[sidg]

Originally Posted by kavu75

It's not processed yet, shows "Under Processing" for both of us. Same status from 17th October.

W.E.F 01.04.2021, the timeline to process ITR and issue intimation u/s 143(1) is 9 months from the end of the financial year in which ITR is filed. Hence, in this case, last date to complete ITR processing by IT dept is 31.12.2022.

But, don't worry, it should be processed by the end of FY 21-22.

[Fx14]

Originally Posted by sukhoi

True that. And that data gathering is taking time for me for dividend income, checking whether everything is captured correctly in AIS or not, verifying whether for the right scenarios TDS of 7.5% was deducted or not, calculating the actual dividend and then distributing it quarter wise. In case of another family members AIS, the dividend information was missing 2 entries, not sure why since these 2 shares are also held in the same demat account. Am going to start preparing a spreadsheet to capture this information going forward, as and when a dividend is received, to avoid the last minute scramble for putting it all together.

Observed the same issues :
1. Some dividends were not reflecting in AIS.
2. Some companies deducted TDS even though the annual dividend amount was below the threshold.

Reconciliation was proving to be tedious.

Finally took the savings account, identified the dividends credited, reconciled the TDS amount deducted and was able to get the quarter wise dividend received, which was to be entered.

[SilentEngine]

Originally Posted by sukhoi

True that. And that data gathering is taking time for me for dividend income, checking whether everything is captured correctly in AIS or not, verifying whether for the right scenarios TDS of 7.5% was deducted or not, calculating the actual dividend and then distributing it quarter wise. In case of another family members AIS, the dividend information was missing 2 entries, not sure why since these 2 shares are also held in the same demat account. Am going to start preparing a spreadsheet to capture this information going forward, as and when a dividend is received, to avoid the last minute scramble for putting it all together.

TDS if deducted, should be appearing in 26AS. That's the primary source of truth for TDS.

Originally Posted by Fx14

Observed the same issues :
1. Some dividends were not reflecting in AIS.
2. Some companies deducted TDS even though the annual dividend amount was below the threshold.

Reconciliation was proving to be tedious.

Finally took the savings account, identified the dividends credited, reconciled the TDS amount deducted and was able to get the quarter wise dividend received, which was to be entered.

Sharing my experience with AIS with respect to dividends: AIS has lot of information, but it's not complete and not entirely accurate either. It's good to refer it and see if anything is wrong there and flag it but otherwise can't rely on it alone without checking other sources like 26AS and actual bank statements and confirmation from the companies for dividends as the case may be.

In my case the P&L report from Broker (HDFC Securities) itself was wrong. It blindly applied 7.5% TDS rate on all dividends (even on small amounts of few hundred rupees). Practically unreliable for dividend calculation. So i ended up doing a combination of these:
1. Tally each entry with email confirmations received on each dividend credit (along with details on TDS applied). Few emails were missing.
2. Look at each month's bank statement to see when it was actually received. Lot of times, the dividend is credited few weeks later, sometimes even moving it to next FY. It helped that i was already actively maintaining and tracking this already, so this was handy.
3. Look at 26AS to match the TDS. Some companies had reported the dividend in 26AS even when there was no actual TDS deducted, and they showed up in 26AS with TDS as 0. Few dividend entries were missing here, but at least this document has complete information on TDS.
4. Look at AIS. This had slightly more entries than 26AS, but still few entries were missing. So at least for dividend calculation purpose, this serves no additional benefit compared to above 3 at the moment.
5. Finally use the report from Broker's P&L as base and against each, track the date, gross dividend and TDS and then and then divvy up the credits into quarterly periods. Actually i missed this step of time period breakup and saw it only while reviewing the final form.

AIS - looks like a step in the right direction, but unless its complete and accurate (which may be asking for a lot, because the data is dependent on what's reported by different financial entities), it's one more source of (incomplete) truth to look at.

Schedule CG - it's really a nightmare like someone mentioned above here!

Finally relieved that filing is done! This year surely was the most challenging, because of the usability issues with the portal. It was extremely frustrating to use as the portal would keep timing out every now and then (much earlier than the 15 minute idle period as claimed).

For some reason i am not able to download the filled form from the portal. It keeps giving some error.

