[roadjourno]

Originally Posted by whitewing

Didn't you even get an SMS notification? Because on everification we get an SMS almost immediately.

Originally Posted by pramods

Don't worry, the data is already in Income Tax system, seems like they are processing and updating the system in batch mode. If you try to refile, it will error out with message you have already filed the ITR.
I tried to refile and then connected with ITR and they said it will shown up and not to worry, which happened after 2 days and you will also receive email and SMS notification of that

Finally, waited and waited....I got the SMS today morning and today i can see that the ITR is indeed filed. What a experience. Earlier system was simple and effective though.

[vsrivatsa]

Question on some of the Savings Schemes for Senior Citizens and under what head these need to be reported while filing Return:

PMVVY: As this a Pension Scheme - can this be reported by a Retired Person as Income from Salary and claim the 50K Standard Deduction?

SCSS: Should this reported as Income from Salary or is this treated more like Bank Interest?

[srvm]

Filed my IT return today and after several attempts finally e-verified it.
Took almost entire day to do the above
What a pathetic portal! The Java/Excel utilities which I used in the previous years were much better to work with!
Anyways, mighty relieved, phew. I feel like Neeraj Chopra after gold winning javelin throw

[WanderinNomad]

CA's / tax experts need a little help regarding withrawel of my EPF.

I worked for ITC for 4 years 2 months and left the job in january 2021. I did not withraw my EPF from their trust ( ITC has a trust for EPF ) because I would have been charged 10% TDS before withrawing it before 5 years.

I was giving some exams for higher studies and did not join a job post that hence I did not have the option of transferring the EPF to my next employer.

Now, I would like to withraw the amount and it has been more than 5 years since I first joined ITC. If I withraw the amount will 10% TDS be deducted?

Basically, the clause 5 year continuous service for no TDS is confusing me. In my case, I have 4 year 2 month of continuous service with 1 employer and no employment after that till 5 year mark currently.
The total amount is close to 2.25 Lacs ( if that is of some significance).

Request guidance.

[whitewing]

Originally Posted by vsrivatsa

Question on some of the Savings Schemes for Senior Citizens and under what head these need to be reported while filing Return:

PMVVY: As this a Pension Scheme - can this be reported by a Retired Person as Income from Salary and claim the 50K Standard Deduction?

SCSS: Should this reported as Income from Salary or is this treated more like Bank Interest?

While checking for my parent's investments this is what I'd read.

PMVVY: TDS is not done. But the interest is added to the income and taxed at the slab rate. Not eligible for 80C rebate. Standard deduction can be claimed (if the annuity was purchased due to being formerly employed).

For the SCSS, if the interest is greater than 50k, TDS is done irrespective of submission of 15H. So, one has to go via tax refund route if they fall under 15H. SCSS is eligible under 80C.

[vsrivatsa]

Originally Posted by whitewing

While checking for my parent's investments this is what I'd read.

PMVVY: TDS is not done. But the interest is added to the income and taxed at the slab rate. Not eligible for 80C rebate. Standard deduction can be claimed (if the annuity was purchased due to being formerly employed).

For the SCSS, if the interest is greater than 50k, TDS is done irrespective of submission of 15H. So, one has to go via tax refund route if they fall under 15H. SCSS is eligible under 80C.

Thanks - I hope you are correct. I advised my parents to file in the same way. But I came across this link (PMVVY vs SCSS) which states otherwise - so not sure what is correct.

As per the link both are to be reported under the head of "Income from Other Sources"

Interest income earned from both PMVVY and SCSS are fully taxable as per the retiree’s tax slabs and under the head of ‘Income from Other Sources’.

[whitewing]

Originally Posted by vsrivatsa

Thanks - I hope you are correct. I advised my parents to file in the same way. But I came across this link (PMVVY vs SCSS) which states otherwise - so not sure what is correct.

