[Keynote]

Folks, I'm told by one of the auditors that refunds are getting processed to those who filed ITR-1. For ITR-2, refunds may have not started yet. Just posting for the benefit of everyone here if it helps as many of us (including myself) seem to be getting anxious about the refunds. I had filed mine in July so getting anxious is quite natural you see

Having said that please do update here if any one gets refund on ITR-2 filing.

[null]

ITR processing has been superfast this year.

I filed my father's ITR1 (which had a refund) and my ITR2 forms on 28th December. I recieved my professing complete mail on 3rd and my father's on 4th Jan - everything done within less than a week which is phenomenal compared to previous years where it took anywhere between 3-6 months.

[saket77]

Originally Posted by null

ITR processing has been superfast this year.

I filed my father's ITR1 (which had a refund) and my ITR2 forms on 28th December. I recieved my professing complete mail on 3rd and my father's on 4th Jan - everything done within less than a week which is phenomenal compared to previous years where it took anywhere between 3-6 months.

Not exactly. I filed mine in June-20. Got an email yesterday- after 8 months that it has been processed. In my experience of filing ITR for more than 10 years, this is the slowest processing. I hope with new system under development, experience for next year would be much better.

Regards.

[xcentrk]

Originally Posted by saket77

Not exactly. I filed mine in June-20. Got an email yesterday- after 8 months that it has been processed. In my experience of filing ITR for more than 10 years, this is the slowest processing. I hope with new system under development, experience for next year would be much better.

Regards.

I recently interviewed a candidate who is from Infosys and this guy was working with ITR project. It looks like every one will get some huge file to process and these guys format the data, upload in some system for processing. This is what I gather from this guy. But from his view, the system will be stable from next year as they are working in full swing. Lets see how it goes.

[grazd]

Originally Posted by Keynote

Folks, I'm told by one of the auditors that refunds are getting processed to those who filed ITR-1. For ITR-2, refunds may have not started yet. Just posting for the benefit of everyone here if it helps as many of us (including myself) seem to be getting anxious about the refunds. I had filed mine in July so getting anxious is quite natural you see

Having said that please do update here if any one gets refund on ITR-2 filing.

Got my itr2 refund
Filed 27 Dec
Processed 6 jan

[kushagra452]

Any Freelance Consultants on Team BHP? I have recently started working as a Freelance Consultant and will be filing my taxes under the "self employed" category for the first time in FY21.

Apart from the usual 80C (PPF) (1.5L) and NPS contribution (50k per annum), medical, home loan etc.... what other exemptions can a freelance consultant claim?

I have kept my fuel bills and mobile recharge bills safely in hope of reducing my taxable income by the said amount. Sadly, the car I use is registered under my father's name and hence I will be be unable to make use of the 15% depreciation expense.

Any thing else I need to be mindful of?

Thank you very much!

[sukhoi]

Needed help with FTC and its applicability.

For FY 2019-2020, I was in UK for 90 days and got salary spread across 4 calendar months (2 of them being partial). Total salary earned in UK was less than GBP 10K so I understand that I do not have to pay any tax in UK. However since for taxation purposes I am a resident of India, this entire income becomes taxable for me in India and that part I understand.

My confusion is around the following points:
1) I should file ITR 2 so that I can disclose overseas income and bank account details, even though there is no tax liability, is what I understand. Is that correct or ITR 1 would suffice? Only reason to be inclined towards ITR 1 is that it has a wonderful online utility to fill it up, for ITR 2 would have to do the Java utility which is not that user friendly
2) I got a notification from my office that since I have overseas income and FTC, I need to file ITR 2 along with form 67 to claim FTC. However I have not paid any foreign tax in the first place. So while I may still fill out ITR 2 and disclose over seas bank account and salary information, do I need to do anything for FTC and Form 67? Since there was no tax paid in UK, there is no double taxation and hence FTC should not apply to me is my understanding.

