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Old 14th July 2016, 12:45   #901
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Originally Posted by binand View Post
I think nowadays they have to report everything. The thing is, the 10k exemption is across all banks. You could theoretically earn 9k interest each from 10 banks and not have any TDS. IT department wants to know about this situation and charge you interest and penalty of applicable.

2566 could be the part of 10721 attributable to that financial year. Without knowing the terms of your FD (amount, duration, interest rate, interest period etc.) it is tough to validate.

Ok. Can I simply add Rs. 10721 to the other savings interest I have received across all banks, pay 30% tax on the amount (after deduction under 80TTA) and be done with this?

In that case I will simply ignore this amount Rs. 2566 as tax paid or income received..
The FD was for 2 years with 9% interest - so Rs. 55000 become Rs. 65721 as far as I can recollect.
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Old 14th July 2016, 12:48   #902
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Hi,

I have a tax related doubt. This is about needing to present PAN of landlord when when submitting rent receipts (when annual rent is over 100000). My landlord is an old man and he will give receipts but he says he does not have a pan card. What can i do in this case. He was saying that he can give me his son's/relative's PAN, but the rent agreement is in his name.

Thanks and cheers
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Old 14th July 2016, 12:58   #903
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by S_U_N View Post
Ok. Can I simply add Rs. 10721 to the other savings interest I have received across all banks, pay 30% tax on the amount (after deduction under 80TTA) and be done with this?
I think 80TTA is not applicable to FD interest, but the process is fine.

Quote:
Originally Posted by S_U_N View Post
The FD was for 2 years with 9% interest - so Rs. 55000 become Rs. 65721 as far as I can recollect.
So 2 out of 8 quarters the FD was active fell in the FY under consideration, so about 25% of the interest should be too. 2588/10721 is indeed close to that.
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Old 14th July 2016, 13:11   #904
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Originally Posted by Sherlocked View Post
This is for my relative.

He had joined an organisation few years earlier and then resigned. He has the resignation letter with him. But the organisation offered him to be an on-roll employee for the whole year (April 2015 to March 2016) for some per month cash consideration. No documentation was done and neither my relative signed any of the document.
The oral word was that they will credit the salary which comes to around 3 lakh rupees for the whole year against his PAN number and will pay him the extra tax liability which he will incur due to this in cash at the time of filing the return. They had so far deposited Tds of just Rs. 7000 and had credited 3 lakhs as salary u/s192. The salary wasn't actually credited to his Bank account. Its just showing in his Form 26as.
And now they saying that you deposit the tax first and then they will pay him after few month.
Needless to say my relative is slowly beginning to lose trust on them and now looking for other options.

So my query.
Is it possible that he tells the tax department that the Rs. 3 lakhs which have been credited against his PAN number are due to a mistake by the very same organisation in which he was an ex employee and also no salary amount was credited to his bank account.

What is the procedure for the same. Any advices?

His other income includes Income from professional services only.
TIA.
Here the main issue is whether he trusts the organisation or not.
If he doesn't ,then simply while filing his return he shouldn't report this "assumed salary" which has been reported on paper but was never credited. Also he shouldn't take TDS credit of Rs.7000 which was deposited by his Ex - company.
After filing the return, while the return is processed there will be a mis-match and a notice will be issued. It would be a normal demand notice nothing to worry about.
Then he can in his reply to the department inform them that his ex employer would have by mistake done this entry and the salary was never credited to his a/c. In support he can attach his Bank statement and his resignation.
OR He can simply ask talk to his ex employer that kindly revise your return and I am not going to pay taxes on this income, so if the department asks me then I will reveal the truth.
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Old 14th July 2016, 14:35   #905
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

This year when my CA was filling in the returns I found that my wife (non taxable), daughter-in-law, and myself all were moved from Form 2 to Form 1. My HUF will be filed tomorrow and this may be Form 2 or 3, since there is a property sale of well over ₹10 million, and a statement of assets is required.
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Old 14th July 2016, 17:08   #906
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by binand View Post
I think 80TTA is not applicable to FD interest, but the process is fine.
Yes. You are correct. I have separate figures for savings bank account - which I have added up and deducted 10,000. This FD is part of a different 'group'.

Quote:
So 2 out of 8 quarters the FD was active fell in the FY under consideration, so about 25% of the interest should be too. 2588/10721 is indeed close to that.
Yes. That makes sense. So, basically the bank is telling IT Department that I made some money - so I have no way to 'hide' it if I had such intentions.

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Originally Posted by sgiitk View Post
This year when my CA was filling in the returns I found that my wife (non taxable), daughter-in-law, and myself all were moved from Form 2 to Form 1. My HUF will be filed tomorrow and this may be Form 2 or 3, since there is a property sale of well over ₹10 million, and a statement of assets is required.
So, if no tax, is it due to reporting of exempt income more than Rs. 5000, that you had filed ITR 2 last year?


I see a strange issue with the pre-filled data that IT website is giving me.

My employer/ company name got changed a few months ago from ABC Pvt. ltd. to ABC India IT services.

On IT department's website, when I try to populate data from PAN card, I see it is showing me TDS from both these legal entities. From the renamed organization, I see I have paid about 1 month's tax.
However in 26AS, the corresponding figure is zero and in Form 16, there is no corresponding data for the new entity.
So, is that a bug in the IT department's data?

My colleagues do not have this problem.

Last edited by S_U_N : 14th July 2016 at 17:10.
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Old 14th July 2016, 20:12   #907
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Trying to fill up the "Capital Gains" section of ITR-2.

As with last year, I got my CG statement from FundsIndia.

All Income Tax Queries (refunds, disputes, rates etc...)-statement.png

Now, all three transactions are debt or liquid and hence short-term = < than 3 years.




