[carboy]

My cousin is looking for a CA for some tax advice related to a Gift and also couple of other things. Hence looking for some recommendations for a good CA in Mumbai (preferably somewhere between Sion to Vikhroli). If you have worked with a good CA in these areas of Mumbai - please do recommend.

[xcentrk]

It's been more than a month since I filed my returns and I'm supposed to get refund. Usually I will get refund within a month or so, but this is the longest it ever took. It is not even under processing section.

Is there something wrong with my returns?

[mtripathi13]

Originally Posted by xcentrk

It's been more than a month since I filed my returns and I'm supposed to get refund. Usually I will get refund within a month or so, but this is the longest it ever took. It is not even under processing section.

Is there something wrong with my returns?

Sir, please hold on for some more time. The processing of returns have been properly started post 7th July. The government has been waiting for june quarter advance tax and july tds receipts to ease its liquidity. Barely few thousand return were processed at start of July. As of today the figure of processed returns is 1.33 crores out of 2.64 cr verified. See the attachment.

So please bear for a little bit more. The refunds will be credited shortly.

Regards
Manish

[xcentrk]

Originally Posted by mtripathi13

Sir, please hold on for some more time. The processing of returns have been properly started post 7th July. The government has been waiting for june quarter advance tax and july tds receipts to ease its liquidity. Barely few thousand return were processed at start of July. As of today the figure of processed returns is 1.33 crores out of 2.64 cr verified. See the attachment.

So please bear for a little bit more. The refunds will be credited shortly.

Regards
Manish

Thanks for the reply. I knew it will take time but one of my close acquaintance said since the refund amount is higher(little more than a lakh) the govt. will take it forward to the next FY. That's why I got confused! I paid more than 5L in taxes when it is actually supposed to be 4L.

[attinder]

My TDS from FDs is still not updated. Should I wait a bit or contact the banks for clarification.

[bijims]

Originally Posted by attinder

My TDS from FDs is still not updated. Should I wait a bit or contact the banks for clarification.

Contact the banks for clarification ASAP, don't wait till the last minute.

[JithinR]

Need some guidance from experienced members here on how to declare ESPP in income tax returns.

Unfortunately, I had always assumed (I know I should have verified it, that is my mistake) that you don't need to account for ESPP shares if they are not sold.

So, for the last three years I have not declared these shares and always filed ITR 1 (a few of my colleagues in my previous company still file ITR-1...so at least I know I am not the only idiot). I left the company in Aug last year and managed to transfer all but a fractional share to a personal holding account. The fractional share was sold when the company account was auto closed and the sale amount (about Rs. 6k) was deposited to my account with ICICI.

Now my understanding is that I need to file ITR 2 and show these shares under schedule FA under Table A3. Is that correct?

Another doubt is regarding whether I should declare only the shares sold or am I allowed to declare the shares obtained in the previous FY.

Also, as far as the tax implication during the share purchase under ESPP scheme is concerned, I believe that my previous organization has already paid the TDS for it and it should show under Form 12 BA and no additional taxes need to paid till I sell the rest of the shares. Is that right?

[meerkat]

Originally Posted by mtripathi13

The correct data in respect of income should go in the ITR.

If the data in AIS is incorrect please document it and keep in records. But just because a figure appears in AIS, it is not correct to report the same in the ITR,more so if it is incorrect.

Regards
Manish

Dear Mr. Tripathi,

Sorry for asking for your opinion during perhaps the busiest time of the year.

This is not a complicated query, just wish to have the opinion of an expert. So here goes:

I'm facing a strange situation. SBI has given me wrong TDS cerficates showing incorrect income from FDs (about 11% less than actuals, as calculated from the statements). However the TDS figure is what it should be, based on the actual income! The same is reported in the 26AS.

The correct income, however, was reported in AIS (it's a different matter that the AIS/TIS also reports absurd figures under 'Purchase of time deposits', with all renewals summed up as new deposits, totalling up to a fantastic figure! I'm just going to ignore that).

There obviously is no time for me to get things corrected by SBI (-- it usually takes many months, if ever they do it).

So I'm going to do the right thing, and file my ITR with the correct data as per my records, which happens to agree with the AIS, but not with the 26AS.

I don't expect any problems from CBDT, since a higher income would be reported, and the TDS figures are correct.

However, if and when SBI finds out about their error, could they report this missing income in the next FY (2023-24)? If they do, could I face issues with reconciliation? I do have all records, so I don't expect to be in any real trouble, but would rather not be put in a spot of bother because of SBI's incompetence. Anything else I should do?

