[sgiitk]

How to handle the profits from MFs. Also, I have some debt type funds (all growth) for over 5 years. How are the Capital Gains treated?

[hothatchaway]

Originally Posted by binand

I chose not to do this, because "I made a mistake" wasn't one of the options.



If I could take out my entire filing from Cleartax and import it into the Java utility, I'd be happy. Any way of doing that?

Anyway, this is the end of my relationship with Cleartax. They have not responded to my queries yet. I chose to go through them because last year I had to file ITR-3 which was too complex for me to do on my own.

I am assuming that the variation/discrepancy between your Form 26AS and what you filed can be accounted for, and it was only because of cleartax's limitation because of which you could not account for it. In that case (and going by the options on incometaxfiling website) do you need to file a revised return?


In my case, the variance can be accounted for and it was only because cleartax did not have the provision for me to record exemptions under section 10 that this discrepancy has arisen and hence I am using the 'Disagree' option which takes me to the next page which has options under which I can record and tally the amount in question. This is backed up by what is captured in the Form 16 issued by my employer. I checked with a CA who was of the same opinion.


What do you think?

[binand]

Originally Posted by hothatchaway

In my case, the variance can be accounted for and it was only because cleartax did not have the provision for me to record exemptions under section 10 that this discrepancy has arisen and hence I am using the 'Disagree' option which takes me to the next page which has options under which I can record and tally the amount in question.

In my case, the variance is this:

I had quit my job during the year. At the time of leaving, I had asked to be allowed to retain my company-issued laptop. They made a deduction from my F&F settlement equal to the carrying value of the laptop and allowed me to do so. That amount they accounted in my Form 16 under "Value of perquisites u/s 17(2)" as a negative amount. Neither Cleartax, nor the Java utility, is accepting a -ve number in this field.

I'm right now more or less resigned to paying tax on this amount (it works out to about Rs. 1500). I have another 10 days to ask around and see what all can be done; I have emailed both Cleartax and the old company. Let us see.

PS: I have looked at Cleartax's filing very closely now. They don't always put the numbers in the right fields. Be aware. Download their PDF and verify it all manually before filing.

[binand]

Originally Posted by binand

I have emailed both Cleartax and the old company. Let us see.

So I did hear from the old company; they assisted in fixing the issue. Had to make some changes and re-file.

Cleartax was so totally useless. After 4 days they responded asking for my email address (D-uh! Looked at the original email that came in?).

I downloaded the XML from the e-filing website and imported it into the Java utility. The version I had was a bit buggy (it didn't capture medical insurance premium properly) so it told me I had some tax to pay. After much heartburn found the issue; downloaded the updated version and I was good to go. The utility filed for me and now I am good.

For AY2018-19, definitely no Cleartax. They might be good for simple cases but when stuff hits the fan, they are just about as useful as a ping-pong ball in a tennis match.

[bluevolt]

I have received an e-Proceedings notice on income tax portal with name - Adjustment u/s 143(1)(a). It reads as income as per form 26AS which has not been included in computing the total income in the return.

Head of income - Other sources

Income as per income tax return - 0

Amount credit as per Form 26AS - 1,000 (sample amount)

Variance - 1,000 (sample value)

Now I missed the due to date for response submission and unable to refill the ITR. There was an option to accept/reject this claim as well.

Since I am a bit new in filing returns (this was my 2nd return), please guide me on the above issue.

Also, I was eligible for a refund and I have still not received it. Is it linked with this above issue? My ITR status is still successfully e-Verified.

[sindabad.sailor]

Need some navigational guidance on TRACES pages.

Trying to verify TDS where it is asking for TDS certificate number and TAN of deductor.

On the 26AS there are two entities, one is IT officer who deducted TDS for some refund for last year and other is of bank. Which one to choose.

Also on 26AS, can't find the TDS certificate number, without which the TDS can't be verified.

Have tried all combos but keep getting message that the data doesn't match.

