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Old 30th March 2016, 17:35   #841
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by LonelyPlanet View Post
Unfortunately the TDS was deducted at at higher exchange rate than the Rs amount paid to us.
Don't know if ESOPs have a different treatment, but I do have some foreign income. Here is how I declare it and pay tax on it:

* The date that I use is the date on which the amount hits my bank account (in my case, an RFC account).

* I visit this site to figure out the exchange rate to use.

* Thus, I get the rupee value of the foreign earnings. This rupee value I declare as part of my income.

* Since I know the dates when I get foreign remittances, I do some approximate calculations and pay advance tax before the specified dates (in your case, this is probably the TDS).

I also declare the source as foreign assets where I'm supposed to do it.

* In my annual return, I include the details of the advance tax paid.

Eventually in some years, I have self-assessment tax to pay and in some others, I have a bit of refund coming my way.

Last edited by binand : 30th March 2016 at 17:37.
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Old 1st April 2016, 15:21   #842
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

New ITR forms have been notified. You can pick them up from here:

http://www.incometaxindia.gov.in/Pag...ax-return.aspx
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Old 18th April 2016, 16:30   #843
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Post Re: All Income Tax Queries (refunds, disputes, rates etc...)

Hello Guys,

I have a query. As per my belief the PF amount we receive at the time of retirement is non-taxable. Now that somebody has received a letter from the Income Tax department asking to make an entry in the Compliance module of "incometaxindiaefiling.gov.in" for the transaction(depositing the PF amount in his savings bank account) he made. And submit the acknowledge receipt to the local Income Tax office within 20 days.

Note : The transaction happened in FY 2012-13 and the IT return was not filed for that year since he was not in service anymore.

What are the steps to be taken?

Thanks in advance.

Last edited by vpillai : 18th April 2016 at 16:31. Reason: .
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Old 20th April 2016, 15:48   #844
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Is a gift deed mandatory if mother wants to return a child's money back to the child in the form of gift?

I assume there are no tax implications for mother and (adult) children in this case.
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Old 21st April 2016, 14:25   #845
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Is a gift deed mandatory if mother wants to return a child's money back to the child in the form of gift?

I assume there are no tax implications for mother and (adult) children in this case.
What do you mean by "return of a child's money"? A return of money usually connotes a loan, which is different from a gift.
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Old 21st April 2016, 15:41   #846
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

What's the deal with declaring interest earnings and paying taxes on multi-year FD? Should one declare & pay per year or lump-sum on deposit maturity?

The 'pay' part is actually moot, as my bank deducts TDS during interest calculation itself. I'll be getting a TDS certificate.

Last edited by Chetan_Rao : 21st April 2016 at 15:44.
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Old 21st April 2016, 16:24   #847
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Originally Posted by Chetan_Rao View Post
What's the deal with declaring interest earnings and paying taxes on multi-year FD? Should one declare & pay per year or lump-sum on deposit maturity?

The 'pay' part is actually moot, as my bank deducts TDS during interest calculation itself. I'll be getting a TDS certificate.
I think if interest is paid out only at FD maturity, you can choose between the two options you have listed.

If interest is paid out periodically, you have to declare the interest income in the FY it is paid out and pay tax on it.

Bank's TDS is 10%. If you are in a higher tax bracket you will have more tax to pay. And if you don't calculate it properly and pay advance tax, you will have to pay interest on the tax due too.
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Old 21st April 2016, 16:50   #848
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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I think if interest is paid out only at FD maturity, you can choose between the two options you have listed.

If interest is paid out periodically, you have to declare the interest income in the FY it is paid out and pay tax on it.

Bank's TDS is 10%. If you are in a higher tax bracket you will have more tax to pay. And if you don't calculate it properly and pay advance tax, you will have to pay interest on the tax due too.
My FD account statement shows 'interest earned' this FY, but it's been added to the principal itself post-TDS and will only be paid out lump-sum at maturity, not on FY-basis. That's what triggered my question; they're calculating per FY, but paying out lump-sum at maturity.
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Old 21st April 2016, 17:17   #849
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My FD account statement shows 'interest earned' this FY, but it's been added to the principal itself post-TDS and will only be paid out lump-sum at maturity, not on FY-basis. That's what triggered my question; they're calculating per FY, but paying out lump-sum at maturity.
That's right. The bank doesn't have that flexibility - they have to do TDS in the FY in which the interest was earned. And my advise would be to declare that income also in the same FY so that you can match it with the Form 16-A provided by the bank.

Binand
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Old 21st April 2016, 17:23   #850
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That's right. The bank doesn't have that flexibility - they have to do TDS in the FY in which the interest was earned. And my advise would be to declare that income also in the same FY so that you can match it with the Form 16-A provided by the bank.

Binand
Thanks! Let me check with the bank for the 16A for this fiscal.
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Old 21st April 2016, 17:43   #851
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Thanks! Let me check with the bank for the 16A for this fiscal.
You needn't contact the bank; the details should be available on TRACES (form 26AS). Usually you have to click through the link from Netbanking portal (all Netbanking portals are mandated to provide this link).

For me HDFC Bank emails it at the end of the fiscal year.
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Old 21st April 2016, 18:07   #852
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Originally Posted by binand View Post
You needn't contact the bank; the details should be available on TRACES (form 26AS). Usually you have to click through the link from Netbanking portal (all Netbanking portals are mandated to provide this link).

For me HDFC Bank emails it at the end of the fiscal year.
I did check through my online banking account, but the TRACES statement is only updated upto Q3 FY 2015-16 (December 2015). Is that normal given the FY ended 3 weeks ago?

Also, ICICI's online banking portal has a separate TDS certificate option, which doesn't show anything for FY 2015-16 so far. Should I give it some more time to see if the bank updates it?

Last edited by Chetan_Rao : 21st April 2016 at 18:30.
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Old 21st April 2016, 18:49   #853
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by Chetan_Rao View Post
I did check through my online banking account, but the TRACES statement is only updated upto Q3 FY 2015-16 (December 2015). Is that normal given the FY ended 3 weeks ago?

Also, ICICI's online banking portal has a separate TDS certificate option, which doesn't show anything for FY 2015-16 so far. Should I give it some more time to see if the bank updates it?
HDFC Bank emails me those quarterly; I haven't received it for Q4 yet (it comes earlier than this, but I guess end of FY means additional time for processing).

The TDS certificate is probably the Form-16A I was talking about.
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Old 21st April 2016, 22:00   #854
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Quote:
Originally Posted by Chetan_Rao View Post
I did check through my online banking account, but the TRACES statement is only updated upto Q3 FY 2015-16 (December 2015). Is that normal given the FY ended 3 weeks ago?

Also, ICICI's online banking portal has a separate TDS certificate option, which doesn't show anything for FY 2015-16 so far. Should I give it some more time to see if the bank updates it?
TRACES for last quarter would be updated after the due date of filing TDS returns of last quarter which is 15th May.

KK
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Old 22nd April 2016, 14:43   #855
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by Bomi View Post
What do you mean by "return of a child's money"? A return of money usually connotes a loan, which is different from a gift.
So the scenario is son/ daughter gives money to parent. Parent keeps money for a year or two maybe in savings account or FD.
Now parent would like to return the money back to the child.

One could imagine that the purpose to give money to parent was to invest in the name of parent to save tax on interest earned.


No 'loan' agreement was made as such.
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