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Old 10th August 2016, 08:28   #991
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I missed the deadline to file my return. What are my options now?
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Old 10th August 2016, 09:29   #992
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I missed the deadline to file my return. What are my options now?
You can file your return even now. Only thing is, you need to pay interest under 234A if you have any tax payable.
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Old 10th August 2016, 12:20   #993
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I missed the deadline to file my return. What are my options now?
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You can file your return even now. Only thing is, you need to pay interest under 234A if you have any tax payable.
That is not the only consequence. You only get one chance - you can't revise a delayed return. You won't be paid interest on any refunds. The AO at their discretion can impose a 5K fine on you. If the AO feels you delayed willfully, they can even send you to prison.
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Old 10th August 2016, 12:24   #994
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@binand; I will say file pronto. In any case essentially if there is no outstanding, you have time till 31st March. The taxman wants you to file, and so unless you are a habitual offender it will normally accept the return. Also, I hear that even revisions may now be allowed.
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Old 10th August 2016, 12:26   #995
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You can file your return even now. Only thing is, you need to pay interest under 234A if you have any tax payable.
Thanks. I am assuming I can do it online, as was the case before the deadline passed, right?

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If the AO feels you delayed willfully, they can even send you to prison.
I hope not. I moved out of India sometime in 2014, and my income in India in the past one year did not cross the minimum taxable limit of INR 2.5 lacs. Fingers crossed.
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Old 10th August 2016, 12:34   #996
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I moved out of India sometime in 2014, and my income in India in the past one year did not cross the minimum taxable limit of INR 2.5 lacs.
Now you are moving outside of my GK limits; but if you moved out of India only in 2014 then there is a possibility that you do not qualify to be an NRI in FY 2015-16. In which case, some foreign-earned income could be taxable in India. At this point you should meet a CA or a tax consultant.
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Old 10th August 2016, 13:00   #997
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In case delayed filing of IT returns, interest is payable only from the date of filing till the date excess tax is refunded.
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Old 14th August 2016, 09:44   #998
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My scenario like this
1) I work in India, but have dividend income from US (via RSU/dividend)
2) I have declared the foreign income in ITR-2 and also the tax withheld (25%) in US under 1042-S and paid the balance tax amount in India (30.3%-25%).

For the last years, my return shows it is "Transferred to Assessing Officer" and I have also received an email this year - Credits for tax payments made outside India claimed in the return , which can not be verified by CPC.

How does IncomeTax department tally foreign tax withheld? Wanted to check if any of the members who have both income from India & US have received successfully ITR processed message?
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Old 15th August 2016, 08:19   #999
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I e-filed/e-verified my returns on 5 July 2016 with a refundable amount of ₹ 8,318. A coupla days back, I received a message in my phone and today, an e-mail, containing the pdf of the intimation u/s 143 [1] dated 31 July 2016. I am going to get an interest of ₹ 166 for 4 months of the delay in refunding, the total being ₹ 8,480, after rounding off to the nearest ₹ 10.
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Old 15th August 2016, 20:43   #1000
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2) I have declared the foreign income in ITR-2 and also the tax withheld (25%) in US under 1042-S and paid the balance tax amount in India (30.3%-25%).
If your W8-BEN is on file with the broker, you should receive a refund of the 25% dividend tax at end of financial year (which is Jan-Dec in US), could you please check?

It is too much to expect, but it is possible that the IT department is aware of this, and is therefore not giving you credit for same.
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Old 15th August 2016, 21:08   #1001
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If your W8-BEN is on file with the broker, you should receive a refund of the 25% dividend tax at end of financial year (which is Jan-Dec in US), could you please check?

It is too much to expect, but it is possible that the IT department is aware of this, and is therefore not giving you credit for same.
I did checkout the monthly statement from Etrade, but they don't seem to indicate the refund of tax withheld. Also, every year, they do issue a tax statement mentioning 25% deduction by March, so I presume it is paid to US only.
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Old 15th August 2016, 22:24   #1002
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I did checkout the monthly statement from Etrade, but they don't seem to indicate the refund of tax withheld. Also, every year, they do issue a tax statement mentioning 25% deduction by March, so I presume it is paid to US only.
So you probably don't have a w8-ben on file with etrade. Please file one asap with them if you haven't yet.
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Old 19th August 2016, 10:05   #1003
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So you probably don't have a w8-ben on file with etrade. Please file one asap with them if you haven't yet.
hi hserus,
I have filed W8-BEN online via ETRADE. Also, double taxation issue is not a problem with Stock sold/vested and it is taxed in India only. The question is mainly with respect to dividend received.

As per the income-tax site (section 10 of http://www.incometaxindia.gov.in/dta...0000000099.htm ) , US Tax withholding on dividend is
-->25 per cent of the gross amount of the dividends in all other cases.

US dividend income is subject to 25% at US, whereas it will be 30% in India. Since 25% is deducted by Etrade and paid to IRS, we have been issued Form 1042-S. I have paid the remaining 5%+Tax in my return.

Now the question is how does India IT department verify this payment and provide TDS credit?
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Old 19th August 2016, 14:13   #1004
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W8-BEN can expire after a time limit, I think three years. And it can take a while to be processed too. Is this the first time dividend withholding tax was deducted for you?

You are eligible to file a nonresident alien tax return to claim a refund of that amount https://www.irs.gov/individuals/inte...esident-aliens

Whether it is worth the expense / trouble of filing a return is something that will depend on just how much dividend your RSUs are fetching you.
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Old 19th August 2016, 15:06   #1005
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Refunds have started coming

You can logon to the website and check your status.

Last edited by avdhesh15 : 19th August 2016 at 15:07.
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