Re: Filing Services
by s A on Jul 26, 2010 02:02 PM
If you have form 16, this process is free if you file online. Expense: 5 Re stamp and envelope. Then why spend Rs 204?
Re: Form 16
by iota on Jul 26, 2010 10:19 AM
Short Answer: You can still file returns of-course.
Long Answer: Go to a C.A and tell him that F-16 from your previous employer not available.. and you need help with filing IT Returns. He will charge a few hundred Rs, and it will be done.
Thought: WHY COMPANIES DO NOT ISSUE F-16 along with release letter? Why do they wait till the end of the year.
Re: Re: Form 16
by ASHOK GUPTA on Jul 27, 2010 03:53 PM
there are some companies which even donot deposit the provident fund of employee, because of their financial condition. Unfortunately I was in such type of company which has not deposited TDS, which I have checked by logging in on 26AS form on net. Thanks for your response.
What with inflation, low interest rates and rising incomes, it seems that middle class can easily reach the above limits soon. does it mean that almost all middle class people will be subjected to scrutiny ? And will the department be subjected to overload but at the best would produce elusive results what with the corruption having seeped , not ;least in the IT dept.Increasingly it seemds that this system is following the Parkinson's law : it will produce unproductoive work taking scarce tax resources but not yielding correponding results.
It can not be that powers that be are unaware about what every citizen knows : That largest repository of black oncome/wealth is with : politicians , bureaucrats, police and business community .Then why are they targeting small fry and ignoring the obvious by not optimising resources .
Insitutions of CA, Managemernt Associations. CII and FCIII and other instutuions should help by questioning the guidelines made by sarkari depts who are at the best ignorant about cost/ benefits or at the worst are perpetuating a system that does not do justioce to resources paid for from tax revenues.This may start a process of sarkari accounatbility.
On the other hand I am open to understand how the system devised by CBDT is optimal one and would not further the corruption in the dept by misuse of powers by some or most officers.
Re: interest earned
by iota on Jul 25, 2010 11:04 PM
YES.. but here is the UNFORTUNATE PART.
Private Banks like ICICI, CITIBANK duly deduct 10% Income Tax etc. on interest earned automatically, and provide you with a Form-16A at the end of the year.
SARKARI Banks behave in a Irresponsible Manner AS EXPECTED. You have to run after them for a Form 16-A, infact most likely they wouldn't even give it to you - so you have to figure out everything by looking at bank pass book.
But, generally speaking many/most people simply ignore or forget to include Bank interest in earnings for Tax purpose..
In my opinion the tax payers under TDS category and not having income from other sources may be exempted from filing the annual returns. This will save lots of time for the tax paying citizens and the Income Tax Dept. with no loss to the exchequer.
Re: Filing Tax Returns
by Indra Mohan on Jul 25, 2010 05:14 PM
Why! One would get refund if return is filed. Firstly why TDS should deducted in first intance if income is not in Taxable range? Form 15(H) is to be submitted for this.
