Comment posted on File Income Tax Return Online by ron.
Hi Pankaj,
Amount is the severance pay which company had paid to me during layoff due to a site closure. In the final settlement, its shown as severance pay. I was reading somewhere that there is clause to claim tax exemption for the same. But still not clear.
thanks
ron also commented
- Hi Pankaj,
Can we claim tax exemption for the compensation amount received from company? My previous company had given compensation but the same is shown under salary in form 16. But i do have a final settlement statement from the company where this is shown separately. TDS is already taken at highest rate by the company.
Please let me know if i could claim exemption. - Hi Pankaj,
I have two form 16 s. and in the second one since i did not submit any rental proof or investment proof,medical bills or LTA bills company deducted tax. now i want fo file the tax return. can i
sumbmit the investment proof(LIC/MF) with return?
submit the rental proof for the second form 16 for the HRA tax deduction( i have received a component for HRA)?
can i claim deduction by submitting medical bills?can i claim deduction for LTA while filing returns.I have read in few places that we can claim LTA while filing taxes.
Sir, Is there Bank details is compulsory to mention Bank Details In ITR form?
Yes, You must give bank details of the your account where your salary is being creditd. It also helps in direct refund to Bank account using ECS by IT dept.
Hi,
I want to ask a question regarding income tax refund of FY 2011-12 (AY 2012-13).
All my earlier returns show status of “ITR Processed” but this one just shows “ITR Received”.
I uploaded this original return in ITR-4 on 31/7/2012. (The return filed was for a refund of TDS excess deducted and therefore I was expecting a refund check.)
Acknowledgement of ITRV received on 31/8/2012.
Then there is an entry dated 24/12/2012 that says “Kindly follow the instructions as mentioned in the notice/communication sent by CPC, if already received. Else kindly wait to receive the same.”
I called their help nos 18001801961/4252229/42500025, but the guys there say please be patient you will get it soon.
It is now May 2013 and return for FY 2012-13 will soon be due.
How to deal with this situation? Please advise.
@Akand
You are not alone here. Most of the people who have refunds due have not got their ITR processed yet.
I also have the same case, filed ITR-4 before 31st July and haven’t got ITR processed yet.
Govt has not issued any refunds for FY 2011-12 in FY 2012-13, so that their books shows a good amount of cash in it.
Even for smaller amounts, refunds are being processed now only. My father had small Rs 500 refund which got processed last week only.
All you can do is wait and they may also give interest on refund due to delay.
Sir,
In case of my friend’s son, the ITR processed and refund process made, but due to wrong mentioning number of Saving Bank in which one zero left inadvertently in 15 no. bank account, the refund process could not be completed. Please guide what to do know to get back the claim. My friend blames me for all this cos I helped her in e-filing. I asked her to check each and every detail which I filled at that time but still she is angry with me. How could I help her.
Thanks
@Anita
You can login to e-filing website and raise a refund re-issue request.
CPC Communication Reference Number, Refund Sequence Number (as per CPC Order) and Date of Birth/Incorporation (DD/MM/YYYY) would be asked during this request.
Sir,
My friend’s son got the refund within fifteen days as per you advice after making reissue request. Thanks a lot.
Regards
Anita Vij
Dear Sir,
Hi, I run small restaurant selling snacks/ice-creams/ready-to-eat stuff. For year 2011-12, I filed return ITR4 and showed the net loss of rs 1.88 lac that i incurred on total sales of Rs 16.4 lacs in which I earn gross profit of Rs 7.3 lacs. My expenses is 9.18 lacs for rent, water charges, salary to 3/4 staff, electricity, VAT, repairs to shop, etc. Due to loss, I survived by FD interest income and wife’s salary who is employed in private company. As my business is too small to afford any accountant, I do not keep regular books of account. Therefore I entered details in item 51 of Part A-P&L.
Now I receive email two days ago from IT Dept saying
“The return of Income filed by you for Assessment Year 2012-13 is considered defective u/s 139(9) of the Income Tax Act, 1961 as it is found to contain certain defects which has been annexed in the next page (Annexure A).
Sl.No Error Code Error Description
1 30 In schedule BP, assessee claiming expenses equal to the business income.
2 14 Assessee entering negative amount in gross profit or net profit.
3 23 Where assessee furnish total of amount deducted in Sl.no.2,3,4 and 5 of Schedule BP should be consistent with Total credits in the P and L Slno.5
Please understand and tell me what to do. Sl nos 2, 3, etc are “green fields” – data cannot be entered into them. Does error code 14 mean we cant show business loss?
I cant afford a CA and I do not know what to do. I spoke to call center 1800 425 2229 and they told me that if you do not feel an error simply re-file the same return as submitted earlier. Please advise.
@Akand
Frankly, we have little experience in handling income tax queries for businesses. We have more exposure in salaried class and simple computations.
Thank you for your quick reply. Even if you couldn’t help me, I think your website is great and really useful to people like me who try to file online without aid of CA.
Sir,
Thank you very much. Done the needful as per your advice.
Regards
Anita
Dear Sir,
For the year 2013-14, I don’t have any salary. I have withdrawn my EPF and Gratuity.
I hvae left my job after 20 years of service on 31st march 2012.
I would like to file my returns. Which ITR is relavent to me ?
In which column(s ?) ( or rows) i need to make these entires ?
As I understand, both EPF and Gratuity (<10L) are exempted from Tax,
is that right ?
@Anand
In case you only have exempted income and no taxable income, then there is no need to file income tax return.
Still if you wish to file, You should use ITR-2 form and fill this exempt income in EI sheet.
Hi Pankaj,
I need your help for filling of return online. I got some errors while filling of return online which is as below.
1. The XML scheme is invalid. Please upload the XML in correct schema.
2. At line no 31 : The value 11 of element “ITRForm: Country code is not valid.
I cant understand the first error.
As I have entered right code for country code “11 – INDIA”, why I got this error while filling of return.
Could you please help me for the same.
You can directky login to Income Tax website & file return. Then No xml file i generated. This is a better & faster option as everyone doesn’t have Excel sw & knows how to enable Macro security etc. So login to https://incometaxindiaefiling.gov.in/, select in Left hadn side top panel – I am a tax payer – Individual. Then Login. Slect AY & it will show you which return you should file. Just fill details online & keep saving. Once done, submit. You will get ack by email & also on the webbsite.
@Dhara
There might be some issue with ITR excel.
You can try filing online using Quick file ITR link on efiling website (https://incometaxindiaefiling.gov.in/)
Its an online process and there is no need to download and fill excel.
11
correct above line with below line
91
Dear Pankaj,
i have a question regardig comment that from 2012-13 we dont even have to send ITR V in original. even if assessee doesnt have digital. Till now I have been efiling and sending original ITR V to CPC .
I can not find any information about this change in Income tax website? Is this process live now? Where can I get more information?
thanks
Prateek
@Prateek
This has not been implemented yet.