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Old 5th August 2010, 17:16   #106
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CR-V - you are on sticky wicket here. THere are concepts of "NRI" defined in FEMA (Forex) as well a IT act. There does seem to be a difference on the number of days you spend in and out of India to your NRI status for IT laws.

Please take professional advice.

edit:- 11mahesh11 - AFAIK, e-filing is compulsory only for corporates. Sorry, cannot answer other queries.
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Old 5th August 2010, 18:05   #107
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Quote:
Originally Posted by tsk1979 View Post
Yes, I did cross check, its a mistake on their part. Am sending the speed post today with copy of my form 16 for rectification.
It is my experience if you produce enough documentary proof, Income tax office are more than generous to correct problem.

In my case I had Rs. 28K return from income tax and I waited for 1.5 years for refund cheque to arrive at home. It did not come. After that I visited with copy of form 16 and pan card and acknowledgment, they whole heartedly accepted it and even told there was mistake done by Data Entry Operator for your refund amount and in system it was showing 0. After that within one week sharp, I got refund cheque at home.

My advice is "Do not hesitate to approach Income Tax Office if you find any mistake anywhere. They are generous enough to help you out".

-----------------------------------------------

For those who are waiting for ITR-V to come to your mail, please wait some more days. I received after 4-5 days in my mail. However, I had already copy of downloaded ITR-V during filing. Password will be <your pan number all small><your date of birth ddmmyyyy> format.

Last edited by anujmishra : 5th August 2010 at 18:08.
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Old 20th August 2010, 15:12   #108
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Yes, I did cross check, its a mistake on their part. Am sending the speed post today with copy of my form 16 for rectification.
This is what my HR dept asked me to do:

"Most of the employees are getting the same intimation letter, and in the income tax assessment they have not considered some of the exemptions which is considered in the form 16 and showing as tax payable there. You can write a letter to income tax department along with the form 16 and returns acknowledgment and explain that the exemptions are not considered in the assessment. Please draft a letter to the Assessing Officer to the address mentioned in the letter. Assessing Officer Code may be obtained using the link https://tin.tin.nsdl.com/pan/servlet/AOSearch. The jurisdiction of Assessing Officer may be ascertained from the latest return filed or from the local IT office. For assessees in Bangalore , the jurisdictional circle can be ascertained through the link http://www.incometaxbangalore.org/jurisdiction/jurisdiction.htm

Now, both these websites are cr**py - I am not able to make-out anything from them.

My questions to people who have already done this:
1. To whom should I address my clarification letter (what should I write in "To" tab in the body of the letter)
2. Is it enough if I post it to IT Dept, CPC, PO No1, EC, Bangalore. ?

Last edited by ch.nathan : 20th August 2010 at 15:30. Reason: Formatting
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Old 20th August 2010, 15:24   #109
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Guys,

I havent got the tax re-inbursement for the previous financial year? Who and where do I have to file a complaint.
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Old 8th May 2011, 23:29   #110
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I just noticed that the govt. has specified the next round of headaches. Errrr.... I mean, the tax forms for filing your next round of returns.

Income Tax India

The forms are intended to be OCRed, so need to be printed in colour.

I am rather surprised - why not OCR black and white forms?

So, there is an opportunity for printers. ;-D

Edit:- So, they have introduced a new form - Sahaj, and that is in colour. The other form (ITR 2) - saral - continues to be in black white. Sigh!!!

Why is not being saral so sahaj to our tax guys?

Last edited by BaCkSeAtDrIVeR : 8th May 2011 at 23:37.
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Old 6th June 2011, 20:17   #111
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Just as I was bracing up for the pain of filling up the pain - you - know where :-

No filing of tax return for salary and interest income up to Rs 5 lakh - The Economic Times

That is not yet notified as yet - and god knows what the small print would be.
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Old 1st July 2011, 13:03   #112
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Originally Posted by BaCkSeAtDrIVeR View Post
That is not yet notified as yet - and god knows what the small print would be.
Finally, it has been notified.

I honestly wish I could resign my job and become a tax practitioner.The notification is one huge net, with all loopholes, and no cover.

And the notification is pleasantly wrapped up behind popup blockers, logins and registration requirements. If anybody can access the notification, please post the text here. (It is a statutory notification, so copyright is not applicable, if you post the contents verbatim, along with your comments). The income tax department says my browser is blocking the pop ups; but I do not have any. One of these days, I will take them to court for discrimination against people who use other software.

incometaxindia.gov.in > "tax laws and rules" > Notifications, click on the notification No. 36, ought to give the text to you. I do not get it.

Going by the text of press release, fi there is no TDS (but there is taxable income - or even if there is no TDS because you have well planned investments), you are liable to file returns even if your income is less than 5 Lakh.

Also, if salary + interest from sources other than savings deposits means you have to file returns. Press release says income from savings banks deposits.