[sukhoi]

Originally Posted by Fx14

Observed the same issues :
1. Some dividends were not reflecting in AIS.
2. Some companies deducted TDS even though the annual dividend amount was below the threshold.

Reconciliation was proving to be tedious.

Finally took the savings account, identified the dividends credited, reconciled the TDS amount deducted and was able to get the quarter wise dividend received, which was to be entered.

Am doing the same exercise, go through savings account statement, call out dividends, check which ones are TDS deducted and then verify it all. AIS being new, I am hoping that it would get better in next iteration.

For point # 2, probably you have already checked but if not then check whether the dividend for that company was paid twice in the year. During the first instalment lets say the dividend was INR 4000 (below the 5K threshhold) hence no tax was deducted. However a second dividend (say INR 3200) was paid by same company later in the financial year, thereby making the total dividend payout for the year for that company above 5K. Hence in the second payout a TDS entry was observed. This happened with one family member and took me 15 minutes to figure out what was happening. Or it could be plain mistake and AIS was incorrectly populated.

Originally Posted by SilentEngine

TDS if deducted, should be appearing in 26AS. That's the primary source of truth for TDS.

Valid point, will check that. To be honest I had just glanced at Form26AS so far and was using AIS and bank statements to corroborate the data with the bank statement as the source of truth. Will look at 26AS closely again.

Originally Posted by SilentEngine

Sharing my experience with AIS with respect to dividends: AIS has lot of information, but it's not complete and not entirely accurate either. It's good to refer it and see if anything is wrong there and flag it but otherwise can't rely on it alone without checking other sources like 26AS and actual bank statements and confirmation from the companies for dividends as the case may be.

AIS - looks like a step in the right direction, but unless its complete and accurate (which may be asking for a lot, because the data is dependent on what's reported by different financial entities), it's one more source of (incomplete) truth to look at.

Agreed. Hope it gets better as all upstream systems which feed data into it also get their act together. But yes, a step in the right direction as you said. Also it acts as a check when filing out the returns, if we enter a value which is less than what AIS has then it prompts us to check the same.
Had read that there is a feature to provide feedback on AIS as well, if the data entry is incorrect but did not eplore it much. Want to get the filing done first and then will look at the feedback thingy in detail.

Regards,
S

[S_U_N]

I have a question on Employee Provident Fund (EPF) taxation on withdrawal.

I worked for a company between 2010 and 2019. The company did not force us to have EPF until April 2017. So, I had contributions from April 2017 till September 2019 and then I left the company and joined the overseas legal entity of the same organization).

In November 2020, I withdrew the entire amount and a TDS was deducted and also reflected in AIS.

Question: For not paying tax I need to have a 'service' for 5 years.
How will that 'service period' be calculated in my case? I was surely more than 5 years in the company though I did not contibute to EPS from the very beginning.
Any CA who can comment?

[sidg]

Originally Posted by S_U_N

I have a question on Employee Provident Fund (EPF) taxation on withdrawal.
Question: For not paying tax I need to have a 'service' for 5 years.
How will that 'service period' be calculated in my case? I was surely more than 5 years in the company though I did not contibute to EPS from the very beginning.

The 5 year period will be calculated from the date you started contributing to EPF. hence, in your case, TDS seems rightly deducted. However, you can claim TDS credit while filing ITR and even claim refund of such TDS if tax liability is less than TDS deducted.

[null]

I used the java utility to file my returns last week. There was a major problem with the numbers auto-fetched / pre-filled data in the utility compared to the data in the 26AS which I downloaded.

When you change the numbers in the utility to a value below what it shows (because the value in 26AS is lower), it showed a warning saying the number is lower than the number in 26AS! It was soo bad that TDS from my bank on deposit interest itself was showing wrongly in the prefilled data.

I anyways went ahead and populated the numbers from 26AS into the utility and submitted the returns as I did not have time to try it again & again. I had an older version of the utility and I even tried with the latest version, but the behavior was the same.

Did anyone here face this issue - multiple data mismatch in the filing utility VS 26AS statement?

