[skywalker18]

A similar scenario that comes to my mind is that with ability to carry forward capital loss depends on whether one files the ITR within the due date.

"If the ITR filed is belated ITR, then no capital loss is allowed to be carried forward. Hence, for an individual to carry forward allowed capital losses of previous financial year under the new tax regime, the ITR must be filed on or before the due date of 31 July."

My parents sold a flat around 7-8 years back for a little(less than 10% increase and thus had a long term capital loss of around 15+ lacs after indexation) more than the buy price after holding for 7+ years and did not file the income tax then within due date and thus they could not carry forward the loss.

This happened inspite of having a CA for 25+ years then.

[xcentrk]

Originally Posted by Vinod_nair

All Indians not filing ITR much before the last date, don't deserve any sympathy. In today's day and age, when you are carpet bombed with reminder since the last quarter, you deserve to be penalized.

The same is the case with any Insurance, you do pay the penalty for being late?

Mods: I'm sorry if I'm being too straight forward in my explanation, please delete my post, if not appropriate.

Regards.

Sorry for being rude, but the post seems oblivious of the reality of life. I used to file my taxes myself for last 8 years and I always filed immediately after I get my Form 16. Usually around June end or July 1st week itself.

But this year, for some reason, Form 16 got delayed and I got it only by July 28th. But then when I try to file, the portal keep loading and I got errors.

Tried for 2 days and I couldn't get it done. Because I have to do it in between my work and life. So, for the first time, handed over the details to a CA and he did file by 31st July 9pm.

What if, CA also delayed it citing some technical reasons. Am I the bad guy here. In my 8+ years of filing IT, I faced this only this year. Don't I deserve any sympathy? Is it completely my fault?

I understand that a wrong needs punishment, but a mistake doesn't need one. We all do honest mistakes. Even after taking TDS, filing ITR is just an administrative process. Giving harsh punishments or saying we should be penalized, it just plain ignorant. After all, I already paid my taxes. I'm not talking about business people. But even in their case, it should be considered as a mistake and not as wrongdoing.

Evading tax is wrong, delaying administration process is not. Simple!

[Aldo280]

Originally Posted by VikramAditya

The Union Budget has ruined the taxation. Even FD's will incur tax on interest credited to FD.

This is not something new. Interest earned on Fixed deposits, NSCs, KVPs, Post Office deposits is taxed on accrual basis i.e. taxed in the year it gets credited to the respective asset.

[handsofsteel]

Originally Posted by Sk8r

I am facing a different problem.

While my wife was paying the additional Tax due well before deadline, the payment went through from my Bank side but hasn't been credited to the Income Tax department account and not reflecting in her returns data.

Now the Bank (SBI) through which I did the payment (UPI) has washed away their hands stating that since it's an Government entity, there is nothing much they can do.

Any leads on how do I seek refund will be much appreciated. Thanks in advance

You do not seek a refund. You raise a grievance on the IT Portal on a working weekday. They get back to you after a week or so with detailed steps. I had the same issue. I sent them a mail with screenshots of the challan paid. They asked me to file a fresh return and write the challan details in the advance taxes paid column.However, when I filed a fresh return, Lo and Behold!the payment to SBI was already reflecting in the pre-filled details. So I think it is a bug that they are aware of.

[ishekk]

Originally Posted by amit_purohit20

My CA tried to file ITR after the deadline with penalty and system allowed to use old tax regime.

Can you share some more details or contact details of the CA.

[dsuman]

I am afraid you missed the bus and will have to take a hit. Why wait till last minute. I file my returns in June every year and also get back my applicable refunds in July. We anyway have to file returns so why not do it asap.

Note: I dont know what your reasons are for waiting till last moment. Hope you find a solution. It pinches to pay taxes in lakhs just because old tax regime is unavailable now.

[Mr.Ogre]

Originally Posted by ishekk

Last night(31st July 2024), I just missed filing ITR by few minutes. So after 12 AM when I tried submitting the ITR, portal did not accept OLD TAX regime.

Did you try contacting a CA. My CA was on my back to give him all the documents needed to file ITR this year before the due date. He would not let me rest.

I would advice to contact your CA if things don't work out your way eventually.

[warp_10]

Read through each of the post in patience, here are my thoughts and inputs:

Originally Posted by ishekk

Last night(31st July 2024)
[b][b]But penalty of few lakh rupees just because someone misses ITR deadline by few minutes is highly unfair.

Agree, that it sounds unfair that a person who completed 2 mins before and you have a huge difference in filing returns. But with time being continuous variable, that is expected. If you were given 2 days grace, a person filing 2 mins after the grace would fall under a similar bucket. This would be true in every walk of life, say something like if you missed a gate entry to your flight by 2 minutes or if you got 5 mins late to a competitive exam (SAT, GRE..) ?