Anything specific I should be looking for in my form 16 etc. to confirm this? The Annexure To Foreign Tax Credit section only mentions the overseas income in INR. Tax paid outside India is mentioned as 0. Credit claimed under Section 90/90A and 91 is also mentioned as 0.

Any help with this would be useful.

Cheers,
S

[virgopal]

I e-filed my ITR2 for FY 2019-20 in September first week. Received my refund with due interest on 5th January 2021.
However, for year 2018-19, refund was issued after one month of filing

[blorebuddy]

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?

Sorry for the delay in response. As far as I understand, GST for cars are above 12% hence it's eligible. How too claim, you need to check with your employer. As they have to provide the LTA option for you under your pay structure.

[Keynote]

Originally Posted by Keynote

please do update here if any one gets refund on ITR-2 filing.

Originally Posted by grazd

Got my itr2 refund
Filed 27 Dec
Processed 6 jan

Thank you . Since my post last week, I got intimation that my refund is processed on 8th January

[whitewing]

Originally Posted by Keynote

Having said that please do update here if any one gets refund on ITR-2 filing.

Submitted in July 6th, '20, received the Intimation u/s 143(1) of refund on Jan 19th, '21 (money is still not yet credited to my account).

Originally Posted by null

my ITR2 forms on 28th December. I recieved my professing complete mail on 3rd

Originally Posted by saket77

Not exactly. I filed mine in June-20. Got an email yesterday- after 8 months that it has been processed.

Originally Posted by grazd

Got my itr2 refund
Filed 27 Dec
Processed 6 jan

Originally Posted by virgopal

Received my refund with due interest on 5th January 2021.

Although I have received the notification under 143(1). the status in the income-tax portal is still "successfully-verified" and not "ITR processed".
I have not received my ITR-V as well, have you already received the ITR-V ?

[gnome]

Originally Posted by kushagra452

Any Freelance Consultants on Team BHP? I have recently started working as a Freelance Consultant and will be filing my taxes under the "self employed" category for the first time in FY21.

Any thing else I need to be mindful of?

Thank you very much!

If your expenses are low, presumptive taxation might work out better. You pay taxes only on 50% of your declared income (for professionals), in lieu of most deductions. Do check if you are eligible.
https://www.livemint.com/Money/B1IDY...on-scheme.html

[sukhoi]

Hello,

Had a query regarding lending money to friend for his house purchase. What are the tax liabilities associated with me transferring an amount over 50K (which is the limit for gifts) which would be returned back after few months. What I found after some googling online was that

The Gift Tax now permits the transfer of amounts as gifts up to Rs. 50, 000, without any taxes. Loans, which are not gifts, and are to be paid back by the borrower, are not taxed either.

For such a loan are just bank entries enough or do we need to draw up some sort of deed/paperwork so that if the IT department asks about the inflow of funds at a later date, we can explain this is the loan being repaid back? There is not interest component associated with the loan and only the principal amount would be returned back in next 6 months.

Thanks,
S

PS: Had posted (Calling Lawyers & CAs on this forum to provide free consultations) in the Lawyers & CAs thread however did not get any response so cross-posting here

[hellmet]

Looking to speak with an IT consultant that understands tax provisions when selling property and buying new with the funds thus released from the sale.


If you are one or know one, please PM me or quote this post. We will reimburse you appropriately for your consultation.

[hellmet]

Originally Posted by hellmet

Looking to speak with an IT consultant that understands tax provisions when selling property and buying new with the funds thus released from the sale.


If you are one or know one, please PM me or quote this post. We will reimburse you appropriately for your consultation.

This is no longer required, but I have a quick question about investing sales proceeds.

Let's assume I sold a property for 1Cr out of which 20L is cost of acquisition. That leaves 80L as capital gains.

To save tax (until I buy another property), I plan to invest it in a PSU bank's Capital Gains account.

Now, am I required to invest the entire sale amount of 1Cr or just the capital gains amount of 80L, thus freeing up the 20L for other purposes?