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Old 20th July 2015, 15:58   #676
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by NPV View Post
I was told by the CA folks who help file returns at office:
this year they require Aadhaar Number, Passport Number and all bank account numbers with IFSC code as well.
I have not seen the forms yet. But the last I heard was that we just need to declare the number accounts we have (e.g. 3, 4, 5, etc.). No need to give account numbers.

However, I am not sure if they give you an option to actually provide all account numbers in ITR 1.
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Old 20th July 2015, 16:01   #677
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by S_U_N View Post
I have not seen the forms yet. But the last I heard was that we just need to declare the number accounts we have (e.g. 3, 4, 5, etc.). No need to give account numbers.

However, I am not sure if they give you an option to actually provide all account numbers in ITR 1.

If I am not wrong, this year we need to use ITR 2A instead of ITR 1. This form has apparently space to provide all account numbers. And yes you need to declare all the bank account numbers.
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Old 20th July 2015, 16:04   #678
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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The long term strategy seems to be to link all financial transactions /accounts to aadhar /PAN and make life easier for the understaffed IRS.

Tax terrorism is here to stay.
IRS is American btw, in India it is the IT Department.

That article doesn't talk about Aadhar or PAN at all. In any case, using Aadhar for any such purpose is still-born because of the Supreme Court ruling.

As a matter of fact I laud the idea; I too would like to see folks to pay tax on income, and on correct income. Why do you call it tax terrorism?

Quote:
Originally Posted by sdp1975 View Post
I posted my ITR-V over 2 weeks ago , from Bangalore by ordinary post, and yet no acknowledgement or SMS .
If you sent it by ordinary post, they'd have lost it. I have burnt my fingers once. Send (re-send) by Speed Post instead.

Anyway the ack takes a lot longer than that I think.

Last edited by binand : 20th July 2015 at 16:06.
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Old 20th July 2015, 16:05   #679
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by vibbs View Post
If I am not wrong, this year we need to use ITR 2A instead of ITR 1. This form has apparently space to provide all account numbers. And yes you need to declare all the bank account numbers.
The massive outcry against the mandatory disclosures of foreign trips and dormant bank accounts in the new ITR forms has forced the government to revise them. The revised forms are much simpler and taxpayerfriendly. But though you won't have to fill a 14-page return, the new forms have retained some of changes proposed earlier.

Read more at:
http://economictimes.indiatimes.com/...campaign=cppst
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Old 20th July 2015, 16:14   #680
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by S_U_N View Post
The massive outcry against the mandatory disclosures of foreign trips and dormant bank accounts in the new ITR forms has forced the government to revise them. The revised forms are much simpler and taxpayerfriendly. But though you won't have to fill a 14-page return, the new forms have retained some of changes proposed earlier.

Read more at:
http://economictimes.indiatimes.com/...campaign=cppst
Thanks I stand corrected. However the ITR 1 has place to fill in details of all bank accounts under serial No 27 and you still need to provide complete details except for Dormant accounts.
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Old 20th July 2015, 23:01   #681
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Quote:
Originally Posted by binand View Post
IRS is American btw, in India it is the IT Department.

That article doesn't talk about Aadhar or PAN at all. In any case, using Aadhar for any such purpose is still-born because of the Supreme Court ruling.

As a matter of fact I laud the idea; I too would like to see folks to pay tax on income, and on correct income. Why do you call it tax terrorism?
.
IRS =Indian Revenue Services.

http://www.irsofficersonline.gov.in/
Regarding tax terrorism :
The analogy that comes to mind is that of having Extremely Punitive fines for traffic violations in India in the present context.

There aren't enough checks and balances in the system to prevent victimisation or tax terrorism by the authorities.

Everybody pays taxes. Indirect taxes. Service tax is as high as 15% now. Excise on Cars and Real Estate is huge.

PAN is required now for all major transactions. Cars, real estate, even insurance payments more than 25k.

Having witnessed harassment by IT Department based on trivial matters, the simple man will be at a disadvantage if every financial transaction is recorded. The law is unclear too on many issues.

You'll soon see HNI families moving tax citizenship to Dubai, Mauritius or other tax friendly nations.

I am all for reduction in income tax and increase in Indirect taxes. That way people are taxed in accordance with their spending capabilities.

