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Old 27th July 2021, 18:13   #1831
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Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by saket77 View Post
After wrestling for more than 3 hours with the new IT website, I finally filed my return today. Not the first time I tried to file though. I had tried and backed out at least 3-4 times before. Even today, I had to face a lot of hurdles, of which I even lost the count. Even form 26AS data is not reflecting and I filled it manually. Once I was at the last step and I was abruptly logged out. Upon logging back, surprisingly, there was no draft & I had to fill up all the details again. The website kept throwing errors & warnings all along. What a mess they have made of a process which hardly took 15-20 minutes earlier for simple salaried people like me. I am glad that it's over for at least one year now. Very poor development by Infosys I must say.

Question to people who have already filed : How long did it take to process the ITR and how much time for refund processing?
Agree, the most pathetic website the GOI has come up in the recent years. I would rate CoWin 100 % better implementation than this piece of junk. It took my 30 minutes to file my returns where as the earlier site would have taken a max of 10 minutes.

I doubt if the returns processing will be done swiftly, given the effectiveness of this website.
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Old 27th July 2021, 19:09   #1832
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Re: All Income Tax Queries (refunds, disputes, rates etc...)

Anybody filed through 3rd party sites like Taxsmile or ClearTax?

I filed for my wife(ITR1) and it went through only after multiple attempts on multiple days.

I dont want to try mine with 2 Form16 and some LTCGs as well. I am sure the site will mess things up.
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Old 28th July 2021, 11:56   #1833
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Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by m8002? View Post
Anybody filed through 3rd party sites like Taxsmile or ClearTax?

I filed for my wife(ITR1) and it went through only after multiple attempts on multiple days.
You were able to file ITR1 successfully through ClearTax? I am trying to file my ITR1 but in the last step ClearTax say's that I need to wait since IT department is yet to enable filing for AY21-22. This message has been there for few weeks now. Am I missing something?

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Old 28th July 2021, 12:04   #1834
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Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by Funny View Post
You were able to file ITR1 successfully through ClearTax? I am trying to file my ITR1 but in the last step ClearTax say's that I need to wait since IT department is yet to enable filing for AY21-22. This message has been there for few weeks now. Am I missing something?

Attachment 2184696
For my wife, I filed on the IT portal directly after lots of issues.

In my case, dont want to try the IT portal that unless obsolutely necessary.
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Old 29th July 2021, 22:28   #1835
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Re: All Income Tax Queries (refunds, disputes, rates etc...)

Any one successful in filing ITR2 on the new portal?

The new portal looks to be a rushed product. Few observations as I am using the online utility:

1. I got a mini-heart attack when my completed draft disappeared, appeared back after few hours

2. Bank details need to be added in profile, miss out one and it will throw mismatch error while verification.

3. The biggest issue is STCG details disappear if you log OFF and log ON from the portal.

4. In the end, got an error that total of all quarters CG is not equal to final figures of schedule BFLA.

Bring back the old portal!
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Old 29th July 2021, 23:14   #1836
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Re: All Income Tax Queries (refunds, disputes, rates etc...)

My two queries for the kind response from respected members of the forum...I have been using ITR4 ever since 44 ADA was instituted and have stopped maintaining the books which were mandatory for doctors with professional income. But now if I choose to encash my mutual fund profits, which form should I use for filing of returns? obviously not ITR4, but ITR3 doesn't allow presumptive taxation and I don't have the registers and expense records for using ITR 3 . Another doubt, If I switch some money from Tier2 to Tier1 of NPS, do I have to quit using ITR4 since there will be at least minimal STCG? I must admit that I am really spoiled by 44ADA now even though I was using ITR3 previously. Both are hypothetical questions which I would like to clarify before embarking on the mentioned actions. Thanks in advance
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Old 30th July 2021, 14:46   #1837
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Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by saket77 View Post
After wrestling for more than 3 hours with the new IT website, I finally filed my return today. Not the first time I tried to file though. I had tried and backed out at least 3-4 times before. ... Very poor development by Infosys I must say.

There has been a Press Release (available at the Income Tax site) on 22-06-2021 titled:

"Finance Ministry interaction with tax professionals, other stakeholders and Infosys on issues in the new Income Tax Portal"


Quoting from it:


Quote:
The new efiling portal 2.0 of Income Tax Department (incometax.gov.in) went live on 07.06.2021. Since its launch, there were numerous glitches in the functioning of the new portal. Taking note of the grievances voiced on social media by taxpayers, tax professionals and other stakeholders, the Hon’ble Finance Minister had also flagged the issues to the vendor M/s Infosys, calling upon them to address these concerns. However, since the portal continued to be plagued by technical glitches causing inconvenience to taxpayers, it was decided to hold a meeting between Finance Ministry and Infosys as also other stakeholders on 22.06.2021. Suggestions in respect of the glitches on the portal were invited online by 18.06.2021. More than 700 emails detailing over 2000 issues including 90 unique issues/problems in the portal were received in response to the same.

