All Income Tax Queries (refunds, disputes, rates etc...)

sgiitk · 24th June 2015, 17:12

Only 1 and 4S are available at ths moment. Others to follow. Also, what about doing away with the signed ack!! Also, they claim to have both the Java and Excel versions there. Instructions for Java the same as last year, i.e. adding Java to the path??

sdp1975 · 30th June 2015, 12:08

I'm seeing a difference of around 12K between "Income Chargeable under the head salaries" - Form 16, and the "Total amount paid/credited" in TRACES. Is this allright, or are these 2 figures supposed to match precisely ?

The TDS amounts in Form 16 and TRACES do match.

blackstallion76 · 30th June 2015, 12:48

Friends,
My wife wants to claim refund on the recent apartment sold and we had to pay 26S tax to sub-registrar.
Which ITR form to submit as she is not working?

hserus · 30th June 2015, 18:44

Quote:

Originally Posted by blackstallion76

Friends,
My wife wants to claim refund on the recent apartment sold and we had to pay 26S tax to sub-registrar.
Which ITR form to submit as she is not working?

ITR2 as she has capital gains.

S_U_N · 3rd July 2015, 13:53

I could not find a clear answer elsewhere so I am asking here.
10 years ago, I bought an LIC policy - Jeevan Plus 173.
Paid money for 4 years (annual premium) and then stopped.

Now, my advisor told me that you can sell this off if you want.
Rs. 1.2 lac has grown to Rs. 2.5 lac.
There is 0.1% charge every month that I need to pay.

Question: If I surrender this policy, what are the tax implications? If taxable, will there be TDS?

hserus · 3rd July 2015, 18:35

No. As the policy is in "paid up" state just wait till maturity and collect it.

There will be some amount of surrender loss when you surrender prematurely - so if you do, invest the money in something like a well chosen mutual fund STP.

Typically - don't believe the average LIC agent any more than you believe a 2nd hand car dealer .. they will often do things to maximize their commissions.

S_U_N · 3rd July 2015, 20:01

Quote:

Originally Posted by hserus

No. As the policy is in "paid up" state just wait till maturity and collect it.

There will be some amount of surrender loss when you surrender prematurely - so if you do, invest the money in something like a well chosen mutual fund STP.

Typically - don't believe the average LIC agent any more than you believe a 2nd hand car dealer .. they will often do things to maximize their commissions.

Thanks. No tax sounds good.
There was some mention that since Govt. change policy with respect to insurance policies with coverage less/ more than 5 or 10 times, there is some gray area with respect to this old policy.

Actually the policy was purchased from someone else. The current advisor is just helping us 'clean up the house'.
The maturity is 70 years - and makes no sense for me (when I look back now).
There is no surrender charge since I have paid 3 annual premiums.

sgiitk · 4th July 2015, 12:37

Found a couple of bugs in ITR2. It is not accepting my second e-mail id xy@iitk.ac.in and also form OS has a bug. It keeps asking for non-existent details. 'Section Description is Mandatory at S No3'

NetfreakBombay · 4th July 2015, 18:51

Quote:

Originally Posted by S_U_N

10 years ago, I bought an LIC policy - Jeevan Plus 173.
Paid money for 4 years (annual premium) and then stopped.

Visit an LIC office and get actual numbers you will get on surrender. Usually first three years used have 40% - 20% agent commission 10 years ago. Based on that + 6% of Sum Assured guaranteed addition, surrender value would be really low (~90% of total premium paid in 4 years).

Even now, agents get 30% of first year premium (25% + 40% of this amount as bonus).

http://www.onlinelic.co.in/lic-agent...on-chart-2015/

tsk1979 · 4th July 2015, 19:03

Can any CA clarify whether any software purchases done by individuals now require form 15CA/15CB. eg you buy a 5$ app and pay in USD to a foreign entity.
http://www.livemint.com/Money/hBxc33...nresident.html

http://blog.tdsman.com/2015/04/chang...n-budget-2015/

This means, if I buy anything online, like music from USA/Europe, I will have to fill up some form in the IT department website?

