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

Thad E Ginathom · 15th September 2015, 18:03

Yes, and thanks again. Got confirmation from our own CA, also, today.

hellmet · 8th October 2015, 12:18

Quick questions: Do you really need to keep all Form 16s from your ex-employers? If yes, just the last one will do, or all of them? How about if I had a soft-copy?

S_U_N · 8th October 2015, 23:01

Quote:

Originally Posted by hellmet

Quick questions: Do you really need to keep all Form 16s from your ex-employers? If yes, just the last one will do, or all of them? How about if I had a soft-copy?

I have not received a printed Form 16 for more than 3 years. All soft copies kept on my online account.

binand · 9th October 2015, 07:57

Quote:

Originally Posted by S_U_N

I have not received a printed Form 16 for more than 3 years. All soft copies kept on my online account.

I do receive printed ones, but I scan and keep them in my Dropbox account.

S_U_N · 24th October 2015, 18:40

I had filed and verified my returns on 27 August.
Latest status from 12 September is that e-return is in progress; kindly wait for further communication.

I wonder what is taking so long.

sgiitk · 24th October 2015, 18:48

Quote:

Originally Posted by S_U_N

I had filed and verified my returns on 27 August.
Latest status from 12 September is that e-return is in progress; kindly wait for further communication.

I wonder what is taking so long.

we had filed four returns in August. Ass paper ITR-Vs. I got the acks for two which had Aadhar quoted within three weeks of posting. The other pair (one HUF) and one where there was a name mismatch took more than six weeks.

S_U_N · 25th November 2015, 19:05

It is now almost 3 months since I filed my ITR2. The IT website still shows "In processing".

Has anyone experienced such a delay?

null · 25th November 2015, 20:30

My ITR2, filed on 28th August with Aadhar verification, is in a semi processed state. I had paid 3K tax extra & hence had submitted a revised return. In September, I got a notification for the demand from earlier years (2005 & 2009), which I had accepted. In the last few days, I have got multiple emails from CPC with varying amounts being deducted for earlier years. I have not bothered to check further and I am waiting for the final processing acknowledgement for 15-16.
Edit: Just checked the status on website now. It says, "ITR Processed". I believe this means that the process is complete. I guess I should check all the emails to find out the 2015-16 processing complete email now.

sairamboko · 28th November 2015, 09:00

I did my income tax filing using cleartax in August end. On Nov 4th 2015, my IT return was processed and I was eligible for a refund. I got the refund on 5th Nov 2015!!

VKM · 1st December 2015, 07:22

Guys
i own a proprietorship firm. i have a skoda yeti which i use for business purposes & avail depreciation, it is now 4yrs old.
5 months ago i bought a bmw 530d m sport(pre owned) for family use. if i sell it now, at a gain, what type of tax will it attract?
will it be capital gains tax or since it is for family use, is it considered as personal effect? pls help, my CA is away & i need to decide.

Santoshbhat · 1st December 2015, 17:07

Quote:

Originally Posted by VKM

Guys
i own a proprietorship firm. i have a skoda yeti which i use for business purposes & avail depreciation, it is now 4yrs old.
5 months ago i bought a bmw 530d m sport(pre owned) for family use. if i sell it now, at a gain, what type of tax will it attract?
will it be capital gains tax or since it is for family use, is it considered as personal effect? pls help, my CA is away & i need to decide.

Have you shown the BMW in your company books? If so then it will get added to the 15% Depreciation Block of Plant and Machinery asset. In that case you will not have to pay any tax on sale of that asset at a gain as there are still assets in the block and written down value in the block. But if you sell your BMW at a value higher than the depreciated value of the block , then I suppose you will be liable to Short term capital gain Tax.

If you have kept the BMW out of your company accounts and used it only for personal use without claiming any depreciation then you will be liable to short term capital gain tax for selling the asset at a profit.

Disclaimer : My knowledge is a bit rusted in these matters. Experts feel free to correct me.

Edit : If you have shown the BMW in your company books, then your Sales Tax Authorities will ask for VAT on sale and purchase. Do keep this in mind!

VKM · 4th December 2015, 22:36

^^Thanks santhoshbhat.

fine69 · 31st December 2015, 13:59

What's the best place on the web to look for information on VAT? Primarily I wish to know that if I get a TIN what all guidelines I have to abide by, what all paperwork I need to maintain etc.

hserus · 31st December 2015, 15:35

If you need a tin and have to incorporate a company, collect and deposit VAT and TDS you had better use a qualified CA

sgiitk · 31st December 2015, 17:09

My son and daughter needed TINs to buy property from an NRI, where TDS using TAN in mandatory. Of course they have a CA since my son is under mandatory audit.

