[undead]

Originally Posted by binand

My understanding is that what shown on TRACES is the gospel truth, since that is what the IT department knows about. If your company says it has deducted (say) 2 lakhs as tax but TRACES says only 1.5 lakhs have been deposited by the company, then you are in tax arrears of 50K.

The person who signs the Form 16 is an employee of your company, not an IT official. His signature cannot trump IT dept's own records.

.

http://taxguru.in/income-tax-case-la...-mismatch.html

Read the case law on the link given.

[binand]

Originally Posted by undead

http://taxguru.in/income-tax-case-la...-mismatch.html

Read the case law on the link given.

Yes, that is the part I agreed with you. It very clearly says "the mismatching is not attributable to the assessee and the fault solely lay with the deductor", which is the case I mentioned too (my tenant).

My point was about veracity of TRACES data in situations like: say company X pays individual A salary of Rs. 12L, tax on this (at 30% flat rate) is 3.6L which X deducts @30K per month from the salary. So A receives 70K salary per month. X, for reasons unknown paid only 20K per month to the government, but issued false Form 16 to A showing full 30K with fraudulent challan numbers etc. A will see 3.6L tax in his Form 16 but only 2.4L in TRACES. Under such circumstances, A should know TRACES is correct in this case. The criminal liability of company X is unquestioned here.

[faustus77]

Originally Posted by undead

http://taxguru.in/income-tax-case-la...-mismatch.html

Read the case law on the link given.

Undead
Hi.Reading a post by you after a long time.
You may remember that I had posted a link to a judgement by Delhi High Court that in the event of a mismatch the onus was on the IT department.This was a case of a mismatch between TDS and the IT records.
I had tagged you in that post.
Regards

[dre@ms]

80c under child education loan, how much is the exemption. When checked the rule and google, how much ever is the tuition fees, it would be totally exempted. But when showing proof in my office, it was mentioned the max limit is Rs. 100/month. Am I missing something here.

[binand]

Originally Posted by dre@ms

80c under child education loan, how much is the exemption. When checked the rule and google, how much ever is the tuition fees, it would be totally exempted. But when showing proof in my office, it was mentioned the max limit is Rs. 100/month. Am I missing something here.

You are mixing two things.

- Education loan is covered under 80E; all the interest paid on the loan is deducted from your taxable income. There are conditions, but generally loans taken to cover most professional courses in India are eligible.

- Tuition fees paid is covered under 80C; subject to the overall limit of Rs. 1 lakh for this section. It can be deducted from your taxable income.

In addition to the above, there is an exemption of Rs. 100 per month per child (for max. two children).

[Gokrish]

Originally Posted by dre@ms

80c under child education loan, how much is the exemption. When checked the rule and google, how much ever is the tuition fees, it would be totally exempted. But when showing proof in my office, it was mentioned the max limit is Rs. 100/month. Am I missing something here.

80E- interest on education loan is deductible from taxable income without any upper limit. Allowed for a maximum of 8 years. Any higher study after SSC or equivalent is permitted. Loan from even employer allowed.
80C- Tuition fees up to a maximum of Rs. One hundred thousand is deductible from income u/s 80 C.
Education allowance and hostel fee allowance - Rs.100 and Rs.300 per month respectively. But these will have to be paid as such allowances by the employer and are not blanket deductions.

[dre@ms]

Originally Posted by binand

- Tuition fees paid is covered under 80C; subject to the overall limit of Rs. 1 lakh for this section. It can be deducted from your taxable income.



In addition to the above, there is an exemption of Rs. 100 per month per child (for max. two children).

Originally Posted by Gokrish

80C- Tuition fees up to a maximum of Rs. One hundred thousand is deductible from income u/s 80 C.
Education allowance and hostel fee allowance - Rs.100 and Rs.300 per month respectively. But these will have to be paid as such allowances by the employer and are not blanket deductions.

My bad. I was indeed asking about the child education exemption and not the loan. Thanks for the brief explanation. I will produce my son's fee receipt and get the exemption.

