[binand]

Originally Posted by rdst_1

My question is whether this was the law all along or has it been changed recently to this form of calculation.

A quick look suggests this was introduced through the Finance Bill of 2014 and is applicable since AY 2015-16.

https://www.indiabudget.gov.in/budge...5/fb/bill1.pdf

Section 2(2) is the relevant part.

[lambuhere1]

Will my PAN change if I update my name

As the title suggests, was wondering if my PAN number change if I change the name.

Basic premise being, that in Aadhar, the name is listed as Banana Apple.

But in PAN data base, it is listed as Apple Banana < firstname lastname >.

Now if I understand the numbering sequence of PAN, the fifth digit of the PAN number is the first letter of your last name. For e.g. in PAN data base, with Apple Banana name, the fifth digit will be B

Now if I want to change the name as per Aadhar records, my last name will become Apple. WILL THIS CHANGE MY PAN NUMBER ?

Don't want to loose my 20 year IT return history with the change of name.

Has anyone explored this option

Appreciate your attention

[binand]

Originally Posted by lambuhere1

Will my PAN change if I update my name

It didn't in my case. I switched from L. Name (as recorded in my class X, degree cert, DL etc.) to Name Lastname (expanding the L) to match my passport. The PAN didn't change.

In any case your past history wouldn't at all. That would be totally detrimental to the requirements of IT department.

[binand]

Bumping this thread up.

Has anyone been able to "Download Pre-filled XML" for 2019-20? For me, this AY is not present in the dropdown.

[fordday]

Originally Posted by binand

Second is to check your Form 26AS for the relevant AY. This amount might figure there. If not, it is likely that you selected the wrong assessment year when paying the tax. That particular problem was asked a page or so back and suggestions are available.

Thanks Binai.
I checked my Form 26AS and the details of that payment was there. Submitted these details as response for the outstanding demand. Hopefully it should close the case.

[S_U_N]

Is anyone here expert on DTAA and how it treats exempt income?
PPF interest is tax-exempt in India. But when we move overseas and become tax resident in another country, by default all global income is taxable.
Does the host country give special consideration to PPF? Or does it expect you to pay tax just like any 'other income' from FD's, savings interest etc.?

Anyone with first hand experience with European countries?

[Kulin_Shah]

Originally Posted by binand

Bumping this thread up.

Has anyone been able to "Download Pre-filled XML" for 2019-20? For me, this AY is not present in the dropdown.

It is pre-filled xml from previous year hence you have to select AY 2018-19 from the drop down menu. You are trying to get the details from the previous and incorporate into the current.

Hope this helps.

[binand]

Originally Posted by Kulin_Shah

It is pre-filled xml from previous year hence you have to select AY 2018-19 from the drop down menu. You are trying to get the details from the previous and incorporate into the current.

No, I had tried that but it didn't work ("Invalid ITR or Assessment Year"). And if you were to think about it, what you say above doesn't make sense - we need pre-filled XML suitable for AY2019-20.

Anyway I saw on CA Club India forums that it will be made available only towards end of June, so I'm waiting patiently.

[vnabhi]

Question for tax experts. I have got my Form 16, but when I checked the Income Tax website, I found another payment of Rs 42000 in it apart from what I got from my employer. I later realized that it was for a training I had conducted long back, but the payment was made on April 3rd, 2018. An amount of Rs 4200 was deducted as tax for it.

But as I fall into the 30% bracket, I now have to pay the difference between the 30% tax amount and the 10% already deducted. As it is now June, I will also have to pay interest. Any idea how much is the percentage of interest?

Thanks in advance.

[Sherlocked]

Originally Posted by vnabhi

Any idea how much is the percentage of interest?

No interest is applicable if you have paid 90% of or more of the "assessed tax"

100% advance tax must be paid by 15th March of the previous year.

If the advance tax paid by you is less than 90% of the assessed tax, then interest will be applicable as:
Shortfall in the assessed tax X 1% per month or part of it X (Period from 1st April till the actual date of payment.)