Some guidance requested.

[binand]

Originally Posted by sindabad.sailor

Need some navigational guidance on TRACES pages.

Trying to verify TDS where it is asking for TDS certificate number and TAN of deductor.

You don't directly visit the TRACES website - that is for institutional deductors. You as the payer should get to TRACES via your netbanking or via the IT e-filing website. In HDFC Bank, the relevant link is "View Tax Credit Statements" under "Enquire" in the left navigation pane. In the e-filing website, it is "View Form 26AS (Tax Credit)" under "My Account" menu.

[sindabad.sailor]

I am accessing TRACES through e filing website. Not all banks have the verification through net banking and hence using e filing website.

Any further pointers?

[Thad E Ginathom]

Originally Posted by binand

You don't directly visit the TRACES website - that is for institutional deductors. You as the payer should get to TRACES via your netbanking or via the IT e-filing website. In HDFC Bank, the relevant link is "View Tax Credit Statements" under "Enquire" in the left navigation pane. In the e-filing website, it is "View Form 26AS (Tax Credit)" under "My Account" menu.

Just a few hours ago I logged into Traces and downloaded my form 26AS. On the login page one clicks for deductor or taxpayer. I think I originally did so via the bank, but then realised one can simply go direct.

(Ijust checked the access from Axis Netbanking --- there is currently "a technical issue" with access from the bank.

[binand]

Originally Posted by sindabad.sailor

Trying to verify TDS where it is asking for TDS certificate number and TAN of deductor.

Also on 26AS, can't find the TDS certificate number, without which the TDS can't be verified.

The TDS certificate (Form 16B) is available only to the deductor. You are required to collect the certificate from the deductor for your records.

But I don't see a way to verify TDS certificate issued by an individual (one without TAN). I suppose you have to make do with the corresponding entry in the Form 26AS.

Originally Posted by Thad E Ginathom

Just a few hours ago I logged into Traces and downloaded my form 26AS.

I see that now. I was talking from an old experience, when the traces website didn't allow individual logins. Apologies.

[sudev]

What is typical time period for getting refunds? My firm should be getting ~10lac refund on TDS for financial 2016-17. Been waiting.

[Caffeinated]

Originally Posted by sudev

What is typical time period for getting refunds? My firm should be getting ~10lac refund on TDS for financial 2016-17. Been waiting.

Last year, my refund was due after filing. I waited 3 months, and then raised a ticket on their site for reissue, and mailed as well. Things started moving, and I got it in next 10 days.

[dailydriver]

A little help needed

A colleague has retired from Government service in May 2017. He has Form 16 pertaining to April and May 2017. From June 2017 to March 2018, he has received X amount of pension. I understand that the salary particulars available in Form 16+X would constitute his income for the FY 2017-18 and hence need to be shown as Income from Salary in ITR 1. The combined amount is clearly taxable.

Further, he has received an amount Y as Leave Encashment, Gratuity, PF receipts etc. This amount, I believe, is exempt from income tax. He has invested the retirement benefits in Bank FD, the interest on which is also taxable. He has no income from any other sources/business. The question he wants answer for is this:

Where (which section/part) in ITR 1 shall he show the exempt income?

[spookey]

Originally Posted by dailydriver

A little help needed

Where (which section/part) in ITR 1 shall he show the exempt income?

Item no. 27 : Exempt income (for reporting purposes) under section taxes paid and verification.

[Repsol]

Need a help from all tax gurus here. I purchase my Dusty last year in the month of June. At the time of purchase, I had paid 1% of Ex-showroom as TCS, which is now duly reflecting in my 26AS under the section - PART B – Details of Tax Collected at Source.

I wanted to know:
1) Can we claim this amount back?
2) If yes, then do I simply add the details from the 26AS (Name of collector, TAN of collector, Tax Collected, etc) in the TCS section of the ITR, and the refund will be processed accordingly?