[Warwithwheels]

Originally Posted by raksrules

So now at the time of ITR filing, can I somehow claim the deduction for the interest paid? If yes then is it something I just mention in the ITR form (have never filled ITR myself before) or I need to back it up using proofs and if yes then what proofs to submit?

Yes. You can claim the Housing Loan Interest and Principal as a Deduction while filing your ITR. Interest will be shown as a deduction from your rental income. You can also claim your local taxes like property tax paid as an expense.

The principal component will be accommodated under 80C.

The extra TDS deducted will be refunded once your ITR is processed. Please ask for a housing loan interest certificate from your lender - bank. No need to attach. But it is good to have a copy in your file for future reference.

Please refer the following link for detailed info.

https://economictimes.indiatimes.com...w/70035964.cms

[raksrules]

Originally Posted by Warwithwheels

Yes. You can claim the Housing Loan Interest and Principal as a Deduction while filing your ITR. Interest will be shown as a deduction from your rental income. You can also claim your local taxes like property tax paid as an expense.

The principal component will be accommodated under 80C.

The extra TDS deducted will be refunded once your ITR is processed. Please ask for a housing loan interest certificate from your lender - bank. No need to attach. But it is good to have a copy in your file for future reference.

Please refer the following link for detailed info.

https://economictimes.indiatimes.com...w/70035964.cms

I have Bank Of Baroda loan and I went in their app and requested the interest certificate for the loan account and they emailed me. It has elements like

Interest Payable
Interest Paid
Principal Payable
Principal Paid

I now think my company was asking this.

[Warwithwheels]

Originally Posted by raksrules

I have Bank Of Baroda loan and I went in their app and requested the interest certificate for the loan account and they emailed me. It has elements like

Interest Payable
Interest Paid
Principal Payable
Principal Paid

I now think my company was asking this.

Exactly. You need to take the actuals for claiming deduction.

[binand]

Originally Posted by raksrules

I have Bank Of Baroda loan and I went in their app and requested the interest certificate for the loan account and they emailed me.

I now think my company was asking this.

Correct. For HDFC, after logging in to their portal you go to Request > Income Tax Certificate and select the right financial year (depending on whether it is the current year or past year, you'll get a provisional or actual certificate).

[raksrules]

I recently bought Health Insurance and paid for 2 years. I cannot claim deductions this year but I will be claiming next year. But since I paid for 2 years together, I only have single premium receipt which gives the commencement and expiry dates.

Now, while claiming deductions under 80D, for Year 2020-21 (Assessment Year 21-22), should I divide the premium by 2 and claim the deduction for only half of the premium since the one I paid is for 2 years? And then claim rest of the half the year after ?

[binand]

Originally Posted by raksrules

Now, while claiming deductions under 80D, for Year 2020-21 (Assessment Year 21-22), should I divide the premium by 2 and claim the deduction for only half of the premium since the one I paid is for 2 years? And then claim rest of the half the year after ?

That is what I do; divide the premium by 2 and claim each half in a single financial year.

[raksrules]

I read that HUF can file for 80C deduction for PPF (HUF cannot have its own PPF I am aware) for payment made by one of the members of HUF. In this sense, if I am putting 3 Lakh per year in PPF (1.5L my PPF account and 1.5L in wife's), can I claim 1.5 Lakh out of it for deduction in my HUF PAN Card when I file return and rest 1.5 Lakh in my primary PAN Card (which I already do).

[meerkat]

Hello friends,

in my 26AS form for the FY 2019-20 I see two curious entries (from two different banks) marked "SFT-005 Time deposit"

The relevant CBDT notification gives this explanation for SFT-005 :

"Nature and value of transaction:

One or more time deposits (other than a time deposit made through renewal of another time deposit) of a person aggregating to ten lakh rupees or more in a financial year".

The curious thing is, none of the two entries amount to "ten lakh rupees or more", -- even both of them put together!

And here is another point:

For one of the banks I HAVE NOT OPENED ANY NEW TIME DEPOSIT WHATSOEVER in the FY 2019-20, let alone of an amount "aggregating to ten lakh rupees or more"!

Have you guys seen any such thing? Do the bank employees even comprehend the relevant CBDT directives?!

So, how do I deal with such spurious entries in my 26AS? In my experience writing to the bank usually gets me no resolution, just stalling and run around for months! What happens if I just ignore them and file my return as usual?

Thanks.
.

[NetfreakBombay]

Originally Posted by meerkat

how do I deal with such spurious entries in my 26AS?.

These are some known issues with :

1. process that processes transaction-reports files by banks
2. reconciliation that allocates aggregated amounts to individual's PAN

CAs are generally aware of that and can guide you in preparing the response / rectification request (if required).

