N
Nelson
I am a salaried person my ITR-1 is nil but my ET money capital gain statement showing that, I have to pay total tax to be paid is Rs.541/-
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Visit our website www.tarunguptaca.com or call at 9216216819
CA Naman Maloo 5 Dec 2021If total income is below 2.5 lakh then no tax needs to be paid.
If you need any further assistance you can book consultation at: https://www.taxontips.com/tax-notice-personal-consultation/
T
Tushar Sah
Actually I have filed multiple ITRs for AY(2021-2022) with one original and two revised one. But i e-verified only revised ones. And now my condonation request has been raised for Original one. So will it takes 3-4 months for condonation request to get approved or my refund will be processed since i have e-verified my revised ITRs?
Hello Tushar ji, Don't worry
The querry asked by you is a very common querry,
The concept is "No return is valid till it is verified" and revised return is filed on the base of errors or ommission in original return, thus if original return is not successfully verified it will be invalidated. However there are no specific guidelines on this by Income tax department but its better you verify both the returns.
Now about Refund, Refund is based on revised return which is verified by you, Thus as per my opinion your refund proceeding would not be impacted and will be processed normally.
For any further consultation contact me on caharshittripathi@gmail.com
Dear Tushar,
The deadline to verify the ITR for the AY 2020-21 is over , so now you can't e-verify the same. The only option available is to apply for condonation.
As per my understanding your original return is not valid one since not e-verified you should apply for condonation and after acceptance of your request your refund will be processed as per Revised return which has been already e-verified.
For further clarification you can reach us at ca.rahuldwivedi@gmail.com or 9004485377.
A
Anand Kulkarni
My PF account is more than 5 years old & my annual contribution is less than 2.5 lacs. I was unemployed for 2 years. Now, I want to file Income Tax for unemployed year. Just wanted to know whether PF interest I received during unemployed period is taxable or not.
Section 10(11) and 10(12) of the Income Tax Act provides an exemption for the statutory provident fund and recognized provident fund respectively. Till 31st March 2021, the interest credited every year in the Employee provident fund account (EPF) was exempt from tax. The deposits in EPF were under the Exempt, Exempt, Exempt (EEE) tax category. Thus, an employee was not liable to pay tax at all three levels – investment, earning, and withdrawal. For more details visit our website www.tarunguptaca.com or call at 9216216819
CA Rahul Dwivedi 3 Dec 2021Dear Anand,
PF Interest in not taxable on accrual basis. PF amount both principal & Interest is taxable only when you withdraw it before 5 years of service. Withdrawal after 5 years of service is exempt irrespective of amount .
For Further you can consult at ca.rahuldwivedi@gmail.com or 9004485377
A
Anil
I
Irfan
