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Old 25th August 2015, 01:37   #721
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

I am somewhat stuck with ITR 2 now.
I had made a profit - STCG - by selling some units of my liquid fund (before 3 years could get over). I also made a loss on international equity fund (considered as debt fund as far as taxation is concerned).
So, based on the CG statement from the broker, I have a net gain of around 2600 Rs.

Now, I don't see any place to put STCG for debt funds on the 'CG' tab in ITR 2.

Please guide.

Edit: I put this under Sheet CG --> 5a. Hope that is correct.

Edit 2: Part B - TI -TTI tab asks for the number of bank accounts. So, all bank account details are mandatory.

Last edited by S_U_N : 25th August 2015 at 01:57.
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Old 25th August 2015, 09:07   #722
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by rajesh1868 View Post
I missed sending the ITR acknowledgement for 07-08. The fines have been accumulated to around 65k.
I own up the mistake and am ready to pay. But what are my options? Will they provide any discount? Can i pay in parts(in fact this is the only possibility for me right now)?
Any helpful links?
AFAIK, not sending of acknowledgement does not result in fines. You must have some pending income tax due to which the dues are mounting due to penalty and interest. You can pay the dues online and square it off.
Check with a good CA on how to process the acknowledgement for the years which you have missed.
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Old 25th August 2015, 15:13   #723
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Guys, quick feedback needed on SALARY section in ITR2 - if you faced this issue & what did you do?

They seem to have broken down the section further this year to capture more details (HRA, Perqs, etc). My form-16 does not give a break-up of the numbers inline to the sections given here. We now need to manipulate the numbers from form-16 to fill the 1st row item aka salaries (excluding perqs, deductions, hra, profits etc). Refer to this link which explains how to fill ITR2.

Did you too give a break-up of the HRA, Perquisites, deductions etc? Was it explicitly given to match the headings in your Form 16 OR you followed the approach mentioned in the link above?
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Old 25th August 2015, 15:24   #724
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by hserus View Post
You can pay it at a bank or online - select the appropriate option (such as that you received a notice and notice number thereof), and put the interest in the interest column
Thanks a lot. I just went to nearest SBI and the staff over there helped me in getting the form (took a printout). The whole process took about 15 minutes only.
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Old 25th August 2015, 15:32   #725
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Guys, need suggestions!

My father in law's employer (a Govt. organization) has deducted his TDS and submitted against wrong PAN for the entire year. We wrote an application to the concerned dept. and they have received the letter with acknowledgment. Now, since all TDS was deducted at a wrong PAN, can I put in the deducted TDS manually while filing his ITR and send the acknowledgment with the hard copy of ITR to CPC, Blr? Will that be considered? As far as the rectification of PAN is concerned, no one in the office has got any idea how soon it will be corrected. Please let me know.

Regards,
Saket
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Old 25th August 2015, 16:42   #726
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

@saket; I had a similar problem since IIT Kanpur after one TDS was crediting to a wrong PAN. I had retired in the end of February. I caught it in December and after a lot of hullabaloo got them to correct in June.
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Old 25th August 2015, 19:13   #727
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by null View Post
Guys, quick feedback needed on SALARY section in ITR2 - if you faced this issue & what did you do?

They seem to have broken down the section further this year to capture more details (HRA, Perqs, etc). My form-16 does not give a break-up of the numbers inline to the sections given here. We now need to manipulate the numbers from form-16 to fill the 1st row item aka salaries (excluding perqs, deductions, hra, profits etc). Refer to this link which explains how to fill ITR2.

Did you too give a break-up of the HRA, Perquisites, deductions etc? Was it explicitly given to match the headings in your Form 16 OR you followed the approach mentioned in the link above?
I had the same question last night and was scratching my head with the arithmetic.

I had to make adjustments with respect to the figures to match the CALCULATED tax amount with what I am getting using Nithya's calculator.
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Old 25th August 2015, 19:51   #728
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Sir, the case is very similar. My father in law also retired in September last year. Now since it is time we file the return, I was thinking how to go about it? Would the acknowledgment by office help if I send that with the ITR to BLR?

Thanks.

Quote:
Originally Posted by sgiitk View Post
@saket; I had a similar problem since IIT Kanpur after one TDS was crediting to a wrong PAN. I had retired in the end of February. I caught it in December and after a lot of hullabaloo got them to correct in June.