Duh. Dividends, MFs, LIC bonuses, etc., though exempt from tax, will not be counted.

Thus, say, 2.3L salary income means no tax liability - not even TDS. (if 80 C is properly planned). But a 50 K FD will fetch you approx 4K interest, which is not taxable. Another 5K income from mutual fund dividendss, and still you stay outside the liability to pay taxes. But you still have to file returns.

But some guy with 1.9 Lakh income and TDS need not file returns, if his returns from investments are absolutely nil.
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Old 2nd July 2011, 17:56   #113
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Here you go Backseatdriver! Check out the PDF.
Attached Files
File Type: pdf HtmlFileProcess.pdf (547.3 KB, 216 views)
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Old 2nd July 2011, 18:35   #114
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Originally Posted by BaCkSeAtDrIVeR View Post
Also, if salary + interest from sources other than savings deposits means you have to file returns. Press release says income from savings banks deposits.
@BSD,

It's savings account and not deposit.Read the Gazette notification.
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Old 3rd July 2011, 14:41   #115
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Originally Posted by nkapoor777 View Post
Here you go Backseatdriver! Check out the PDF.
Thanks for the link. (see below for my analysis on the contents)

Quote:
Originally Posted by rishab.k View Post
@BSD,

It's savings account and not deposit.Read the Gazette notification.
I am often at the government's ways of creating distinctions where none exist.

Consider this:- a person with 2Lakh gross income and 60K investments under 80C IS liable to file tax returns. He is not liable to tax though, hence no TDS.

Even if we assume that he otherwise eligivle for the exemption, apparently, this soul is liable to file the returns because no TDS has been done on his salary.

Secondly, 1K (no - not a typo) interest income in a savings bank a/c translates to average balance of Rs. 11,111.11 @ 9%. Or if the bank give only 5% interest, INR 20K. (I have bigger amoutns, and still do not get any interest due to large number of transactions).

I'd rather retain 5K in savings and put 10K in FD @ 9.5%.

Because I am intelligent and put 10K in FD, I need to file returns. The fool who maintained 2 Lakh average balance in his savings a/c escapes filing tax returns.



I would like to know by what percentage the actual filing falls.
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Old 3rd July 2011, 17:44   #116
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Quote:
Originally Posted by BaCkSeAtDrIVeR View Post
Consider this:- a person with 2Lakh gross income and 60K investments under 80C IS liable to file tax returns. He is not liable to tax though, hence no TDS.

Even if we assume that he otherwise eligivle for the exemption, apparently, this soul is liable to file the returns because no TDS has been done on his salary.

I don't think the person will have to file tax returns in this case since he has already discharged his total tax liability which is 'nil' ,thus satisfying condition (iv) of the notification.

Savings A/c offers interest of 4% calculated on a daily basis.As things stand today,if your interest exceeds 10K from a branch the bank will deduct TDS but if it's less than 10K no TDS will be deducted.That's why it has been mentioned like that in the notification i.e. salaries & interest income not exceeding 10k.
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Old 11th July 2011, 13:17   #117
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Exemption from filing income tax return? No one can avail of it - The Times of India

Look at this, and you know how our IT guys can twist and turn the tax payers.
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Old 11th July 2011, 21:51   #118
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The IT dept has come out with new forms for filing returns - like Sahaj for salaried individuals. However, the form is in a color-coded,machine coded format. Black&White returns are not accepted.

Anyone filed his return using this form ?

Income Tax India
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Old 11th July 2011, 22:46   #119
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mjothi - this is the point I tried to make. That exemption is an absolute fake. I am glad that I am not the only one to have that view. The HIndu Business Line too has a similar article. I am now happy - not because I need to file returns, but because now I realise that I can actually understand "taxese" - the kind of English as spoken by teh taxman.

sdp1975 - I just got ITR 1 (sahaj) from the IT office today. It is available free of cost, but was asked to write down my name and address and number of copies I want on a book. The site says that we can take print out ourselves - as long as the print out adheres to the guidelines published (look below the link to the form itself - mostly about being on A4 size paper, do not print with dot matrix printers, use colour, etc).

I would have been happier if they had left out the "print only in colour" part - I prefer filling forms on my computer screen and then printing them out. My handwriting is pretty ugly.

Will take couple of days to go through it and gather enough courage to fill it up.

First impression - there ain't much small print in there. Most text is in 11 or probably, 12 point text size, and eminently readable.

Edit:- here is the link to the article on HIndu Business LIne:-

http://www.thehindubusinessline.com/...cle2214419.ece

Last edited by BaCkSeAtDrIVeR : 11th July 2011 at 22:49.
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Old 20th July 2011, 22:58   #120
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Anyone knows if the new return forms are available at the income tax return "fair" at Palace Grounds in Bangalore? Procuring the new forms is a real headache.

Last edited by sdp1975 : 20th July 2011 at 23:09.
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