[mtripathi13]

Originally Posted by 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.

Dear Ashwin,
Let me first answer your query and then comment on the related issues.

The time limit to process the return and pass the intimation order u/s 143(1) is nine months from the end of the financial year in which the return has been furnished. As you have filed the return in July2022, i.e. financial year 2022-23, the last date to issue intimation is 31st December,2023. So, there is still a reasonable time left to process the return.

Having said that, I have seen quite complicated returns (say of NRI’s), being processed in a much shorter time frame. So, I would suggest you to keep a keen eye on the issue. In case you find anything out of the ordinary in the intimation order (as and when generated), do let me know the issue without sharing confidential information. I will assist you in resolving the same.

In respect of return for the current F.Y., do file the same in the usual manner and within the time limit allowed. While, there is no problem if one files the return on his own, in case there are complexities involved, do seek professional help. There are a lot of technical information to be provided in the returns and a simple tick/untick may led to defective returns/notices.

Warm Regards
Manish

[Capri89]

Friends who have used this are impressed. Am yet to download and use.

I hope this is not already posted here.

[Ashwintona675]

Originally Posted by mtripathi13

Dear Ashwin,
Let me first answer your query and then comment on the related issues.

The time limit to process the return and pass the intimation order u/s 143(1) is nine months from the end of the financial year in which the return has been furnished. As you have filed the return in July2022, i.e. financial year 2022-23, the last date to issue intimation is 31st December,2023. So, there is still a reasonable time left to process the return. .

Warm Regards
Manish

Thanks for the quick response. Really appreciate it. I forgot to mention that i had previously received the intimation on Nov’22, i believe under 143(1) to confirm/revise claim of refund. I had confirmed positively to this intimation.

It has been 5 months since that. It is still under processing. Does this mean my filing is being further scrutinised.

But it has been 4

[mtripathi13]

Originally Posted by Ashwintona675

I forgot to mention that i had previously received the intimation on Nov’22, i believe under 143(1) to confirm/revise claim of refund. I had confirmed positively to this intimation.

It has been 5 months since that. It is still under processing. Does this mean my filing is being further scrutinised.

Oh! now this changes the situation completely. 143(1) intimation means the processing is done. Now this may lead to acceptance of return as filed by the assessee/reduce refund or even give rise to demands, due to interest or other disallowances.

So, the bit about you confirming the refund is not clear. If the intimation shows a refund and there are no previous dues to the department, the refund shall be automatically processed. In case your refund is not yet received do raise a grievance on the portal by logging on to your account.

In case you have filed a rectification against the intimation then wait for the processing of such rectification.

Manish

[raksrules]

Until FY2019-2020, my dad would take help of a CA to file my returns. He used to ask me details which I would furnish him. After that, I started getting more information on finances and investment and such and I started taking more care about my returns so I was now dealing with the CA myself and I would furnish the details.
I now keep a thorough log (in google sheets) of every income I have (apart from salary) like dividends, NCD interest, LTCG, STCG, LTCL, LTCL, FD interest, rental income. I provide the same to the CA too.
He also asks me my bank statements and tells me to write comments against each transaction (debit and credit). I provide him with Form16 when I get for the salary part.
Obviously the CA charges me for filing the income tax and I believe he takes the fee as per my income (or something else?).
Based on this, I have some questions.

1. Can I attempt to file my own ITR? This is considering I have following
incomes...
-> Salary
-> Rental
-> Short / Long Term Capital Gain from selling mutual funds / shares
-> Short / Long Term Capital Loss from selling mutual funds / shares
-> NCD Interest (Non Convertible Debentures)
-> FD Interest
-> Saving Bank Account Interest

I believe in above list, except the profit/loss from equity, everything else just gets added to my income for taxation purpose.

The only exemptions I avail are
-> 80c upto 1.5L
-> 80CCD (1B) upto 50K for NPS

There is no HRA involved. How can I claim HRA as I do pay about 8K to my dad anyways per month for house expenses. I would love for it to be considered for HRA so my tax liability may decrease.

2. Why is my CA asking for my detailed bank statement and why he needs to know comments against each transaction? Especially debit ones since it is not even income.

3. Is there any website (even if just for demo purposes) which allows me to put all the details and calculate how much tax liability I have (preferably as per regime).

4. Usually CAs charge fee as per total income or there is some other parameter?


Due to the fact that I log every information and I have almost all the things needed, I was contemplating filing my own returns and at this point I am not very confident so need to know all details before I can attempt to do it.

