[mjothi]

Query to Bangalore TBHPians.

I remember seeing some advt in ToI couple of days about submitting the ITR-V forms and getting acknowledgment from Bangalore One offices.

Anyone tried it? Is it implemented already?

[BaCkSeAtDrIVeR]

Sorry to bother you with another query. This one is related to current accounting year. Since the tax rates are down to 10%, (please correct me if I am wrong), I am thinking of cutting down 80C savings and investing in the stock market (no - mutual funds are inadequate - :-P ).

The question

1. If I do the tax payment myself can I ask the salary disbursing officer not to do TDS (probaby file form 60 too?)

2. What is limit for paying advance tax?

The salary disbursing officer in this case is myself. And the office does not have a TIN. Assuming that a TIN is obtained, I have the double pain of having to go through the paper work for TDS AND then my own assessment papers.

[mjothi]

Originally Posted by sheetumanu

From this year onwards, you could send it through SPEEDPOST as well but NO COURIER/REGISTERED POST.

Their main page you can send by Speed post. But when you upload the XML file, the final screen and the ITR-V form says this

NOTE : Please furnish the signed and verified Form ITR-V to the Income-tax Department by mailing it to Income Tax Department - CPC, Post Bag No - 1, Electronic City Post Office, Bangalore - 560100, Karnataka,BY ORDINARY POST ONLY within 120 days after the date of transmitting the data electronically. ITR-V sent by Speedpost, Registered Post or Courier will not be accepted. Form ITR-V shall not be received in any other office of the Income-tax Department or in any other manner

So, better do a ordinary post only.

[meerkat]

Originally Posted by tanwaramit

I am looking for a process to get refunds for Income Tax. I am still awaiting the refund for Assessment year 2009-10. Can anyone throw any pointers to the same ?

Originally Posted by sammyboy

I got my refund without really doing much, just the normal filling of the Saral form under the refund heading. I got mine 2-3 months back but that was for the 2008-2009 year.

I have not received my refund for the Assessment year 2008-2009 yet! And this after the law specified the last date for completion of refunds for that year to be 31/03/2010. I guess the law means nothing to the government itself! I've written to the grievance cell in Bangalore. After getting no response, and then bugging them a couple more times I was finally asked to wait for another month! And that was almost a month back. Looks like I need to file an RTI application.

[HappyWheels]

Originally Posted by mjothi

Query to Bangalore TBHPians.

I remember seeing some advt in ToI couple of days about submitting the ITR-V forms and getting acknowledgment from Bangalore One offices.

Anyone tried it? Is it implemented already?

Did the online excel file based returns filing (PDF seems to be having some error, so do not try it). Uploaded the XML file and received the saral form in my inbox.

Printed and sent across the saral form by normal post to CPO and received the acknowledgement in 5 days from date of posting. All done.

[meerkat]

Originally Posted by sheetumanu

You could file the return online on Income Tax Return Filing website:

https://incometaxindiaefiling.gov.in/portal/index.jsp

It's damn simple, easy, convenient

Well, not quite! I have registered for efiling, and can't even login to the site (after having activated my account successfully)! The password is apparently "wrong". I have NOT forgotten my password. Still, just to make sure, I had my password reset. Still the same problem! Wrote to them. Yet to get a response!

And about their tax software. The excel and the pdf versions of the ITR-1 calculate the interest payable differently (the pdf version calculating it to be about 10x higher, which is absolutely wrong)!

To top it all, I've downloaded revision 16 of the excel version today (they update the revision almost everyday!). This calculates the sum of two figures to be 50 lakhs (with corresponding taxes etc.) when it should be 5.5 lakhs! -- I'm near the point of giving up on efiling this year!

[mjothi]

Originally Posted by meerkat

Well, not quite! I have registered for efiling, and can't even login to the site (after having activated my account successfully)! The password is apparently "wrong". I have NOT forgotten my password. Still, just to make sure, I had my password reset. Still the same problem! Wrote to them. Yet to get a response!

And about their tax software. The excel and the pdf versions of the ITR-1 calculate the interest payable differently (the pdf version calculating it to be about 10x higher, which is absolutely wrong)!

To top it all, I've downloaded revision 16 of the excel version today (they update the revision almost everyday!). This calculates the sum of two figures to be 50 lakhs (with corresponding taxes etc.) when it should be 5.5 lakhs! -- I'm near the point of giving up on efiling this year!

You are the first one I hear such comment. Not sure whats wrong, but in my office, there was atleast 5 - 8 people doing it for the first time, and we all loved it.

