[AltoLXI]

Is the TRACES site working?

I am redirected to https://nriservices.tdscpc.gov.in/nriapp/login.xhtml from the past one week. Even from the incometaxefiling.gov.in, I am directed to same URL.

[alexgv]

Originally Posted by LLL

Has anyone got income tax refund for last year? Specifically from Noida.

I had seen the issue earlier when i try from office since it is connected to US VPN, the website thinks you are accessing the site from US. If you try from India based ISP it should work

Originally Posted by AltoLXI

Is the TRACES site working?

Yes. Just a few minutes ago, I e-filed my returns based on the figures of the tax credit statements from TRACES. The entire process was over in a few minutes and I uploaded, using Aadhaar OTP.

[(Alok)]

Experts
I am attaching here the format of column 19 (refer TDS sheet) of ‘SAHAJ ITR-1’. The details are filled from form 26AS, which is downloaded from income tax website. I have two questions-

1. Is the amount in column 5 & 6 supposed to be same?

2. Is there any facility of from SBBJ (now SBI) to download from 16A online?

[binand]

Originally Posted by (Alok)

Experts
1. Is the amount in column 5 & 6 supposed to be same?

No, they can be different. An example is a consulting contract for three months (March to May of 2017) for which 50% payment is made upfront and 50% at completion. Suppose the contract value is 15L. So on 1/3 7.5L is paid less 10% = 75K TDS and on 31/5 the remaining 7.5L is paid less 10% = 75K TDS.

The consultant, for taxation purposes, has earned 5L with 10% = 50K TDS in each of the three months. March's earnings will go into AY 2017-18 and the rest will go into AY 2018-19. So when filing AY 2017-18's return, the consultant would fill 7.5L in (3), 2017 in (4), 75000 in (5) and 50000 in 6. The remaining 25K goes into one of the other sheets. When filing for 2018-19, data from that sheet is imported and everything works out fine.

[dailydriver]

Originally Posted by Ry_der

If an employee have savings less than Rs.1,50,000/- and exceeds Rs.50,000 under employee contribution 80CCD(1), he can split the employee contribution in 80CCD(1) and 80CCD(1B)

Thanks to this example and based on previous discussions regarding exemptions under 80CCD(1B), I have successfully managed to save about 8k in taxes for the financial year 2016-17. And in the true altruistic spirit of being a Bhpian, i have also helped atleast 15 of my (NPS subscribed) colleagues to save amounts ranging from 2k to 10k.

My sincere thanks to the forum and fellow Bhpians who made it possible .

Also, was able to e-verify my IT returns via AADHAR based OTP. No need to post ITR V to CPC Bengaluru this time .

[Ry_der]

Originally Posted by dailydriver

Thanks to this example and based on previous discussions regarding exemptions under 80CCD(1B), I have successfully managed to save about 8k in taxes for the financial year 2016-17.

I am happy that my 5 mins of efforts could help you save some money.

And in the true altruistic spirit of being a Bhpian, i have also helped atleast 15 of my (NPS subscribed) colleagues to save amounts ranging from 2k to 10k.

Thats a very kind gesture of you. Now you will be getting all sort of queries related to income-tax. Tax planning is very essential esp. for salaried people.

My sincere thanks to the forum and fellow Bhpians who made it possible .

You are most welcome, Sir. I am very happy that I could be of some help for you and your colleagues.

Cheers!!

[dailydriver]

Originally Posted by Ry_der

Thats a very kind gesture of you. Now you will be getting all sort of queries related to income-tax.

Have been helping colleagues and friends with tax planning and returns filing since 2007.

Actually, my tryst with income tax began way back in 1999. Got interested after reading taxation and tax calculation as part of my 9th/10th syllabus. For the next decade, my father's returns were almost always prepared by me. In those days I could walk right into the income tax office in my hometown, meet the officers there and clarify each and every doubt of mine. They would always oblige with a smile.

From 2007-10, November would invariably be a busy month for me and and my boss. People would come to us with their salary slips in order to get the formats filled for submission to Admn, as a prerequisite for Form 16. June/July would always be spent preparing multiple ITR 1s.

After 2010, my interest was piqued by certain intimations issued under Section 143(1). One year, several of my colleagues received communications asking them to pay pending taxes of amounts as low as ₹5 to 20 . Wrong credits, non reflection of TDS in 26AS, mismatch between deductions and deposits were some of the problems that I helped resolve. Things became really interesting and frustrating when I myself received an adjustment notice for ₹2K. It took me about a year, multiple trips to the IT office, a strongly worded letter and some dogged persistence to set the record straight.

These days, even with increasing levels of e-literacy, I help file an average of 7-10 returns per year. The TRP to whom our office has outsourced the uploading of quarterly TDS statement and generation of Form 16, and to whom many of my highly qualified (Doctorates included) colleagues turn to for e-filing, never looks at me cordially .

[The Rationalist]

Hi all,
My wife's tax practitioner has asked her to furnish her mutual fund investments along with bank statement. I could have understood if it was for ELSS, but what is the point in asking for other mutual fund investments? I have been filling returns for 8 years and my tax practitioner has never asked for the same! Please help. Thank you.

The Rationalist.

[hserus]

Capital gains - schedule CG

She presumably makes at least some profit from those mutual funds?

Originally Posted by The Rationalist

Hi all,
My wife's tax practitioner has asked her to furnish her mutual fund investments along with bank statement.

[The Rationalist]

Originally Posted by hserus

Capital gains - schedule CG

She presumably makes at least some profit from those mutual funds?

Hi hserus,
Thanks for your time and reply. She has not made any redemption, so I presume capital gains don't come into play.

The Rationalist.

[hserus]

Originally Posted by The Rationalist

Hi hserus,
Thanks for your time and reply. She has not made any redemption, so I presume capital gains don't come into play.

The Rationalist.

Then please send him the statements and let him satisfy himself in that regard. As he is your tax return preparer, if you conceal income he will have liability to an extent so he's just making sure, so it's best practice for him to check fully.

[binand]

Originally Posted by The Rationalist

She has not made any redemption, so I presume capital gains don't come into play.

I think Dividend Payout and Dividend Reinvest options of mutual funds have tax implications when dividends are declared. Only the Growth option avoids capital gains mid-cycle. Please verify this with your CA/tax consultant.

[The Rationalist]

Originally Posted by hserus

Then please send him the statements and let him satisfy himself in that regard. As he is your tax return preparer, so it's best practice for him to check fully.

Thanks and sure will do that. I was surprised as my tax practitioner have never asked for the same!

Originally Posted by binand

I think Dividend Payout and Dividend Reinvest options of mutual funds have tax implications when dividends are declared. Only the Growth option avoids capital gains mid-cycle. Please verify this with your CA/tax consultant.

Thanks binand. We have only Mutual fund in growth option, but as hserush has mentioned, he may be making it for sure that we are not concealing any income!

[binand]

Originally Posted by The Rationalist

We have only Mutual fund in growth option, but as hserush has mentioned, he may be making it for sure that we are not concealing any income!

I just saw the original query. It could also be that he's planning to do annualized capital gains/losses and declaring them (and paying taxes) every year (instead of what most of us do - calculate CG only at redemption time).