To be more honest, the point is not about missing deadline by minutes but the fact that it was open for months and still was missed. Sorry, but we as Indians have a last-minute scrambling culture and jugaad nature be it either project submissions at school work, deadlines at work or even trying to be on time for some event or meeting. We in fact take pride in it on most occasions since it gives us a feeling of optimization to the last minute.

I am not stating tax filing is as time critical and should be compared to airlines. The point is we have normalized the idea that being a bit late is acceptable in every walk of life and that saddens me time and again.

Originally Posted by JithinR

Would this be your position if for example our own Bhpian who was recently arrested and just released on Bail for simply driving his SUV in flooded Delhi waters misses the due date?

You are also assuming that folks that have taxable income above the rebate levels will have cash on hand. What if they have an emergency (need not always be medical and under the purview of a insurance policy) and weren't able to arrange for funds on time.

Don't want to take an example that involves a member here but thought perhaps you could reflect on the absurdity of your statement.

P.S As for the rule mentioned here, while I was aware that new regime is the default going forward, even I wasn't aware that you couldn't select the old one after due date. Perhaps one of those reminders could have called that out.

Again, this is mixing tax payment vs filing. The system has decoupled those, and you could choose a pay later option and file the taxes. The bigger concern for the poster is that the old-regime was unavailable over the few mins, which I believe is because old-regime is intended to be culled over time. Yes, the old-regime has its benefits, but that is a different topic of discussion altogether.

On your point of missing tax filing on arrest, that is a point which we love to do - taking extreme conditions as arguments. But to be fair, the system would need to cover those arguments. During such extenuating circumstances, you could write a detailed explanation and supporting documents to the Assessing Officer (AO), who will evaluate the request. This is typically handled on a case-by-case basis. Your ITR portal allows you to do this.

Tax filing is an extremely boring and complex, which makes us not want to spend time or dig to get the required information (most of the information is available over web, just a simple query of what are the disadvantages of late filing in any search portal will give us the data). Buying a car is so much more interesting that we end up spending lot of time on it finding finer details and becoming motorheads, it's just that we as humans want to read more on what we are interested in. Being truthful, I have had my pains and penalties in the system over time (and have been learning to spend more time and read even about such dry subjects).

[xway]

Pathetic.

Cannot help ranting again. Just stupid reasons to increase taxes.

GST Slabs - We want to reduce slabs, so plan is to remove 12% and make everything 18%, lo and behold simplified.

LTCG - Government wanted to simplify LTCG so removed indexation, so investors bear the brunt.

Senior Citizen concession - We do not want seniors to travel during covid so removed the concession, so fares are doubled and no seniors travel. Now it has been stopped permanently.

Platform tickets - We want to discourage people from coming to platforms, Solution is easy make Rs. 5 tickets to Rs. 50, objective achieved.

Toilets - We want to encourage cleanliness, again another achievement Peeing charges which was 50p now increased to Rs. 5

Parking - We do not want people to park longer, so train stations parking is now astronomical and increases exponentially every 10 minutes.

So this seems habitual for the government to fill its sinking coffers in the name of betterment. If they want to promote something increase taxes on all other alternatives instead and if they want to discourage something again increase taxes on it, with increasing penalty and taxes remaining constant.

[three10]

Wow! Eye opening. Never knew that you could not use the old regime if you went past the due date.

I always use the old regime due to rental income and HRA - my office requires extensive documentation, so I am not able to submit HRA proofs at office to be included in form 16 directly.

When I was reviewing the AIS and TIS, I was wondering why we still need to file tax returns. IT authorities pretty much have all information, they can simply send a notice for excess tax if any / issue a refund.

[M.Dua]

Sir, not suggested. There is no concept of voluntary tax audit. While filing the Tax audit form, the clause needs selection. You will not fall under any. Selecting any other clause is 'misrepresentation'. Legal ramifications apply.[/quote]


I remember reading that if i opt Section 44AD/AE and i want to show income lower than 6%/8% - I can opt for voluntary tax audit. Could be wrong, let me know pls.

[mtripathi13]

Originally Posted by M.Dua

I remember reading that if i opt Section 44AD/AE and i want to show income lower than 6%/8% - I can opt for voluntary tax audit. Could be wrong, let me know pls.

Dua Saab, the law relating to tax audit on account of lower profit below the threshold, in case of businesses was replaced ages ago. Seven years to be precise.

However certain provisions in respect of minimum threshold of profit for professional income for people like doctor, CA, Lawyer, architect etc remain.

Without going into technicalities, I just wish to add that the logic you apply in business cases has run its course and has been redundant for the last 7 years.

I reiterate, for businesses there is no concept of voluntary tax audit. If you do, the department is at its liberty to treat it is a colourable tax evasion device.

Regards
Manish