[bluevolt]

Got the refund yesterday. I submitted the returns way back in July. Worth the wait anyways!

[rajesh1868]

I am trying to file tax for my mother. There is a question about spending 2 lakhs or more on foreign trip.
Bit confused about this because if I add up ticket rates + insurance + forex taken this is more than 2 lakhs. But she went on February and came back on October which spans 2 FY.

Are there any guidance in this matter on if I need to answer Yes or No?

[BaCkSeAtDrIVeR]

Returns filed on 04 December 2020.

Refund received on 10 December 2020.

FY 2019 2020, AY 2020 2021.

Now, I'm speechless.

[binand]

Originally Posted by Warwithwheels

Do you have any self assessment tax payable exceeding Rs. 1 Lac?

This seems to be the reason. Thanks for the reference.

Originally Posted by blorebuddy

Please download the latest ITR2 (PR4.1) is available with this version you will not get this.

4.x seems to be the Excel tool's versioning scheme. I am using the Java version in which the latest is 3.2.

[ghodlur]

Originally Posted by BaCkSeAtDrIVeR

Returns filed on 04 December 2020.

Refund received on 10 December 2020.

FY 2019 2020, AY 2020 2021.

Now, I'm speechless.

Looks like the IT dept was just waiting for you to file the IT returns, they seems to have the refund amount ready to be released.

Lucky you.

[blorebuddy]

Originally Posted by sansvk

I have a query, for 2020-21 AY is it mandatory to fill in Schedule 112a for mutual fund CapitalGains? I have a switch from Regular to Direct mode with over 50 transactions, is it required to enter all of these transactions?

Post 31st Jan 2018 transactions, you can consolidate and enter. If it's purchased before 31 Jan 2018, then you have to mention each MF and you can consolidate for each fund if your sale price is same for the units.

[carlosTHEjackal]

Does anyone aware of accessing the the Document ID / DIN referenced in response to a rectification return submitted to IT Dept?

I have written to IT Dept. but haven't had any favourable response.

[xcentrk]

After seeing lot of members posting about how quick their refund is credited, I wonder if there is something wrong with my ITR. Is there a way to check it? Filed it on 3-Dec and still it is not even taken for Processing!

[adithya.kp]

I wonder how the whole process works though. I assume its automated. But if something involves a refund, will it involve manual intervention of verifying?

Another query. Regardless of refund, one will get the acknowledgment pretty soon these days. What does this mean?. Just a basic acknowledgement or do they actually validate the data?

A few of my friends got notice after a few years. (Even for a small amount). How does it work?. Do they randomly pick people or the software does a rigorous check the second time (Assuming the first one is only acknowledgment ) . Is there any general rule of thumb on number of years they can go back to?. I mean in 2020, one wont get notice for the year < X?

Originally Posted by BaCkSeAtDrIVeR

Returns filed on 04 December 2020.

Refund received on 10 December 2020.

FY 2019 2020, AY 2020 2021.

Now, I'm speechless.

[Kulin_Shah]

Originally Posted by BaCkSeAtDrIVeR

Returns filed on 04 December 2020.

Refund received on 10 December 2020.

FY 2019 2020, AY 2020 2021.

Now, I'm speechless.

Lucky you. I submitted the ITR on 2nd July 2020. But still I haven't heard from them. What could have gone wrong? Is there anything that I can do?

[condor]

Have a question.

I have a home-loan, for an apt for which I pay the full installment amount. The apt is registered in our names (me and wife). Since the max allowed for interest component is 2L. I had declared the distribution as 50% for both of us (so wife also gets some benefit in the tax). I now want to change this 50-50 split to may be 75-25. But my CA says this split cannot be changed now. Is this correct ?

Basically, since my wife's taxable income is lesser, we can still get due benefit even with the 75-25 split.

[PGA]

Originally Posted by condor

Have a question.

I have a home-loan, for an apt for which I pay the full installment amount. The apt is registered in our names (me and wife). Since the max allowed for interest component is 2L. I had declared the distribution as 50% for both of us (so wife also gets some benefit in the tax). I now want to change this 50-50 split to may be 75-25. But my CA says this split cannot be changed now. Is this correct ?

Basically, since my wife's taxable income is lesser, we can still get due benefit even with the 75-25 split.

It is not a very big problem but before you embark upon the change, do consider long term as for any change in the future you will need to go through the same procedure.

Since the apt is registered, another registration will have to be made changing the ownership details to what you desire. Normally there is no stamp duty to be paid when you transfer between husband and wife or between blood relatives. But its a 'state subject' so you will have to check with local sub registrar's office. After that you may file your tax return as you desire.

[condor]

Originally Posted by PGA

Since the apt is registered, another registration will have to be made changing the ownership details to what you desire. .

Thanks, PGA. But I am not understanding your points here.

We are not changing the joint ownership.

But for tax benefit purposes, I want to change the contribution/claim ration to 75-25 from the current 50-50.

[PGA]

Originally Posted by condor

Thanks, PGA. But I am not understanding your points here.

We are not changing the joint ownership.

But for tax benefit purposes, I want to change the contribution/claim ration to 75-25 from the current 50-50.

Percentage of ownership is mentioned in the registration deed and if not mentioned it is assumed to be equal ie 50% unless contested. So now if you wish to change to 75/25, the registration will have to be redone with the desired percentage. But like everything else in our country, there is a discretion or subjectivity or matter of interpretation, speak to local sub registrar and get the desired percentages annotated in the registration deed and that will be the authority for IT dept.

[SoumenD]

Originally Posted by BaCkSeAtDrIVeR

Returns filed on 04 December 2020.

Refund received on 10 December 2020.

FY 2019 2020, AY 2020 2021...

Originally Posted by Kulin_Shah

Lucky you. I submitted the ITR on 2nd July 2020. But still I haven't heard from them. What could have gone wrong? Is there anything that I can do?

Guess it depends on the amount of refund as well. I filed my return in October and received return in Nov last week. Filed my wife’s return 2nd week of Dec & she received the amount within a week. Her return amount was very small, so am guessing that’s the reason for quick turnaround time. 50k+ returns take 2-3 months at least usually as I observed in last 2-3 years but 3-4 digit returns are usually processed in a week or two