And this is what Infosys had promised (edited to show just the parts relevant to this post):


Quote:
The team from Infosys, which was led by the CEO and COO of Infosys, took note of the issues ........ They informed that Infosys has been working to fix the technical issues noticed in the functioning of the portal ... and that some of the issues have already been identified and fixed. For the other remaining technical issues, they assured that their teams were working on these issues and ... the issues ... are expected to be resolved in about a week. It was also decided that the timelines mentioned by Infosys to redress the issues would also be placed in public domain in due course.

In other words, a resolution was "assured" by the end of June, 2021 itself! Is anybody aware of the status of this promised timeline to be "placed in public domain" ?


Quote:
Originally Posted by Funny View Post
You were able to file ITR1 successfully through ClearTax? I am trying to file my ITR1 but in the last step ClearTax say's that I need to wait since IT department is yet to enable filing for AY21-22. This message has been there for few weeks now. Am I missing something?

I'd give ClearTax a miss myself, -- and that won't be missing much! After being rather dissatisfied with their services several years back, I skipped visiting them altogether, -- until today, just to see if they've improved any. And what did a cursory look reveal? -- They are still blissfully unaware of the simple fact that no Standard Deduction is allowed in the New Tax Regime!!! Should one even trust them with more complex matters?!
.
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Old 2nd August 2021, 21:29   #1838
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Re: All Income Tax Queries (refunds, disputes, rates etc...)

Last week I received my Form 16 and was able to file my IT returns easily using the new portal, I think most/all of the stability related issues have been fixed now
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Old 2nd August 2021, 21:33   #1839
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Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by NPV View Post
Last week I received my Form 16 and was able to file my IT returns easily using the new portal, I think most/all of the stability related issues have been fixed now
New glitch for guys filing now:

Quote:
users who attempted to file the return of 2021-22 on Sunday were fined Rs. 1000 and Rs. 5000 under various provisions of section 234F of the IT Act ( late filing penalty)

The last date for filing returns was extended to September 30 from July 31. However, it is believed that the website was not updated with this information and started fining the users from August 1 onwards


Link

Last edited by volkman10 : 2nd August 2021 at 21:36.
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Old 3rd August 2021, 08:07   #1840
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Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by rst89 View Post
Any one successful in filing ITR2 on the new portal?
I am in the process of filling in the details - I use the offline utility. It was a struggle to get access to the utility since the link was broken. However, once downloaded, it works like a charm.
The utility keeps data in your device, would suggest to use the offline utility.
I have not yet tried submitting it, planning to do it in a fortnight or so.

Quote:
Originally Posted by volkman10 View Post
New glitch for guys filing now:
The last date for filing returns was extended to September 30 from July 31. However, it is believed that the website was not updated with this information and started fining the users from August 1 onwards Link
Thanks, you saved me the trouble of figuring out why I'm being charged extra although I've paid my taxes on time. I'd kept this as some thing to figure out next weekend.
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Old 4th August 2021, 09:47   #1841
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Re: All Income Tax Queries (refunds, disputes, rates etc...)

Hello All,

I am holding some stocks for last 7 years, some have moved and some haven’t and in 2018 the govt had introduced the LTCG of 10% on stocks with record date of 31st Jan 2018. I have a question on long term capital gain on stocks especially in the context of the LTCG tax introduced in 2018.

For the ones which increased in price the calculation simple, I have to pay 10% LTCG on the difference amount (if share price increased from 100 to 130, pay 10% tax for 130-100 = 30 rupees). However if price of another stock I have has decreased from 100 to 75, can I book a loss of 100-75= 25 rupee loss? And use this loss as offset against gain of 30 so that I have to pay LTCG tax only on 30-25 = 5 rupees?
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Old 4th August 2021, 10:53   #1842
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Re: All Income Tax Queries (refunds, disputes, rates etc...)

Yes you can offset an actual capital loss vs capital gains.

Do note that capital gains are grandfathered as on 31st Jan 2018 and hence gains are only considered from the stock price as on 3st Jan 2018 and not from the actual purchase price prior to that.

You cannot however offset losses on grandfathering( ie your stock is down from 31st Jan 2018 but up from the purchase price pre Jan 2018). The gain is just set to 0 in this case.
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Old 6th August 2021, 18:22   #1843
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Re: All Income Tax Queries (refunds, disputes, rates etc...)

May be of use to members.
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Old 8th August 2021, 13:51   #1844
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Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by whitewing View Post
Thanks, you saved me the trouble of figuring out why I'm being charged extra although I've paid my taxes on time. I'd kept this as some thing to figure out next weekend.
I still see that it is applying late charges for a couple of 1000 Rs. that came up in taxes due to capital gains. Shouldnt those be removed since the date has been extended?
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Old 8th August 2021, 17:23   #1845
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Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by m8002? View Post
I still see that it is applying late charges for a couple of 1000 Rs. that came up in taxes due to capital gains. Shouldnt those be removed since the date has been extended?
I have not (yet) encountered this situation. I usually, pay up an advance tax amount that approximately matches the capital gains I've had.

The following is my understanding -
Payment of taxes is separate from the filing of taxes. One is required to pay taxes on time(quarterly basis) irrespective of the filing date, and penalties apply for late payment. Advance tax is applicable for capital gains.

AFIK only the date for filing of taxes has been shifted. I'm not aware if there has been a relaxation on payment of taxes due to covid etc.
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