[dragonfire]

Originally Posted by sukhoi

I would recommend filing a revised return, even though it would involve some extra work. Main reason being that I am not sure what would be the penalty amount + interest and whether there would be any other overheads in terms of responding to the notice from the department. As for the purchase prices and other details, your portfolio manager should be able to provide it or you could check in AIS.

Thank you very much for the advice. I took heed and got all the statements from my portfolio manager and then ICICI direct. Filling the form was no cakewalk, but I got progressively good at it. ITR-2 is a real pain and blessed are those who only need to fill ITR-1.

I submitted on 30th evening and bummer! After e-verification, my form went missing. It was not there in the filed returns list, pending list or drafts. I spent the evening cursing Infosys and Nilekani. Submitted a grievance and they fixed the issue - the form appeared in the pending e-verification list. The swiftness of the resolution impressed me.

Now waiting for the refund although it is just peanuts.

[whitewing]

Originally Posted by dragonfire

...I took heed and got all the statements from my portfolio manager and then ICICI direct. Filling the form was no cakewalk, but I got progressively good at it. ITR-2 is a real pain and blessed are those who only need to fill ITR-1...

Absolute pain to record every transaction. This for someone like me who doesn't trade, but even then, at the end of the years it means quite a few rows to fillup. I had written to ICICI a few times, requesting them to generate a report that can be imported directly for filing purpose, they did not agree.

In my ITR2 I only mentioned the consolidated gains and losses (STCG & LTCG), the forms have been processed and refund issued as well.

[Fx14]

Originally Posted by whitewing

In my ITR2 I only mentioned the consolidated gains and losses (STCG & LTCG), the forms have been processed and refund issued as well.

In case you do not have any transactions where the grand fathered price is involved, then just a consolidated entry for LTCG is sought.

Details are sought for the LTCG transactions where the grand fathered price is involved.

[kushagra452]

Hello,

I am self employed and have been filing quarterly GST returns. In December 2021 I bought some equipment for my office and shared my GST number with the vendor. When can I expect the Input Tax to be credited to my ledger balance? Thanks!

[sidg]

Originally Posted by kushagra452

Hello,

I am self employed and have been filing quarterly GST returns. In December 2021 I bought some equipment for my office and shared my GST number with the vendor. When can I expect the Input Tax to be credited to my ledger balance? Thanks!

It depends on when the vendor files his GSTR-1/IFF for Dec-21 period. Due date to file GSTR-1/IFF is upto 13/01/2022 for Dec-21 period. If the vendor files it before this due date, it will reflect in your GSTR-2B of Dec-21 which will be generated on 14.01.2022.

Hope you hare in possession of tax invoice with your GSTIN and other particulars are correctly mentioned.

[dragonfire]

Originally Posted by whitewing

Absolute pain to record every transaction. This for someone like me who doesn't trade, but even then, at the end of the years it means quite a few rows to fillup. I had written to ICICI a few times, requesting them to generate a report that can be imported directly for filing purpose, they did not agree.

In my ITR2 I only mentioned the consolidated gains and losses (STCG & LTCG), the forms have been processed and refund issued as well.

Originally Posted by Fx14

In case you do not have any transactions where the grand fathered price is involved, then just a consolidated entry for LTCG is sought.

Details are sought for the LTCG transactions where the grand fathered price is involved.

True that. I had a lot of shares I bought in 2009-10 when I first started buying shares. I practically cleared up my demat account last year as it was a pain keeping track of so many shares. And then the MFs from long ago.

BTW, IT dept has processed my ITR and have issued the refund I claimed. I have a feeling that they automatically issue refunds below certain amounts without scrutiny. I was expecting a query for proof on LTA/LTC which my employer refused to accept earlier.

[volkman10]

Income Tax Return filing deadline extended to March 15.

The last date to file Income Tax Returns has been extended to March 15, 2022.

On consideration of difficulties reported by taxpayers/stakeholders due to Covid & in e-filing of Audit reports for AY 2021-22 under the IT Act, 1961, CBDT further extends due dates for filing of Audit reports & ITRs for AY 21-22. Circular No. 01/2022 dated 11.01.2022 issued.

Link

[youknowitbetter]

Hi - just wanted to check if any one has knowledge about HUF rendering consultancy services and getting consultancy fee? Online research has not resulted in any meaningful results.