[Warwithwheels]

Originally Posted by saket77

Has the income tax department started processing the returns for FY19-20? I had filed way back in Jun-19 and am still waiting for the processing to be done.

Did you mean June 2020?

The processing usually starts after the filing due date. The due date has been extended to January 2021. So expect the processing to take longer than usual.

[saket77]

Originally Posted by Warwithwheels

Did you mean June 2020?

The processing usually starts after the filing due date. The due date has been extended to January 2021. So expect the processing to take longer than usual.

Oh yes, sorry for the typo; It’s indeed June-20. Thanks.

[blorebuddy]

Looking for a CA advisory service to consult on my income tax filing. I would require help in Form67 and declaration under FA. Does anyone has any recommendation?

[UPS_Guru]

Originally Posted by saket77

Has the income tax department started processing the returns for FY19-20?

Yes. I had also filed it early in the year, and received the intimation last week.

[xcentrk]

Hi Guys,

Until last year, my IT filing works like this. Employer shares the Form-16, and then I will simply check values and file online by e-verify the return.

But I quit on May 2019 and been running a business but not taking any income from it due to some reasons. Now I just went ahead and file it ITR and e-Verified. What will happen now? Earlier I used to submit the proofs to my employer but how do I do it now? Can someone shed a light on this matter?

[babhishek]

Well, the company you worked for till May 2019 has issued a form 16 and if tax savings were declared by you, they are apportioned for 2 months.

Since you have filed, and since you have zero income as per your statements above, you should manually add declaration of additional savings etc, as applicable and keep evidence with yourself.

[binand]

Has anyone started the process of filing IT returns? For me the latest ITR-2 (PR3.2) is showing interest/fine etc. to pay because it thinks today (4/12) is way past the original filing deadline (31/7?). Even if I set those fields to 0 manually each click on "Recalculate" seems to reset this.

These fields in Schedule TTI (a and d).

[Warwithwheels]

Originally Posted by binand

Has anyone started the process of filing IT returns? For me the latest ITR-2 (PR3.2) is showing interest/fine etc. to pay because it thinks today (4/12) is way past the original filing deadline (31/7?). Even if I set those fields to 0 manually each click on "Recalculate" seems to reset this.

These fields in Schedule TTI (a and d).

Attachment 2089009

Do you have any self assessment tax payable exceeding Rs. 1 Lac?

"Though the due date for filing of income-tax return for the Assessment Year 2020-21 has been extended, but no relief shall be provided from the interest chargeable under section 234A if the tax liability exceeds ₹1 lakh. Thus, if self-assessment tax liability of a taxpayer exceeds ₹1 lakh, he would be liable to pay interest under section 234A from the expiry of original due dates, that is, 31 October," said Naveen Wadhwa, DGM, Taxmann.

https://www.livemint.com/money/perso...532715781.html

[blorebuddy]

Originally Posted by binand

Has anyone started the process of filing IT returns? For me the latest ITR-2 (PR3.2) is showing interest/fine etc. to pay because it thinks today (4/12) is way past the original filing deadline (31/7?). Even if I set those fields to 0 manually each click on "Recalculate" seems to reset this.

These fields in Schedule TTI (a and d).

Attachment 2089009

Please download the latest ITR2 (PR4.1) is available with this version you will not get this.

[shivshanker]

To all FCA's looking for some more inputs please!

I am ashamed to say I am one of the few who has been impacted by the Yes Bank AT1 write off's, did lose a bit of money in that.

(Ps. If somebody is feeling bad for me, willing to take donations to offset my losses)

Now, since Yes Bank AT1 Bonds are a write-off by RBI or the GOI, can I term this as a Short Term loss under ITR 2/3 and carry forward to future years as allowed, to off set against my Short term trading gains in subsequent years.

I plan on calling out the loss in my ITR for this year, I do not get my trading account audited, Question 1 : will I have an Issue with the Income tax guys.

Question 2 : my Intra day Trading Turn over, i.e. buy and Sell is easily over 2 CR annually, do I need to get myself Audited?, No salary income against this PAN.

I am using mProfit to maintain my books of account.

Question 3 : my Investment Account has long term stocks, over 50L and I do intra day trade with another 50L, is my capital now termed as 1 Cr or is it only 50 L.

Dhanyavad in advance, Shenoy

[saisree]

Originally Posted by saket77

Has the income tax department started processing the returns for FY19-20? I had filed way back in Jun-19 and am still waiting for the processing to be done.

Processing of ITR has started and I received my refund. But, the IT website is not updated with the final status. I too filed it around June’20.

[vrprabhu]

Originally Posted by shivshanker

... since Yes Bank AT1 Bonds are a write-off by RBI or the GOI, can I term this as a Short Term loss under ITR 2/3 and carry forward to future years as allowed, to off set against my Short term trading gains in subsequent years...

The loss on bond write off can be claimed as short term or long term (capital) loss - depending on the duration of holding the bond by you - and set off appropriately against short term or long term gain.

[dailydriver]

In what is perhaps the fastest ITR processing seen in my entire tax paying life, my tax refund was credited back yesterday: I had submitted the returns on November 30, 2020!

On the other hand, two of the zero tax liability returns filed by my family members in July were processed only in the last week of November.

[xcentrk]

Originally Posted by dailydriver

In what is perhaps the fastest ITR processing seen in my entire tax paying life, my tax refund was credited back yesterday: I had submitted the returns on November 30, 2020!

On the other hand, two of the zero tax liability returns filed by my family members in July were processed only in the last week of November.

Wow! That was super quick. Way back in 2015, it took me around 45 days after I filed my IT, refund was credited. I was like, Wow! That's super quick from an government entity. But this is just another level.

Filed mine last week and guess it would get credited soon!

[sansvk]

I have a query, for 2020-21 AY is it mandatory to fill in Schedule 112a for mutual fund CapitalGains? I have a switch from Regular to Direct mode with over 50 transactions, is it required to enter all of these transactions?