[avira_tk]

Originally Posted by raksrules

Due to the fact that I log every information and I have almost all the things needed, I was contemplating filing my own returns and at this point I am not very confident so need to know all details before I can attempt to do it.

I have filed my own returns when I couldn't use the basic itr and ended up with a notice. CAs charge you for the service and you should be aware of the fees, no harm asking the CA what they are. The main question is whether your time is with the hassle.

[kavensri]

Originally Posted by mtripathi13

...
Manish

Hi Manish, I need one help from you. Could you please share your email ID or phone number so that I can contact you directly?

Note: As you are still a newbie, I cannot send a personal message to you.

[mtripathi13]

Originally Posted by raksrules

Based on this, I have some questions.

1. Can I attempt to file my own ITR? This is considering I have following
incomes...

There is no HRA involved. How can I claim HRA as I do pay about 8K to my dad anyways per month for house expenses. I would love for it to be considered for HRA so my tax liability may decrease.

2. Why is my CA asking for my detailed bank statement and why he needs to know comments against each transaction? Especially debit ones since it is not even income.

3. Is there any website (even if just for demo purposes) which allows me to put all the details and calculate how much tax liability I have (preferably as per regime).

4. Usually CAs charge fee as per total income or there is some other parameter?


Due to the fact that I log every information and I have almost all the things needed, I was contemplating filing my own returns and at this point I am not very confident so need to know all details before I can attempt to do it.

Dear rakrules,

Let me first commend you for being such an organized person. Well organized clients are a treat for professionals.

Now let me try and answer your queries point by point.

1. Of course, you can file your own return. The only thing worth keeping in mind is that, there may be technicalities involved even in seemingly simple returns. For example, in case an employee receives arrear salary in a particular year, there are specific forms that are needed to file to claim relief u/s 89, prior to filing the return. I have seen people failing to do so and losing the benefit. This is a very simple example. So, if you are confident of your knowledge and ability and are sure of dealing with any issues arising out of them, then by all means file your return by your- self.

Paying rent to father is technically possible. I am not commenting on whether this arrangement is a colorable device to evade tax or not. You must not be a co-owner of the property. Proper agreements should be executed and the rent should be offered by the father as his income.

2. This is a common question faced by us professionals from clients. There are many reasons for keeping a record of debits/payments reflected in the bank statements. I will touch upon a couple of important reasons.

Firstly, even though profit & loss and balance sheets are now not required to be attached with the returns, it is good professional practice to prepare and keep them in records. They give an overall picture of the fund movements. In my case, where the individual clients are part of an organized group, I make it point to record all transactions in accounting software and proper books are maintained. These records are invaluable in case of reopening of assessments or reply of notices which invariably arise a few years down the line. In the absence of such records, it is very difficult to deal with such cases as human memory will invariably fail.

Secondly, debits can be expenses or assets and unless the clients give us the information, it is difficult to correctly treat the same. Take one more example- one of my clients had placed a SIP quantity order of buying 15 equity shares of a company on a particular date every month. Now, depending on the price of the share on a particular date, different amounts were being debited and SIP was getting executed. The bank statements showed all these debits as ‘EBA NSE Settlement …’. Now if someone treats the debits as loss from F&O, by looking at the bank statement and not asking the client, the assets can be easily and mistakenly treated as loss. Therein lies the logic of asking and locating all debit with reasonable information. If the client does not wish us to know the details, they may simply mark it as drawings we treat the same as told by the client.

3. Use the income tax website of the government. It is a well-made website, and all your needs can be fulfilled. Using third party website for sharing sensitive financial info is not recommended.

4. The CA’s fees is based on complexity of matter/advise. We are prohibited to link our fees on the basis of income.

Originally Posted by avira_tk

I have filed my own returns when I couldn't use the basic itr and ended up with a notice. CAs charge you for the service and you should be aware of the fees, no harm asking the CA what they are. The main question is whether your time is with the hassle.

Agreed Sir. I have seen people lose pounds while trying to save pennies.

Originally Posted by kavensri

Hi Manish, I need one help from you. Could you please share your email ID or phone number so that I can contact you directly?
.

Dear kavensri

You may reach me at – camanishkumartripathi@gmail.com or manish.tripathi@mail.ca.in

Kindly give brief particulars of the issue in the email. My reply shall contain the phone numbers through which we can discuss matters.

Warm Regards to All
Manish

[kavensri]

Originally Posted by mtripathi13

Dear kavensri

You may reach me at – camanishkumartripathi@gmail.com or manish.tripathi@mail.ca.in

Kindly give brief particulars of the issue in the email. My reply shall contain the phone numbers through which we can discuss matters.

