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Old 19th June 2014, 11:49   #466
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Default Re: Income Tax savings, Investments and Insurance

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Originally Posted by tsk1979 View Post
I got an email from IT department(CPC) about income tax demand for 1100 odd rupees
Its raised under section 1431a and is for assessment year 2010!!

Now what the hell is this. There are no other details except some DIN.

It says that any refund whatsoever will be adjusted against this.
How do I find out more?
This is painful to resolve remotely. I think we need a petition which prohibits IT department to come up with issues older than 2 financial years for individuals. They should have systems in place to audit the returns.
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Old 19th June 2014, 11:51   #467
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Default Re: Income Tax savings, Investments and Insurance

I think I will spend rs 10 on RTI online and ask the income tax department to clarify the details
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Old 20th June 2014, 01:23   #468
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I think I will spend rs 10 on RTI online and ask the income tax department to clarify the details
Tsk1979
Hi.
Before you do that please call up their toll free helpline(extremely helpful) and try and get the details.
My daughter's refund was delayed by more than 5 years(now received ) and Undead (a member here) was very helpful in guiding me. His suggestion was to avoid RTI as much as possible. You can have problems in the future if the ITO becomes vindictive.
Regards
PS: I have posted the number earlier.In case you cant find it please PM and I will dig out the old file.Or call up their Gurgaon helpline no 0124-2438000 and they may give you the number.One number starts with 1800and the other 080...
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Old 4th September 2014, 10:42   #469
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Default Re: Income Tax savings, Investments and Insurance

In this year's budget the max annual subscription that can be made into a PPF account was increased from 1lakh to 1.5lakhs.
Anyone knows if this has already come into effect ie. can we deposit the additional 50K for this FY ? If not, from when will this come into effect ?

EDIT : Thanks, mav2000 !!! Googled this and looks like in last week of August, RBI issued a notification to this effect to all banks. So good to go.

Last edited by supremeBaleno : 4th September 2014 at 10:52.
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Old 4th September 2014, 10:50   #470
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Yes, it has already come into effect. You can go ahead and increase your allocation
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Old 4th September 2014, 14:34   #471
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Default Re: Income Tax savings, Investments and Insurance

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Originally Posted by supremeBaleno View Post
In this year's budget the max annual subscription that can be made into a PPF account was increased from 1lakh to 1.5lakhs.
Anyone knows if this has already come into effect ie. can we deposit the additional 50K for this FY ? If not, from when will this come into effect ?

EDIT : Thanks, mav2000 !!! Googled this and looks like in last week of August, RBI issued a notification to this effect to all banks. So good to go.
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Yes, it has already come into effect. You can go ahead and increase your allocation
Please provide link. I am waiting for this as well.
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Old 4th September 2014, 14:53   #472
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Our company has already sent us a communication for the same and as per my tax workings it has also been taken into account.
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Old 4th September 2014, 15:11   #473
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Default Re: Income Tax savings, Investments and Insurance

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Please provide link. I am waiting for this as well.
Here it is http://articles.economictimes.indiat...provident-fund

Also, SBT-netbanking has a ticker running that informs customers about this.
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Old 4th September 2014, 15:35   #474
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Default Re: Income Tax savings, Investments and Insurance

Quote:
Originally Posted by tsk1979 View Post
I got an email from IT department(CPC) about income tax demand for 1100 odd rupees
Its raised under section 1431a and is for assessment year 2010!!

Now what the hell is this. There are no other details except some DIN.

It says that any refund whatsoever will be adjusted against this.
How do I find out more?

Apologies for the late response. Did it get resolved? I had a similar demand for INR 620 but it turned out that the intermediary through whom I filed the tax(taxspanner) made a mistake due to which there was a difference. They informed me about it and refiled the return, but by that time I had already paid. Taxspanner washed its hands off saying the refund will automatically come in my account after refiling the revised return.

Recently I too got a letter mentioning adjustment of excess tax paid. Not entirely sure what it meant and if it was for the INR 620 that I paid earlier.
Needless to mention, this year I filed the return directly form the IT dept efiling portal.

Last edited by huntrz : 4th September 2014 at 15:37.
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Old 4th September 2014, 16:06   #475
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Default Re: Income Tax savings, Investments and Insurance

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Apologies for the late response. Did it get resolved? I had a similar demand for INR 620 but it turned out that the intermediary through whom I filed the tax(taxspanner) made a mistake due to which there was a difference. They informed me about it and refiled the return, but by that time I had already paid. Taxspanner washed its hands off saying the refund will automatically come in my account after refiling the revised return.

Recently I too got a letter mentioning adjustment of excess tax paid. Not entirely sure what it meant and if it was for the INR 620 that I paid earlier.
Needless to mention, this year I filed the return directly form the IT dept efiling portal.
I paid the extra tax. IT office said some old return had less tax paid. Now I don't remember so many years back. So best to pay and close the case.
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Old 6th December 2014, 08:29   #476
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Default Re: Income Tax savings, Investments and Insurance

Has anyone tried moving their PPF account from one bank to another? How difficult or easy is it? I want to move my PPF account from SBI to ICICI.
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Old 6th December 2014, 20:42   #477
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Default Re: Income Tax savings, Investments and Insurance

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I want to move my PPF account from SBI to ICICI.
Just curious. Why would you want to move to ICICI?
I guess both banks provide option to deposit to PPF accounts online.
Both has option to take PPF statement printout.
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Old 28th December 2014, 16:52   #478
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Originally Posted by iamswift View Post
Just curious. Why would you want to move to ICICI?
I guess both banks provide option to deposit to PPF accounts online.
Both has option to take PPF statement printout.
Does SBI allow paying PPF online if you do not have SBI savings account?
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Old 28th December 2014, 17:48   #479
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Quote:
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Does SBI allow paying PPF online if you do not have SBI savings account?
Yes. I transfer to SBI PPF account through online money transfer from my HDFC saving bank account.
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Old 28th December 2014, 18:13   #480
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Originally Posted by ontheroad View Post
Yes. I transfer to SBI PPF account through online money transfer from my HDFC saving bank account.
Any idea how I get online access to my existing SBI PPF account? Do I need to get some forms from SBI and fill it up?
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