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


Reply
 
Thread Tools Search this Thread
Old 3rd August 2015, 22:49   #691
BHPian
 
Join Date: Apr 2010
Location: Pune
Posts: 97
Thanked: 20 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

I am still trying to figure out the Foreign Assets table in this year's ITR2.

What i am confused about are stocks from RSUs and ESPPs (Employee Stock Purchase Plan), both are taxed on vesting and declared as part of my taxable income in my form 16 and included in my previous ITRs.

If i sell any stock, i declare the income as capital gains and pay appropriate tax. Do unsold stocks need to be declared under "Foreign Assets"?
A_v_i is offline   Reply With Quote
Old 4th August 2015, 10:00   #692
Distinguished - BHPian
 
sgiitk's Avatar
 
Join Date: Dec 2007
Location: Kanpur
Posts: 7,042
Thanked: 3,586 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

How to the Linux users create their returns. Is LibreOffice able to handle the Macros in the .xls files?
sgiitk is offline   Reply With Quote
Old 4th August 2015, 11:46   #693
BHPian
 
Su-47's Avatar
 
Join Date: Aug 2006
Location: Bangalore
Posts: 610
Thanked: 81 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by A_v_i View Post
If i sell any stock, i declare the income as capital gains and pay appropriate tax. Do unsold stocks need to be declared under "Foreign Assets"?
Yes. Income : P&L :: Foreign Assets : Balance sheet.
Looks like the govt. wants you to declare both and you can't ignore one because you are declaring the other.
Su-47 is offline   Reply With Quote
Old 4th August 2015, 12:14   #694
BHPian
 
Join Date: Apr 2010
Location: Pune
Posts: 97
Thanked: 20 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by Su-47 View Post
Yes. Income : P&L :: Foreign Assets : Balance sheet.
Looks like the govt. wants you to declare both and you can't ignore one because you are declaring the other.
Thanks for replying. The problem with declaring under Foreign Assets is that fields for income and tax applicable are mandatory, but till i sell there is no income or applicable tax. Maybe i am missing something obvious
A_v_i is offline   Reply With Quote
Old 4th August 2015, 13:53   #695
BHPian
 
Join Date: Apr 2010
Location: Pune
Posts: 97
Thanked: 20 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by sgiitk View Post
How to the Linux users create their returns. Is LibreOffice able to handle the Macros in the .xls files?
The Java utility works fine on Linux.
A_v_i is offline   Reply With Quote
Old 4th August 2015, 14:19   #696
BHPian
 
Su-47's Avatar
 
Join Date: Aug 2006
Location: Bangalore
Posts: 610
Thanked: 81 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by A_v_i View Post
Thanks for replying. The problem with declaring under Foreign Assets is that fields for income and tax applicable are mandatory, but till i sell there is no income or applicable tax. Maybe i am missing something obvious
What about dividend on ESPPs and vested RSUs?
Su-47 is offline   Reply With Quote
Old 4th August 2015, 14:21   #697
BHPian
 
Join Date: Apr 2010
Location: Pune
Posts: 97
Thanked: 20 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by Su-47 View Post
What about dividend on ESPPs and vested RSUs?
There aren't any I am wondering if zero is an acceptable value in the income and tax applicable fields.
A_v_i is offline   Reply With Quote
Old 4th August 2015, 16:11   #698
Senior - BHPian
 
Join Date: Dec 2008
Location: Bangalore
Posts: 1,930
Thanked: 1,390 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by A_v_i View Post
I am still trying to figure out the Foreign Assets table in this year's ITR2.
I am also stuck in this section. I usually fill up sections A and D in schedule FA, but this time both these have additional questions under "Income taxable and offered in this return". I don't have any income taxable so the amount is 0, but for the remaining two - "Schedule where offered" and "Item number of schedule" - what do I fill?

