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


Reply
 
Thread Tools Search this Thread
Old 22nd June 2017, 09:32   #1156
BHPian
 
Join Date: Aug 2009
Location: Trivandrum
Posts: 905
Thanked: 353 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

I have a question in the new ITR form 1, available at the IncomeTax website (https://incometaxindiaefiling.gov.in...LoginHome.html). Under which (ITR) section should we put the following entries from Form16?
1. Transport Allowance
2. Medical bills submitted for 15K.

After searching the net, I couldn't locate a field (in the ITR form) where I could provide the above entries.
jinojohnt is offline   Reply With Quote
Old 22nd June 2017, 09:44   #1157
Senior - BHPian
 
Join Date: Dec 2008
Location: Bangalore
Posts: 1,930
Thanked: 1,390 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by jinojohnt View Post
Under which (ITR) section should we put the following entries from Form16?
1. Transport Allowance
2. Medical bills submitted for 15K.
These are exempted allowances (section 10). Only ITR-2 folks need to show them. In ITR-1 you just need to show your taxable income from salary ("Income chargeable under the head salaries") which is total income less exempted income.
binand is offline   Reply With Quote
Old 22nd June 2017, 10:23   #1158
BHPian
 
Join Date: Aug 2009
Location: Trivandrum
Posts: 905
Thanked: 353 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by binand View Post
These are exempted allowances (section 10). Only ITR-2 folks need to show them. In ITR-1 you just need to show your taxable income from salary ("Income chargeable under the head salaries") which is total income less exempted income.
Thanks so much. It would have been good if Income Tax website had a decent help document.
jinojohnt is offline   Reply With Quote
Old 25th June 2017, 10:47   #1159
Senior - BHPian
 
S_U_N's Avatar
 
Join Date: Mar 2010
Location: Pune
Posts: 1,778
Thanked: 375 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

I had suffered a losss in Franklin India Feeder - Franklin European Growth Fund(G).

This is an International Equity fund, but in India it is treated as a debt fund for taxation.

The holding period was less than 3 years in my case.

So, can I setoff this loss against long term capital gains from another International equity fund - Franklin India Feeder - Franklin U.S. Opportunities Fund(G)

As per this article, I should be able to do it, but just need confirmation here.
https://blog.fundsindia.com/blog/mut...s-set-off/9327
S_U_N is offline   Reply With Quote
Old 2nd July 2017, 08:02   #1160
NPV
Distinguished - BHPian
 
NPV's Avatar
 
Join Date: Oct 2009
Location: Namma Bengaluru
Posts: 4,583
Thanked: 4,289 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

The media recently went hyper on the last date to link Aadhaar and PAN, so word spread that June 30 was the last date to do the linking, failing which your PAN will be invalidated (this is not true, just that for anyone filing IT returns from July 1 2017 onwards, it is mandatory to quote the Aadhaar/link Aadhaar and PAN).

There was a lot of rush to do this linking so the income tax website saw a lot of traffic and in turn the UIDAI services as well (used by the income tax site for validation of the Aadhaar).

There were also reports that name mismatches between the Aadhaar and PAN result in failures and one will need to have the name updated in one of the two places. There was even the option of uploading one's PAN card scan to the UIDAI website for them to validate and link the two offline without changing name. A google search will bring up several links for all these things mentioned.

After several attempts (kept getting Technical Error at UIDAI repeatedly, for some time the income tax website was down for maintenance, the site wasn't even loading for some time) I finally managed to do the linking successfully.
Was a bit worried how it would work in the case of Aadhaar having expanded initials and PAN having initials (shortened name) but that too worked!

I remember reading about failures when names do not match like expanded vs initials, so either that is not entirely true or the validation logic now takes care of this. It could also be that both had alternate names given when filling out the forms ? I can't remember this though
NPV is offline   Reply With Quote
Old 2nd July 2017, 11:12   #1161
BHPian
 
Join Date: Feb 2017
Location: KA 18/KA 02
Posts: 388
Thanked: 856 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by NPV View Post
There was a lot of rush to do this linking so the income tax website saw a lot of traffic and in turn the UIDAI services as well.
It was absolute mayhem on June 30. Tried linking my better half's AADHAR. Four sane attempts and one insane (via OTP for visually disabled persons) later, I stopped trying.

Most inconsistencies in terms of differently written names, initials, surnames etc are taken care of this time. So, as long as the backend is working fine, linking is indeed a breeze.

Meanwhile, it has almost been a fortnight since I filed and e verified (via AADHAR OTP) my returns, but no sign of processing and refund yet. Any of you got your refund?
dailydriver is offline   Reply With Quote
Old 2nd July 2017, 11:39   #1162
BHPian
 
SilentEngine's Avatar
 
Join Date: Jan 2008
Location: Mangalore-Bangalore
Posts: 916
Thanked: 108 Times
Default All Income Tax Queries (refunds, disputes, rates etc...)