[vnabhi]

Originally Posted by Sherlocked

No interest is applicable if you have paid 90% of or more of the advance tax payable.

100% advance tax must be paid by 15th March of the previous year.

If the advance tax paid by you is less than 90% of the advance tax payable, then interest will be applicable as:
Shortfall in the advance tax X 1% per month or part of it X (Period from 1st April till the actual date of payment.)

Thank you. Now I can make my calculation and proceed.

[AWD]

I have a Long term Capitals gain query. We get 6 months time post a property sale to deposit amount in Capital gain account, then 2 years to invest in a property. Now if amount is withdrawn from capital gain account post 6 months into savings account or elsewhere but not towards a property purchase, can it be again added to the capital gain account & scheme continues or one has to pay tax then?

[Warwithwheels]

Originally Posted by AWD

I have a Long term Capitals gain query. We get 6 months time post a property sale to deposit amount in Capital gain account, then 2 years to invest in a property. Now if amount is withdrawn from capital gain account post 6 months into savings account or elsewhere but not towards a property purchase, can it be again added to the capital gain account & scheme continues or one has to pay tax then?

Please note that the time limit for deposit into the CGAS is the date of filing the returns or the due date for filing the returns, whichever is early.

There are two types of deposits that can be made under capital gains account scheme which is explained below:

Type A – Savings deposit – Type A account is similar to regular savings bank account of any bank where interest at the rate similar to saving bank account interest will be credited periodically and also passbook is issued to the deposit holder. Just like savings deposit, Type A account offers better liquidity and withdrawals can be made at any time.

Type B – Term deposit – Type B account is similar to a fixed deposit account of a bank which offers interest at the rate applicable to term deposit and has restrictions similar to a term deposit.

Maximum term allowed for a Type B account is 3 years. The depositor is required to choose the term based on his plan for specified investment such as 2 years for the purchase of new house property or 3 years for construction.

Withdrawal from capital gains account scheme Account

There are no restrictions on withdrawal from Type A – savings account. While premature withdrawal from Type B account is allowed, it is allowed only after transferring the amount to Type A account and there may also be consequential penalty.

Any amount withdrawn is required to be utilised for specified investment within 60 days of withdrawal and any unutilised amount may be re-deposited to Type A account immediately.

Form C shall be submitted for withdrawal from an account for the first time and Form D for subsequent withdrawal providing details of the manner of utilisation of money withdrawn earlier. Hence, no chequebook or debit card is issued to the depositor.

[Kulin_Shah]

Originally Posted by AWD

I have a Long term Capitals gain query. We get 6 months time post a property sale to deposit amount in Capital gain account, then 2 years to invest in a property. Now if amount is withdrawn from capital gain account post 6 months into savings account or elsewhere but not towards a property purchase, can it be again added to the capital gain account & scheme continues or one has to pay tax then?

In 2002 I had undergone the same procedure of depositing in the CG account. From that I was allowed only to make DDs for the purchase of the property in the builder's name and nothing else.

Now things may or may not have changed. You can ask the bankers for more details.

[AWD]

Originally Posted by Warwithwheels

Type A – Savings deposit – [b]Type B – Term deposit –
Any amount withdrawn is required to be utilised for specified investment within 60 days of withdrawal and any unutilised amount may be re-deposited to Type A account immediately

Thanks, I read the basic info from Indian Govt. taxes site. Precisely what I wanted to know: Deposited amount within 6 months post gain in CG acc. Subsequent change of mind & withdrew amount & closed acc. Then again opened acc & made a deposit again. Now during return filing time, mind again swayed & took out deposit but have come across a suitable alternative now & depositing back into CG. Is all this shuffling ok ? Haven't filed years return though.

Originally Posted by Kulin_Shah

Now things may or may not have changed. You can ask the bankers for more details.

Yes method is streamlined now. Simpler to withdraw.