[BaCkSeAtDrIVeR]

Have a question on LTCG from sale of shares on stock e exchanges. In FY 2019-2020 I had consciously reduced sale transactions of my shares, and profit from sale of shares is below ₹ 50,000. The shares are of Tata Steel and Titan, if it is relevant. look at the broker's statement, I realise that using FIFO method, i got the shares in 2014 and 2011 respectively.

My question is, with about ₹ 60 - 70k dividend income, and some small change as interest on FDs, and of course a salary, should I use ITR 1 or ITR 2?

I believe LTCG upto ₹ 100,000 is exempt along with dividend, so I can use ITR 1, as usual.

I'm yet to start the process.

TIA.

[Sree73]

Return filing deadline for AY20 has been extended till 30-Nov-2020

[airbus]

I need some help on carrying forward short and long term capital losses for sell of equity shares on the ITR-2 form. Specifically which sections and fields we need to fill up, so that losses can be adjusted with any future capital gains.

[vrprabhu]

There is a sheet "CFL" in ITR to specify the carried forward loss. You need to split it year-wise into three categories - Loss on sale of House Property, Short Term Capital Loss and Long Term Capital Loss.

The excel utility will compute the set off once you complete the data entry and click 'compute set off' and thereafter ascertain your tax liability through 'calculate tax'

[BaCkSeAtDrIVeR]

Originally Posted by airbus

I need some help on carrying forward short and long term capital losses for sell of equity shares on the ITR-2 form. Specifically which sections and fields we need to fill up, so that losses can be adjusted with any future capital gains.

Please download IITR 2 and go through schedule 112A and CG in that order. It looks cluttered, it is self explanatory.

Originally Posted by BaCkSeAtDrIVeR

I believe LTCG upto ₹ 100,000 is exempt along with dividend, so I can use ITR 1, as usual.

I guess I will attempt filling ITR 1. The pdf format form on the department site only says that a dropdown should be provided specifying the heads.

Originally Posted by Sree73

Return filing deadline for AY20 has been extended till 30-Nov-2020

Asking on behalf of a relative. Is it possible to claim a refund? For a person who has TDS from bank deposit during FY 2018 - 19 and practically negligible income?

[vrprabhu]

Originally Posted by BaCkSeAtDrIVeR

....Is it possible to claim a refund? For a person who has TDS from bank deposit during FY 2018 - 19 and practically negligible income?

Check Form 26AS of the person first - as long as the TDS has been credited to his PAN, then he would be entitled to get refund of the excess tax deducted upon filing of return.

[Warwithwheels]

Originally Posted by BaCkSeAtDrIVeR

My question is, with about ₹ 60 - 70k dividend income, and some small change as interest on FDs, and of course a salary, should I use ITR 1 or ITR 2

Please refer to image below. ITR 2 is the right form for you I guess. Even though your LTCG is exempt, you may have to disclose the same in the returns for reporting purpose.



Source: https://cleartax.in/s/which-itr-to-file

[BaCkSeAtDrIVeR]

Originally Posted by Warwithwheels

Please refer to image below. ITR 2 is the right form for you I guess. Even though your LTCG is exempt, you may have to disclose the same in the returns for reporting purpose.

Thanks for that. But the image is for a previous financial year. In that particular year, since rumours about imposing tax on LTCG were already floating around for long, I had "churned" my portfolio. I sold some shares at 2 - 3x cost and delivered them. Later made fresh purchases. I also chopped off some dead wood non performers. Overall, I made a paper profit of ₹ 4 lakh or so, and still filed ITR 1. I got a refund on the taxable part too.

My question is in context of the recent clarification that scrip wise details are not required for speculative trades.

My confusion is because the PDF of ITR 1 does not specify whether those with LTCG below ₹ 1,00,000 can use it. All it says is, thatvtge utility should provide a drop down to specify the items under thatched. (For context, agricultural income and interest on savings accounts upto ₹ 50,000 are shown here. And I'm not yet mentally prepared to log in into the e-filing site. :-(

[Vikalp]

Can someone please tell whether one can contribute to two PPF accounts? One of their major son and other of their minor grandson. The total amount they can contribute would be 3L(1.5L per account) or only 1.5L(divided amongst both accounts)?

Are they eligible for the deduction under 80C after such contributions?

Thanks.

[inder]

For Tax Benefits self or minor child account PPF only (that too not both parents). Rest you can deposit without benefits.

[rohan_iitr]

My colleague is facing a peculiar problem while filing Income Tax return.

When he was checking his ITR-1 form online, he noticed that his taxable income is showing 3 lakhs higher compared to what is there in the Form-16 issued by the employer.

When we downloaded his form 26AS, we noticed that someone else's salary is also reflecting in his form 26AS.

Whom should he approach for getting this rectified ?

For ITR filing, the salary field is editable. Is it advisable to file the ITR using the correct figure from his Form16 ?

Rohan

[sunilch]

Originally Posted by rohan_iitr

My colleague is facing a peculiar problem while filing Income Tax return.

When he was checking his ITR-1 form online, he noticed that his taxable income is showing 3 lakhs higher compared to what is there in the Form-16 issued by the employer.

When we downloaded his form 26AS, we noticed that someone else's salary is also reflecting in his form 26AS.

Whom should he approach for getting this rectified ?

For ITR filing, the salary field is editable. Is it advisable to file the ITR using the correct figure from his Form16 ?

Rohan

Raise a grievance with the IT department about the mismatch in 26AS. If it gets solved before filing deadline then great. Else pay the tax as requested and then claim a refund in the grievance as well. He will be paid with interest after settlement of the same.

If the issue is not resolved in his favor, then he will be on safe side by already having paid the tax. Else he will be charged high interest on the pending amount. Later he can fight it out in the court easily.

[saket77]

Anyone filed their return and got it processed for AY21?

[Warwithwheels]

Originally Posted by rohan_iitr

Whom should he approach for getting this rectified ?

For ITR filing, the salary field is editable. Is it advisable to file the ITR using the correct figure from his Form16 ?

Rohan

Step 1: Approach the employer and request him to rectify the TDS Returns which will automatically rectify the 26AS.

Step 2: File the IT Returns with the correct figures by editing the required fields.

If the employer rectifies the TDS returns, then you may not get any notice. If he doesn't correct the TDS Returns, then you may get a notice for which you can give an appropriate reply.

Hope this helps!

[dailydriver]

Originally Posted by saket77

Anyone filed their return and got it processed for AY21?

Have filed my father's and wife's in April. Both are just formalities, with no tax liable or paid. Yet to see any action from the department. Most of my colleagues across different tax brackets who have also filed their returns haven't had theirs processed too.