If there isn't any name mismatch, one can also link the two by sending SMS to 567678: UIDPAN aadhaar PAN

Interestingly, when I did this I got the message that my numbers were already linked! This could be result of my earlier attempts on the website which timed out (but still were processed in server?) or I am wondering if this was done by banks who already have both of my numbers. I don't ever remember linking earlier.

Last edited by SilentEngine : 2nd July 2017 at 11:42.
SilentEngine is online now   Reply With Quote
Old 2nd July 2017, 13:47   #1163
NPV
Distinguished - BHPian
 
NPV's Avatar
 
Join Date: Oct 2009
Location: Namma Bengaluru
Posts: 4,583
Thanked: 4,289 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by dailydriver View Post
It was absolute mayhem on June 30. Tried linking my better half's AADHAR. Four sane attempts and one insane (via OTP for visually disabled persons) later, I stopped trying.
You may want to try today, worked like a charm this morning
NPV is offline   Reply With Quote
Old 2nd July 2017, 15:36   #1164
Distinguished - BHPian
 
Thad E Ginathom's Avatar
 
Join Date: Jun 2007
Location: Chennai
Posts: 7,605
Thanked: 6,690 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

I had linked mine, but not my wife's, some time ago. For this I got a telling off on Friday!

Anyway, she had taken up this last-date thing, and I didn't know any better, so I tried. I think the e-filing site must have felt like a DOS attack had hit it! Around midnight, it returned to normal and it was quick and easy.
Thad E Ginathom is offline   Reply With Quote
Old 5th July 2017, 21:15   #1165
BHPian
 
hothatchaway's Avatar
 
Join Date: Aug 2012
Location: Bangalore
Posts: 495
Thanked: 472 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Was trying to upload my returns by filling the ITR2 excel utility, generating the XML and then uploading it. Time and again getting the error message - 'invalid XML, please generate the XML again by using the latest utility'. Generated the XML multiple times, in fact downloaded a fresh excel utility, filled details again, generated the XML and tried uploading to no avail. Also ensured that the file was saved as XML and not in text format.

Can someone help?
hothatchaway is offline   Reply With Quote
Old 5th July 2017, 21:36   #1166
Senior - BHPian
 
hserus's Avatar
 
Join Date: Sep 2014
Location: Chennai
Posts: 1,693
Thanked: 1,639 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Please use the java app as it will check for errors and flag them so you have to fix them before you can submit it.
hserus is offline   Reply With Quote
Old 6th July 2017, 02:30   #1167
BHPian
 
Newpunter's Avatar
 
Join Date: May 2010
Location: Bangalore
Posts: 640
Thanked: 40 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

I've been avoiding applying for an Aadhar card till now, as I wanted more details on the privacy implications as well as how our data is being secured. So I was hoping that the supreme court judgement meant that I don't need an Aadhaar card for filing my IT Returns. But to be safe, I tried filing my IT Returns through Clear Tax last week. I got a message that my returns are filed and that they are waiting for a confirmation. So I hoped that the process was done.
When I returned back to office on Monday, I found that the returns weren't filed and also that I would now need an Aadhaar card or atleast apply for one before I can file my returns.
As luck would have it, I'm outside India now and will not be returning till the end of August. So it looks like I would have to pay a fine when I file my returns this year :(.
Newpunter is offline   Reply With Quote
Old 6th July 2017, 10:18   #1168
BHPian
 
Join Date: Jun 2007
Location: Bangalore
Posts: 137
Thanked: 54 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

I've a query about the severance payment. My employer winded up their Indian operation and paid the severance pay by deducting tax to all employees. First 5 lakhs is exempted, remaining amount are taxed. But there are cases where severance pay is considered as capital receipt and not income receipt, hence its non taxable (Sharda Sinha case).

Anyone has experience in this? Is it possible to claim refund for the taxes paid?
smnrock is offline   Reply With Quote
Old 6th July 2017, 10:19   #1169
Senior - BHPian
 
hserus's Avatar
 
Join Date: Sep 2014
Location: Chennai
Posts: 1,693
Thanked: 1,639 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by smnrock View Post
I've a query about the severance payment. My employer winded up their Indian operation and paid the severance pay by deducting tax to all employees. First 5 lakhs is exempted, remaining amount are taxed. But there are cases where severance pay is considered as capital receipt and not income receipt, hence its non taxable (Sharda Sinha case).

Anyone has experience in this? Is it possible to claim refund for the taxes paid?
Did you file a 10E? And do you meet the service criteria?

http://economictimes.indiatimes.com/...w/54262266.cms
hserus is offline   Reply With Quote
Old 6th July 2017, 16:53   #1170
BHPian
 
Join Date: Jun 2007
Location: Bangalore
Posts: 137
Thanked: 54 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by hserus View Post
Did you file a 10E? And do you meet the service criteria?

http://economictimes.indiatimes.com/...w/54262266.cms
I haven't file 10E. Considering that i was in service for 12 years in that company and 30% tax bracket for last couple of years, will 10E help?

My doubt was whether this case is applicable for me?
smnrock 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 13:34.

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