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Old 5th April 2017, 21:00   #1096
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by archat68 View Post
What is the last date for paying the tax on the cash deposited? Can I pay the tax at the time of filing my return for 17-18?
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Originally Posted by Arjun Reddy View Post
If you are able to explain the cash at hand, why would you have to pay tax on that. Get to a CA. Don't think this amount is taxable, unless the amount you deposited cannot be explained.
Arjun is right. If the cash was from your salary income, it is already tax deducted. If its from some "income" which is not taxed yet, you can pay tax on that anytime but it attracts interest after 31st March. It needs to be declared in the return whenver you file it.
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Old 5th April 2017, 21:12   #1097
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by archat68 View Post
I've a query guys
I'm salaried and my tax is deducted at source. Post demonetization I deposited around some money which was lying with me to savings account. Now as per my understanding that amount will be added to my taxable income and tax has to be paid as per my tax slab.
What is the last date for paying the tax on the cash deposited? Can I pay the tax at the time of filing my return for 17-18?
If that money is something you already paid tax on - you don't need to pay it again. If it was under 2 lakhs in cash it won't be subject to scrutiny most likely.

If the money was over two lakhs and in black - well, march 31 was the last date for that amnesty scheme. You might find a penalty coming your way.
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Old 5th April 2017, 21:13   #1098
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by Arjun Reddy View Post
If you are able to explain the cash at hand, why would you have to pay tax on that. Get to a CA. Don't think this amount is taxable, unless the amount you deposited cannot be explained.
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Originally Posted by Nonstop-driver View Post
Arjun is right. If the cash was from your salary income, it is already tax deducted. If its from some "income" which is not taxed yet, you can pay tax on that anytime but it attracts interest after 31st March. It needs to be declared in the return whenver you file it.
Thanks guys for the clarification. Yes a part of the cash is from salary savings but not all of it. So I can pay the tax for rest.

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Originally Posted by hserus View Post
If that money is something you already paid tax on - you don't need to pay it again. If it was under 2 lakhs in cash it won't be subject to scrutiny most likely.

If the money was over two lakhs and in black - well, march 31 was the last date for that amnesty scheme. You might find a penalty coming your way.
It's not a huge amount. Just a little over 2L and major part of it can be explained . BTW wasn't the amount 2.5 L for no question asked deposits?

Last edited by archat68 : 5th April 2017 at 21:18.
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Old 5th April 2017, 22:17   #1099
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by archat68 View Post
I've a query guys
I'm salaried and my tax is deducted at source. Post demonetization I deposited around some money which was lying with me to savings account. Now as per my understanding that amount will be added to my taxable income and tax has to be paid as per my tax slab.
What is the last date for paying the tax on the cash deposited? Can I pay the tax at the time of filing my return for 17-18?
check your bank statements for last 1-2 years, circle all cash withdrawals, total those. If the total is higher that the deposited amount, you can say it was the accumulated cash out of your bank account. The source is explained.
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Old 6th April 2017, 11:19   #1100
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by archat68 View Post
Thanks guys for the clarification. Yes a part of the cash is from salary savings but not all of it. So I can pay the tax for rest.?

Not all incomes are chargeable to tax. For example, gifts received from some relatives in cash and all. You can seek a CA's help as long as his fee is not more than the tax you're looking to pay
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Old 5th May 2017, 07:52   #1101
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

My wife works as a consultant at a hospital, and hence is paid a fixed monthly consultancy fee. So the purpose of filing taxes, I am told that we need to maintain a record of expenses. ( Including expenses on daily travel / car / etc). ( TDS is deducted @ 10% by the hospital, and credited to IT dept as per process )

Is there a format that we can use for this ?
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Old 5th May 2017, 12:52   #1102
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by condor View Post
My wife works as a consultant at a hospital, and hence is paid a fixed monthly consultancy fee. So the purpose of filing taxes, I am told that we need to maintain a record of expenses. ( Including expenses on daily travel / car / etc). ( TDS is deducted @ 10% by the hospital, and credited to IT dept as per process )

Is there a format that we can use for this ?