All of a sudden the IRS woke up and I got the assessment for AY 2010-11. I had forgotten about it since the refund was only about ₹380. What as surprise!!

15th September 2015, 18:03	#781
Thad E Ginathom Distinguished - BHPian Join Date: Jun 2007 Location: Chennai Posts: 11,141 Thanked: 27,756 Times	Re: All Income Tax Queries (refunds, disputes, rates etc...) Yes, and thanks again. Got confirmation from our own CA, also, today.
	() Thanks

8th October 2015, 12:18	#782
hellmet BHPian Join Date: Oct 2005 Location: GTA \| GHMC Posts: 888 Thanked: 1,029 Times	Re: All Income Tax Queries (refunds, disputes, rates etc...) Quick questions: Do you really need to keep all Form 16s from your ex-employers? If yes, just the last one will do, or all of them? How about if I had a soft-copy?
	() Thanks

24th October 2015, 18:40	#785
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 had filed and verified my returns on 27 August. Latest status from 12 September is that e-return is in progress; kindly wait for further communication. I wonder what is taking so long.
	() Thanks

25th November 2015, 19:05	#787
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...) It is now almost 3 months since I filed my ITR2. The IT website still shows "In processing". Has anyone experienced such a delay?
	() Thanks

25th November 2015, 20:30	#788
null BHPian Join Date: Aug 2007 Location: Paradise (wish it was) Posts: 441 Thanked: 340 Times	Re: All Income Tax Queries (refunds, disputes, rates etc...) My ITR2, filed on 28th August with Aadhar verification, is in a semi processed state. I had paid 3K tax extra & hence had submitted a revised return. In September, I got a notification for the demand from earlier years (2005 & 2009), which I had accepted. In the last few days, I have got multiple emails from CPC with varying amounts being deducted for earlier years. I have not bothered to check further and I am waiting for the final processing acknowledgement for 15-16. Edit: Just checked the status on website now. It says, "ITR Processed". I believe this means that the process is complete. I guess I should check all the emails to find out the 2015-16 processing complete email now. Last edited by null : 25th November 2015 at 20:33. Reason: Update
	() Thanks

28th November 2015, 09:00	#789
sairamboko BHPian Join Date: Oct 2015 Location: Hosur Posts: 644 Thanked: 949 Times	Re: All Income Tax Queries (refunds, disputes, rates etc...) I did my income tax filing using cleartax in August end. On Nov 4th 2015, my IT return was processed and I was eligible for a refund. I got the refund on 5th Nov 2015!!
	() Thanks

1st December 2015, 07:22	#790
VKM BHPian Join Date: Jul 2009 Location: chennai Posts: 49 Thanked: 25 Times	Re: All Income Tax Queries (refunds, disputes, rates etc...) Guys i own a proprietorship firm. i have a skoda yeti which i use for business purposes & avail depreciation, it is now 4yrs old. 5 months ago i bought a bmw 530d m sport(pre owned) for family use. if i sell it now, at a gain, what type of tax will it attract? will it be capital gains tax or since it is for family use, is it considered as personal effect? pls help, my CA is away & i need to decide.
	() Thanks

4th December 2015, 22:36	#792
VKM BHPian Join Date: Jul 2009 Location: chennai Posts: 49 Thanked: 25 Times	Re: All Income Tax Queries (refunds, disputes, rates etc...) ^^Thanks santhoshbhat.
	() Thanks

31st December 2015, 13:59	#793
fine69 Senior - BHPian Join Date: Dec 2008 Location: New Delhi Posts: 1,592 Thanked: 1,467 Times	Re: All Income Tax Queries (refunds, disputes, rates etc...) What's the best place on the web to look for information on VAT? Primarily I wish to know that if I get a TIN what all guidelines I have to abide by, what all paperwork I need to maintain etc.
	() Thanks

31st December 2015, 15:35	#794
hserus Senior - BHPian Join Date: Sep 2014 Location: Chennai Posts: 4,981 Thanked: 9,184 Times	Re: All Income Tax Queries (refunds, disputes, rates etc...) If you need a tin and have to incorporate a company, collect and deposit VAT and TDS you had better use a qualified CA
	() Thanks

31st December 2015, 17:09	#795
sgiitk Senior - BHPian Join Date: Dec 2007 Location: Gurugram Posts: 7,971 Thanked: 4,792 Times	Re: All Income Tax Queries (refunds, disputes, rates etc...) My son and daughter needed TINs to buy property from an NRI, where TDS using TAN in mandatory. Of course they have a CA since my son is under mandatory audit. All of a sudden the IRS woke up and I got the assessment for AY 2010-11. I had forgotten about it since the refund was only about ₹380. What as surprise!!
	() Thanks