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Old 29th April 2016, 16:30   #856
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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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.
So the child was always the owner of the money and the parent was just a custodian. If the child is a minor, then income derived from such money needs to be clubbed with the income of the parent. If the child is a major the clubbing provisions do not apply. If clubbing has been done, then the parent is just handing over charge of the money entrusted to them by the child and there is no tax issue. If clubbing has not been done, file revised IT return of the parent or pray that there is no scrutiny.
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Old 9th May 2016, 13:20   #857
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

In case no one's noticed - ITR forms for AY2016-17 are available on the http://incometaxindiaefiling.gov.in/ website.
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Old 13th May 2016, 10:32   #858
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Hello experts, Being in the medical field, finance and tax filing goes above my head. Have been filing tax with the help of a CA person for few years now. Lately I have found out that he has been charging 10k for filing my tax yearly.
I fall in the 30% bracket. All income through salary account with TDS detected. Running 2 car loans, house loan, 1l investment for tax exemption, that is it. No major finance portfolio, you see. This guy has clearly been over charging me stating he is getting me back huge tax refunds. Of course my tax refunds are in the range of 50k, but it is because my TDS is high.

What is the average cost we need to pay for CA to file tax returns?
How easy is it to learn to do efiling by self, any online tutor?
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Old 13th May 2016, 11:15   #859
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Hello experts, Being in the medical field, finance and tax filing goes above my head. Have been filing tax with the help of a CA person for few years now. Lately I have found out that he has been charging 10k for filing my tax yearly.
I fall in the 30% bracket. All income through salary account with TDS detected. Running 2 car loans, house loan, 1l investment for tax exemption, that is it. No major finance portfolio, you see. This guy has clearly been over charging me stating he is getting me back huge tax refunds. Of course my tax refunds are in the range of 50k, but it is because my TDS is high.

What is the average cost we need to pay for CA to file tax returns?
How easy is it to learn to do efiling by self, any online tutor?
There are quite a few online tax filing portals that are easy to use and cost fraction of what you pay a CA. I pay 250 Rs and use a portal called taxsmile https://www.taxsmile.com/

You need CAs only when you have a IT query or audit and you don't want to run around to IT office multiple times on working days.
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Old 13th May 2016, 11:22   #860
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Hello experts, Being in the medical field, finance and tax filing goes above my head.
Visaster

This year, please try to file your return yourself. As long as you have all your income and eligible deductions clearly available in front of you, I think it is at max a one hour job, even for a first-timer.

10K is way too much to be paying a C.A. to file an individual's tax return. I remember paying 1.5K to a C.A. 2 or 3 years ago on my mother's behalf when I was not in a position to file her return on her behalf.
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Old 13th May 2016, 13:16   #861
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I fall in the 30% bracket. All income through salary account with TDS detected. Running 2 car loans, house loan, 1l investment for tax exemption, that is it.
For this you don't need a CA. Just pick up the appropriate form (ITR-2A I guess) and start filling things. While it is not an easy job, it shouldn't take more than a Sunday either.

If you have multiple sources of income, have foreign assets/income, have business losses to offset etc. - then you might need a CA. I used a CA once since I saw that I was paying interest on delayed taxes more than what the CA would charge. After a couple of years I started doing it myself and now don't have a problem at all.
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Old 13th May 2016, 15:23   #862
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

I have to do my British tax return. A couple of years ago, no longer being able to use their online system (not resident), I got a chartered accountant to do it, so I could could learn the right answers to put in the boxes for subsequent years. This worked nicely for my next return, but this time there is one difference: I have actually been to the UK in the last taxt year. Just one month as a tourist, nothing that would affect my non-resident status, but there is one thing on the form that I am not clear about, and that is number of working days spent in the UK.

I have not had any employment in UK since 2003. I am assuming that they mean days on which one actually worked, not days on which one could have worked if one had any work.

Does anyone know?
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Old 13th May 2016, 19:16   #863
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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......I am assuming that they mean days on which one actually worked, not days on which one could have worked if one had any work.....
A cursory read of the UK tax code suggests they mean a Working Business Day (meaning actually actively employed in/by someone in the UK), NOT a Working Calendar Day (Monday-Saturday in most countries), which would also be a common sense answer, otherwise every non-Resident (ex-citizen or otherwise) on a long-ish holiday in UK would become tax-eligible by the former definition, right?

