[LonelyPlanet]

Originally Posted by rohan_iitr

Need some help regarding Income Tax return filed for FY 2019-20.

Last night, I received the following SMS -
The Income Tax Department has identified high value information which does not appear to be in line with the Income Tax Return filed for Assessment Year 2020-21 (relating to FY 2019-20). Please revise ITR / submit online response under e-Campaign tab on Compliance Portal (CP). Access CP by logging into e-filing portal and clicking on 'Compliance Portal' link under 'My Account' or 'Compliance' tab - ITD

So, I logged in to the income tax e filing portal and downloaded the list of high value transactions from the Income Tax Compliance Portal.

In this list, other than the SB interest and FB interest, there were 2 high value entries for - Interest other than “Interest on Securities” received (TDS Form 26Q, Section 194A)

I am not able to make out what these entries are. Please help.

Also, the SB interest mentioned for my salary account is way higher than what I can see in the account statement.

(I don't have any other sources of income, other than salary, SB interest and FD interest)

Rohan

Even i have received the same. Havnt had time to go thru it in detail.
Planning to check with TDS certficates issued and TRACES over the weekend.

[janakiram_m]

Originally Posted by rohan_iitr

So, I logged in to the income tax e filing portal and downloaded the list of high value transactions from the Income Tax Compliance Portal.

In this list, other than the SB interest and FB interest, there were 2 high value entries for - Interest other than “Interest on Securities” received (TDS Form 26Q, Section 194A)

I am not able to make out what these entries are. Please help.

Also, the SB interest mentioned for my salary account is way higher than what I can see in the account statement.

(I don't have any other sources of income, other than salary, SB interest and FD interest)

Rohan

Check your latest Form 26AS for any entries that you may have missed when filing the return or updated entries after you have filed your return. If you have disclosed every item then no need to worry. There are options after selecting each of the high value transaction listed. Of these there is one "Information is Denied". Click on that and submit.

Please make sure you do not have any joint accounts with any other person because if you have given your PAN for that account it will probably end up getting flagged and land up in the Compliance portal.

Compliance portal's high value entries get generated from reporting by various authorities and intermediaries such as Banks and MF AMCs. There are probable chances of erroneous data entry by those entities so fret not.

[kushagra452]

Hello everyone,

I am a Freelance Consultant and have been depositing the GST every month. When do I need to submit my IT returns for FY21. Thanks.

[speedmiester]

Originally Posted by rohan_iitr

Need some help regarding Income Tax return filed for FY 2019-20.

Last night, I received the following SMS -
The Income Tax Department has identified high value information which does not appear to be in line with the Income Tax Return filed for Assessment Year 2020-21 (relating to FY 2019-20). Please revise ITR / submit online response under e-Campaign tab on Compliance Portal (CP). Access CP by logging into e-filing portal and clicking on 'Compliance Portal' link under 'My Account' or 'Compliance' tab - ITD

So, I logged in to the income tax e filing portal and downloaded the list of high value transactions from the Income Tax Compliance Portal.

In this list, other than the SB interest and FB interest, there were 2 high value entries for - Interest other than “Interest on Securities” received (TDS Form 26Q, Section 194A)

I am not able to make out what these entries are. Please help.

Also, the SB interest mentioned for my salary account is way higher than what I can see in the account statement.

(I don't have any other sources of income, other than salary, SB interest and FD interest)

Rohan

Received the same and when I checked there were multiple interest credits which were part of Sweep in facility offered by my bank. Only one interest on securities info was correct, rest all were duplicate entry.
I provided my inputs on the portal accordingly. Hopefully this is the end of the matter.

[vikramvicky1984]

Folks,

I am in a soup wrt income tax demand. Asking experts to help.

My previous employer deducted but not deposit TDS in fy2013 and fy 2014.
Hence no form 16 and reflection on 26AS.
Company is now liquidated.

As suggested by CA, I filed returns based on tax calculations ( rule says TDS default is employer's mistake, I cannot be penalised)

I have outstanding demands for both years and every time there is a refund it gets adjusted against it.
I have written multiple times to e-nivaran with all details and they send standard reply " demand is right"

My IT is Hyderabad circle while I am in Jharkhand

Please suggest way forward.

this is the reule : https://economictimes.indiatimes.com...rs%2Fdeductors.

And I think I had done the lawful thing by filing: https://taxguru.in/income-tax/tds-on...-defaults.html

[DieselFan]

Originally Posted by vikramvicky1984

Folks,

I am in a soup wrt income tax demand. Asking experts to help.