(I have some long-term assets left over from a period when I was an NRI).
binand is offline   Reply With Quote
Old 11th August 2015, 19:15   #699
BHPian
 
Join Date: Feb 2013
Location: Bangalore
Posts: 103
Thanked: 133 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

I own a house and pay property tax for it. I would like to know if the tax paid on the house property is deductible from the tax i pay as part of my salaried income?
Thanks in advance for your replies!
AMG_ang is offline   Reply With Quote
Old 11th August 2015, 19:19   #700
Senior - BHPian
 
hserus's Avatar
 
Join Date: Sep 2014
Location: Chennai
Posts: 1,691
Thanked: 1,639 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Yes - it is deductible. Here's the formula. http://finotax.com/income-tax/inchp

Quote:
Originally Posted by sgiitk View Post
How to the Linux users create their returns. Is LibreOffice able to handle the Macros in the .xls files?
Download the Java utility and use it. Works fine on Mac OS X and should certainly work on Linux as well. Java is Java.

Last edited by hserus : 11th August 2015 at 19:25.
hserus is offline   Reply With Quote
Old 11th August 2015, 19:35   #701
BHPian
 
Accent Martin's Avatar
 
Join Date: Aug 2014
Location: Bangalore
Posts: 102
Thanked: 74 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

For those who want a faster and simplified tax returns filing, log on to clear tax website and use this to submit. I did that through this and found it to be simple. After you create your user ID and password, you will have to provide personal information. Post which there is an option to upload your form 16. The website will read the PDF and auto populate the required fields. Of course some will have to be manually keyed in but the website provides sample screenshots to locate the sought amount. Once checked and submitted, you will get an e-mail from them as well as Income tax department on the confirmation of filing of returns. 10 minutes job.
Accent Martin is offline   Reply With Quote
Old 12th August 2015, 07:34   #702
BHPian
 
Join Date: Feb 2013
Location: Bangalore
Posts: 103
Thanked: 133 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by hserus View Post
Yes - it is deductible. Here's the formula. http://finotax.com/income-tax/inchp
Thanks for your reply. I forgot to mention that the I stay at my house which I own. This is the only house I have.
The link provided by you mentions that the tax paid to local authorities is deductible only in the case if the property is let out and which in my case is not.
AMG_ang is offline   Reply With Quote
Old 12th August 2015, 17:44   #703
Senior - BHPian
 
Join Date: Dec 2008
Location: Bangalore
Posts: 1,930
Thanked: 1,390 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by AMG_ang View Post
I would like to know if the tax paid on the house property is deductible from the tax i pay as part of my salaried income?
Quote:
Originally Posted by AMG_ang View Post
I forgot to mention that the I stay at my house which I own. This is the only house I have.
Nope, you cannot deduct municipal taxes in that case. Income from house property is defined as gross income less municipal taxes for let-out properties, and zero for self-occupied properties. So municipal taxes figure only in the let-out case.

As a matter of form - deductibles are deducted from income, not from tax. Secondly in the general case, deductibles applicable to a certain class of income cannot be applied to another class of income (so deductibles applicable to "income from house property" cannot be deducted from "income from salaries").

Edit: Link

Last edited by binand : 12th August 2015 at 17:44. Reason: added link
binand is offline   Reply With Quote
Old 13th August 2015, 10:08   #704
Distinguished - BHPian
 
sgiitk's Avatar
 
Join Date: Dec 2007
Location: Kanpur
Posts: 7,042
Thanked: 3,586 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

It seems there is some change in the procedure for getting a digital signature. What is the latest algorithm?
sgiitk is offline   Reply With Quote
Old 13th August 2015, 10:17   #705
Awaiting Email Confirmation
 
Join Date: Mar 2009
Location: ............
Posts: 3,261
Thanked: 4,207 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by sgiitk View Post
It seems there is some change in the procedure for getting a digital signature. What is the latest algorithm?
I used Aadhaar-based OTP for electronic verification of my uploaded returns afterwhich my returns were accepted and acknowledgement generated immediately. Another option for e-verification is through the Netbanking account details. Neither sending a print of ITR V to CPC nor digital signature is required.
J.Ravi 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 07:33.

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