They also define a Working Day as a minimum of THREE recorded business hours, so I'm guessing someone could actually work a couple of hours for a few days without falling foul of the 'Working Day' taxation rule.

Probably a question for your tax consultant though, just to be sure you don't fall foul of HMRC.
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Old 13th May 2016, 21:13   #864
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by Thad E Ginathom View Post
I have to do my British tax return. A couple of years ago, no longer being able to use their online system (not resident), I got a chartered accountant to do it, so I could could learn the right answers to put in the boxes for subsequent years. This worked nicely for my next return, but this time there is one difference: I have actually been to the UK in the last taxt year. Just one month as a tourist, nothing that would affect my non-resident status, but there is one thing on the form that I am not clear about, and that is number of working days spent in the UK.

I have not had any employment in UK since 2003. I am assuming that they mean days on which one actually worked, not days on which one could have worked if one had any work.

Does anyone know?

My mother left the UK 42 years ago, she is nether a citizen nor a resident. She is getting hit for penalties for non filing of taxes. Am constantly writing stinkers to tell them to stop harassing her.

I think they mean the number of days spent in the UK
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Old 13th May 2016, 21:33   #865
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My mother left the UK 42 years ago, she is nether a citizen nor a resident. She is getting hit for penalties for non filing of taxes.
Sounds like ICICI Bank is doing outsourced work for HMRC. :-)
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Old 18th May 2016, 09:52   #866
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Hi all

I have a very basic question regarding payment of income tax. I have an outstanding tax demand of 620/- (from A.Y. 2011 - 12) that I need to pay. I can see this when I login to my IT e-filing account.

What are my options to pay this? I am currently living abroad, and mostly go home only once a year.

Thanks in advance.
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Old 18th May 2016, 11:28   #867
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I have a very basic question regarding payment of income tax. I have an outstanding tax demand of 620/- (from A.Y. 2011 - 12) that I need to pay. I can see this when I login to my IT e-filing account.
From within the same IT e-filing account you have the option to e-pay tax. You need to fill in challan 280 online with all the details.
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Old 15th June 2016, 11:35   #868
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Dear All,

For a salaried person, is it required to pay Income tax at the taxpayer's slab, for the interest income generated on all his bank accounts (interest on FD, savings account etc.)?
Isn't the source of the funds in the bank accounts (FDs, savings interest) etc., actually from the salary itself, and hence it would amount to double taxation (since salary is already tax deducted at source)?
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Old 15th June 2016, 12:34   #869
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For a salaried person, is it required to pay Income tax at the taxpayer's slab, for the interest income generated on all his bank accounts (interest on FD, savings account etc.)?
Isn't the source of the funds in the bank accounts (FDs, savings interest) etc., actually from the salary itself, and hence it would amount to double taxation (since salary is already tax deducted at source)?
If you put Rs. 1 lakh of your post-tax income in a bank and earn 6% interest on it, after a year your bank account will have Rs. 1.06 lakh. But as per our assumption only 1 lakh of that is post-tax income - which means you still have to pay tax on the remaining Rs. 6000.

For savings bank accounts, the interest income upto Rs. 10000 is exempted. You need to pay tax only if your interest income goes beyond that.

For FD, I believe the full interest is taxed at your marginal rate. Bank will deduct TDS @10% if the cumulative interest (across all FDs you may have) exceeds Rs. 10000.
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Old 16th June 2016, 20:34   #870
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This is not a query related to Income Tax, but Karnataka Value Added Tax.

A dealer from Maharashtra, who is not registered under the Maharashtra Value Added Tax Act and the Central Sales Tax Act, has sold goods to a dealer in Karnataka, registered under the K.V.A.T. Act. The goods are of tax free nature under both the State VAT Acts.

The Karnataka dealer is now demanding to the Maharashtra dealer, that the latter should furnish his TIN, because the former is unable to file his return and audit report for not mentioning the TIN.

Does the Karnataka VAT Act demands the TIN of the selling dealer, even if the goods sold are of tax free nature?
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