As per the link both are to be reported under the head of "Income from Other Sources"

It is correct that the income has to be reported as interest income.
On the standard deduction since I remembered reading about this, did a further check and the following seems to confirm the same

• https://economictimes.indiatimes.com/wealth/tax/does-interest-earned-from-scss-qualify-for-deduction-under-section-80ttb/articleshow/66804582.cms

• https://www.thehindu.com/business/as...le32250349.ece

But, the taxman has to agree :-)

[vsrivatsa]

Originally Posted by whitewing

It is correct that the income has to be reported as interest income.
But, the taxman has to agree :-)

Thanks - I am clear on SCSS. The confusion is still there regarding PMVVY and whether it can be reported under the head salary.

Standard deduction can be claimed (if the annuity was purchased due to being formerly employed).

The standard deduction can only be claimed if the amount from PMVVY is reported under Income from Salary.
When you say "formerly being employed" - does it mean if the person was employed and did have salary income and then retired and only then this Standard Deduction can be claimed?

• For example, my Dad retired from a company and was salaried/formerly employed - so from what you are saying he can claim the Standard Deduction.
• However, my mother was never employed and was a home maker. So the PMVVY cannot be used to claim Standard Deduction in this case.

Is my interpretation correct ? or...
Do you mean it is only for pension coming from the company where services were rendered in which case PMVVY cannot enable Standard Deduction?

[whitewing]

Originally Posted by vsrivatsa

The standard deduction can only be claimed if the amount from PMVVY is reported under Income from Salary.
When you say "formerly being employed" - does it mean if the person was employed and did have salary income and then retired and only then this Standard Deduction can be claimed?

• For example, my Dad retired from a company and was salaried/formerly employed - so from what you are saying he can claim the Standard Deduction.
• However, my mother was never employed and was a home maker. So the PMVVY cannot be used to claim Standard Deduction in this case.

Is my interpretation correct ? or...
Do you mean it is only for pension coming from the company where services were rendered in which case PMVVY cannot enable Standard Deduction?

I'm not a tax professional.
My understanding has been that one should have had salary income and then bought the annuity to claim std deduction (income under salaries).

We were in a similar situation , mother being a homemaker, and went with SCSS since for the std deduction would not apply. And moreover we have a longstanding acquaintance with a post office agent, so parents were more comfortable with it.

[fordday]

I have a specific query regarding capital gains on property sale.

My father bought a plot in 1973. We had our house there till 2016. Then we gave it to a builder to build flats. We received two flats and these are collectively in the name of myself, brother and mother (father expired).

I am planning to register one flat to my name and sell it.

What will be the capital gains in this case?

Can this be considered as gift within the family?

Will the inflation indexation apply on my gains?

I have an existing home loan for another flat in another city. Can I get exemption under Section 54 if I foreclose the loan from the sale proceeds?

Please advise.

[saket77]

My ITR is stuck in 'under processing' stage since 19th August. Anyone in the same boat? Or should I submit a grievance regarding the issue?

Thanks.

[hothatchaway]

Originally Posted by saket77

My ITR is stuck in 'under processing' stage since 19th August. Anyone in the same boat? Or should I submit a grievance regarding the issue?

Thanks.

I am also in the same boat. Are you expecting a refund?

[saket77]

Originally Posted by hothatchaway

I am also in the same boat. Are you expecting a refund?

Thanks! Yes, I’m expecting a refund.
This new portal was supposed to process ITRs in one day as per the official communication I received from IT authorities last year. I had to submit a grievance even last year as I filed my return in June-20 but it was processed in Jan-21 only!

[dragonfire]

I filed my taxes a few days ago using ITR 1. I had sold some shares last year but since I sold them at a loss, I didn't care to declare it.

But it turns out that I can offset the losses with any gains in the coming years only if I declare them this year. Is it possible to file a revised return using a different ITR now? If yes, which ITR form should I use?

[for_cars1]

Originally Posted by saket77

My ITR is stuck in 'under processing' stage since 19th August. Anyone in the same boat?

Originally Posted by hothatchaway

I am also in the same boat.

Even I'm aware of a couple of folks apart from me whose ITR is not yet processed. Is it all because of the Infosys ITR portal failure?