Go Back   Team-BHP > Around the Corner > Shifting gears


Reply
 
Thread Tools Search this Thread
Old 6th September 2016, 09:44   #1021
Distinguished - BHPian
 
sgiitk's Avatar
 
Join Date: Dec 2007
Location: Kanpur
Posts: 7,108
Thanked: 3,687 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by hserus View Post
Capital gains tax later on when you sell the place is the only implication then.
Exactly. I do not think they plan to move for maybe the next decade. They are both highly qualified medicos, and there are plenty of high end hospitals in the Gurugram - Delhi area. They have their infant son in a top Gurugram school.
sgiitk is offline   Reply With Quote
Old 12th September 2016, 07:19   #1022
BANNED
 
Join Date: Feb 2008
Location: Mumbai
Posts: 776
Thanked: 686 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by binand View Post
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.
Now practically all property transactions, buy or lease, have to have PAN numbers. A person can have multiple PAN/TAN nos. if he is a service or businessman but only one Aadhaar, so I guess it does give a different view. And eventually all transactions will have an Aadhaar no. so I guess that will become the primary reference.
gsurya is offline   Reply With Quote
Old 12th September 2016, 08:06   #1023
Senior - BHPian
 
Join Date: Dec 2008
Location: Bangalore
Posts: 1,930
Thanked: 1,391 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by gsurya View Post
A person can have [...] only one Aadhaar
That is of course, a mirage because of two inherent problems (one structural, one operational) with Aadhar:

1. That Aadhar will be issued to only a subset of all human beings.
2. That it is prohibitively expensive to properly authenticate using the USP of Aadhar - biometrics.

So a simple scheme to create multiple fake but usable Aadhars would involve finding people in the remaining 5.8 billion (7 billion humans less 1.2 billion eligible for Aadhar), and using their biometrics and dubious documentation. All it needs is a pliant enrollment centre operator.
binand is online now   Reply With Quote
Old 15th September 2016, 23:37   #1024
BHPian
 
ashwinsid's Avatar
 
Join Date: Feb 2008
Location: Bangalore
Posts: 168
Thanked: 14 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Just received my income tax refund in the form of an SBI Cheque (last year, it was directly transferred to my bank account).

Problem is, the cheque has my first name and the initial of my surname. But my bank account is FIRST NAME (full) SURNAME (full).

The cheque also mentions my bank account number.

If I deposit the cheque to my account, will the bank process it or will they ask to get a new cheque with my full surname? If so, how do I return the cheque? Thank you!
ashwinsid is offline   Reply With Quote
Old 15th September 2016, 23:50   #1025
BHPian
 
Join Date: Apr 2015
Location: Kochi
Posts: 352
Thanked: 1,114 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by ashwinsid View Post
Just received my income tax refund in the form of an SBI Cheque (last year, it was directly transferred to my bank account).
Problem is, the cheque has my first name and the initial of my surname. But my bank account is FIRST NAME (full) SURNAME (full).
If I deposit the cheque to my account, will the bank process it or will they ask to get a new cheque with my full surname? If so, how do I return the cheque? Thank you!
Hi ashwinsid,
It won't be an issue, if you deposit it in the same SBI branch where you have the account. As the account number is there, the money will be credited.

Regards,
The Rationalist.
The Rationalist is offline   Reply With Quote
Old 16th September 2016, 00:06   #1026
Senior - BHPian
 
hserus's Avatar
 
Join Date: Sep 2014
Location: Chennai
Posts: 1,811
Thanked: 1,795 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

No issues at all. Regardless of the name specified the account number is what is considered so if that is right, minor variations like first name initial instead of first name last name should be ignored.

So even if your Sbi branch is far away the nearest one should be able to accommodate you.

In future please include bank account details on the form itself so they can do a neft transfer
hserus is online now   Reply With Quote
Old 16th September 2016, 00:23   #1027
BHPian
 
ashwinsid's Avatar
 
Join Date: Feb 2008
Location: Bangalore
Posts: 168
Thanked: 14 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

@The Rationalist, @hserus, Thank you! Will deposit the cheque. However, my account is with Corporation Bank. The refund this time was sent by SBI cheque even though my account details etc were shared just like last year. Will update incase of any issues. Thanks again!
ashwinsid is offline   Reply With Quote
Old 16th September 2016, 06:53   #1028
Senior - BHPian
 
hserus's Avatar
 
Join Date: Sep 2014
Location: Chennai
Posts: 1,811
Thanked: 1,795 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by ashwinsid View Post
@The Rationalist, @hserus, Thank you! Will deposit the cheque. However, my account is with Corporation Bank. The refund this time was sent by SBI cheque even though my account details etc were shared just like last year. Will update incase of any issues. Thanks again!
Please check if the IFSC code for your branch was specified correctly. NEFT may have failed due to that reason.