Originally Posted by HappyWheels

Did the online excel file based returns filing (PDF seems to be having some error, so do not try it). Uploaded the XML file and received the saral form in my inbox.

Printed and sent across the saral form by normal post to CPO and received the acknowledgement in 5 days from date of posting. All done.

Yup. Posted it today. Hopefully will get the ackn by next week.

[benbsb29]

Guys, i have a query for which i need your help and suggestions.

Based on the documents which i had submitted for the past FY, my tax was calculated accordingly by my company and my Form 16 shows a refund amount of 0 INR. On March 24th, 2010, i registered a new flat in my name, and i can claim deductions towards the stamp duty under section 80C. Now, would i be required to submit any proof regarding this amount, which i would need to calculate and fill up under applicable Refunds myself?

Please do let me know, and thanks in advance.

[bullboy]

I got a notification from IT dept stating me to pay an additional amount plus interest.
It seems that they have not considered my claim of exemption on interest on house loan eventhough i have furnished the details to my employer .I feel that they failed to submit the document.
Do i need to pay the additional amount? Pls advice on how to proceed.

[PAVAN KADAM]

Originally Posted by meerkat

I have not received my refund for the Assessment year 2008-2009 yet! And this after the law specified the last date for completion of refunds for that year to be 31/03/2010. I guess the law means nothing to the government itself! I've written to the grievance cell in Bangalore. After getting no response, and then bugging them a couple more times I was finally asked to wait for another month! And that was almost a month back. Looks like I need to file an RTI application.

Whats your Ward ?

I know how exactly the ITO's work, Its all their Finger magic

10 yrs since i've been paying regular taxes, and similar years since i am getting my refunds, and the delay has been a max of 10 months from the date of filing, not more.

No point in writing to the grievance cell, they have no clue about it.

Once the ITO flashes all his 10 fingers and fists them, its 10K as a cut, twice its 20K. I have seen 2 flashes everytime i go for my refund. 10-15% of refund claimed is their birth right

[mjothi]

Originally Posted by benbsb29

Guys, i have a query for which i need your help and suggestions.

Based on the documents which i had submitted for the past FY, my tax was calculated accordingly by my company and my Form 16 shows a refund amount of 0 INR. On March 24th, 2010, i registered a new flat in my name, and i can claim deductions towards the stamp duty under section 80C. Now, would i be required to submit any proof regarding this amount, which i would need to calculate and fill up under applicable Refunds myself?

Please do let me know, and thanks in advance.

Normally, when you do e-filling, there is no option to attach any proof or send any through post. So, its only needed when you get any verification letters from IT.

Are you sure its under 80C?

Btw, for the section 80C, the max slab is 1Lac. So, calculate and see how much is your current declaration in this 80C as per Form-16 and then see if it still has any provision to include the stamp duty.

[BaCkSeAtDrIVeR]

AFAIK, stamp duty is added as capital value of the house? And as part of the capital value, if you have taken a loan, you can claim a deduction on the amount paid towards repayment of capital.

I am not sure it isa deduction u/s 80C.

[benbsb29]

Originally Posted by mjothi

Normally, when you do e-filling, there is no option to attach any proof or send any through post. So, its only needed when you get any verification letters from IT.

Are you sure its under 80C?

Btw, for the section 80C, the max slab is 1Lac. So, calculate and see how much is your current declaration in this 80C as per Form-16 and then see if it still has any provision to include the stamp duty.

Thanks for the reply, Mahesh. I was also under the same impression, and just wanted to clarify.

Mahesh, i am quite poor with my investments for tax saving, so there is a sufficient amount i can put towards the remaining quota under 80C.

Originally Posted by BaCkSeAtDrIVeR

AFAIK, stamp duty is added as capital value of the house? And as part of the capital value, if you have taken a loan, you can claim a deduction on the amount paid towards repayment of capital.

I am not sure it isa deduction u/s 80C.

I checked with a CA friend of mine, who gave me a reply similar to what Mahesh mentioned above. He said that this can be claimed under 80C.

[meerkat]

Originally Posted by PAVAN KADAM

I know how exactly the ITO's work, Its all their Finger magic
.
.
Once the ITO flashes all his 10 fingers and fists them, its 10K as a cut, twice its 20K. I have seen 2 flashes everytime i go for my refund.

The problem is, I'll never take this route. So it has RTI written all over it for me, and I will do that if that's what it takes.

[mjothi]

Originally Posted by benbsb29

Mahesh, i am quite poor with my investments for tax saving, so there is a sufficient amount i can put towards the remaining quota under 80C.

Very bad. This is the only option our famous PC have given and here is a guy who don't use it

Best is to use it for PPF.