SleepyNoodle

Student

Income- tax Return

CA here. In case anybody has any query regarding Income-tax return filing, can comment below. Will try to help you out as much as possible.

20mo ago

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FluffyKoala

Stealth20mo

I have claimed hra but I didn’t pay rent if they issue notice what will be penalty I need to pay

SleepyNoodle

Student20mo

Firstly, whether the HRA deduction was specified in the Form 16 issued by your employer? Or you yourself directly claimed it in the return?

Whenever department issues notices, they'll first ask you to submit copy of rent agreement/ rent receipts. In case you fail to submit that, the department can deny HRA exemption, thereby leading to tax payment

ZippyMarshmallow

Tata 1mg20mo

What if tax has been deducted earlier without any deceleration but now i want to claim HRA without paying rent, i am thinking of showing rent paid to my non working mother pan...will there be any issue and what is the procedure for that? And how much can be claimed given then she doesn't have any income nor she hasn't filed any itr with her pan?

MagicalPancake

Stealth20mo

Thanks for the post. I work as a contractor, and my company deducts 10% TDS each month. However, there was a typo of my pan number and the TDS was going into a different account. Never noticed it till now. 10 days back they fixed the error. However, it's still not reflecting in my 26AS. They said it takes time and will inform me. Will I miss my tax return claim if it does not happen before 31st July? Is there any other solution to this?

SleepyNoodle

Student20mo

First of all, ask the company to give you a fresh Form 16. Secondly, wait till last couple of days in case the deducted TDS gets reflected.

Even if it doesn't get reflected, manually enter the correct details of tax deducted in the return and file the return. Maybe by the time return is processed, the correct details would've been synced.

Also, if you don't file the return by due date, you'll have to pay up a penalty.

MagicalPancake

Stealth20mo

This is what they said I asked for for 16. "Since you are a contractor, you will not get any form 16 but you will be able to see the tax deposited against your pan card in Form 26AS"

Is there anything wrong here?

QuirkyCupcake

Infosys20mo

I claimed 75k in section 80 U for my father as he has vision problem , and got a medical certificate for 40% disability. The return was processed and got refund aswell. But Is it required to file Section 10 1A as well ??? ,coz the doctors are not signing on that citing its risk for them,even though they issue medical certificate.according to the state govt format.

SleepyNoodle

Student20mo

Technically, now, Form 10IA is required to be filed online. Also, the medical certificate for 40% disability needs to be attached while filing Form 10IA.

Since your return has already been processed, it is fine. But in case you get any notice or intimation, then you'll have to submit the Form 10IA.

Maybe you can consult another medical practitioner to sign the form.

QuirkyCupcake

Infosys20mo

Okay, thanks

DizzyPancake

PayU20mo

What should one do if the company has deducted TDS but has not paid the same to IT dept and as a result has not issued form 16? This is happening currently with many employees and laid off employees of Dunzo.

SleepyNoodle

Student20mo

Please check with the company by when they'll pay up the TDS? They are bound to pay that to the government. Because, in such cases when you'll be filing your own Income-tax return, the TDS amount won't be reflected in your Form 26AS, and accordingly a tax liability will arise.

DizzyPancake

PayU20mo

They are claiming to file by next week. But the company is in serious financial trouble and I doubt they will be able to do it. If that is how the situation turns out, then what would be the best course of action that you would recommend

WigglyPenguin

Stealth20mo

How much black money do your clients have

SleepyNoodle

Student20mo

I'm not a practising CA. I don't have my own firm. I work in a MNC.

BouncyPancake

SAP20mo

Can we switch from the old regime to the new regime and vice versa indefinitely? I am a fresher, so I don't know about this. TIA

SleepyNoodle

Student20mo

Yes, you can switch between the old or new regime option for each year.

BouncyPotato

Stealth20mo

I don’t think you can go back to old one.

SwirlyPretzel

Stealth20mo

Where do I declare the gift of equity / mfs received from spouse? Did a transfer of a few shares to consolidate holdings. It’s tax exempt because it’s a gift from a relative. And haven’t sold them. So do I still declare it somewhere now?

SleepyNoodle

Student20mo

Gift to relatives is a tax exempt income. However, you'll have to report it as an exempt income in the ITR Form under Schedule EI.

SwirlyPretzel

Stealth20mo

Thanks!

PerkyWaffle

Siemens20mo

I filled tax regime as old regime while joining, what does it mean and do i have to do anything form my side ?

SleepyNoodle

Student20mo

It means that your TDS will be deducted as per the Old Tax regime and its tax rates. Old Tax regime is beneficial if you're claiming HRA, Mediclaim and other deductions.