What sort of joker government is this

sdp1975 · 14th July 2015, 20:21

IT department has introduced an e-verify mechanism by linking Aadhar to PAN. After linking Aadhar with PAN , an OTP will be sent to the mobile registered with Aadhar, and the OTP ( valid for 30 mins ) can be used e-verify the return on the ITD website.

Far more convenient than having to send a signed ITR-V by post !

vnabhi · 14th July 2015, 20:28

Quote:

Originally Posted by sdp1975

IT department has introduced an e-verify mechanism by linking Aadhar to PAN. After linking Aadhar with PAN , an OTP will be sent to the mobile registered with Aadhar, and the OTP ( valid for 30 mins ) can be used e-verify the return on the ITD website.

Far more convenient than having to send a signed ITR-V by post !

So does this mean we no longer need to post ITR-V to Bangalore? If yes, this is a good step indeed!. But I am curious to know how Aadhar linkage has avoided this need to post?

sdp1975 · 14th July 2015, 20:34

vnabhi, e-verify is an alternative to sending ITR-V that the IT department has come up with - just do some googling on it for more details.

I could link my Aadhar with my PAN on teh ITD website , and generate an OTP. However , I did not proceed with the e-verify as I already sent ITR-V by post a few days ago.

sgiitk · 15th July 2015, 10:08

My daughter in law has Aadhar with her maiden name and parental address, while the PAN is with her married name and address. Now what are the options, for e-verify.

pramodpk · 15th July 2015, 10:14

Quote:

Originally Posted by sdp1975

IT department has introduced an e-verify mechanism by linking Aadhar to PAN. After linking Aadhar with PAN , an OTP will be sent to the mobile registered with Aadhar, and the OTP ( valid for 30 mins ) can be used e-verify the return on the ITD website.

Far more convenient than having to send a signed ITR-V by post !

Quote:

Originally Posted by vnabhi

So does this mean we no longer need to post ITR-V to Bangalore? If yes, this is a good step indeed!. But I am curious to know how Aadhar linkage has avoided this need to post?

Quote:

Originally Posted by sdp1975

vnabhi, e-verify is an alternative to sending ITR-V that the IT department has come up with - just do some googling on it for more details.

I could link my Aadhar with my PAN on teh ITD website , and generate an OTP. However , I did not proceed with the e-verify as I already sent ITR-V by post a few days ago.

Quote:

Originally Posted by sgiitk

My daughter in law has Aadhar with her maiden name and parental address, while the PAN is with her married name and address. Now what are the options, for e-verify.

You can also e verify using via net banking. I did that few minutes back. Follow the instructions given. Did that using my SBI account.

24th June 2015, 17:12	#646
sgiitk Senior - BHPian Join Date: Dec 2007 Location: Gurugram Posts: 7,971 Thanked: 4,795 Times	Re: All Income Tax Queries (refunds, disputes, rates etc...) Only 1 and 4S are available at ths moment. Others to follow. Also, what about doing away with the signed ack!! Also, they claim to have both the Java and Excel versions there. Instructions for Java the same as last year, i.e. adding Java to the path??
	() Thanks

30th June 2015, 12:08	#647
sdp1975 Senior - BHPian Join Date: Aug 2009 Location: Bangalore Posts: 1,714 Thanked: 1,274 Times View My Garage	Re: All Income Tax Queries (refunds, disputes, rates etc...) I'm seeing a difference of around 12K between "Income Chargeable under the head salaries" - Form 16, and the "Total amount paid/credited" in TRACES. Is this allright, or are these 2 figures supposed to match precisely ? The TDS amounts in Form 16 and TRACES do match. Last edited by sdp1975 : 30th June 2015 at 12:15.
	() Thanks

30th June 2015, 12:48	#648
blackstallion76 BHPian Join Date: May 2008 Location: Bangalore Posts: 347 Thanked: 75 Times View My Garage	Re: All Income Tax Queries (refunds, disputes, rates etc...) Friends, My wife wants to claim refund on the recent apartment sold and we had to pay 26S tax to sub-registrar. Which ITR form to submit as she is not working?
	() Thanks