Last edited by saket77 : 25th August 2015 at 19:53.
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Old 26th August 2015, 08:45   #729
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by saket77 View Post
Sir, the case is very similar. My father in law also retired in September last year. Now since it is time we file the return, I was thinking how to go about it? Would the acknowledgment by office help if I send that with the ITR to BLR?
They just work with the information as seen on 26AS, so until and unless the amendments to the TDS are made the info will just no show up. afaik if the tax is not in arrears you may be able to delay filing to 31 March with no penalty. Any piece of paper sent with the form will be trashed.
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Old 26th August 2015, 10:16   #730
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by sgiitk View Post
They just work with the information as seen on 26AS, so until and unless the amendments to the TDS are made the info will just no show up. afaik if the tax is not in arrears you may be able to delay filing to 31 March with no penalty. Any piece of paper sent with the form will be trashed.
That helps Sir! I was thinking on the same lines. May be I should skip filing the return until the correction is made. Thanks a lot for your advice.

Regards,
Saket.
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Old 26th August 2015, 14:30   #731
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by null View Post
Guys, quick feedback needed on SALARY section in ITR2 - if you faced this issue & what did you do?

They seem to have broken down the section further this year to capture more details (HRA, Perqs, etc). My form-16 does not give a break-up of the numbers inline to the sections given here. We now need to manipulate the numbers from form-16 to fill the 1st row item aka salaries (excluding perqs, deductions, hra, profits etc). Refer to this link which explains how to fill ITR2.

Did you too give a break-up of the HRA, Perquisites, deductions etc? Was it explicitly given to match the headings in your Form 16 OR you followed the approach mentioned in the link above?
A more precise response this time:
Here is what I did:
In the tab: Salary in ITR2 --> point 2.
i --> This is LTA - so get the figure directly from you Form 16 if you have claimed LTA in FY 2014-15
ii --> Blank
iii --> HRA (copy paste from Form 16)
iv --> Put total of other allowances from Form 16 in here. (conveyance+attire + medical + child edu)

Now about point 1. The taxable salary is what you see in your Form 16, point 3. Just copy paste that figure in the spreadsheet.

Also, I got answer to my STCG related query. We need to fill
CG --> 5a --> Total selling price
CG --> 5bi --> Total cost price

The difference (is calculated automatically). This difference is to be manually typed in Q246 as well.
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Old 26th August 2015, 15:50   #732
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Question Re: All Income Tax Queries (refunds, disputes, rates etc...)

One query related to ITR 2 to all tax experts.

In the VIA sheet for deductions, if I enter against 80D the medical insurance for self the actual amount, the form picks up the total amount as against the qualifying amount of Rs 15000 mentioned in the form 16. Is it due to the fact that budget for 2015-16 had increased the qualifying amount against 80D to 25K from earlier 15K. I asked the office guys and they advised me to put 15K in the cell as against the actual amount. Can anyone confirm if this is correct?
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Old 26th August 2015, 20:44   #733
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by ghodlur View Post
Is it due to the fact that budget for 2015-16 had increased the qualifying amount against 80D to 25K from earlier 15K.
Thats correct . Now you can claim upto Rs 25K. If you enter any amount more than 25K it will only pick up 25K .
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Old 27th August 2015, 00:04   #734
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

I redeemed a few ELSS (after lock-in limit) and equity based Mutual Funds (after 12 months) in previous FY. Can I show the income from them under section "Exempt income only for reporting purposes" in ITR-1? Its a 6 digit figure. The form says ITR-2 has to be used for agricultural income more than 5000. Doesn't say anything about other sources.

If yes, do I show the complete amount, or just the profit?
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Old 27th August 2015, 02:59   #735
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by black_rider View Post
I redeemed a few ELSS (after lock-in limit) and equity based Mutual Funds (after 12 months) in previous FY. Can I show the income from them under section "Exempt income only for reporting purposes" in ITR-1? Its a 6 digit figure. The form says ITR-2 has to be used for agricultural income more than 5000. Doesn't say anything about other sources.

If yes, do I show the complete amount, or just the profit?
Yes you can file ITR 1 and just show the profit under "Exempt income only for reporting purposes". Please do take a second opinion.
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