Doesn't matter re inter bank transfer - it simply means that instead of an immediate credit as it would have been with an SBI account and SBI cheque, their cheque will take 2..3 days to clear.
hserus is online now   Reply With Quote
Old 19th September 2016, 18:18   #1029
BHPian
 
Join Date: May 2014
Location: Pune
Posts: 46
Thanked: 13 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Posting a query on behalf of a friend:

He was UK in 2012-13, whatever he saved there was directly transferred to his Indian bank account. He still has that money in form of FDs ( some lakhs).
Now after seeing TV advertisements on "disclosing undisclosed income", he is worried that was he ever supposed to disclose his onsite earnings to Indian Income Tax department.
INJAXN is offline   Reply With Quote
Old 19th September 2016, 18:22   #1030
Senior - BHPian
 
hserus's Avatar
 
Join Date: Sep 2014
Location: Chennai
Posts: 1,811
Thanked: 1,795 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by INJAXN View Post
Posting a query on behalf of a friend:

He was UK in 2012-13, whatever he saved there was directly transferred to his Indian bank account. He still has that money in form of FDs ( some lakhs).
Now after seeing TV advertisements on "disclosing undisclosed income", he is worried that was he ever supposed to disclose his onsite earnings to Indian Income Tax department.
He was surely taxed on that UK income and has surely paid tax on the FD interest right? As his pan is linked the income tax authorities know all about it

And did he or did he not claim double taxation benefits for the transferred amount?

For this case it is best to ask a CA instead of asking on the group - his previous returns need to be scrutinized before any informed comment can be made on this subect and I wouldn't advise you to post tax returns here.
hserus is online now   Reply With Quote
Old 19th September 2016, 22:05   #1031
BHPian
 
Join Date: May 2014
Location: Pune
Posts: 46
Thanked: 13 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by hserus View Post
For this case it is best to ask a CA instead of asking on the group - his previous returns need to be scrutinized before any informed comment can be made on this subect and I wouldn't advise you to post tax returns here.
He got no freaking idea about double taxation. Have asked him to speak to CA.

On FDs interest, he did mention those in ITRs.
INJAXN is offline   Reply With Quote
Old 25th September 2016, 12:02   #1032
BHPian
 
hrman's Avatar
 
Join Date: Jun 2006
Location: Bangalore
Posts: 894
Thanked: 331 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

I got this "Certificate of Appreciation" from the Ministry of Finance, CBDT, classifying me in the Bronze category for paying my taxes and filing my returns This is something new which has started from this year.

http://incometaxindia.gov.in/Lists/P...19-09-2016.pdf

Last edited by hrman : 25th September 2016 at 12:05.
hrman is offline   Reply With Quote
Old 25th September 2016, 12:09   #1033
Senior - BHPian
 
hserus's Avatar
 
Join Date: Sep 2014
Location: Chennai
Posts: 1,811
Thanked: 1,795 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by hrman View Post
I got this "Certificate of Appreciation" from the Ministry of Finance, CBDT, classifying me in the Bronze category for paying my taxes and filing my returns This is something new which has started from this year.

http://incometaxindia.gov.in/Lists/P...19-09-2016.pdf
I got one such email too with instructions on what sort of paper to use and to use a colour laser printer to print out the certificate.

I don't have one. But I suppose I could bill the IT dept for the cost of buying a Color laser printer?
hserus is online now   Reply With Quote
Old 25th September 2016, 15:05   #1034
Distinguished - BHPian
 
Thad E Ginathom's Avatar
 
Join Date: Jun 2007
Location: Chennai
Posts: 7,733
Thanked: 6,943 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)



What they should do...

"Thank you for filing your returns and paying your taxes on time. Please use the enclosed voucher for a 50% discount on your taxes next year..."

Oh well, I can dream I suppose.

Which reminds me, I have still not sent my UK tax return, and if they do not get it by 31st October, I get automatic GBP100 (about Rs.9,000) fine.
Thad E Ginathom is offline   Reply With Quote
Old 26th September 2016, 10:01   #1035
Distinguished - BHPian
 
sgiitk's Avatar
 
Join Date: Dec 2007
Location: Kanpur
Posts: 7,108
Thanked: 3,687 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

I am surprised that I got a repeat of the demand for ₹186 from 2014 which I had paid over a month ago. I guess this is some clerical error.
sgiitk is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
Tax on Tax? Road tax should be calculated on ex-factory price (not ex-showroom)! SILVERWOOD The Indian Car Scene 88 30th July 2017 12:39
Luxury cars outnumber tax-paying millionaires! Income tax evasion? Nav-i-gator Shifting gears 26 7th May 2016 09:35
Govt. to remove income tax exemptions and deductions. Please comment against it..... satish_appasani Shifting gears 15 15th May 2007 21:13
Road tax or income tax? SLK The Indian Car Scene 6 5th October 2004 14:52


All times are GMT +5.5. The time now is 21:05.

Copyright 2000 - 2017, Team-BHP.com
Proudly powered by E2E Networks