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Old 27th August 2015, 03:05   #736
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I had filed my ITR 4S and my Dad's ITR 2 on 3rd August online and e verified on the same day. While i was checking the status just now it showed both the returns were processed on 19th August. This is the first time our returns have been processed so quickly but yet to get the intimation under sec 143 (1). Impressed !
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Old 27th August 2015, 10:05   #737
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I had filed my ITR 4S and my Dad's ITR 2 on 3rd August online and e verified on the same day. While i was checking the status just now it showed both the returns were processed on 19th August. This is the first time our returns have been processed so quickly but yet to get the intimation under sec 143 (1). Impressed !
Would not be that fast if you had filed after the 25th. The load ensures that things go slow. Very impressed by the ITR4S being done that fast. Was there an Audi report, in which case it is little more than formality.

Last edited by sgiitk : 27th August 2015 at 10:08.
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Old 27th August 2015, 13:59   #738
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Would not be that fast if you had filed after the 25th. The load ensures that things go slow. Very impressed by the ITR4S being done that fast. Was there an Audi report, in which case it is little more than formality.
No Sir , There was no audit report. For audit cases you cant file ITR 4S you have to file ITR 4.
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Old 27th August 2015, 17:28   #739
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A question about declaring accounts in ITR2.
If I have a joint account with my wife (I am secondary account holder and wife is primary), should I declare that account in my ITR 2 OR should my wife declare this account in her ITR 1?
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Old 27th August 2015, 18:31   #740
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@S_U_N; You have to list it in both places. Any account where you are a co-holder or signatory must be listed. Only commercial and similar (HUF) accounts need not be in your personal statement.
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Old 27th August 2015, 21:33   #741
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I missed utilizing the 80TTA benefit this time (save tax on savings bank interest upto 10k - rushed it up & forgot about it when filling) and have submitted my returns yesterday.

I would get back 3k if I file a revised return now. I am worried if a revised return would raise unwanted attention during the processing.

Should I do it or let go of it? Any suggestions please?

Last edited by null : 27th August 2015 at 21:42.
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Old 27th August 2015, 22:35   #742
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I wanted to ask about the below situation:
  • Spouse A, an NRI, buys property in India solely in name of Spouse B.
  • A few years later Spouse A returns to India and is now a resident Indian
  • After 10 years, Spouse B, a resident Indian, repays part of that money to Spouse A.
Question I want to ask is whether the repayment amount is now considered income of Spouse A as per the IT department's definition of income clubbing.
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Old 28th August 2015, 00:27   #743
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Question I want to ask is whether the repayment amount is now considered income of Spouse A as per the IT department's definition of income clubbing.
Not very clear. First, clubbing provisions apply to income generated from the property. Second, there are exclusions for income from house property. Third, there is the question whether "adequate consideration" was paid or not. Fourth, does B have independent sources of income? Fifth, (may not be relevant) the situation changes if the spousal relationship did not exist throughout these ten years. Yours is a question for a CA and not here.

Last edited by binand : 28th August 2015 at 00:28.
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Old 28th August 2015, 10:07   #744
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I missed utilizing the 80TTA benefit this time (save tax on savings bank interest upto 10k - rushed it up & forgot about it when filling) and have submitted my returns yesterday.

I would get back 3k if I file a revised return now. I am worried if a revised return would raise unwanted attention during the processing.

Should I do it or let go of it? Any suggestions please?
Go ahead and revise. I had to do it on two occasions, no hassles from their end. This is even truer if you have not sent the ack. Then your return is strictly not in the system.
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Old 28th August 2015, 12:34   #745
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@S_U_N; You have to list it in both places. Any account where you are a co-holder or signatory must be listed. Only commercial and similar (HUF) accounts need not be in your personal statement.
I had the same question put forth to a CA friend. He said I don't need to list joint accounts where I am not the primary holder.
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Old 28th August 2015, 17:01   #746
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Situation:

In the Form-26 AS, there is one entry (for Tax Deposited) with status as " O " (Overbooked). We are told that this is extra tax paid.

The CA says that we cant submit returns till this is resolved.
But one other person with this kind of entry in Form-26AS has been able to submit.

CA says that the office accounts people must get this resolved.

Assessee is expecting a small refund.

What do we do ?
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Old 28th August 2015, 17:45   #747
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I had the same question put forth to a CA friend. He said I don't need to list joint accounts where I am not the primary holder.
I am also basing my response on my CA.

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Situation:

In the Form-26 AS, there is one entry (for Tax Deposited) with status as " O " (Overbooked). We are told that this is extra tax paid.

The CA says that we cant submit returns till this is resolved.
But one other person with this kind of entry in Form-26AS has been able to submit.

CA says that the office accounts people must get this resolved.

Assessee is expecting a small refund.

What do we do ?
If it is overbooked and deposited then the refund will come. So go ahead and file.
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Old 28th August 2015, 21:10   #748
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If it is overbooked and deposited then the refund will come. So go ahead and file.
SG sir, thank you. But can you please elaborate ?

The assessee has to file using ITR-4.
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Old 29th August 2015, 10:24   #749
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Go ahead and revise. I had to do it on two occasions, no hassles from their end. This is even truer if you have not sent the ack. Then your return is strictly not in the system.
Thank you for your feedback. Have submitted the revised return to claim 3k back

Another query- have declared the PPF & EPF interests in the form under Exempted income. Do you all list the yearly interest income from PF here?
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Old 29th August 2015, 10:51   #750
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Another query- have declared the PPF & EPF interests in the form under Exempted income. Do you all list the yearly interest income from PF here?
I haven't been as my understanding was that the interest income need be declared only if I make a withdrawal from my PPF account. After seeing your message I did a web search; there are adherents to both schools of thought. Let this forum know if you get an authoritative answer for this question.
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