Its difficult to implement. Direct tax collection by giving higher targets to the IRS is easier.

I don't know about you but in Punjab we have to suffer often when the Traffic Department is given targets for revenue generation through challans.
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Old 21st July 2015, 08:22   #682
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Last night, I successfully filed my IT returns online using ITR 1. Just before filing the returns, I linked my Aadhaar number too. After submitting the returns, I was asked to electronically verify my returns. I chose Aadhaar OTP. Within seconds, I received OTP in my mobile, which I typed in the box provided afterwhich, my returns were accepted and I got the acknowledgement. Now, there is no need to print this acknowledgement and send it to CPC, Bangalore as I was doing in the previous years!
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Old 21st July 2015, 10:50   #683
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by binand View Post
Requiring Aadhar would be in violation of the Supreme Court's order and hence contempt of court. It is only optional. Passport, too.
Thanks. I checked with them again and indeed the Aadhaar # and Passport # are optional
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Old 21st July 2015, 18:49   #684
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by NPV View Post
Thanks. I checked with them again and indeed the Aadhaar # and Passport # are optional
Passport is going to be mandatory if your card has any sort of international expense on it (travel etc) which is sought to be reported.

After a lot of protests the current form is much more relaxed than the original form that sought much more reporting.
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Old 21st July 2015, 19:12   #685
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

In the ITR1, the "tax status" field has 3 options to choose from
1. Tax refundable
2. Tax Payable
3. Nil Tax Payable

Now I had disclosed income from other sources long with my investment declaration and hence requite tax has already been deducted as TDS. What option should I choose? Tax payable or Nil Tax payable?
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Old 23rd July 2015, 19:28   #686
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

I have now gone through the Income Tax site and this is what I could gather.
If you have capital gains (e.g. from selling Mutual Funds), then you need to fill in ITR 2 (download the Excel).
If you do not have capital gains, but your Exempted income is more than Rs. 5000, then fill ITR 2A.
If Exempted Income is less than Rs. 5000, then fill ITR 1.

Other complicated scenarios - I don't know.


Since I have some capital gains, I will have to fill up ITR 2.
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Old 24th July 2015, 01:00   #687
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Capital gains:
From FundsIndia, I downloaded my Capital Gains statement for last FY.

For Franklin India TMA(G), which is a liquid fund, I have a realized short term gain of Rs. 8451.93.
And for Franklin India Feeder - Franklin European Growth Fund(G), I have a realized ST gain of Rs. -5873.58

The total gain is reported as Rs. 2578.35.
I have a much higher unrealized gain amount.

Now, I have not added this amount of Rs. 2578 in my IT returns so far.
Questions:
1. Can the loss in International Equity MF be set off with Domestic liquid fund like the way described above?
2. If not, do I have to pay tax on basis of indexation for the gain from liquid fund?
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Old 24th July 2015, 01:10   #688
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Has anyone used HRBLOCK to file taxes. Just checking to know how good they are.

https://www.hrblock.in/
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Old 26th July 2015, 01:47   #689
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Today, while calculating interest payment on IT, (u/s 234), I noticed that my employer has paid insufficient tax till 15 March - the amount is less than expected.
A large amount has been paid on 31 March.

As a result, if I use the online calculator such as http://finotax.com/income-tax/intt234 I see that there is a shortfall shown under 234C.

The Form 16 has a summary section where quarterly amount credited is shown and then there is a month-wise table.

The month wise seems to be more accurate, whereas the quarterly is not.

At this stage, I have to pay a tax of around Rs. 10000 (even if I do not consider payment of any interest on tax).

Does anyone know of a better calculator?
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Old 3rd August 2015, 13:14   #690
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by xenxer View Post
Has anyone used HRBLOCK to file taxes. Just checking to know how good they are.

https://www.hrblock.in/
I have used their services.

It came as an "offer" for my Myuniverse subscription. It was so called "Assisted filing".

Although my ITR was simple (interest income from FD/savings as additional income only other than salary) - i recommend them for their simple layout and the fact you have someone to get assistance from when in need or query.

I would recommend them.

Last edited by GTO : 4th August 2015 at 12:31. Reason: Typos
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