[S_U_N]

Originally Posted by praveen789

My returns for FY 2016-17 are still in the stage of transferred to AO. I think that this is standard and we cant do anything but wait. One of my CA friends suggested to visit the AO and ask them if anything is pending and they will close it promptly but I would rather have them contact me instead of kicking the beehive and creating an issue.

I am also waiting, but it seems strange that they are sitting on it for so long.
I filed return for FY 2018-19 now. There is no foreign income. I hope that gets through together with the earlier one.

[pramodkumar]

Guys whenever I am checking my income tax refund status, I get an invalid PAN error on the below page

https://tin.tin.nsdl.com/oltas/refund-status-pan.html

I am selecting FY 19-20. Please let me know if others are also facing this issue.

Pramod

[saket77]

Originally Posted by pramodkumar

Guys whenever I am checking my income tax refund status, I get an invalid PAN error on the below page

https://tin.tin.nsdl.com/oltas/refund-status-pan.html

I am selecting FY 19-20. Please let me know if others are also facing this issue.

Pramod

Have you received refund confirmation from the IT dept? If not yet, it will show as invalid PAN. However your refund should get credited in your account within 4-5 days once you receive the refund message the department.

Regards.

[pramodkumar]

Originally Posted by saket77

Have you received refund confirmation from the IT dept? If not yet, it will show as invalid PAN. However your refund should get credited in your account within 4-5 days once you receive the refund message the department.

Regards.

what kind of confirmation am I looking at?

PS: a week ago I was able to search using my pan card, it would stop working on chrome but it will work on firefox. Now it doesn't seem to work anywhere.

I didn't get any refund message, the returns were filed a month ago.

Pramod

[saket77]

Originally Posted by pramodkumar

what kind of confirmation am I looking at?

PS: a week ago I was able to search using my pan card, it would stop working on chrome but it will work on firefox. Now it doesn't seem to work anywhere.

I didn't get any refund message, the returns were filed a month ago.

Pramod

What is the status of the return that you filed? Check it on the incometaxefiling web site.
They will confirm the refund processing through an sms. It took slightly over a month for my IT return to be processed and subsequent refund issued.

Regards.

[pramodkumar]

Originally Posted by saket77

What is the status of the return that you filed? Check it on the incometaxefiling web site.

Filed and eVerified.

Originally Posted by saket77

They will confirm the refund processing through an sms. It took slightly over a month for my IT return to be processed and subsequent refund issued.
Regards.

Mine took nearly 6 months last time This year the promise was refunds in a month, lets see if the govt and IT dept fulfill their promise.

Pramod

[tud]

Originally Posted by binand

Q1. What should each of us fill in B(1)(1)(a)(i) of Schedule CG? I think it should be 30L each, but can someone please confirm?

The buyers are also a husband-wife pair with a 50-50 structure. To make things easier, the buyer husband used my PAN to remit 0.5% of the TDS and the buyer wife used my wife's PAN to remit the balance 0.5%. So in my 26AS there is only the buyer husband's name and in my wife's, only the buyer wife's.

Quoting your example on sale of a Rs 60 lakhs worth property jointly owned (equal share) by two individuals and jointly bought (equal share) by two individuals, then TDS should be paid as
Buyer 1 pays TDS on 15 lakhs paid to you
Buyer 1 pays TDS on 15 lakhs paid to your wife
Buyer 2 pays TDS on 15 lakhs paid to you
Buyer 2 pays TDS on 15 lakhs paid to your wife

Originally Posted by binand

Q2. Should both of us show both buyers in B(1)(1)(f)? Or I should only show buyer husband's, and my wife, only buyer wife's?

You should show both buyers purchase on your share of the property and your wife should show both buyers purchase on her share of the property.

[Rodie09]

I am a salaried professional. In addition to salary, this year I have income from deemed rental income from 2 houses and income around 1 lac from trading of shares, plus some dividends I received while holding shares in my portfolio.

Would it be ITR2 or ITR 3 for me? I am confused but want to file the return myself for learning.

Can anyone advise?

Cheers!!