3rd July 2015, 13:53	#650
S_U_N Senior - BHPian Join Date: Mar 2010 Location: Oslo Posts: 1,816 Thanked: 417 Times	Re: All Income Tax Queries (refunds, disputes, rates etc...) I could not find a clear answer elsewhere so I am asking here. 10 years ago, I bought an LIC policy - Jeevan Plus 173. Paid money for 4 years (annual premium) and then stopped. Now, my advisor told me that you can sell this off if you want. Rs. 1.2 lac has grown to Rs. 2.5 lac. There is 0.1% charge every month that I need to pay. Question: If I surrender this policy, what are the tax implications? If taxable, will there be TDS?
	() Thanks

3rd July 2015, 18:35	#651
hserus Senior - BHPian Join Date: Sep 2014 Location: Chennai Posts: 4,991 Thanked: 9,208 Times	Re: All Income Tax Queries (refunds, disputes, rates etc...) No. As the policy is in "paid up" state just wait till maturity and collect it. There will be some amount of surrender loss when you surrender prematurely - so if you do, invest the money in something like a well chosen mutual fund STP. Typically - don't believe the average LIC agent any more than you believe a 2nd hand car dealer .. they will often do things to maximize their commissions.
	() Thanks

4th July 2015, 12:37	#653
sgiitk Senior - BHPian Join Date: Dec 2007 Location: Gurugram Posts: 7,971 Thanked: 4,795 Times	Re: All Income Tax Queries (refunds, disputes, rates etc...) Found a couple of bugs in ITR2. It is not accepting my second e-mail id xy@iitk.ac.in and also form OS has a bug. It keeps asking for non-existent details. 'Section Description is Mandatory at S No3'
	() Thanks

4th July 2015, 19:03	#655
tsk1979 Team-BHP Support Join Date: Feb 2005 Location: San Jose, CA Posts: 23,725 Thanked: 22,997 Times View My Garage	Re: All Income Tax Queries (refunds, disputes, rates etc...) Can any CA clarify whether any software purchases done by individuals now require form 15CA/15CB. eg you buy a 5$ app and pay in USD to a foreign entity. http://www.livemint.com/Money/hBxc33...nresident.html http://blog.tdsman.com/2015/04/chang...n-budget-2015/ This means, if I buy anything online, like music from USA/Europe, I will have to fill up some form in the IT department website? What sort of joker government is this
	() Thanks

14th July 2015, 20:21	#656
sdp1975 Senior - BHPian Join Date: Aug 2009 Location: Bangalore Posts: 1,714 Thanked: 1,274 Times View My Garage	Re: All Income Tax Queries (refunds, disputes, rates etc...) IT department has introduced an e-verify mechanism by linking Aadhar to PAN. After linking Aadhar with PAN , an OTP will be sent to the mobile registered with Aadhar, and the OTP ( valid for 30 mins ) can be used e-verify the return on the ITD website. Far more convenient than having to send a signed ITR-V by post !
	() Thanks

14th July 2015, 20:34	#658
sdp1975 Senior - BHPian Join Date: Aug 2009 Location: Bangalore Posts: 1,714 Thanked: 1,274 Times View My Garage	Re: All Income Tax Queries (refunds, disputes, rates etc...) vnabhi, e-verify is an alternative to sending ITR-V that the IT department has come up with - just do some googling on it for more details. I could link my Aadhar with my PAN on teh ITD website , and generate an OTP. However , I did not proceed with the e-verify as I already sent ITR-V by post a few days ago.
	() Thanks

15th July 2015, 10:08	#659
sgiitk Senior - BHPian Join Date: Dec 2007 Location: Gurugram Posts: 7,971 Thanked: 4,795 Times	Re: All Income Tax Queries (refunds, disputes, rates etc...) My daughter in law has Aadhar with her maiden name and parental address, while the PAN is with her married name and address. Now what are the options, for e-verify.
	() Thanks