Are you sure that expenses can be deducted.

All doctors earning a fixed monthly fee are treated as salaried, and hence there is no question of deducting expenses.
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Old 5th May 2017, 13:10   #1103
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Are you sure that expenses can be deducted.

All doctors earning a fixed monthly fee are treated as salaried, and hence there is no question of deducting expenses.
If one is working as an consultant and tds is deducted as per 194j, then they are allowed to deduct expenses.
It is different from getting a fixed salary.
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Old 5th May 2017, 13:29   #1104
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Are you sure that expenses can be deducted.
yes, - as @Dhruv mentioned:

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Originally Posted by CA Dhruv View Post
If one is working as an consultant and tds is deducted as per 194j, then they are allowed to deduct expenses.
It is different from getting a fixed salary.
@Dhruv, is there any format to use to maintain expenses ?
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Old 5th May 2017, 13:32   #1105
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by CA Dhruv View Post
If one is working as an consultant and tds is deducted as per 194j, then they are allowed to deduct expenses.
It is different from getting a fixed salary.
Exactly, there has to be an employer- employee relationship to treat any amount paid as salary. In short if your wife gets form 16 from the hospital, she is salaried otherwise her income can be shown as income from business/ profession.
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Old 5th May 2017, 14:32   #1106
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Originally Posted by condor View Post
yes, - as @Dhruv mentioned:


@Dhruv, is there any format to use to maintain expenses ?
Actually there's no general format for an individual.
As per I.T. act she has to maintain her books of accounts. ( exemption is for those whose income is upto Rs 1.5 lac, which I assume she crosses)
Also for filing return she has to file ITR 4.
I would suggest you to go to a professional for accounts and her ITR. Charges would be around 1-3k.
If you want to DIY, then record all her income on one side and all the professional expenses that she incurs on the other side. Deduct expenses from income. And you are good to go.
Mind you all the expenses that you claim, you need to store proofs regarding all those. Eg if she claims fuel expense then you should keep the fuel receipts.
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Old 11th May 2017, 21:15   #1107
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Income Tax Department had earlier made provision for e-verification of IT returns using AADHAAR. I had tried doing this last year and the year before that, but couldn't succeed because like in the case of many others, my name as found in the AADHAAR database was different from the one printed on my PAN card.

Having read in the newspapers that the department has taken cognizance of this problem and has come out with a viable solution, I went to this site and found an option for AADHAAR linkage. It was smooth sailing from there. All I had to remember was my PAN, AADHAAR number and name as per AADHAAR. Filled in the details here and viola! Problem solved.

The best thing is that one needn't be logged on to the site to do this.

AADHAAR linking is mandatory for e-filing returns this year. So, sooner the better.
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Old 11th May 2017, 22:32   #1108
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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AADHAAR linking is mandatory for e-filing returns this year. So, sooner the better.
Only from July 1. If you file before that you don't need to link Aadhaar.

Plus, there is the Supreme Court case going on, on the constitutional validity of this linking. Last status: http://timesofindia.indiatimes.com/a...w/58518860.cms

And then there is another case questioning Aadhaar itself which has gone to the constitution bench.

http://www.financialexpress.com/indi...-bench/661574/
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Old 21st May 2017, 15:28   #1109
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Is the 100% tax deduction for donations to charities now a thing of the past. Earlier there were some select ones which qualified for 100% (like SOS Children's Villages). Now I find it is down to 50% as is Akshay Patra.
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Old 21st May 2017, 15:38   #1110
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Is the 100% tax deduction for donations to charities now a thing of the past. Earlier there were some select ones which qualified for 100% (like SOS Children's Villages). Now I find it is down to 50% as is Akshay Patra.
Why, there are quite a few that quailify for 100% deduction. What immediately comes to mind is Cancer society.
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