Thanks in advance for any advice in this regard.
.

[binand]

Originally Posted by meerkat

SBI has given me wrong TDS cerficates showing incorrect income from FDs...

However, if and when SBI finds out about their error, could they report this missing income in the next FY (2023-24)?

Don't worry about it. Just make sure the interest income in your ITR matches your AIS and the TDS in your ITR matches your form 26A.

I doubt there is any error for the bank to correct here. Login to SBI online and request an interest statement (instantly downloadable, I think). The number in this statement should match your AIS.

[mtripathi13]

Originally Posted by meerkat

Dear Mr. Tripathi,

Sorry for asking for your opinion during perhaps the busiest time of the year.

Dear meerkat

I understand your apprehension. You are doing the right thing. Only the correct information needs to be reported.

The department actually advises the taxpayer to consider the figure of 26AS as final in case there is discrepancy between the figures of 26AS and AIS.

However, I reiterate that the correct information needs to be reported. This correct information is important metric to deflect any question regarding the bonafide intentions of the taxpayer.

In your case the income offered is more than that in 26AS. So there should not be any problem. So go ahead and offer the correct figure as your income.

Regards
Manish

[meerkat]

Originally Posted by binand

Don't worry about it. Just make sure the interest income in your ITR matches your AIS and the TDS in your ITR matches your form 26A.

I doubt there is any error for the bank to correct here. Login to SBI online and request an interest statement (instantly downloadable, I think). The number in this statement should match your AIS.

Thanks. I had already downloaded the interest certificate, and saved as one of the supporting documents.

I didn't quite understand your comment that "I doubt there is any error for the bank to correct here". Aren't the banks supposed to generate documents that are consistent (e.g. the Interest Certificate vs. the TDS Certificates)?

Originally Posted by mtripathi13

... You are doing the right thing. Only the correct information needs to be reported.

The department actually advises the taxpayer to consider the figure of 26AS as final in case there is discrepancy between the figures of 26AS and AIS.

However, I reiterate that the correct information needs to be reported.

Thanks. What's your view about the AIS / TIS? Is it considered to be a work in progress even by the CBDT?

While it is helpful in some respects, it is fantastically inaccurate in others; e.g. for some reason the TIS reports (under 'Purchase of time deposits (SFT-005)') the cumulative amounts of all term deposits, even if one keeps renewing or reinvesting only a moderate amount during the year!

The SFT-005 formula: "Aggregate gross amount received from the Person (-) Aggregate gross amount paid to the Person" often doesn't yield reasonable results! I've seen banks reporting spurious numbers.

Got nowhere with SBI when I'd asked for explanation (I was even told by an SBI officer that I was free to take my money elsewhere if I wasn't happy with their service)!

Are taxpayers supposed to be responsible for making sense out of all this mess?!
.

[mtripathi13]

Originally Posted by meerkat

Thanks. What's your view about the AIS / TIS? Is it considered to be a work in progress even by the CBDT?

.

Yes Sir, the AIS is a work in progress. The department holds the same view. As I mentioned earlier in case of difference in interest figures, 26AS is taken as final.

There are many reasons for this situation. You will appreciate the fact that the AIS contains information from a lot of sources like Assurrance department (for deals of immovable property), Post Offiices, Banks etc. Now the integrity of the output depends on the integrity of the input. We all know the formula- GI-GO. For people in these departments this is a extra work, so they are least bit bothered. in some cases, they are not even trained to put the info in proper places. So the result is, inaccurate data in many cases.

Please note that the department is aware of this and if you look closely there is a place to respond to this inaccurate information. In case you find something please report and flag the same. I am sure in future the data accuracy will improve.

Regards
Manish

[Fx14]

Originally Posted by mtripathi13

Yes Sir, the AIS is a work in progress. The department holds the same view. As I mentioned earlier in case of difference in interest figures, 26AS is taken as final.

For some reason, on clicking on the AIS option on the IT website it goes back to the previous screen. Any other way to view the AIS?

[HappyWheels]

Originally Posted by Fx14

For some reason, on clicking on the AIS option on the IT website it goes back to the previous screen. Any other way to view the AIS?

Download the AIS app to view your statement.

[SideView]

Guys i have a strange issue.

While filing tax the standard deduction us 16(ia) shows 0 and no way edit this. (My understanding is it should show 50k)



Anyone else facing the same? Any way to edit this?

Tried starting from scratch again and still see the same.

Would appreciate any info! ( parallely trying IT department)