[Vikalp]

Originally Posted by inder

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

So he can deposit in both the accounts right? I was skeptical that one can not deposit in more than one PPF account.

Thanks.

[inder]

Originally Posted by Vikalp

So he can deposit in both the accounts right? I was skeptical that one can not deposit in more than one PPF account.

Thanks.

Yes you can deposit in more than one PPF account. One in your PPF , and the other in minor child’s PPF. But tax benefits only one. Your wife can claim tax benefits from your minor child’s PPF , if you are claiming on yours.

[rohan_iitr]

Originally Posted by sunilch

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.

Thanks for the suggestion. He has raised a grievance online and waiting for resolution.

Our office finance team is suggesting to file the ITR as per the tax which is actually due, not as per the higher amount because of the error. But I feel what you have suggested make more sense.

Originally Posted by Warwithwheels

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!

Thanks for the response.

Our employer is not able to rectify the error since the second entry in his form 26AS is from some other employer.

Rohan

[sumeethaldankar]

For sale of property wherein the proceeds were used to purchase another flat which ITR form to use 1 or 2? Since there were no capital gain as such and the amount was used for another home (only 1 property) purchase, I understand that income is exempted.

[r-a-s]

Originally Posted by sumeethaldankar

For sale of property wherein the proceeds were used to purchase another flat which ITR form to use 1 or 2? Since there were no capital gain as such and the amount was used for another home (only 1 property) purchase, I understand that income is exempted.

You have to file ITR 2. Claim exemption in ITR.

[sumeethaldankar]

Originally Posted by sumeethaldankar

For sale of property wherein the proceeds were used to purchase another flat which ITR form to use 1 or 2? Since there were no capital gain as such and the amount was used for another home (only 1 property) purchase, I understand that income is exempted.

Another query, since there were two loans, one which was closed on the sale of property with funds from the sale of the property and second loan on the purchase of the new property, can the interest paid be combined for both the loans for tax exemption or just the current loan interest can be claimed?

Thanks

[binand]

Last date for filing returns has been extended again, it seems:

https://www.livemint.com/money/perso...532715781.html

In a major relief to taxpayers, the Central Board of Direct Taxes (CBDT) on Saturday extended the deadline for filing income-tax returns (ITR) for FY 2019-20 (AY 2020-21) by a month till 31 December, 2020.

[bluevolt]

Has anyone got refund yet? Will they initiate refund only after closing the extension of deadline for general public to fill the returns?

I filed my returns way back in July and still the status shows, 'ITR submitted/e-Verified'.

[Funny]

I just came across this article: LTC Cash Voucher Scheme which is now extended to private companies as well. I am a total noob when it comes to tax schemes. Can anyone explain this in simple/layman terms? As far as I understand we can make an purchase which has GST 12% or above to get tax benefit from this scheme. So was wondering if vehicle purchase can also benefit from this scheme. If so, how?

[santosh_blr]

Question on declaring dividend income in ITR2:

Dividend income declaration is at 2 places - in ExemptedIncome section and OtherSources section.

Under which section do you declare the dividend income (?) for the shares (publicly listed companies like HUL, Infosys, ITC etc) that you hold?

[concorde24]

Originally Posted by inder

Yes you can deposit in more than one PPF account. One in your PPF , and the other in minor child’s PPF. But tax benefits only one. Your wife can claim tax benefits from your minor child’s PPF , if you are claiming on yours.

Please check the link - it says the Overall contribution including minor PPF should not cross 1.5L in contribution (not just 80c benefit)

Link - here

Speaking on whether both parents can invest in the PPF account of a minor child, SEBI registered tax and investment expert Jitendra Solanki said, " both parents can invest in the PPF account of a minor child but their net investment in the account of the child and their own PPF accounts in one financial year should not be more than 1.5 lakh. Means, if a person has invested Rs 50,000 in the PPF account of one's minor child, then the person can invest up to Rs 1 lakh in own PPF account so that the net investment ceiling of Rs 1.5 lakh per annum remains maintained."

Suggest you to check with Bank for rules.

[BaCkSeAtDrIVeR]

Somebody's with a total annual income below ₹ 2.5 lakh just found that TDS is being deducted from interest on FDs by the bank. This is happening for pas 4 - 5 years. And average TDS is bit more than ₹ 12k per year.

It is possible to file returns and claim refund for fy 2019 - 20.

Is it possible to do so for earlier years - starting from 2014-15 to 2018-19?

Is it advisable / feasible / worth?

Thanks in advance.

[SilentEngine]

Originally Posted by BaCkSeAtDrIVeR

It is possible to file returns and claim refund for fy 2019 - 20.

Is it possible to do so for earlier years - starting from 2014-15 to 2018-19?

Is it advisable / feasible / worth?

For FY 19-20, definitely ITR can be filed to claim refund.

For next year onwards, right thing to do would be to submit Form 15 G/H to bank to stop them from applying TDS.

https://cleartax.in/s/form-15g-and-1...nterest-income

[whitewing]

Originally Posted by Funny

I just came across this article: LTC Cash Voucher Scheme which is now extended to private companies as well. I am a total noob when it comes to tax schemes. Can anyone explain this in simple/layman terms? As far as I understand we can make an purchase which has GST 12% or above to get tax benefit from this scheme. So was wondering if vehicle purchase can also benefit from this scheme. If so, how?

https://freefincal.com/now-everyone-...emed-ltc-fare/ From pattu's website.
Hope this helps. I personally found it too cumbersome.

[saket77]

Has the income tax department started processing the returns for FY19-20? I had filed way back in Jun-19 and am still waiting for the processing to be done.