[civic-sense]

I used to file ITR-1 every year, as apart from salary and income from one rental property I didn't have anything else to show. But this year, I sold some shares, but at a loss when calculated at the price it was on 31 Jan 2018.

I read that in case of capital gains I have to file ITR-2, but since there are no actual gains (loss in fact) do I have to file ITR-2?

Filing ITR-2 seems cumbersome due to the excel utility.

[binand]

Originally Posted by civic-sense

But this year, I sold some shares, but at a loss when calculated at the price it was on 31 Jan 2018.

I read that in case of capital gains I have to file ITR-2, but since there are no actual gains (loss in fact) do I have to file ITR-2?

If you have capital gains (or losses) you have to file ITR-2. Unless you have business/professional income also, in which case you have to file ITR-3 which is another circle of hell.

They key thing to remember is that capital losses can be used to ("carry forward") reduce tax burden on capital gains ("set off") in future years.

Also using the Java utility (instead of the Excel one) makes the experience a little bit more palatable.

[meerkat]

Originally Posted by binand

... using the Java utility (instead of the Excel one) makes the experience a little bit more palatable.

That's the key, -- saying anything for it must be qualified with a comparison to something even worse! Because, stand alone, there is not much to recommend using either of the downloadable utilities!

I've been suffering through using the Java utilities since they started making these available, and been always amazed how they considered it fit to release buggy, half-baked versions till the eleventh hour, year after year!

The routine for me so far had been to start preparing my return with the current available downloadable version, save the draft xml, read that back into the next updated version and go through the return preparation flow all over again, ... until I got an acceptably working version, and filed the return successfully, -- weeks after I had actually been ready to do it!

I must say that this flow, with its associated annoyances, had so far been working ultimately. So, I had accepted it as part of life!

-- Until Covid had apparently infected the downloadable utilities too this year, and it had stopped working even at the very basic level (e.g. things like adding up, re-calculation etc. did not work) as late as at least mid September, 2020 (version PR2, -- the IT dept. having published no updates since 08-07-2020)!

Fed up, I reported my frustration here in this thread, and was given the golden advice by member 'Warwithwheels' to try the online utility at the efiling portal. I had been vaguely aware of this option, but had never explored it because I got used to the offline mode since the days of rickety internet connections, and struggling through the downloadable utility did ultimately work (until this year, that is)!

What a pleasant surprise, -- submitting my return online was a breeze, with the same inputs as I had been struggling to feed into the java version PR2! It has the facility of saving a draft version too, so one can also do it over a period of time, if necessary, just like the offline option.

Come to think of it, the IT dept. can't obviously afford to release a half-baked online version, unlike their downloadable ones. It was silly of me to not have thought about that all these years! -- So, good riddance to the downloadable utilities from now on for me.
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[binand]

Originally Posted by meerkat

Fed up, I reported my frustration here in this thread, and was given the golden advice by member 'Warwithwheels' to try the online utility at the efiling portal.

Cleartax works reasonably well too. And basic filing workflow is free if I'm not mistaken. It can even automatically read the PDF files coming from Traces.

There are privacy concerns though.

But I wasn't aware of an online utility at the efiling portal.

[Pancham]

IT experts here - In case of filing an ITR for a partnership firm, do we have to disclose the bank account balance anywhere in the return or submit the bank statements?

[xcentrk]

I had submitted my ITR and waited a while to see it is not processed. So, on 22-Dec, I just revised my returns and modified an entry which I felt wrong and submitted. Got my refund yesterday! That's impressive.

[rajesh1868]

I had filed my returns on 8th of December and also did e verification on the same day. The returns status is still 'Successfully e verified'.
Is it normal for it to be in this state for this long? Asking since I also filed my mothers returns a week late and the status is ITR processed

[saket77]

Originally Posted by xcentrk

I had submitted my ITR and waited a while to see it is not processed. So, on 22-Dec, I just revised my returns and modified an entry which I felt wrong and submitted. Got my refund yesterday! That's impressive.

Originally Posted by rajesh1868

I had filed my returns on 8th of December and also did e verification on the same day. The returns status is still 'Successfully e verified'.
Is it normal for it to be in this state for this long? Asking since I also filed my mothers returns a week late and the status is ITR processed

I filed in June and I am still waiting for it to get processed.

[ksrchowdary]

Originally Posted by rajesh1868

I had filed my returns on 8th of December and also did e verification on the same day. The returns status is still 'Successfully e verified'.
Is it normal for it to be in this state for this long? Asking since I also filed my mothers returns a week late and the status is ITR processed

I had filed my returns on 05-Aug and verified on same day. Till last week my status is 'Successfully e verified'. This week the status changed to "Return processing is in progress" and even now it is in this status.

As previously pointed out, no or smaller refund amounts are being processed quickly, where as 5 digit and larger refunds are taking longer time.

[meerkat]

Originally Posted by ksrchowdary

As previously pointed out, no or smaller refund amounts are being processed quickly, where as 5 digit and larger refunds are taking longer time.

Let me confuse this apparently popular perception a bit. I had submitted my no-refund return on 01-10-2020, and after more than 9 weeks (on 05-12-2020) I received my 143(1) intimation after processing. Whereas my brother had filed on 24-12-2020 (also no-refund), and his processing was done in a matter of just 3-4 days!

I also received a bonus with the 143(1) intimation this year, -- the first half of it was in Hindi, repeating the same information in English in the bottom half! I fully expect this redundant second half to be done away with in the new normal, from next year.

But before achieving that ultimate goal, they should be more careful about their work. -- I have half a mind to send back this year's intimation as defective, the Hindi section missing out on using Hindi numerals for some reason! Sloppy! Sloppy!!
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[xcentrk]

Originally Posted by ksrchowdary

As previously pointed out, no or smaller refund amounts are being processed quickly, where as 5 digit and larger refunds are taking longer time.

My refund is around 25k. So it is possible that the processing is just random. As I could see from the small set of people here in our forum, the ITR processing just doesn't make sense!

[BaCkSeAtDrIVeR]

Somebody I know got a ₹ 27k refund in about 3 - 4 weeks. Longer than mine. I guess it is either LIFO or that tallying of Form 26AS with return. If gross income in returns is more or equal to that in 26AS and if all income / cashflow is traceable, (for them) things move fast, is my hunch.

[ketantendulkar]

Originally Posted by meerkat

I also received a bonus with the 143(1) intimation this year, -- the first half of it was in Hindi, repeating the same information in English in the bottom half! I fully expect this redundant second half to be done away with in the new normal, from next year.
.

If you expect communication in English being done away with then you are mistaken. If this is a new normal then it is abnormal.

Communication isn't redundant when the language is different!

[whitewing]

Mine is still stuck in "e-verified" since July, but I have a largish refund due, maybe IT dept is reluctant to part with that money

Originally Posted by ksrchowdary

...
As previously pointed out, no or smaller refund amounts are being processed quickly, where as 5 digit and larger refunds are taking longer time.

Thanks for the info, looking at the speed at which some others in this thread got their refund, had started to wonder if I'm in some trouble.

[somspaple]

Just an update - I got my Refund within 7 days [today!]. I had forgotten to file the returns and filed it with just couple of days to spare for deadline. And this makes me even more happy about my car's effective purchase price