[rrsteer]

Hi, has anyone here faced undue harassment by the tax department?
Was reading a tweet by Sucheta Dalal, where she highlighted recent cases of a banker and an IBM employee receiving jail notice on account of some discrepancy in their tax filing some years back. She is probably one of the handful people whose views I would read on financial matters. So there is a degree of trust and I was shaken by what I read.

[avira_tk]

Originally Posted by rrsteer

Hi, has anyone here faced undue harassment by the tax department?
Was reading a tweet by Sucheta Dalal, where she highlighted recent cases of a banker and an IBM employee receiving jail notice on account of some discrepancy in their tax filing some years back. She is probably one of the handful people whose views I would read on financial matters. So there is a degree of trust and I was shaken by what I read.

Not sure what you mean by harassment, but if you receive a tax notice and you are salaried, you'll have to pay up. There is no way to get around this unless you are willing to take time off work and spend a few days at the income tax office. It's not an option for anyone with a job, and it just happens that one notice I paid up was for tds that the department said didn't match deposits. My employer is not some fly by night operator but an IT industry bellwether. I have a current outstanding demand that is still pending, received no credit for taxes paid, hope to pay it off by this year end.

PS : If you have income beyond salary, always use a CA, you are inviting trouble otherwise. Tax litigation is meant for high rollers, rarely does that include salaried professionals.

[rrsteer]

Originally Posted by avira_tk

.

Tax litigation is meant for high rollers, rarely does that include salaried professionals.

Yes, thats exactly the issue. I thought salaried individuals were spared the harassment, doesn't look like so. By harassment I mean, interpreting tax laws to put baseless demands on regular tax payers. Have a look below:

[S_U_N]

I sold two of my vehicles to my neighbour who wants to pay by cash. He might have undisclosed income perhaps.

How do I handle this from IT returns perspective in 2020? (I cannot keep the cash and would need to deposit most of it in the bank).

[Pink Floyd]

Originally Posted by Rodie09

I am a salaried professional. In addition to salary, this year I have income from deemed rental income from 2 houses and income around 1 lac from trading of shares, plus some dividends I received while holding shares in my portfolio.

Would it be ITR2 or ITR 3 for me? I am confused but want to file the return myself for learning.

Can anyone advise?

Cheers!!

ITR-2 will do. You can add individual rental income under Schedule Income from House property and Share Income under Schedule CG.

[Warwithwheels]

Originally Posted by S_U_N

I sold two of my vehicles to my neighbour who wants to pay by cash. He might have undisclosed income perhaps.

How do I handle this from IT returns perspective in 2020? (I cannot keep the cash and would need to deposit most of it in the bank).

Cash transactions above Rs. 2,00,000/- are not permitted under sec 269ST. The person who receives the cash shall be responsible for the penalty.

As per Section 269ST, any person who enters into a transaction of Rs 2 Lakh or above in cash, will be liable to a penalty of an amount equivalent to the amount of transaction.

For example : If you buy an expensive watch for cash worth Rs 7 Lakh, it is the shopkeeper who will have to pay the tax (penalty) of Rs 7 Lakh. So, here the tax rate is 100%.

With respect to your returns, there is no capital gains if the vehicles were used by you for personal purpose and no depreciation was claimed.

Convince the buyer to do a NEFT/RTGS or pay you by Account Payee Cheque/ demand draft(S) for the value so that your compliance with the law is taken care.

[realactivex]

I have a sticky situation and need advise from learned folks in this forum.

For Fy18 returns, i used myitreturns.com website and filled in my details and paid them the fees (online on 18-Aug) and hoped they would file it real-time with IT dept.
Today 24-Aug and they have still not filed my returns depite me hving provided them all info

There is no person on phone number to reach out to.. and all my support tickets to them or emails to them are mostly unheeded.

I have wasted enough time chasing up with them and I now want to go ahead and file my ITR2 myself directly with the IT dept

My worry is, what if those folks at myitreturns.com suddenly wake up and also file my returns in parallel? I dont know what happens when the same returns get filed twice for the same Fy by different people

I also want to share through this forum the bad taste of the transaction with myITreturns..