[Turbohead]

Originally Posted by pandey.jai

Folks is there any recommended (online or offline excel based) tool that I can use to calculate my taxes due based on various income and savings parameters?

I tried this Excel sheet from this site: https://freefincal.com/should-i-swit...st-april-2023/

Hope the link is still safe.

[sachinayak]

Originally Posted by pandey.jai

Folks is there any recommended (online or offline excel based) tool that I can use to calculate my taxes due based on various income and savings parameters?

I’m looking to see for myself which regime I should opt for. I did some back of the envelop calculations but I’d like to verify my calculation too, before deciding where I should be headed.

As someone mentioned above, the breakeven is approx 3.75L. Typically everyone would invest 1.5L for the 80C deductions. So if you have an HRA or a homeloan interest component or medical insurance that collectively goes above 2.25L, the old regime will be beneficial, else switch to the new regime.

Hope this helps.

[murugaveln]

Originally Posted by pandey.jai

Folks is there any recommended (online or offline excel based) tool that I can use to calculate my taxes due based on various income and savings parameters?

I’m looking to see for myself which regime I should opt for. I did some back of the envelop calculations but I’d like to verify my calculation too, before deciding where I should be headed.

The ITD website has many calculators. You can use
https://incometaxindia.gov.in/Pages/...or-234ABC.aspx

You can verify by selecting the old or new regime and check the taxes payable. But it does not allow to save the details entered.

[DarthVeda]

two years back, I paid tax on self assessment under wrong section (challan 282) instead of Challan 280. I have been getting payment notice ever since, I realized my mistake few weeks back. What can i do to rectify this?

[hserus]

Originally Posted by DarthVeda

two years back, I paid tax on self assessment under wrong section (challan 282) instead of Challan 280. I have been getting payment notice ever since, I realized my mistake few weeks back. What can i do to rectify this?

Within 7 days after paying if you had realised this you could have got it sorted out at your bank by giving them the challan correction form (format in this link below) https://incometaxindia.gov.in/Docume...m-26082011.htm

Now you need to contact your AO with this same form and request to have this challan rectified.

[vinit.merchant]

Originally Posted by SilentEngine

Only thing that's not clear now is once we use new regime, is there a way to go back to old regime each year or not (which is possible now). I hope that doesn't go away.

Salaried class have the option to shift between old and new regime every year. So even if you chose new in prev AY, you can opt for old regime in currently year if it is beneficial. ONLY salaried class.

[thanixravindran]

Originally Posted by mtripathi13

Regards
Manish

Hello Manish - Since we are in March, I have a clear view on interest payments and dividend which needs me to pay additional tax. I am salaried and TDS is done from company but I can't provide this input 'income from other sources' as timeline is closed. I can pay it on my own in IT portal but what tax head should be chosen - Advance tax or Self assessment tax?

[SoumenD]

Bumped into this link for comparison between Old and New Regime. Pretty straight forward, just punch in the numbers and it calculates the tax outgo in every regime.

Link



Took 20L income as example and added 80C, 80CCD(NPS) & 80D(Medical Insurance). Shows how the new regime works out better from next year. Same numbers for this year show Old Regime as the better option.



So in short unless you have Home Loan Interest or HRA, new regime is the way to go. Talking only about salaried class with no other source of income.

[mtripathi13]

Originally Posted by thanixravindran

Hello Manish - Since we are in March, I have a clear view on interest payments and dividend which needs me to pay additional tax. I am salaried and TDS is done from company but I can't provide this input 'income from other sources' as timeline is closed. I can pay it on my own in IT portal but what tax head should be chosen - Advance tax or Self assessment tax?

Sir, if you have a clear view on the additional income (over the salary income), then please pay the tax within the 15th of March,2023 as advance tax. In this respect kindly note that any tax paid by the assessee within 31st March,2023 shall also be considered as advance tax. The assessee is required to pay 100% of the advance tax by 31st March,2023.

Self- assessment tax is the net tax obligation of the assessee after considering the TDS and advance tax, if any. Such tax is paid during the assessment year (i.e. post the end of the financial year) on or before the filing of return.

Hope the above clarifies the position.

Warm Regards
Manish

Originally Posted by SoumenD

Bumped into this link for comparison between Old and New Regime. Pretty straight forward, just punch in the numbers and it calculates the tax outgo in every regime.

So in short unless you have Home Loan Interest or HRA, new regime is the way to go. Talking only about salaried class with no other source of income.

Sir, the following link is the most authentic comparison calculator, provided by the income tax department itself. The link is shared below for the benefit of all interested members. It is a secure link and goes as:

https://incometaxindia.gov.in/Pages/...bill-2023.aspx

[binand]

Does anyone know a functional service that can check and give me a done/not-done response for PAN-Aadhaar linking? The one I have bookmarked is throwing an error for a week now and a ticket I raised with UTI TSL is not being attended to.

(Some of the PANs I need to verify belong to people who don't have to file returns so they don't have access to the IT e-filing portal).

[anandtheleo]

Originally Posted by binand

Does anyone know a functional service that can check and give me a done/not-done response for PAN-Aadhaar linking? The one I have bookmarked is throwing an error for a week now and a ticket I raised with UTI TSL is not being attended to.

(Some of the PANs I need to verify belong to people who don't have to file returns so they don't have access to the IT e-filing portal).

https://tools.quicko.com/check-pan-aadhaar-link-status/

Try the above link please. It worked for me.

[Bhokal]

Originally Posted by binand

Does anyone know a functional service that can check and give me a done/not-done response for PAN-Aadhaar linking? The one I have bookmarked is throwing an error for a week now and a ticket I raised with UTI TSL is not being attended to.

(Some of the PANs I need to verify belong to people who don't have to file returns so they don't have access to the IT e-filing portal).

Try this from the IT department - https://eportal.incometax.gov.in/iec...aadhaar-status

[binand]

Originally Posted by Bhokal

Try this from the IT department - https://eportal.incometax.gov.in/iec...aadhaar-status

Thanks. This is working and does not require an account on the eportal.

Originally Posted by anandtheleo

https://tools.quicko.com/check-pan-aadhaar-link-status/ Try the above link please. It worked for me.

It did come up in my searches too, but I didn't want to give PAN/Aadhaar to some random private company.

[mtripathi13]

Originally Posted by binand

Thanks. This is working and does not require an account on the eportal.

It did come up in my searches too, but I didn't want to give PAN/Aadhaar to some random private company.

Glad to see the discipline. I would request all members not to use third party websites for income tax information. The government website is really good. So use the same as and when required.

[Ashwintona675]

Hi Manish. Quick query. I have filed for FY 2021-2022 on July 2022. My application is still under processing.What is the due date or deadline for the IT Dept. for completion of processing?

I have raised query and they have responded saying please wait for processing to complete.

I am about to file for FY 2022-2023 in a couple of months while my previous return is yet to be processed.

Please note this is my first time filing.