[kushagra452]

Is it common for independent professionals (CAs/Lawyers/Doctors) to register a sole proprietorship since it is more tax efficient? Asking for a friend, whose father is a doctor and has started an independent clinic after retiring from a govt. hospital. Will it be better for him to get a GST number and register a sole proprietorship? Thanks!

[raksrules]

If I have a house that when sold fetches less than what it was bought for, can the loss incurred on the sale of my house be set off against LTCG from sale of mutual funds or shares? If yes, then can it be done only for one year or more than one year?

[pramodkumar]

Hi All,

Is there time window (TAT) for processing refunds? Below is the status on the site.



Pramod

[Engine_Roars]

Originally Posted by pramodkumar

Hi All,

Is there time window (TAT) for processing refunds? Below is the status on the site.

Attachment 2488680

Pramod

Mine has been pending too & for almost the same timeline. I don't understand how this works, sometimes it is lightning fast & sometimes this.

[pramodkumar]

Originally Posted by Engine_Roars

Mine has been pending too & for almost the same timeline. I don't understand how this works, sometimes it is lightning fast & sometimes this.

Most articles online and the self help section asks to call the call center, they are completely useless and they just read out loud what is written in the portal. There is no accountability on these things and public scrutiny of their inconsistent timelines/processes/procedures will bring absolutely no benefits, they have enough data points to improve things if they had the will. Like most people think excess tax is not cut because people fail to declare things on time, most organisations just cut taxes to be on the safer side. So technically a large proportion of the taxpayers have less money to spend because excess tax was cut, these are things that should be seen with empathy by the government and every step should be taken to improve the experience of that 1% of honest citizens who are also direct taxpayers.this is the second issue faced by our family in this FY, that’s 100% of taxpayers in our home, imagine what the rest of the taxpayers in the country might be going through, a lot of people have no clue which tax regime their organisation has put them on, imagine the plight of pensioners who will realise this when their taxes are higher than usual.

Pramod

[Garth]

Originally Posted by pramodkumar

Hi All,

Is there time window (TAT) for processing refunds? Below is the status on the site.

Attachment 2488680

Pramod

Mine was also Pending Processing since 24th July. Processing completed on Saturday. I didn't receive any notification. Just randomly checked on 11th, and it was still under processing. Then again on the 12th, and was showing as Processed. Mine was ITR 2.

So hopefully yours should be processed soon too.

[Habanero City]

Originally Posted by pramodkumar

Hi All,

Is there time window (TAT) for processing refunds? Below is the status on the site.

Attachment 2488680

Pramod

The situation is the same for me and my spouse.

In fact in one of the case, I got an SMS that return is processed and check the E-mail.
However neither did I get any E-mail nor the return was processed while checking by logging in.

It appears that processing and especially refunds are taking longer this year.
Wonder what is happening.

Today I saw an advertisement by the department hiring CA's and Lawyers who will "help" the IT officers as announced by the Government.

Surely the squeezed are getting squeezed again and again.

[DigitalOne]

I got two mails from IT department yesterday. The first one said there is a refund for 2023-24. A couple of hours later I got another mail saying the below:
---
Dear Sir/Madam,
<<My Name>>
PAN: <<My PAN>>

Transaction of Rs. 10 against CRN 230827001xxxxx dated 27/08/2023 is awaiting bank confirmation. You cannot initiate another transaction against this CRN for the time being.

Thank you


If you are not aware about this transaction and you have received this email, it may mean that somebody else has done it.
Please contact 1800 103 0025 or +91-80-46122000 immediately.

-----

When I log into the income tax portal now, I see that there is indeed a challan generated yesterday for 10rs for FY 2019-20. The bank specified for the challan is SBI; I don't have an account in SBI. The "Pay Now" button is disabled for this challan.

Should I be worried? Not sure whether the refund for FY 2022-23 is now linked to the 10rs challan of 2019-20. Any ideas what to do?

[TorqueyTechie]

Folks, I have a question regarding gratuity. Is the amount taxable or is it tax-free? My wife moved to a different org mid of last year and as part of the final clearance was paid out gratuity which I think was filed as non-taxable. Not sure if it's right though and wanted to clarify.

[binand]

Originally Posted by TorqueyTechie

Folks, I have a question regarding gratuity. Is the amount taxable or is it tax-free? My wife moved to a different org mid of last year and as part of the final clearance was paid out gratuity which I think was filed as non-taxable.

As far as I know, gratuity up to 20L is tax-exempt. And this 20L is lifetime cumulative is what someone (a lawyer specialising in employment matters) told me.

[thanixravindran]

Originally Posted by DigitalOne

I got two mails from IT department yesterday. The first one said there is a refund for 2023-24. A couple of hours later I got another mail saying the below:

Should I be worried? Not sure whether the refund for FY 2022-23 is now linked to the 10rs challan of 2019-20. Any ideas what to do?

I thought no demand or refund if the amount is less than 100 INR.

The Challan is generally for tax payable. What is the major and minor head? I think it will expire after few days. Did you try to pay any advance tax?

Please check the last login once. Is there any demand notice in the dashboard?

I would suggest to reach out to them as this doesn't seem normal. It may be a glitch in the system but get it confirmed.

[vrprabhu]

Originally Posted by TorqueyTechie

... question regarding gratuity. Is the amount taxable or is it tax-free? ......final clearance was paid out gratuity which I think was filed as non-taxable.

Gratuity (paid as per Payment of Gratuity Act or as per the terms of employment) is exempt. It is paid on the basis of completed years of service (normally 15 days salary for every completed year of service; there is a formula to determine how much gratuity is to be paid as per the Act).

To claim exemption for the amount received as gratuity, the break up should be reported by the assessee while filing the tax return.

Originally Posted by binand

As far as I know, gratuity up to 20L is tax-exempt. And this 20L is lifetime cumulative....

There was a proposal to increase this limit in the current year's budget. Not sure of the new limit....

[DigitalOne]

Originally Posted by thanixravindran

The Challan is generally for tax payable. What is the major and minor head?

The challan got auto-paid yesterday night . The major and minor heads were "Income Tax (Other than Companies) (0021)" and "Outstanding Demand (Regular Assessment Tax) (400)" respectively.

All well that ends well.

[pramodkumar]

So there is an update to the situation finally, again a cryptic mail . VI A encompasses a lot of things, not a specific thing, since we don’t know what has triggered this we will have to take some wild guesses on what might have triggered this, I hope submitting no change will take this forward, talking to my CA to see what can be done now.Below is the mail I received from the IT department.








Pramod

[rx100]

Originally Posted by pramodkumar

So there is an update to the situation finally, again a cryptic mail

Pramod

My wife has received the exact same mail yesterday and the worklist was not updated yesterday when I checked. Today it’s enabled for providing response and we responded with option 1.

In her case, she missed to submit the proofs to employer before deadline and only PF was included in 80C as part of Form 16. While filing returns we claimed full 150000, hence the query from IT department on mismatch. Please check your Form 16 80c amount and claimed amount while filed returns.

PS: I am still waiting for my returns to be processed and no emails raised for me yet. I filed my returns on July 4th.