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Old 4th August 2016, 00:58   #976
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To be frank - the income tax department has been working very hard on computerization of return processing as well as so called "360 degree visibility" on financial transactions for over five years now, with multiple IT vendors, and this is the fruit of their hard labour, across multiple governments in power.
True, India's Income Tax Dept invested in a Teradata system 7 yrs ago & then started crosslinking all the various databases like bank, credit card, RTO, property data - now they are adding Aadhaar too.
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Old 4th August 2016, 07:09   #977
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A noob question - Is it mandatory to include the interest accrued on savings account as part of our income??
Yes. Scroll back a few pages where this was discussed. In summary, all your interest income (savings account, bank/NBFC/corporate FD etc.) need to be entered as Interest Income and for the savings account interest alone, you can claim a deduction of max 10K under section 80TTA.

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True, India's Income Tax Dept invested in a Teradata system 7 yrs ago & then started crosslinking all the various databases like bank, credit card, RTO, property data - now they are adding Aadhaar too.
Heh - just around the time Bigdata-based systems were gaining popularity. :-)

Though I'd like to see a reference that IT department is crosslinking data from RTO. As for property data - it is still largely voluntary, isn't it?

And don't know what they can get with Aadhar that they couldn't with PAN.
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Old 4th August 2016, 09:53   #978
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And don't know what they can get with Aadhar that they couldn't with PAN.
Aadhar is optional. Only thing I can think of is cross check if more than one pan linked to same aadhar, and intern knows misuse of Pan. All assuming those with duplicate pan will dumb enough into link aadhar. Its different once rule makes is mandatory!
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Old 4th August 2016, 10:54   #979
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Only thing I can think of is cross check if more than one pan linked to same aadhar, and intern knows misuse of Pan. All assuming those with duplicate pan will dumb enough into link aadhar. Its different once rule makes is mandatory!
Yes of course, we have to assume that someone is sufficiently duplicitous to have multiple PANs yet stupid enough to link all of them to the same Aadhar.

Aadhar cannot be made mandatory; supreme court has made that point clear repeatedly.
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Old 4th August 2016, 11:10   #980
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Aadhar cannot be made mandatory; supreme court has made that point clear repeatedly.
As per current laws, and statuary laws concerning aadhar; yes it can not be made mandatory (at-lease for income tax purpose). However Laws can be amended.
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Old 4th August 2016, 11:15   #981
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Any idea why my TRACES shows higher income against SBI FDs than the actual interest earned on the fixed deposits.
I have already factored in the 10% TDS from the fixed deposit maturity ... even then there is a discrepancy.
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Old 4th August 2016, 11:19   #982
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Anyone tried the e-Verify option this year to verify your submitted IT returns ?
I used net banking for this and it seemed to be taking forever but the IT website page did come up after like 5 minutes or so and then clicking e-Verify almost instantaneously brought up the successful message page
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Old 4th August 2016, 12:13   #983
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Yes,you have to include SB A/c interest accrued under income..And you can only claim upto Rs 10k under Sec 80TTA ACROSS all savings bank accounts in your name and not each.
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Old 5th August 2016, 19:17   #984
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S_U_N, this could be because you're trying to access the site through an office computer that has its server somewhere else in the world, like Singapore or Hong Kong. The site works fine if you launch via your home PC, broadband or mobile internet.
You were correct. I was logged on to VPN when I tried this (on both occasions) without success.
Today, I was without VPN and I could see the Form 26AS.

I am happy to report that the self-assessment tax that I had paid on 16 July was finally showing up in my 26AS.
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Old 8th August 2016, 13:00   #985
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

I had deposited some self assessment tax at a nearly bank branch via Challan 280.
I want to know where does this amount reflects online in my account. I can't see the same in my Form 26AS.

Thanks.
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Old 8th August 2016, 13:03   #986
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I had deposited some self assessment tax at a nearly bank branch via Challan 280.
I want to know where does this amount reflects online in my account. I can't see the same in my Form 26AS.

Thanks.
It should eventually reflect but data entry of manually submitted payments takes a few weeks.

Form 26AS is the right place. Even if it doesn't reflect just yet you can enter the challan number, BSR code etc details from your paper challan and submit your return if you haven't done so already.
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Old 8th August 2016, 13:12   #987
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It should eventually reflect but data entry of manually submitted payments takes a few weeks.

Form 26AS is the right place. Even if it doesn't reflect just yet you can enter the challan number, BSR code etc details from your paper challan and submit your return if you haven't done so already.
Thanks! And that is good to know that it takes some time.

And yes I have mentioned the BSR code and some other number while submitting the return. Hope it gets processed.
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Old 8th August 2016, 13:30   #988
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Thanks! And that is good to know that it takes some time.

And yes I have mentioned the BSR code and some other number while submitting the return. Hope it gets processed.
Lesson learnt is to pay online and then submit your return. Speeds up its processing quite fast as an added bonus.
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Old 8th August 2016, 13:43   #989
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Lesson learnt is to pay online and then submit your return. Speeds up its processing quite fast as an added bonus.
Definitely I am all in for anything that moves fast and who likes standing in a queue! But there was a problem with my online banking a/c that day. Hence the manual payment.
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Old 8th August 2016, 13:49   #990
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Definitely I am all in for anything that moves fast and who likes standing in a queue! But there was a problem with my online banking a/c that day. Hence the manual payment.
The second lesson learnt is to pay tax well in advance and file returns, and not wait for aug 1, aug 5 or whatever the deadline is

That, and paying advance tax periodically if you have some income that does not reflect in your form 16, such as interest, capital gains etc.

Seriously - that is something even the incometaxindia site keeps saying.
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