[meerkat]

Originally Posted by NetfreakBombay

These are some known issues with :

1. process that processes transaction-reports files by banks
2. reconciliation that allocates aggregated amounts to individual's PAN

CAs are generally aware of that and can guide you in preparing the response / rectification request (if required).

The banks had no business in the first place reporting something that clearly violated the relevant CBDT directive!

If the CAs are aware of the problem, so should be the banks and CBDT itself! It's not funny that taxpayers have to run to CAs for a problem that is caused by a broken system!

I'm going to just shoot off queries to the concerned banks, and irrespective of their response, if any, just file my return as usual. I'll see if the CBDT queries me based on nonexistent issues created by a broken system. If they do, I'd just present my straightforward case myself, and ask them to go penalize the errant banks!
.

[vrprabhu]

SFT005 is PAN based. Are there any other accounts or customer profiles linked to your PAN?

Also, please go through your account statement for 2019-20 and check whether there is any erroneous entry or what could have caused the wrong reporting.

Actually getting in touch with the branch where you have your account can resolve this - hope you have lodged your complaint by now.

BTW, which Bank is this?

[meerkat]

Originally Posted by vrprabhu

SFT005 is PAN based. Are there any other accounts or customer profiles linked to your PAN?

Thanks. Multiple FD accounts, but with NO new ones since FY 2016-17 in IDBI, and nothing even remotely close to > 10 lakhs in SBI. Single profile in each. So, basically nothing that should have triggered SFT-005.

Also, please go through your account statement for 2019-20 and check whether there is any erroneous entry or what could have caused the wrong reporting.

Nope, nothing suspicious.

Actually getting in touch with the branch where you have your account can resolve this - hope you have lodged your complaint by now.

Going to, next week. But not very hopeful of any resolution from IDBI at least. They over reported my interest income for the FY 2019-20 in the Q4 TDS certificate (which included projected income from FY 2020-21 !). I had reported this problem (and another) here:

https://www.team-bhp.com/forum/shift...ml#post4819289 (Are banks resorting to some creative accounting during the Corona crisis?)


Couldn't get a satisfactory resolution even in three months, and even after escalating the issue to the nodal officer! They don't allow direct contact to the concerned departments which kept stalling, and throwing evidently wrong reasons! They even pointed me to a 2010 CBDT directive they had clearly violated themselves!

I have a well-documented chain of communication with all relevant data clearly establishing my case, -- all to no avail ! Finally I gave up, and have decided to gradually move away from the bank.
.

[NetfreakBombay]

Originally Posted by meerkat

taxpayers have to run to CAs

There are two parts in the system :

1. Publicly known rules that have to be followed by Taxpayers / Banks and other constituents
2. "Heuristics" used by system to send queries / pick up returns for further processing

CAs can help with second part. E.g.: they would know if a particular SFT can be ignored (based on income and other criteria).

Originally Posted by meerkat

I'll see if the CBDT queries me ...present my straightforward case myself.

That should work. In most cases, return will not be picked up for review.

[vrprabhu]

Originally Posted by meerkat

Nope, nothing suspicious.

Quite surprising that there is a problem with the data reported by both the Banks! Do you have 'sweep in - sweep out' facility with them?

Alternately, could this be a technical glitch at Income Tax Dept.'s side?

[JediKnight]

Originally Posted by Warwithwheels

If you are very sure about the correctness of your claim, please do not pay up. The processing takes some time and will get closed if the AO is satisfied with the genuineness of the claim.

The amount is way too small for a VSV settlement and moreover you do not have any appeal that is pending which is prerequisite to apply for VSV.

Already 9 years passed and no response has come. If suppose the AO eventually wakes up from his/her slumber and then says the demand is valid imagine the tax and penalty they will put on me. I don't have the time/energy/inclination to fight this in court.

What is the easiest method to handle this. I will pay up even though i know i am correct. I will treat this as some kind of donation to the country. As an overworked /stressed out/exploited law abiding "aam aadmi" i would rather have one less thing to worry about.

Originally Posted by concorde24

I am in the same situation for AY2015-16, where I have an outstanding due raised by my previous AO and i disagreed with demand online. I also requested for checking this via requests (ASK helpdesk) and mail to PRO, but no reply yet. I am not sure how long to keep it pending. I did speak to CPC and they recommended to talk to AO again.

From your post it seem to me that the correct way to handle this is to contact the AO. Are there other ways to contact the AO since the methods you listed above have clearly not worked. Can we somehow get the email-id/phone number of the AO and contact them directly?