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Old 24th October 2019, 17:17   #646
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Originally Posted by Prafful_Rathod View Post
Did you file your returns immediately after paying Self Assessment Tax ?
Yes I did!!!
Dang. Will file the rectification. Thanks for the help
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Old 24th October 2019, 19:41   #647
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The Finance Minister to boost the Auto Industry announced measures during Aug 2019

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Depreciation of 30% for Motor cars, other than those used in a business of running them on hire, acquired on or after the 23rd day of August, 2019 but before the 1st day of April, 2020 and is put to use before the 1st day of April, 2020.
https://taxguru.in/income-tax/cbdt-n...-vehicles.html
My query is, the 30% depreciation is only applicable for the FY2019-2020 or the same rate of 30% depreciation continues in the future years till the car fully depreciates beyond 2020?
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Old 24th October 2019, 20:08   #648
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Now this.

Personal income tax relief likely; slabs, exemptions may change

i hope better sense will prevail and they implement it. I always feel cheated paying those hefty 30% direct and god know how much "indirect" Taxes.

They got to listen to "Mango Man,s" mood, more so when direct taxes collection are more or less subdued indicating stagnant salary levels. It does't help that recent corporate taxes cut did not had any desired effect.
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Old 25th October 2019, 07:08   #649
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Originally Posted by .sushilkumar View Post
It does't help that recent corporate taxes cut did not had any desired effect.
The recent corporate taxes cut did not had any effect because the people who make or advice on these decisions neither have any idea on what is plaguing the economy nor do they have the humility to listen to academicians on the subject. We were in a far worse off position in 1992, the only difference then being that the people who were in power back then had both the brains and the guts to do what was to be done, unlike the blame game we see today.

The corporate tax cut is a supply side stimulus. What's plaguing the economy is essentially a lack of demand. Why would a corporate want to invest when their existing investments are not generating any return ? Who would want to invest in idling assets and block capital? To fix the economy, you need to provide stimulus on the demand side. For that you need to put money in the hands of the people, not corporates.

I'm not against the corporate tax cut, it is a good move because the tax rate was too high. It's just that this is not going to fix the problem in the economy. It should have been done when the economy is in a growth phase, not when its idling. This move will only help in widening the fiscal deficit, and soon enough we will see another tax or cess on fuels.

Last edited by longhorn : 25th October 2019 at 07:12.
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Old 25th October 2019, 10:55   #650
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The Finance Minister to boost the Auto Industry announced measures during Aug 2019



My query is, the 30% depreciation is only applicable for the FY2019-2020 or the same rate of 30% depreciation continues in the future years till the car fully depreciates beyond 2020?
Got it confirmed from CA, its applied 30% depreciation in the future years of vehicle Written down value.
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Old 26th October 2019, 06:48   #651
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Originally Posted by Prafful_Rathod View Post
Did you file your returns immediately after paying Self Assessment Tax ?

If yes then that is probably the reason for Income Tax Notification under section 143(!). two years back I had faced similar issue.

It generally takes two to three working days for the details of Self Ass. Tax to get updated in your Form 26AS, only after which you should file your returns.

I am surprised! Filing the return immediately after paying (online) the Self Assessment Tax shouldn't cause any problems at all! The CPC takes a while (several weeks to months) after the return has been filed to get around to processing it. That's more than sufficient time for the form 26AS to get updated with the Self Assessment Tax information. If things were done correctly (as indicated by the SA Tax payment confirmation record from the bank), one need not wait to see whether the Self Assessment Tax has indeed made its entry into the 26AS before completing the filing of the return.

For the past many years I have been filing my returns within hours of paying the Self Assessment Tax online. It has never caused any issues. I get around to downloading the final 26AS whenever I find time (or remember) to do it later, even months after filing my return. There was never an issue. In fact I remembered to do it for this year only after reading your post. The 26AS was updated just fine, as always!
.

Last edited by meerkat : 26th October 2019 at 06:53.
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Old 26th October 2019, 10:24   #652
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Originally Posted by meerkat View Post
For the past many years I have been filing my returns within hours of paying the Self Assessment Tax online. It has never caused any issues. I get around to downloading the final 26AS whenever I find time (or remember) to do it later, even months after filing my return. There was never an issue. In fact I remembered to do it for this year only after reading your post. The 26AS was updated just fine, as always!
.
Ideally this should not happen but i had faced exact same issue in 2017 filing, and I had filed Rectification request by selecting the option "Disagree to the Tax Demand" and simply reprocessing the same ITR without any change and it was reprocessed successfully after couple of months. So for the last two years I have been cautious to check form 26AS before filing final returns.

Just my guess, may be they would be having a complex software which would have differentiated checks for processing ITRs depending on Taxable income slabs
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Old 9th January 2020, 20:11   #653
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I could not find an NRI specific thread for investments so I am posting the question here.

Are there any restrictions/ complications from RBI/ SEBI/ FBAR etc. for NRI's (who are already overseas) from investing in global equities/ mutual funds? (I am not asking how NRI's can invest in Indian markets.)

If I start investing in such foreign equities, and being non-tax resident in India, will it complicate the process of filing IT returns in India (which I have to anyway file each year).

Any experts who can comment on this topic based on personal experience?
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Old 21st January 2020, 18:41   #654
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Folks, I need some suggestion on the best way to invest/re-insure the matured LIC lumpsum amount that I received. My 20 year old policy had matured and got around 5L as maturity amount. Please suggest options.
Thanks in advance!
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