Warm Regards to All
Manish

I have sent an email to you explaining the issue. We will continue our discussion through emails. Thanks a lot for your response.

[whitewing]

Any idea when the ITR forms would be available for AY 2023-24 filing ?
I see that only the schema files are published.

[Mustang_Boss]

All, i need help with Old/New Regime choice.
I have recently switched to a different company, which is a small vendor. They have rolled out my Offer and annexture with New tax regime. I wanted them to have it in Old tax regime, considering i use HRA, 80C and few other exemptions.

Is this something, which the Employer must do? Or Can i change it while filing ITR later. Say, if the Employer files it under new tax regime, will i be allowed to switch to Old regime? Or should i ask my employer to calculate taxes based on Old regime now itself, before they roll out Form-16's?

Also, personally i don't want them to file it under new Regime, considering tax outgo. How should i update my accountant regarding this change? Should i have to say any specific jargon for them to update my filing type?

Originally Posted by whitewing

Any idea when the ITR forms would be available for AY 2023-24 filing ?
I see that only the schema files are published.

Employers must roll out all Form-16's by July 31st. And Employee's can start filing their return from Aug-1st to Sep-31st. So, these are the dates to look out for. Most employers do not roll out Form 16's in April or may because, they need some time to validate all proofs and other details. Any chartered accountants, correct me if i am missing anything.

[mtripathi13]

Originally Posted by whitewing

Any idea when the ITR forms would be available for AY 2023-24 filing ?

Dear whitewing

It is difficult to say with certainty. However, do note that due date for tds deposit is 30th April 2023 for March Qtr and the tcs/tds return filing due dates are 15 May/31May. So, it is suggested to file the return post these dates. By that time the java utility as well as excel utility should be live.

Originally Posted by Mustang_Boss

All, i need help with Old/New Regime choice.
I have recently switched to a different company, which is a small vendor. They have rolled out my Offer and annexture with New tax regime. I wanted them to have it in Old tax regime, considering i use HRA, 80C and few other exemptions.

Is this something, which the Employer must do? Or Can i change it while filing ITR later. Say, if the Employer files it under new tax regime, will i be allowed to switch to Old regime? Or should i ask my employer to calculate taxes based on Old regime now itself, before they roll out Form-16's?

Employers must roll out all Form-16's by July 31st. And Employee's can start filing their return from Aug-1st to Sep-31st. So, these are the dates to look out for. Most employers do not roll out Form 16's in April or may because, they need some time to validate all proofs and other details. Any chartered accountants, correct me if i am missing anything.

Dear Mustang_Boss

The new regime is default for income earned in F.Y.2023-24. So even you wish to avail the old regime, the employer may not be agreeable to deduction of tax on old rates. They may proceed to deduct the tax only on new rates. However, this is my surmise only. You may contact the HR with a request and take it forward from there.

Generally, the IT department issues an annual circular/instruction for tds on deduction on salary. However, the problem is that this instruction comes after quite a delay. For example, for F.Y.22-23, the instruction came on 07/12/2022, nearly eight months after the start of the year. So, what happens is the employers deduct the tax on the basis of understanding of the tax laws as passed by the parliament. So please contact your HR and place a request.

Kindly note that even if the employer deducts the tax on new rates, you are free to opt out of this regime and use the old one at the time of filing of return.

[KL01toKA03]

I have purchased an under construction apartment last year and paid TDS. Can someone confirm whether that TDS can be claimed as refund while filing returns.

[anandhsub]

Originally Posted by KL01toKA03

I have purchased an under construction apartment last year and paid TDS. Can someone confirm whether that TDS can be claimed as refund while filing returns.

TDS you have paid is for the builder. He would adjust it vs his own taxes.

Only TCS that is paid on car purchase or foreign transactions can be adjusted vs income tax.

[Bhokal]

I currently own 2 flats for which I am paying home loan (HL) EMIs.

Flat 1 - self occupied
Flat 2 - construction complete, builder offering possession but not taken because of lack of OC (occupancy certificate) and CC (completion certificate).

As per the tax benefit rules, I can claim deductions for 2 home loans. But last year, I received a demand noticed for additional tax in which they disallowed only interest component (but did not touch principal component) for HL2. This caused an additional tax liability as my 80c deduction fell quite below 2 lakh limit.

I did not contest the noticed and paid the amount. Any reason why it was disallowed (or maybe I should have contested it)?