All Income Tax Queries (refunds, disputes, rates etc...)

m8002? · 31st January 2022, 18:14

Quote:

Originally Posted by raksrules

I did try to use that but it seems to be giving me tax considering all deductions and all. I don't see a way to check and compare the tax liability in new region vis-a-vis old regime. Any such good calculator you are aware of?

Simple rule of thumb : If you are in 30% bracket and dont have a home loan interest, opt for new regime. The exact amout might be a couple of thousands here or there, but in most cases, you will pay a little less tax with new regime.

If have a home loan with with interest more than 2L, old is better.

shipnil · 31st January 2022, 19:12

Quote:

Originally Posted by kavensri

Mine got processed on yesterday. There was a mis match of Rs 2020 which I duly paid it today. I had submitted it in November and I had been desperately waiting for it to get processed. Mine is ITR2 and hence it was not an easy thing (at least for me) to calculate everything. So, it is a big relief for me now

Question. If you have a demand for tax and you pay it, do you have to submit a revised return again? Like you I had a demand of about Rs. 1,000 which I paid but I am wondering about this revised return.

kavensri · 31st January 2022, 19:40

Quote:

Originally Posted by shipnil

Question. If you have a demand for tax and you pay it, do you have to submit a revised return again? Like you I had a demand of about Rs. 1,000 which I paid but I am wondering about this revised return.

No need to submit revised return. After you do the payment, the status would have get reflected next day. No further action is required.

raksrules · 31st January 2022, 20:11

Ok so to test the calculator, I considered salary as 20L and first chose that I will NOT be using new regime so it asks us to put the salary AFTER 50K standard deduction so I put 19.5L.

Deductions I put as 1.5L for PPF/PF etc and 17K for Medical Insurace.

This brought taxable income to 17,83,000 and tax (including cess) to 3,61,296

------------------------------------------------------------------------------------

Now I opted for new regime so it asks me to put the salary before any deductions which is now 20L as income.

As no deductions or anything is considered for this, entire 20L is taxable and for that, the tax (including cess) is 3,51,000.

So yes, marginally, the new regime benefits if income is say 20L.

I checked for little more as well but the difference usually hovers between 10K or so. I see that for me, new regime is better, marginally only and since I can actually change regime at time of filing, I will be keeping it as it is for now in company's system (old regime) and at the time of filing, after talking to CA, will decide on whether to file under old or new regime.

sidg · 2nd February 2022, 09:38

Quote:

Originally Posted by raksrules

I checked for little more as well but the difference usually hovers between 10K or so. I see that for me, new regime is better, marginally only and since I can actually change regime at time of filing,

The breakeven in tax payment under both the regime comes at Rs. 2.5 lac of deduction. In other words, if you can claim deductions over and above 2.5 lacs by using limits under 80C, 80CCD(1B), 24E etc, you are better off under old tax regime. Otherwise, new regime will be better.

binand · 2nd February 2022, 14:26

Quote:

Originally Posted by binand

Filed my ITR yesterday. Schedule CG is a nightmare. I can totally see why so many of our last few pages of queries has been about this schedule.

I had filed on 28/12. Today (2/2 - 36 days later) I got the 143(1) intimation confirming my refund amount - which is about Rs. 7000 more than my computation, because they are paying me interest also u/s 244A on the refund amount.

I was disappointed to see the intimation in Hindi; needed to scroll down a couple of pages for the English version.

binand · 5th February 2022, 09:21

Quote:

Originally Posted by binand

Today (2/2 - 36 days later) I got the 143(1) intimation confirming my refund amount.

Update: I got the refund in my bank account yesterday (4/2). Overall, impressive.

null · 5th February 2022, 11:16

My submission status shows two dates. Verified on 31-Dec-2021 & Return Processing on 13-Jan-2022, with no update on Processing completion.

How long does it take to move from Processing to Completed state? For people whose returns processing is completed, what was the duration?

Thanks.

kushagra452 · 21st March 2022, 11:56

Hello,

I filed my IT return in December 2021 (before the deadline) and received an additional tax demand under section 143(1). I have paid the additional tax demanded well within the given time limit. Do I need to do anything further? Do I need to file a revised return?

Thanks!

volkman10 · 21st March 2022, 12:31

Quote:

Originally Posted by kushagra452

Hello,

I filed my IT return in December 2021 (before the deadline) and received an additional tax demand under section 143(1). I have paid the additional tax demanded well within the given time limit. Do I need to do anything further? Do I need to file a revised return?

