[robincsamuel]

Originally Posted by govigov

I think I need to re-file? What is the procedure? What forms?

Yes, you have to file a revised return. Basically repeat the same filing process with the updated data but file as “revised return”.

Originally Posted by shipnil

Has anyone faced this issue? If yes, how did you resolve it?

Not sure about the issues you’ve faced but just want to suggest Quicko. You can just input all your income and they’ll prepare the ITR. They pre-fill most of the details from ITD and also support importing reports/linking accounts for popular brokers. It’s very intuitive that one maybe able to file the return in 10-15 minutes. It’s free to self file.

Note: I’m not associated with quicko in any way.

[shipnil]

Originally Posted by govigov

So, after paying the tax, do I need to do anything else?I think I need to re-file? What is the procedure? What forms?

If one can give me what forms and what steps to follow, I should be able to figure out the rest.

Have they calculated any amount? If yes, you might have received a demand notice in you efiling login too. You can pay using the link given in that demand notice. Just be sure to use the correct AY as well as the head under which you are paying tax.

[thanixravindran]

Originally Posted by shipnil

Experts, need help with couple of queries.

I am trying to file return using ITR-2 as I have some capital gains. Queries as below.

1. Do I have include the LTCG on Equity MF, if they are below Rs. 1 lakh? I included it assuming it would not be considered if it is below 1L. But the calculated tax is coming much higher.

2. I have CG in Debt (both ST and LT) as well as in Equity in ST as well. I have calculated the CG as per their respective rates like 20% for LT Debt, with indexation, 15% for ST Equity and ST Debt at my bracket. But still the amount calculated by the IT desktop application is not matching. The amount calculated by it is much higher.

Has anyone faced this issue? If yes, how did you resolve it?

1. Yes, you have to include it. The overall limit of LTCG exemption is 1L including equity and equity oriented MF.

2. Have you tried using the income tax calculator in the IT website? It allows you to input all the data and shows the break up of tax payable and interest component on unpaid tax, if any.

[shipnil]

Originally Posted by shipnil

Experts, need help with couple of queries.

Originally Posted by thanixravindran

1. Yes, you have to include it.

It seems the latest version of ITR offline utility was not calculating correctly. It wasn't treating the CG as per the IT norms. May be some configuration wasn't done correctly, which thinking about last years' woes isn't improbable.

I went ahead and used the online method from the efiling website which calculated the CG as per the correct rates. Suggestion to others, please use online method to avoid headache.

[msdivy]

Originally Posted by shipnil

Suggestion to others, please use online method to avoid headache.

Yes, the current online version is the best so far. Most of the fields are automated. Maybe in a few years, filing can be completed in a couple of minutes, at least for individuals.

[Mumbaiker]

Can someone please confirm if capital gains on share buyback is exempt? I am not able to find clear explanation anywhere.

[NH08]

Originally Posted by Mumbaiker

Can someone please confirm if capital gains on share buyback is exempt? I am not able to find clear explanation anywhere.

Capital gains is exempt for the shareholder tendering his shares. But if buyback happens through open market, then it is taxable.

[Mumbaiker]

Originally Posted by NH08

Capital gains is exempt for the shareholder tendering his shares. But if buyback happens through open market, then it is taxable.

Thank you so much. So in case of the TCS share buyback it would be tendering to th company, right?

[Sukanta73]

Originally Posted by thanixravindran

Yes, you
can claim it back. This is done during the IT filing. TCS has to reflect in your Taxes Paid section (same way as TDS). For that assessment year, if you have paid excess tax including TCS, you will get it as refund. If you have any tax pending, it will be adjusted against total tax liabilities.

I have purchased the car on 21st July?

1. Tentatively when it will appear in form 26AS?
2. If the dealer not filled the TCS, then what options are available?
3. Can I claim the TCS amount even it not shows in form 26AS

[NH08]

Originally Posted by Mumbaiker

Thank you so much. So in case of the TCS share buyback it would be tendering to th company, right?

Yes, it was tender route for TCS buyback concluded in March this year.

[thanixravindran]

Originally Posted by Sukanta73

I have purchased the car on 21st July?

1. Tentatively when it will appear in form 26AS?
2. If the dealer not filled the TCS, then what options are available?
3. Can I claim the TCS amount even it not shows in form 26AS

1. As per IT rules, TCS needs to be submitted by the dealer in the same month. You can check with your dealer next month. Some times it takes that quarter too. They will be able to give a certificate on TCS with date of booking.
2. I don't know. For me it took time to appear in my form26. I purchased car in January and it appeared in June only. I was exploring ways to intimate this to IT department but it came by that time.
3. No, because the tax collected from you has to be deposited by the dealer to Government against your Pan.

PS: if you have purchased car this July, you can claim it in next year's return only and not current filing for FY2020-21.

[Sukanta73]

Originally Posted by thanixravindran

PS: if you have purchased car this July, you can claim it in next year's return only and not current filing for FY2020-21.

In January 2019 I had purchased another car. But I was not aware about TCS refund. Is it possible to claim in this year return? For your information this year return I already submitted.

[thanixravindran]

Originally Posted by Sukanta73

In January 2019 I had purchased another car. But I was not aware about TCS refund. Is it possible to claim in this year return? For your information this year return I already submitted.

I am not sure whether it is possible to claim for FY18-19 now.

Was the TCS deducted at that time? Your can check FY18-19 Form 26AS in IT website and see it has appeared. I guess you would have filed IT returns without TCS. Only way I can think of is filing revised return and claim but not sure it is allowed. Please check with a CA if TCS appears in your FY18-19 26AS.

[IamNikhil]

Received my refund within 2 days of filing ITR. Pleasantly surprised at the seamless process this time.

[marsbhp]

A question for the Income Tax experts on TBHP. I have been filing my taxes regularly and have never missed even once. The last year has been crazy for me. The company I worked for had to fold up last year after the lockdown. Also, I came down quite seriously with Covid during the second wave and have been having some health issues since then. I am just now trying to get back with doing some freelancing. However, I have not had any real income during the last year.

My wife has been transferring money to my account for the last few months for taking care of household expenses and such. I am not sure what to do during this IT filing cycle. Obviously, I do not have any Form 16 or any income to show in my account. How do I go about this? Any pointers will be welcome!!

Cheers,
Ram