[The Rationalist]

Originally Posted by carboy

If I want to invest 50K, how should I do it? Should I open an integrated Tier 1 & Tier 2 account & put 6000 in Tier 1 & 44000 in Tier 2?

Only Tier 1 qualify for 80CCD. Investing in 80C and 80 CCD isn't a wise decision if you consider the returns equity generates in the long run though. But for most ELSS and NPS are good options.

[reihem]

How much perquisite tax does one pay when you get a company car for personal / work use ? Does the value of the car play a role in the tax or is it fixed ?

[DieselFan]

Originally Posted by reihem

How much perquisite tax does one pay when you get a company car for personal / work use ? Does the value of the car play a role in the tax or is it fixed ?

Companies when they provide perquisites they specify the amount of the perquisites and the tax applied in form 16. tax would already be deducted by your company. If they do not specify the same in your form16 then the provided item is not considered perquisite. just like your mobile phone or laptop provided for by the company for official use isn't considered perquisite.

[TorqueyTechie]

I have got a message from the income tax dept saying that my refund could not be processed because of invalid A/c details. . What should I do now to get the refund amount? Is there a way online to verify the account number provided and to rectify it.

[Ry_der]

Originally Posted by TorqueyTechie

I have got a message from the income tax dept saying that my refund could not be processed because of invalid A/c details. . What should I do now to get the refund amount? Is there a way online to verify the account number provided and to rectify it.

Download this

[bnzjon]

Originally Posted by bnzjon

Friends, need an help.

I had during AY 2013- 14 commuted my pension (1/3rd) from my previous employer upon resignation. No tax was deducted on the same by the employer. I had filed my returns not stating the the commuted pension as this is not taxable.

Today i received a mail from my previous employer stating that the commuted value of pension received from an approved superannuation fund is governed by Provisions of Sec 10(13) of the Act and is taxable if received by employee on resignation (ie prior to retirement).

Accordingly my previous employer paid Tax on my behalf and remitted tax to the Govt which is reflected in TRACES for AY 2013-14 under date of booking 09/Aug/2017

Please advise
1. If i need to submit revised IT return for AY 2013-14 ?
2. Can IT return be revised for AY 2013-14 as one year from the date of Assessment has lapsed ?
3. Ack under Sec 143 (1) received for AY 2013-14.
4. Can i show the pension as Income for the current AY and claim/adjust tax paid as the date of tax booking is on 09/Aug/2017 (but reflected in Traces AY 2013-14)?

Dear Friends - please provide your answers to this.

[vnabhi]

Originally Posted by Ry_der

Congratulations !!
I think it will take only 3 working days. I received the SMS on last Thursday and the refund was credited on monday itself.
i.

Thanks. It took 10 calendar days in my case.

[hothatchaway]

My spouse, who is a contractor with an Indian conglomerate, received a defective return notice last Friday U/S 139 against the ITR 4 she filed. This was filed by a CA firm under the presumptive taxation scheme which is applicable for professionals who are on contract - as per the email notice the code used was wrong. When asked the CA firm said that they used 'service' instead of 'profession' and that resulted in the notice. The taxpayer has a 2 week deadline from the notice date to file the revised return, however, the notice is not visible on my spouse's incometaxfiling dashboard (the official site)

Questions - can anybody shed light on common errors/notices which are issued under section 44ADA presumptive income scheme? My spouse is part of the MIS team and works on reports/analysis etc and is NOT professionally qualified i.e. CA/Doctor etc

In case the notice is not visible on the incometaxfiling website even after the email has been received from the IT dept, how does one respond, given that its a short two week deadline? We tried calling the toll free numbers yesterday but there was no response

[spookey]

Originally Posted by hothatchaway

My spouse, who is a contractor with an Indian conglomerate, received a defective return notice last Friday U/S 139 against the ITR 4 she filed.
In case the notice is not visible on the incometaxfiling website even after the email has been received from the IT dept, how does one respond, given that its a short two week deadline? We tried calling the toll free numbers yesterday but there was no response

Notice will be visible on dashboard after 3/4 days of receiving the email. Don't worry this is a minor issue. Your CA firm should take care of it. As told by them it only requires a small revision.

[kozhissery]

Hello Friends,

I need help. This is for my friend. He received a defective return notice yesterday U/S 139 against the ITR 4 he filed.

He quit his job in jan 2016 and has been doing software consultancy and started his own insurance agency. Which means he has to show income from Software consulting and commission from insurance.
He had filed his return under secion ITR4. Is the ITR wrong or what could be wrong?

[Bomi]

Originally Posted by kozhissery

Hello Friends,


He had filed his return under secion ITR4. Is the ITR wrong or what could be wrong?

ITR 4 is the correct form for a combination of proprietary business income and salary, during a financial year. Call the IT helpline.

[binand]

Originally Posted by kozhissery

He received a defective return notice yesterday U/S 139 against the ITR 4 he filed.

He quit his job in jan 2016 and has been doing software consultancy and started his own insurance agency.

Originally Posted by Bomi

ITR 4 is the correct form for a combination of proprietary business income and salary, during a financial year.

Those who filed under ITR-4 in earlier years have to file under ITR-3 from AY2017-18 onwards. ITR-4 now is for people who opt for the presumptive taxation scheme, which has a "commission agent" exemption that I think might include insurance agents. Best to take the advice of a good CA.

[sairamboko]

Hi All - i have applied for a home loan and i hope it will be approved soon. Here are my questions related to Income Tax:

1. We have bought a plot and constructing the property. Loan disbursal will be in partial amounts as per construction stages. Can i claim income tax relief under 80 c and other sections for the remaining months till 2018 March?

2. I am aware that home loan has sec 80 C benefits. Any other IT sections can i claim benefits? This is my first home loan and property.

Thanks in advance!

[arindambasu13]

My refund took almost three and a half months to disburse from the IT department and finally reach me. It was not a direct credit to my account, but was rather a check sent by speed post which I received yesterday. Though it took some time in coming, its indeed a nice feeling to get back part of the your hard earned money that you thought was no more yours

[Rodie09]

Hello Sairamboko,

I am assuming this is your first property. Rules for second house are totally different.

1. Usually, you cannot claim any benefits of home loan until the construction is complete. So for apartments, its only possible after possession. I'd assume similar rule will apply in your case too. If the construction is complete before March 2018, with full loan disbursed, then yes, you can claim all tax benefits while filing returns for FY2017-18.

2. If I remember correctly, you can also claim entire amount of stamp duty as well under Sec 80C but only if stamp duty was paid in the same financial year and again, the construction has to be complete.

3. As for the interest part on the home loan, even if the construction does not get over this FY, you should be able to claim the benefit of all pre EMI interest and regular interest divided equally over next 5 years. Of course, the interest benefit cap for each year still applies.

4. Don't think there are any other benefits you can claim out of home loan. Also, be mindful that once you are claiming a home loan benefit, you should have good reasons to justify any HRA claims - so the HRA benefit will go away if you are living in your own house and availing home loan tax benefits. There are some exceptions to it - you can easily find the info on internet.

Hope above was helpful.