[kushagra452]

I am a sole proprietor and have been using the presumptive income tax provision to file my taxes. My earnings from Professional fees is less than 50L. In FY22 I had earnings from clients abroad with whom the contract was in USD. They converted the USD to equivalent amount of INR and transferred the same to my local SBI branch in India.

Can I continue using Presumptive Tax provision if my total earnings (domestic + foreign) are above 50L?

Thanks.

[kushagra452]

Originally Posted by Garth

One question -
Is there a need to file a revised return now?

There is no need to file a revised return after paying your dues as per the demand notice.

[Engine_Roars]

Hi Guys, I filed my return yesterday and then I realised I made a mistake in calculating HRA, I claimed 30000 more than I should have, now I am trying to file a revised return but can't seem to find the option to file. Any ideas?

[am1m]

Filed IT returns in one sitting this year. Unlike last year when there were so many glitches and it took several attempts. They seem to have fixed the portal, thankfully.

[whitewing]

Originally Posted by Engine_Roars

Hi Guys, I filed my return yesterday and then I realised I made a mistake in calculating HRA, I claimed 30000 more than I should have, now I am trying to file a revised return but can't seem to find the option to file. Any ideas?

Don't you see the status of your current filing in the IT dashboard?

I can see this in my account and clicking the "file revised returns" leads me to filing of revised returns page.

[Engine_Roars]

Originally Posted by whitewing

Don't you see the status of your current filing in the IT dashboard?

I can see this in my account and clicking the "file revised returns" leads me to filing of revised returns page.
Attachment 2332460

I see this and when I click on this it takes me to "File return" screen, no option to file a revised return. If it is not too much of a trouble can you click on this & see till which screen can you proceed?

[whitewing]

Originally Posted by Engine_Roars

I see this and when I click on this it takes me to "File return" screen, no option to file a revised return. If it is not too much of a trouble can you click on this & see till which screen can you proceed?

Yes it does navigate to the returns filing page.
Alternately you can navigate via "

1. Dashboard
   >
2. e-File
   >
3. Income Tax Return
   >
4. File Income Tax Return

Choose current FY and select filing of new returns, the ITR gets pre-populated with the data from the previous filing AND the filing status is auto selected to "Revised"

[IshWish]

I had a weird experience with Income Tax Portal.

I filed my tax return for AY 2022-23 on 8th July 2022 and the same was processed within half an hour.

It was as surprising as it was shocking (in a good way).

[thanixravindran]

An IT query - I am planning to file my return this week. While I computed the income and tax liability to file, it seems I have to pay some additional tax due to FDs being taxed at lower band and my vehicle purchase TCS did not cover the liability fully.

I thought I can pay Self assessment tax and file the return for the shortfall. But IT calculator shows that I have to pay interest too under section 234B and 234C. I believed these sections are applicable only for people who have to pay advance tax within those quarterly timelines (Non salaried). Is it not the case?

[robincsamuel]

Originally Posted by thanixravindran

I believed these sections are applicable only for people who have to pay advance tax within those quarterly timelines (Non salaried). Is it not the case?

if your tax due is more than 10,000, then you’re required to pay advance tax.

Quoting from cleartax,

All assesses including salaried employees, self-employed professionals, businessmen etc. are required to pay Advance Tax, where the tax payable even after reducing TDS already is Rs 10,000 or more.

Source: https://cleartax.in/s/interest-impos...r-section-234b

[thanixravindran]

Originally Posted by robincsamuel

if your tax due is more than 10,000, then you’re required to pay advance tax.

Thanks, you are right. My FDs are maturing only in this financial year. So the 10% TDS happened only at March. However, IT department is showing the quarterly accrual and expecting interest on it. I guess this is becoming a bit complex that I have to track the quarterly FD accrual calculation or stop the FDs itself altogether.

Another query -

Earlier we can either show FD income as accrued interest in each FY or only in one FY when it is actually matured and paid. Does this provisions still there? If so, I can defer the tax liability to this FY and can pay the advance tax now itself to avoid the interest payment for the last FY.

[SoumenD]

Filed my ITR on 1st July,2022 and return got credited to account on 12th July,2022. Must say, impressive turn around time. Looks like after last year’s fiasco Infosys have sorted the portal glitches and the advantages (quick throughput time) and here to see

[Engine_Roars]

Originally Posted by whitewing

Yes it does navigate to the returns filing page.
Alternately you can navigate via "

1. File Income Tax Return

Choose current FY and select filing of new returns, the ITR gets pre-populated with the data from the previous filing AND the filing status is auto selected to "Revised"

Thank You, appreciate the help. Looks like I will have to raise a ticket. I still can't go through.

[redcruiser]

Is the Final date 31st July even for those who need auditing?

[avira_tk]

Originally Posted by thanixravindran

Thanks, you are right. My FDs are maturing only in this financial year. So the 10% TDS happened only at March. However, IT department is showing the quarterly accrual and expecting interest on it. I guess this is becoming a bit complex that I have to track the quarterly FD accrual calculation or stop the FDs itself altogether.

Another query -

Earlier we can either show FD income as accrued interest in each FY or only in one FY when it is actually matured and paid. Does this provisions still there? If so, I can defer the tax liability to this FY and can pay the advance tax now itself to avoid the interest payment for the last FY.

The tax on FD is dependent on your tax slab, so the deduction will not match the due amount in most cases. If you don't pay the remainder, interest is due.

If you pay the taxes due every year, the due amount in the year of maturity will be the tax due on interest paid in the latest financial year. This is based on tax slab. The accumulated interest method will just lead to higher taxes, as it is added to income.