My previous employer deducted but not deposit TDS in fy2013 and fy 2014.
Hence no form 16 and reflection on 26AS.
Company is now liquidated.

As suggested by CA, I filed returns based on tax calculations ( rule says TDS default is employer's mistake, I cannot be penalised)

I have outstanding demands for both years and every time there is a refund it gets adjusted against it.
I have written multiple times to e-nivaran with all details and they send standard reply " demand is right"

My IT is Hyderabad circle while I am in Jharkhand

Please suggest way forward.

this is the reule : https://economictimes.indiatimes.com...rs%2Fdeductors.

And I think I had done the lawful thing by filing: https://taxguru.in/income-tax/tds-on...-defaults.html

You are liable for the tax you owe. Even if your employer doesn't deposit the tax deducted you are liable for the same. There is no option other than paying the tax. You can recover from your earlier employer if you go to court and file a case.

[sukhoi]

So yesterday was the last date to file the income tax returns for AY 2020-2021 and I missed it because the IT website was down for a major part of yesterday. I know I should not have waited till the last minute however that is how it happened. Now I am trying to file the return today and I am seeing only one option which is to file return under 119(2)(b)- after condonation of delay (only option under Filing Type). Upon choosing that option, on next page it asks for an Order/Notice Number along with Date of Order/Notice.

Any inputs on what is the order being referred here and where to get it from?

Regards,
S

Twitter thread talking about site being down https://twitter.com/IncomeTaxIndia/s...78677996867585

[ramradcliff]

Team,

Need some guidance. My FIL (owner of a plot) got into an agreement with a real-estate developer on building an apartment in his plot.

Assume that he is getting 5 flats, the value of those is 1 crore in total and he is trying to sell all of them. The site value when he purchased (10 years back) is 50 Lakhs and is 60 lakhs currently. What would be the tax that he will have to pay?

On a side note, would it change if he sells only 4 flats and keeps one for himself?

[LonelyPlanet]

Originally Posted by speedmiester

Received the same and when I checked there were multiple interest credits which were part of Sweep in facility offered by my bank. Only one interest on securities info was correct, rest all were duplicate entry.
I provided my inputs on the portal accordingly. Hopefully this is the end of the matter.

can you please share the steps you have followed for this

[TKMCE]

You are liable for the tax you owe. Even if your employer doesn't deposit the tax deducted you are liable for the same. There is no option other than paying the tax. You can recover from your earlier employer if you go to court and file a case.

Welcome to India.

Employer goofs up , employee pays up.

No other options - resign yourselves to no refunds for the foreseeable future .

UNLESS
You pay up for someone's mess up !

And we are supposed to be a democracy!


Hundreds of former Kingfisher Airlines employees are in the same mess up. Everyone knows it is the employers fault. Court cases have confirmed it . Yet IT department refuses to remove the demands from their computers

It is I guess the same with other defaulting employers though.

NB - On a side note, the IATA two letter code of Kingfisher Airlines was IT (Like AI or 6E for Air India and Indigo).


IT and IT - A deadly combination !

[S_U_N]

Not sure if there are any NRI's lurking on this thread, but I wanted to highlight that in countries where there is no difference between short term and long term capital gains tax, the Indian system of grandfathering of capital gains on equities does not apply.

This means if you have a long term investment in (say) equity oriented mutual fund, of say Rs. 1 lac and now you redeemed it after few years at Rs. 1.5 lac, you pay tax as per the rates prevalent in the country for the 50,000 INR. There is also no Rs. 1 lac of 'tax free' equity gains system.


I do not know if all of this is already well known or not, but just posting it for the record.


(note PPF interest is also taxable - e.g. in European countries since it is not considered a government pension system)

[manjubp]

Wanted to check, if anyone of you were able to login to new income tax website at https://www.incometax.gov.in.

Even after 3 days, I am not able to login and helplines are just impossible to get connected.

[kavensri]

Originally Posted by manjubp

Wanted to check, if anyone of you were able to login to new income tax website at https://www.incometax.gov.in.

Even after 3 days, I am not able to login and helplines are just impossible to get connected.

I was able to login yesterday (early in the morning) and I updated my profile with bank details, demat and other stuff. But since afternoon, it is no longer working.

[HappyWheels]

Originally Posted by kavensri

I was able to login yesterday (early in the morning) and I updated my profile with bank details, demat and other stuff. But since afternoon, it is no longer working.

Trying to access now and not able to get past the login page.

Looks like they took a working site and messed it up! Hopefully it gets resolved soon.

[earthian]

Originally Posted by S_U_N

(note PPF interest is also taxable - e.g. in European countries since it is not considered a government pension system)

Taxable in the USA too.