a C segment one and pay higher taxes?
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Old 6th June 2015, 00:14   #636
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Do you want and can you afford a bmw?

See how much tax you need to save, and offset that against depreciation, your expenses for official trips etc

If you can save sufficient tax by buying an alto buy that.

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Hi all,
I am getting professional charges for my work. This year onwards my income has increased so that I have to pay 3 times the usual taxes,but the increase in income is 25%. I can get relief if I buy a car and can claim depreciation. Is it a good thing to buy a car for that and if so what kind of upper limit should be decided for car. I mean does it make sense to buy a D segment car like a Jetta or a BMW to save tax or is it better to just settle for a C segment one and pay higher taxes?
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Old 6th June 2015, 14:40   #637
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Do you want and can you afford a bmw?
If you can save sufficient tax by buying an alto buy that.
Thank you Suresh. My tax liability will be 4.5 lakh if I don't buy a car. I don't know whether buying a car will help shave off a big amount of tax liability
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Old 6th June 2015, 15:42   #638
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Thank you Suresh. My tax liability will be 4.5 lakh if I don't buy a car. I don't know whether buying a car will help shave off a big amount of tax liability
If you buy a BMW costing 40L , you can claim depreciation @ 15%. p.a i.e. Rs. 6L. This 6L will be a deductible business expense and will reduce your taxable income by Rs. 6L. So if you are paying taxes @ 30%, buying a BMW will save you about 1.8L in taxes in the first year. Similarly you will save about 1.5L in the second year and so on.

I don't think its a good idea to buy a car just to save taxes. But yes if you aspire to own that bigger, better and more expensive car that you are hesitating to buy due to the financial outlay, then you can look at getting back some money by claiming depreciation and reducing your taxes. Its also a great argument to convince the folks at home, if they are not in agreement with your decision to buy a BMW.
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Old 6th June 2015, 16:09   #639
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If that is all your tax liability is, there are plenty of other minor expenses, charitable donations to 100% 80G places etc that will offset it. And as you are posting on tbhp hopefully you have a car, arent you claiming depreciation on that?
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Old 6th June 2015, 17:14   #640
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Thanks Santoshbhat and Suresh. Suresh I have a 15 year old Zen !
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Old 6th June 2015, 17:20   #641
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Thanks Santoshbhat and Suresh. Suresh I have a 15 year old Zen !
If you are paying 4.5L of taxes I suppose you could buy something midrange like a honda city that'll last you another 15 years. Keep the zen around - if it has lasted and is functional for 15+ years it is likely a keeper.

My father had a M800 that was one of the original japanese ckd kit varieties - sweet to drive it even 19+ years down the line, butter smooth gear shifting etc.
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Old 8th June 2015, 09:52   #642
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Hi,

Do we have the new form ITR 2 and 2A uploaded on income tax website.

Have downloaded ITR 2, but it lists more than 3 sheets required.

Need to fill data only for salary income and income from loss of property

Any help will be appreciated
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Old 8th June 2015, 10:18   #643
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

@lambuhere1; Please wait until the newest version which you need before filing is available. I have seen corrupted versions which will not be compatible with the latest versions! Also,l, make sure you have the jurisdiction unless you download with pre filled data.
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Old 12th June 2015, 15:13   #644
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

I received an 143(1) letter from IT for AY 14-15 returns filed. There is a demand of X rupees while IT has not considered the Advance tax of Y rupees paid by me in their assessment. Hence there is a difference in interest and tax amounts and IT is demanding additional tax. I have gone ahead and filed a recertification return for AY14-15 and chose option to update IT return and then entered the advance tax and Self assessment tax paid with the challan details. after filing the return I rejected the demand and gave the details of the rectification return acknowledgement number and the reason for rejection. So -

1. Is this the right approach?
2. What are the next steps that will happen?
3. Somewhere I saw we need to enter the entire return again in the rectification return but the IT Software accepted only the Advance tax details or Self assessment tax details nothing else. Is that OK?
4. Finally - Did anyone else face this problem for last year AY14-15 filing and how long did it take to resolve this issue.

thanks in Advance.
DF.
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Old 12th June 2015, 16:37   #645
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Make sure that your form 26 AS correctly reflects the advance tax that you paid - your company finance may have quoted the wrong PAN / TAN there, or may have remitted a partial / wrong amount. Then proceed as you did with filing a rectification.
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