Thanks!

No further action is needed.

binand · 21st March 2022, 12:32

Quote:

Originally Posted by kushagra452

I have paid the additional tax demanded well within the given time limit. Do I need to do anything further? Do I need to file a revised return?

Yes I believe. And this time you have to mention the filing is "in response to the notice u/s 143".

kushagra452 · 21st March 2022, 14:50

Quote:

Originally Posted by volkman10

No further action is needed.

Quote:

Originally Posted by binand

Yes I believe. And this time you have to mention the filing is "in response to the notice u/s 143".

Thank you for your comments. Any qualified tax professional on the forum who can shed some light on this matter?

volkman10 · 21st March 2022, 14:59

Quote:

Originally Posted by kushagra452

Thank you for your comments. Any qualified tax professional on the forum who can shed some light on this matter?

See posts 2042 and 2043 on similar query.

binand · 21st March 2022, 16:44

Quote:

Originally Posted by kushagra452

Thank you for your comments. Any qualified tax professional on the forum who can shed some light on this matter?

It appears that I am mistaken. I just looked at the time I had this problem; filing a revised return was optional.

JediKnight · 29th March 2022, 17:58

I got a weird message from tax department. It says some high value transaction is not in line with the tax return filed. This is part of "e-campaign" ( AY2021-22 onwards"). When i login into the tax website it points to salary credit in my account. One month I have got a larger sum than usual due to bonus payout. This is dully tax assessed and TDS deducted by my company and accounted for in my form-16. The message says "to ignore the message" if accounted for in the ITR. Since it is accounted for in ITR i am going to ignore the message. Tax gurus any thoughts ?

31st January 2022, 20:11	#2044
raksrules BHPian Join Date: Jun 2014 Location: Mumbai Posts: 461 Thanked: 987 Times	Re: All Income Tax Queries (refunds, disputes, rates etc...) Ok so to test the calculator, I considered salary as 20L and first chose that I will NOT be using new regime so it asks us to put the salary AFTER 50K standard deduction so I put 19.5L. Deductions I put as 1.5L for PPF/PF etc and 17K for Medical Insurace. This brought taxable income to 17,83,000 and tax (including cess) to 3,61,296 ------------------------------------------------------------------------------------ Now I opted for new regime so it asks me to put the salary before any deductions which is now 20L as income. As no deductions or anything is considered for this, entire 20L is taxable and for that, the tax (including cess) is 3,51,000. So yes, marginally, the new regime benefits if income is say 20L. I checked for little more as well but the difference usually hovers between 10K or so. I see that for me, new regime is better, marginally only and since I can actually change regime at time of filing, I will be keeping it as it is for now in company's system (old regime) and at the time of filing, after talking to CA, will decide on whether to file under old or new regime.
	(1) Thanks

5th February 2022, 11:16	#2048
null BHPian Join Date: Aug 2007 Location: Paradise (wish it was) Posts: 456 Thanked: 371 Times	Re: All Income Tax Queries (refunds, disputes, rates etc...) My submission status shows two dates. Verified on 31-Dec-2021 & Return Processing on 13-Jan-2022, with no update on Processing completion. How long does it take to move from Processing to Completed state? For people whose returns processing is completed, what was the duration? Thanks.
	() Thanks

21st March 2022, 11:56	#2049
kushagra452 BHPian Join Date: Feb 2020 Location: New Delhi Posts: 333 Thanked: 1,104 Times	Re: All Income Tax Queries (refunds, disputes, rates etc...) Hello, I filed my IT return in December 2021 (before the deadline) and received an additional tax demand under section 143(1). I have paid the additional tax demanded well within the given time limit. Do I need to do anything further? Do I need to file a revised return? Thanks!
	() Thanks

29th March 2022, 17:58	#2055
JediKnight BHPian Join Date: Aug 2007 Location: Banaglore Posts: 692 Thanked: 2,621 Times	Re: All Income Tax Queries (refunds, disputes, rates etc...) I got a weird message from tax department. It says some high value transaction is not in line with the tax return filed. This is part of "e-campaign" ( AY2021-22 onwards"). When i login into the tax website it points to salary credit in my account. One month I have got a larger sum than usual due to bonus payout. This is dully tax assessed and TDS deducted by my company and accounted for in my form-16. The message says "to ignore the message" if accounted for in the ITR. Since it is accounted for in ITR i am going to ignore the message. Tax gurus any thoughts ?
	() Thanks