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Old 24th June 2015, 17:12   #646
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Only 1 and 4S are available at ths moment. Others to follow. Also, what about doing away with the signed ack!! Also, they claim to have both the Java and Excel versions there. Instructions for Java the same as last year, i.e. adding Java to the path??
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Old 30th June 2015, 12:08   #647
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

I'm seeing a difference of around 12K between "Income Chargeable under the head salaries" - Form 16, and the "Total amount paid/credited" in TRACES. Is this allright, or are these 2 figures supposed to match precisely ?

The TDS amounts in Form 16 and TRACES do match.

Last edited by sdp1975 : 30th June 2015 at 12:15.
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Old 30th June 2015, 12:48   #648
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Friends,
My wife wants to claim refund on the recent apartment sold and we had to pay 26S tax to sub-registrar.
Which ITR form to submit as she is not working?
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Old 30th June 2015, 18:44   #649
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Friends,
My wife wants to claim refund on the recent apartment sold and we had to pay 26S tax to sub-registrar.
Which ITR form to submit as she is not working?
ITR2 as she has capital gains.
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Old 3rd July 2015, 13:53   #650
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

I could not find a clear answer elsewhere so I am asking here.
10 years ago, I bought an LIC policy - Jeevan Plus 173.
Paid money for 4 years (annual premium) and then stopped.

Now, my advisor told me that you can sell this off if you want.
Rs. 1.2 lac has grown to Rs. 2.5 lac.
There is 0.1% charge every month that I need to pay.

Question: If I surrender this policy, what are the tax implications? If taxable, will there be TDS?
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Old 3rd July 2015, 18:35   #651
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

No. As the policy is in "paid up" state just wait till maturity and collect it.

There will be some amount of surrender loss when you surrender prematurely - so if you do, invest the money in something like a well chosen mutual fund STP.

Typically - don't believe the average LIC agent any more than you believe a 2nd hand car dealer .. they will often do things to maximize their commissions.
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Old 3rd July 2015, 20:01   #652
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No. As the policy is in "paid up" state just wait till maturity and collect it.

There will be some amount of surrender loss when you surrender prematurely - so if you do, invest the money in something like a well chosen mutual fund STP.

Typically - don't believe the average LIC agent any more than you believe a 2nd hand car dealer .. they will often do things to maximize their commissions.
Thanks. No tax sounds good.
There was some mention that since Govt. change policy with respect to insurance policies with coverage less/ more than 5 or 10 times, there is some gray area with respect to this old policy.


Actually the policy was purchased from someone else. The current advisor is just helping us 'clean up the house'.
The maturity is 70 years - and makes no sense for me (when I look back now).
There is no surrender charge since I have paid 3 annual premiums.
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Old 4th July 2015, 12:37   #653
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Found a couple of bugs in ITR2. It is not accepting my second e-mail id xy@iitk.ac.in and also form OS has a bug. It keeps asking for non-existent details. 'Section Description is Mandatory at S No3'
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Old 4th July 2015, 18:51   #654
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by S_U_N View Post
10 years ago, I bought an LIC policy - Jeevan Plus 173.
Paid money for 4 years (annual premium) and then stopped.
Visit an LIC office and get actual numbers you will get on surrender. Usually first three years used have 40% - 20% agent commission 10 years ago. Based on that + 6% of Sum Assured guaranteed addition, surrender value would be really low (~90% of total premium paid in 4 years).

Even now, agents get 30% of first year premium (25% + 40% of this amount as bonus).

http://www.onlinelic.co.in/lic-agent...on-chart-2015/
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Old 4th July 2015, 19:03   #655
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Can any CA clarify whether any software purchases done by individuals now require form 15CA/15CB. eg you buy a 5$ app and pay in USD to a foreign entity.
http://www.livemint.com/Money/hBxc33...nresident.html

http://blog.tdsman.com/2015/04/chang...n-budget-2015/

This means, if I buy anything online, like music from USA/Europe, I will have to fill up some form in the IT department website?

What sort of joker government is this
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Old 14th July 2015, 20:21   #656
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IT department has introduced an e-verify mechanism by linking Aadhar to PAN. After linking Aadhar with PAN , an OTP will be sent to the mobile registered with Aadhar, and the OTP ( valid for 30 mins ) can be used e-verify the return on the ITD website.

Far more convenient than having to send a signed ITR-V by post !
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Old 14th July 2015, 20:28   #657
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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IT department has introduced an e-verify mechanism by linking Aadhar to PAN. After linking Aadhar with PAN , an OTP will be sent to the mobile registered with Aadhar, and the OTP ( valid for 30 mins ) can be used e-verify the return on the ITD website.

Far more convenient than having to send a signed ITR-V by post !
So does this mean we no longer need to post ITR-V to Bangalore? If yes, this is a good step indeed!. But I am curious to know how Aadhar linkage has avoided this need to post?
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Old 14th July 2015, 20:34   #658
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vnabhi, e-verify is an alternative to sending ITR-V that the IT department has come up with - just do some googling on it for more details.

I could link my Aadhar with my PAN on teh ITD website , and generate an OTP. However , I did not proceed with the e-verify as I already sent ITR-V by post a few days ago.
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Old 15th July 2015, 10:08   #659
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

My daughter in law has Aadhar with her maiden name and parental address, while the PAN is with her married name and address. Now what are the options, for e-verify.
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Old 15th July 2015, 10:14   #660
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by sdp1975 View Post
IT department has introduced an e-verify mechanism by linking Aadhar to PAN. After linking Aadhar with PAN , an OTP will be sent to the mobile registered with Aadhar, and the OTP ( valid for 30 mins ) can be used e-verify the return on the ITD website.

Far more convenient than having to send a signed ITR-V by post !
Quote:
Originally Posted by vnabhi View Post
So does this mean we no longer need to post ITR-V to Bangalore? If yes, this is a good step indeed!. But I am curious to know how Aadhar linkage has avoided this need to post?
Quote:
Originally Posted by sdp1975 View Post
vnabhi, e-verify is an alternative to sending ITR-V that the IT department has come up with - just do some googling on it for more details.

I could link my Aadhar with my PAN on teh ITD website , and generate an OTP. However , I did not proceed with the e-verify as I already sent ITR-V by post a few days ago.
Quote:
Originally Posted by sgiitk View Post
My daughter in law has Aadhar with her maiden name and parental address, while the PAN is with her married name and address. Now what are the options, for e-verify.

You can also e verify using via net banking. I did that few minutes back. Follow the instructions given. Did that using my SBI account.
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