[binand]

Originally Posted by binand

we need pre-filled XML suitable for AY2019-20.

Just an update that the pre-filled XML for AY2019-20 is now available, but only for ITR-1 and ITR-4 folks. As an ITR-2 person I need to wait more.

[pkulkarni.2106]

I do get RSUs from my employer & I also have enrolled for ESPP.
The Form-16 issued to me has details about the perquisites.

What ITR should I use for filing?
Last year, I used ITR-2 (as many people in my organization suggested), but it went defective.

Many people in my org still use ITR-1 and they do not get any notice.

I'm kind of confused now.
Can someone please help?

Thanks!

[Prafful_Rathod]

I have one query regarding medical premium.

My employer deducts x amount every month from the salary as medical premium and we are accordingly eligible for medical reimbursement of expenses on producing actual bills and prescription / reports to a fixed limit.

Now my question is can I claim the premium amount deducted from Salary under section 80 D ?

[ValarMorghulis]

Originally Posted by Prafful_Rathod

I have one query regarding medical premium.

My employer deducts x amount every month from the salary as medical premium and we are accordingly eligible for medical reimbursement of expenses on producing actual bills and prescription / reports to a fixed limit.

Now my question is can I claim the premium amount deducted from Salary under section 80 D ?

If you employer is deducting premium for medical insurance it should automatically be added to the form16 provided by the employer.

[hothatchaway]

I switched my holdings in a couple of large cap equity mutual funds earlier this year from 'regular' to 'direct' plans. Such switches are treated as redemptions and I took advantage of the 'grandfathering' clause offered with Jan 31, 2018 as the NAV cutoff to calculate capital gains, which are zero since the NAV on the switch date in Feb 2019 was lower than the Jan 31 2018 NAV. Questions are
1) Will these be treated as capital losses to be carried forward? The account statements from the AMC are showing zero under CG even though the NAV is lower.

2) If the CG is treated as zero, does it need to be reflected in my IT return?

[binand]

Originally Posted by binand

Just an update that the pre-filled XML for AY2019-20 is now available, but only for ITR-1 and ITR-4 folks. As an ITR-2 person I need to wait more.

And now today, I see that pre-filled XML for AY2019-20 for ITR-2 & ITR-3 folks too. Been waiting for long!

[Sherlocked]

Originally Posted by pkulkarni.2106

Last year, I used ITR-2 (as many people in my organization suggested), but it went defective.

Can you mention why it went defective? What was the reason cited in the notice?
Thanks.

[vnabhi]

I have a question for deduction for self-paid medical insurance and preventive medical checkup deductions. I've spent Rs 24142 on the former and Rs 4500 on the latter, totalling to Rs 28642. This amount was shown under section 80D in my Form 16, and deducted from my taxable income.

But when I tried to fill up ITR 1 online today, it is only accepting Rs 25000. The shortfall of Rs 3642 is increasing my taxable income by that margin, and also showing that I need to pay income tax for that shortfall.

Is it a defect in ITR 1, or did my employer do wrong?

[boniver]

Originally Posted by vnabhi

I have a question for deduction for self-paid medical insurance and preventive medical checkup deductions. I've spent Rs 24142 on the former and Rs 4500 on the latter, totalling to Rs 28642. This amount was shown under section 80D in my Form 16, and deducted from my taxable income.

But when I tried to fill up ITR 1 online today, it is only accepting Rs 25000. The shortfall of Rs 3642 is increasing my taxable income by that margin, and also showing that I need to pay income tax for that shortfall.

Is it a defect in ITR 1, or did my employer do wrong?

The total deduction allowed u/s 80D for people under the age of 60 is Rs. 25,000. This includes the premium amount paid for health insurance and amount spent on preventive medical check ups.

The maximum deduction that can be claimed for preventive medical check up is Rs. 5,000, but total deduction allowed u/s 80D (i.e. amount paid as health insurance premium+amount spent on preventive medical check up) is capped at Rs. 25,000.

Hope this helps!

[binand]

Originally Posted by vnabhi

But when I tried to fill up ITR 1 online today, it is only accepting Rs 25000. The shortfall of Rs 3642 is increasing my taxable income by that margin, and also showing that I need to pay income tax for that shortfall.

Is it a defect in ITR 1, or did my employer do wrong?

If you are not a senior citizen, I think the limit is 25k inclusive of health checkup.

[vnabhi]

Originally Posted by boniver

The total deduction allowed u/s 80D for people under the age of 60 is Rs. 25,000. This includes the premium amount paid for health insurance and amount spent on preventive medical check ups.

The maximum deduction that can be claimed for preventive medical check up is Rs. 5,000, but total deduction allowed u/s 80D (i.e. amount paid as health insurance premium+amount spent on preventive medical check up) is capped at Rs. 25,000.

Hope this helps!

Originally Posted by binand

If you are not a senior citizen, I think the limit is 25k inclusive of health checkup.

Thank you both. It looks like my Form 16 is defective.

[Sherlocked]

To all the senior citizen folks,

From this AY, i.e. AY 19-20, IT department has introduced section 80TTB in which you can claim additional Rs. 50,000 as deduction out of your interest income from Bank/Post office deposits.
This section is only for Resident Individuals aged 60 years or more.
The deduction given is over and above your 80C and 80D deductions.
Although, by claiming this, you won't be able to claim the benefit of 80TTA. Do read up more about it, or quote me if you have any queries.

I have come across many who have somehow missed claiming this.

[reignofchaos]

Originally Posted by pkulkarni.2106

I do get RSUs from my employer & I also have enrolled for ESPP.
The Form-16 issued to me has details about the perquisites.

What ITR should I use for filing?
Last year, I used ITR-2 (as many people in my organization suggested), but it went defective.

Many people in my org still use ITR-1 and they do not get any notice.

I'm kind of confused now.
Can someone please help?

Thanks!

You must fill ITR-2. Mine was defective too but I resubmitted it twice later after fixing errors each time and finally it was accepted and I got my "Silver Certificate" .

It is a bit of a pain to fill it for an individual but I eventually figured it out. If you are unable to wrangle it yourself, I suggest you go to a CA.

[S_U_N]

I posted some of the practical considerations while becoming an NRI in this thread (will try to write about taxation separately) https://www.team-bhp.com/forum/shift...pliance-2.html (PPF, NRIs and FBAR compliance)
Just in case someone would like to contribute further.

[pkulkarni.2106]

Originally Posted by Sherlocked

Can you mention why it went defective? What was the reason cited in the notice?
Thanks.

This was the reason cited: As seen from
the return of income filed, credit for TDS has been claimed
but the corresponding receipts/income has been omitted to
be offered for taxation.
The above omission is a defect

Originally Posted by reignofchaos

You must fill ITR-2. Mine was defective too but I resubmitted it twice later after fixing errors each time and finally it was accepted and I got my "Silver Certificate" .

It is a bit of a pain to fill it for an individual but I eventually figured it out. If you are unable to wrangle it yourself, I suggest you go to a CA.

I reviewed it again and again, but could not find any difference.
So, I replied that I do not agree with the defect and gave my reasons.
Just a couple of weeks ago, they processed it and everything's fine now.