[dass]

Originally Posted by binand

First thing to do, open your return (download it from the e-filing website) and see if there is a mismatch between tax payable and tax paid. If the latter is lower than the former, you have to make a payment ("self-assessment tax"), include the challan number in your return and re-file it. Essentially you need to get the "Amount Payable" field to be 0.

It could be that your employer computed tax liability wrongly and deducted less tax than was due; you need to make up the difference yourself and pay any interest accrued. The IT return form (Excel version is what I use) will compute all this automatically.

I made a mistake in the salaries column and the original return was showing an excess tax to be paid of Rs. 750. I revised that in the return filing and the tax due was 0 and this was submitted in April. Will wait for them to come back with a solution/next steps and then take it forward.

[wannabelean]

Hello All. What is the best time of the year for a company owner/director to buy a car in to avail maximum depreciation benefits? I was told in December by someone but before I could ask him why the topic changed and he left shortly. Why in December?

[hserus]

You buy the car cheaper and also get to claim a years worth of depreciation for free. Of course if you intend to resell the car you're stuck with a year older model so lower resale value than a model bought a few weeks later.

Still that's not a big deal if you keep the car long enough to depreciate the value down to zero.

[wannabelean]

Originally Posted by hserus

You buy the car cheaper and also get to claim a years worth of depreciation for free. Of course if you intend to resell the car you're stuck with a year older model so lower resale value than a model bought a few weeks later.

Still that's not a big deal if you keep the car long enough to depreciate the value down to zero.

Are cars usually cheaper in December? Also how much depreciation % can you claim if you buy in December?

Thanks for your reply

[Gokrish]

Originally Posted by wannabelean

Are cars usually cheaper in December? Also how much depreciation % can you claim if you buy in December?

Thanks for your reply

Assuming that you have business or professional income, you can claim depreciation on motor vehicles and deduct from income. If the car is bought after September, then allowable depreciation is 50% of normal rate of 15% i.e. 7.5%. Thus a person buying a car for 10 lakhs saves Rs. 22,500 from income tax, assuming 30% tax on business income.

[wannabelean]

Originally Posted by Gokrish

Assuming that you have business or professional income, you can claim depreciation on motor vehicles and deduct from income. If the car is bought after September, then allowable depreciation is 50% of normal rate of 15% i.e. 7.5%. Thus a person buying a car for 10 lakhs saves Rs. 22,500 from income tax, assuming 30% tax on business income.

Thank you for the clarification!

[hserus]

Depreciation query being answered, dealers often have sales in December to get rid of the remainder of that years stock so they sell fresh stocks from January. So of course cheaper cost and correspondingly lower resale value.

[ashokrajagopal]

My wife did not work the last financial year, 2013-14.
Still filed IT return, because I was expecting to get back the TDS for an FD she had, abt 10k interest, and 1k tax deducted.
The return was rejected u/s 139(9).
The communication was not correct and some days passed.
Now, when I try to efile it again, the acknowledgement errors out.
What can be done now ? I did file a grievance asking for more details.
If this is the case, what other details must be put in the ITR form ?

[hserus]

139(9) means the return was defective for some reason. Figure out what the reason is - for example was some tax shown as owing in your form 26AS and you paid it, but did not mention it in your tax return? Or some other reason? That will be mentioned in the 139(9) notice.

Then login to incometaxindiaefiling.gov.in - or login to whichever tax preparation site you used such as taxsmile, and follow the procedure to file a "defective income tax return". Then upload the xml that is generated. That is all.

[ashokrajagopal]

@hserus, thanks a lot.
The 139(9) communication had the Reason column empty.
Let me check everything again and get back.

[hserus]

There is a reason code specified - and a field for comments. The comments may be blank but the code wont be blank .. you can refer to the table where all the codes are listed, in the same 139(9) notice.

http://taxmantra.com/how-to-tackle-t...e-return.html/

[ramki067]

Hi guys,
My brother has constructed a house by taking a joint loan with my mother who is the owner. My brother is paying the full EMI amount. Can my brother claim housing loan benefits in Income tax? If yes, how can he do that?

Thanks,
Ramki

[hserus]

He can claim it if the house is in both their names (joint ownership). Not if his mom is the sole owner.

[clevermax]

I received an e-mail from CPC with a PDF file which says that my my e-filing for AY 2011-12 will be rectified by an AO:



Is this because the tax computation which I did was wrong? Should I just wait until I receive further notifications on this or try to contact the Assessing Officer?

The letter says that I am requested to contact the AO but they have only given a cryptic code for the AO - like KAR/xx/xxx. There is no "Know your Jurisdictional AO" menu in incometax website.

[hserus]

You have to contact your AO. You had better go to the income tax office in your city and ask for where the DCIT/ACIT for your ward is available. That is the jurisdictional AO for your return.

Do so ASAP - you're in for some pillar to post running around, at a minimum. You had better have your return for that year scrutinized by a qualified CA and take his assistance in approaching the AO.

Originally Posted by clevermax

I received an e-mail from CPC with a PDF file which says that my my e-filing for AY 2011-12 will be rectified by an AO:

Attachment 1336605

Is this because the tax computation which I did was wrong? Should I just wait until I receive further notifications on this or try to contact the Assessing Officer?

The letter says that I am requested to contact the AO but they have only given a cryptic code for the AO - like KAR/xx/xxx. There is no "Know your Jurisdictional AO" menu in incometax website.