[anandpadhye]

The ITR-2 is available in excel sheet format.
It also has two buttons:
1. Import previous version
2. Import Personal/Tax Details

When I click 1st, it says "To be integrated from PR2".
When I click 2nd, it allows me to open an xml file (presumably from previous year), but then I gives validation errors!

Anyone knows how to make either of these imports work? Will be a great help.

[perseus]

I was trying to file my ITR online today. I also purchased a property last year and paid TDS to govt towards payments made to builder. Now these TDS amounts show as advanced tax and finally shows as a refund requested
(Since I paid more tax that was due on me). Has anyone else faces this or I am doing something wrong.

[binand]

Originally Posted by perseus

I was trying to file my ITR online today. I also purchased a property last year and paid TDS to govt towards payments made to builder. Now these TDS amounts show as advanced tax and finally shows as a refund requested
(Since I paid more tax that was due on me). Has anyone else faces this or I am doing something wrong.

Every person who made a payment after 1/6/13 (when this rule of TDS @1% for property purchases > 50L was implemented) is facing this issue. The advice currently being circulated on my apartment owners' mailing list is to simply edit this TDS field and set it to 0 so that no refund is computed.

[swiftnfurious]

I am trying to file the return this year online - first time for me doing it online. Could someone help?

Am I supposed to click on Quick e-file ITR?

When I select the "ITR Form Name" drop down, I see ITR-1 and ITR-4S. Which one should I select?

[binand]

Originally Posted by swiftnfurious

When I select the "ITR Form Name" drop down, I see ITR-1 and ITR-4S. Which one should I select?

ITR-1 is for most salaried people (salary income + untaxed capital gains + not more than one house property).

ITR-2 is for people with, in addition to the above, taxable capital gains, multiple house properties, foreign assets/income and carried forward capital losses.

ITR-3 is for people who have income from a partnership (but not sole proprietorship).

ITR-4 is for most other businessmen and professionals having independent practices (doctors, lawyers, CAs, ...)

ITR-4S is a simplified version of ITR-4 where the income is < Rs. 60L (I think this is the threshold for mandatory annual audit).

Depending on which group you fall, you need to pick the right form.

Edit: The ITR-4S limit apparently is 1 Crore in AY 2014-15 (the one for which we are supposed to file by July 31).

[undead]

Originally Posted by swiftnfurious

I am trying to file the return this year online - first time for me doing it online. Could someone help?

Am I supposed to click on Quick e-file ITR?

When I select the "ITR Form Name" drop down, I see ITR-1 and ITR-4S. Which one should I select?

What is your source of income ? Salary or business or filing incometax return for any special reason like income due to sale of property like land and building that attracted capital gains .

[dass]

Originally Posted by swiftnfurious

I am trying to file the return this year online - first time for me doing it online. Could someone help?

Am I supposed to click on Quick e-file ITR?

When I select the "ITR Form Name" drop down, I see ITR-1 and ITR-4S. Which one should I select?

If your primary source of income is salary, then ITR1, else you need to chose the others accordingly.

I just filed mine, and it took all of 10 minutes to fill it. One illogical thing is, if I cannot digitally sign, I need to take a print out and post it to them through mail. Why Cant I just upload it without a digital signature, and how on earth do I get a digital signature?

[swiftnfurious]

Originally Posted by binand

ITR-1 is for most salaried people (salary income + untaxed capital gains + not more than one house property)...

Originally Posted by undead

What is your source of income ? Salary or business or filing incometax return for any special reason like income due to sale of property like land and building that attracted capital gains .

Originally Posted by dass

If your primary source of income is salary, then ITR1, else you need to chose the others accordingly...

Thank You all. I am in a software form and hence ITR-1 should be the one to go thru. Let me see how good can I proceed.

Originally Posted by dass

...One illogical thing is, if I cannot digitally sign, I need to take a print out and post it to them through mail. Why Cant I just upload it without a digital signature, and how on earth do I get a digital signature?

I see we have an option to add digital signature in "Profile Settings". Since I do NOT know what & how those options are exercised, I might give it a pass this time.

Would anyone have any idea how to create a digital signature?