So, in ITR-2, I have used the CG tab and put in data for my STCG as follows:
All Income Tax Queries (refunds, disputes, rates etc...)-stcgnonequity.png

This seems to be fine and shows up at the right place in CYLA-BFLA tab as well.

Now, where exactly in the CG tab should I put the LTCG?

Edit:
I found something. Hope that is correct.

All Income Tax Queries (refunds, disputes, rates etc...)-ltcgnonequity.png

Last edited by S_U_N : 14th July 2016 at 20:29.
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Old 16th July 2016, 11:52   #908
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

HI all, Iam a doctor working in a private hospital and run a small clinic. The income in the clinic is not so great, it does not even cover the rent and electricity bill.
What all are the options to reduce my over all tax.

I see people collecting hotel bills and call them client meeting. I want to know what all options are available. Thanks.
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Old 16th July 2016, 12:10   #909
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Can someone help me out here?

I moved companies during August 2015 and have two Form-16s now. I use TaxSmile to file my taxes by just uploading the Form 16 and it fills in the data by itself. Now that I have two files, can I just add up the income and deduction numbers and file it myself?

Also I have a few deductions that were not mentioned during the financial year (couldn't submit proofs in time). Should I be submitting proofs (LIC receipts) or just mentioning the numbers will do?

I was working in Chennai earlier and now in Bangalore. Does it have any impact on the way the taxes need to filed?

Thank you!
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Old 16th July 2016, 12:22   #910
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Default Back to back posts merged.

Quote:
Originally Posted by Visaster View Post
HI all, Iam a doctor working in a private hospital and run a small clinic. The income in the clinic is not so great, it does not even cover the rent and electricity bill.
What all are the options to reduce my over all tax.

I see people collecting hotel bills and call them client meeting. I want to know what all options are available. Thanks.
If your clinic is not making any profits how does it matter?

Please use only genuine business expenses to set off with business income.

Quote:
Originally Posted by SchumiFan View Post
Can someone help me out here?

I moved companies during August 2015 and have two Form-16s now. I use TaxSmile to file my taxes by just uploading the Form 16 and it fills in the data by itself. Now that I have two files, can I just add up the income and deduction numbers and file it myself?

Also I have a few deductions that were not mentioned during the financial year (couldn't submit proofs in time). Should I be submitting proofs (LIC receipts) or just mentioning the numbers will do?

I was working in Chennai earlier and now in Bangalore. Does it have any impact on the way the taxes need to filed?

Thank you!
I suggest you manually type in 2 form 16s shouldn't take time. You should have details of both the employers added into the taxsmile separately.

you can enter the deductions not mentioned in form16 separately. You need not submit any proof at this time. only if there is an income ta query you need to submit the proof for deductions not in form16.

working in different cities will not have any impact except for the HRA allowed as a % of basic may vary between Chennai and Bangalore.

Last edited by Gannu_1 : 7th August 2016 at 12:20.
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Old 16th July 2016, 12:48   #911
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Experts, need a help:

My wife is working for a organization that is related to Central Govt.
The staff is on contract basis.
Compensation is as consultation fees.


The problem, using an example of 5L as annual fees / charges / compensation:

Annual compensation (Consultation fees): 5.0L
TDS should be 50k (10% of fees)

However, Form 26AS shows
Consultation fees paid : 6.5L
TDS credited: 65k.
BUT of this 65k, 50K is clear, and 15K show as " O" (Overbooked)

The overbooked means that IT dept has not received this 15K. And the staff person has to be another 15k in tax to make up for that shortfall in credit.

The additional 1.5L in fees/ charges has not be given to the staff. (Naturally ). So the person is suffering by having to pay that additional 15k work of tax.

What should we do here ? Concerned seniors are not helping much.


Edit:
Last year, the Tax Credited was 45K (Final) + 5k (overbooked). Tax was filed with this data, and person ended up paying 5k more tax than required, to make up for the 5K Overbooked amount.

Last edited by condor : 16th July 2016 at 13:04.
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Old 16th July 2016, 13:02   #912
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by binand View Post
I think nowadays they have to report everything. The thing is, the 10k exemption is across all banks. You could theoretically earn 9k interest each from 10 banks and not have any TDS. IT department wants to know about this situation and charge you interest and penalty of applicable.

2566 could be the part of 10721 attributable to that financial year. Without knowing the terms of your FD (amount, duration, interest rate, interest period etc.) it is tough to validate.
Please Note - 10K exception is only for savings bank interest and not FD interest. All FD interest have to be accounted and tax paid for by the individual on accrual basis.
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Old 16th July 2016, 13:12   #913
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

My IT return has been processed. The time taken this time to process the same is considerably higher (almost 2 months) compared to previous years when the same was processed in less than a month.

What about experiences of other members?
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Old 16th July 2016, 14:33   #914
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by saket77 View Post
My IT return has been processed. The time taken this time to process the same is considerably higher (almost 2 months) compared to previous years when the same was processed in less than a month.

What about experiences of other members?
I just checked my status and surprised to see that my returns were process almost a week back. Usually I get an email/sms alert. This time I didnt get any such alerts. It took me 1 month for the returns to be processed this time.
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Old 16th July 2016, 16:12   #915
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Very interesting situation. My CA was filing the return for the HUF where there was a property sale. So the law demands that a statement of assets and liabilities be included. So he duly computed and included it, and uploaded the return through his software. Then I downloaded the Form ITR2 as submitted. No mention of these values. I called him up, and he gain checked the XML file. It had been uploaded but the standard format for ITR2 has no row in the format for Schedule AL. So it is missing in the ITR2 downloaded by me. I have requested him for a printout / scan of the screen with his file information.
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