[srvm]

Originally Posted by SideView

Guys i have a strange issue.

While filing tax the standard deduction us 16(ia) shows 0 and no way edit this. (My understanding is it should show 50k)

Attachment 2480413

Anyone else facing the same? Any way to edit this?

Tried starting from scratch again and still see the same.

Did you by any chance choose new tax regime option in the beginning?

[SideView]

Originally Posted by srvm

Did you by any chance choose new tax regime option in the beginning?

Yes I did, doesnt new tax regime have the same?

Edit: My bad just checked. It is not applicable.

Thanks for your help!

[srvm]

Originally Posted by SideView

Yes I did, doesnt new tax regime have the same?

Edit: My bad just checked. It is not applicable.

Thanks for your help!

You're welcome
Standard deduction is not available for new tax regime in FY 2022-23.
But it's available for new tax regime in FY 2023-24

[fordday]

If I didn't report my capital losses in last year ITR, can I mention /bring it forward to this year ?

[xcentrk]

Originally Posted by mtripathi13

Sir, please hold on for some more time. The processing of returns have been properly started post 7th July. The government has been waiting for june quarter advance tax and july tds receipts to ease its liquidity. Barely few thousand return were processed at start of July. As of today the figure of processed returns is 1.33 crores out of 2.64 cr verified. See the attachment.

So please bear for a little bit more. The refunds will be credited shortly.

Regards
Manish

My return got processed and got the refund today. Thanks for your reply!

[rx100]

Originally Posted by fordday

If I didn't report my capital losses in last year ITR, can I mention /bring it forward to this year ?

I don’t think that would be possible. Only reported losses can be brought forward to next FY.

[digitalnirvana]

Hi experts, does an NRI in a country with Double Taxation Agreement, and without any income in India, need to file an ITR? If yes, which one please? Some guidance would be really useful, thanks

[mtripathi13]

Originally Posted by digitalnirvana

Hi experts, does an NRI in a country with Double Taxation Agreement, and without any income in India, need to file an ITR? If yes, which one please? Some guidance would be really useful, thanks

Dear Sir
For a Non-Resident(NR), the following are taxable in India–
a. income received or deemed to be received in India;
b. Income which accrues or is deemed to accrue in India

If neither of these exceed the minimum amount chargeable to tax, then the need to file return is not there provided the exemptions of various provisos, more importantly seventh proviso and Rule 12 AB is also met.

For all practical purpose an NR will fall under one of these added conditions. For example, the seventh proviso says:
Provided also that a person referred to in clause (b), who is not required to furnish a return under this sub-section, and who during the previous year—
(i) has deposited an amount or aggregate of the amounts exceeding one crore rupees in one or more current accounts maintained with a banking company or a co-operative bank: or
(ii) has incurred expenditure of an amount or aggregate of the amounts exceeding two lakh rupees for himself or any other person for travel to a foreign country; or
(iii) has incurred expenditure of an amount or aggregate of the amounts exceeding one lakh rupees towards consumption of electricity; or
(iv) fulfils such other conditions as may be prescribed51,
shall furnish a return of his income on or before the due date in such form and verified in such manner and setting forth such other particulars, as may be prescribed.

So if not too much trouble, try and file the return for NR.

[whitewing]

The online filing process has improved significantly, while the excel based one continues to be sloppy (disabling cut operation, hiding the formula bar etc).
Overall the AIS + the filing portal made it quite easy to file the taxes this time around, thought the we site was a bit slow, no complaints on it as such.
Huge improvement since last year!

One gripe is, looking at the details in the AIS - the IT dept has our digital horoscope. Makes me wonder why do they make go through the annual ritual of entering all these numbers? Especially the ones related to equity, would save the nation a bunch of time, if they pulled hte info from the brokers/NSDL and pre-populated the same.
Atleast for common citizenry like me, would avoid unproductive drudgery.

[kushagra452]

I received my ITR acknowledgement today. Upon checking the same I see that the amount of tax payable (including interest and penalty) is Rs.4 more than the amount of tax paid. What happens now? Will I get a notice from the IT Dept. to pay Rs.4 as outstanding tax? Will I be liable to pay any penalty? Thanks.

[warrioraks]

Originally Posted by whitewing

One gripe is, looking at the details in the AIS - the IT dept has our digital horoscope. Makes me wonder why do they make go through the annual ritual of entering all these numbers? Especially the ones related to equity, would save the nation a bunch of time, if they pulled hte info from the brokers/NSDL and pre-populated the same.

Although I am with you on the sentiment, this will never happen. Two reasons primarily -

Firstly, your comment is applicable only to people who are salaried and everything is usually in white. This is a small fraction of overall population.

Secondly and more importantly, it’s about risk management. IT dept filling and submitting these details for you and me means they can’t hold us accountable in case of incorrect filings/tax discrepancies. No IT department in any country would take that risk. The onus for tax compliance would always be on the common citizen.

[Chetan_Rao]

Originally Posted by kushagra452

I received my ITR acknowledgement today. Upon checking the same I see that the amount of tax payable (including interest and penalty) is Rs.4 more than the amount of tax paid. What happens now? Will I get a notice from the IT Dept. to pay Rs.4 as outstanding tax? Will I be liable to pay any penalty? Thanks.

Not a tax professional, but I'd say wait for it to be processed and see if a demand is actually raised (the final intimation would indicate that). Should be pretty straightforward to clear up if they do ask.

When the difference is within a few rupees (usually calculation differences and unintentional), it's usually rounded off and marked no due. I've had it a couple times over the years and was never asked to pay up single-digit sums.

[Everlearner]

Originally Posted by kushagra452

I received my ITR acknowledgement today. Upon checking the same I see that the amount of tax payable (including interest and penalty) is Rs.4 more than the amount of tax paid. What happens now? Will I get a notice from the IT Dept. to pay Rs.4 as outstanding tax? Will I be liable to pay any penalty? Thanks.

I had read somewhere in the past that if the difference is less than Rs.100, you don't need to do anything. Not sure if it's still the same.

[dailydriver]

Originally Posted by kushagra452

I received my ITR acknowledgement today. Upon checking the same I see that the amount of tax payable (including interest and penalty) is Rs.4 more than the amount of tax paid. What happens now? Will I get a notice from the IT Dept. to pay Rs.4 as outstanding tax? Will I be liable to pay any penalty? Thanks.

Did the system not show this excess demand while filing the return, before submitting it? If not, it is highly unlikely that you will be asked to clear the dues now.

But one can't really be sure how the IT department thinks. For, about a decade back, a colleague was served a physical notice for an exactly same amount - ₹4/-; when he had already paid about two odd lakhs!

* * *

On second thoughts, what do you mean by receiving the acknowledgement? That normally happens immediately after the e-verification, doesn't it?

Are you talking about 143(1) that is sent after the returns are processed?

[meerkat]

Originally Posted by Everlearner

I had read somewhere in the past that if the difference is less than Rs.100, you don't need to do anything. Not sure if it's still the same.

It is still the same.

Originally Posted by dailydriver

But one can't really be sure how the IT department thinks. For, about a decade back, a colleague was served a physical notice for an exactly same amount - ₹4/-;
[

That's really surprising! The ITR form shows zero demand for amounts less than 5 rupees. This has been true for at least a decade, in my experience. Moreover, they don't ask for payment anyway if the demand is less than 100 rupees.