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Tejas Chokshi |126 Answers |Ask -Follow

Tax Expert - Answered on Sep 11, 2023

Asked by Anonymous - Aug 09, 2023

Money

When we make mistakes in self assessment tax challan, we submit letter to AO for correction in challan, but generally they don't make corrections in challan? Why do?

Ans: file rectification as step 1.
if the issue does not gets resolved as above, file grievance and still it remains unresolved , file RTI

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Mihir Tanna |580 Answers |Ask -Follow

Tax Expert - Answered on Jul 21, 2023

Asked by Anonymous - Jul 20, 2023

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While paying self assessment tax challan for AY 22-24 , I selected advance tax for AY 24-25 by mistake I have personally submitted letter to AO for correction in challan 20-22 days ago but corrections have not yet been made, They say challan is not reflecting in our system so can't correct In this case I may receive demand notice after processing of my return , Then how to rectify the mistake online without going to income tax office again ? After receiving demand notice,can we rectify mistake by adjusting advance tax with self assessment tax and close the demand?

Ans: In case of wrong assessment year selection in tax payment challan, assessing officer has power to correct financial year. As deadline for AY 2023-24 is approaching, it is advisable to show said challan in ITR and get it rectified from officer at the earliest. Till the time credit is available in AY 2023-24, demand will not be closed.

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While paying self assessment tax challan for AY 23-24 , I selected advance tax for AY 24-25 by mistake I have personally submitted letter to AO for correction in challan 20-22 days ago but corrections have not yet been made, They say challan is not reflecting in our system so can't correct .while it is showing as advance tax in my AIS for AY 24 -25 In this case I may receive demand notice after processing of my return , Then how to rectify the mistake online without going to income tax office again ? After receiving demand notice,can we rectify mistake by adjusting advance tax with self assessment tax and close the demand? Or I will have to file revised return after receiving demand notice through 143 (1) ? Please advise

Ans: In case of wrong assessment year selection in tax payment challan, assessing officer has power to correct financial year. As deadline for AY 2023-24 is approaching, it is advisable to show said challan in ITR and get it rectified from officer at the earliest. Till the time credit is available in AY 2023-24, demand will not be closed.

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Tax Expert - Answered on Aug 17, 2023

Asked by Anonymous - Aug 09, 2023

Money

When we make any mistakes in self assessment tax challan, we submit letter to AO for correction in challan but generally they don't make corrections? Why

Ans: Jurisdiction AO usually do correction of mistakes in challan if necessary documents and explanations are provided. Please discuss with AO.

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Tax Expert - Answered on Aug 17, 2023

Asked by Anonymous - Aug 10, 2023

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I had submitted letter to AO for correction in self assessment tax challan. A.Y. and minor head were to be corrected They have corrected it today, I want to know when this correction will get reflected in AIS ?

Ans: Self assessment tax paid in FY 2023-24 for FY 2022-23 will appear in AIS of FY 2023-24 usually in 7 days time.

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Tax Expert - Answered on Aug 23, 2023

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Now mistake in self assessment tax challan can be corrected on income tax website eportal only? Earlier we had to request AO to correct it Is it correct?

Ans: There is no specific clarification on the said matter but yes advisable to correct it online and if you face any issue, you can approach jurisdiction assessing officer.

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Hi Abhishek. I have purchase 100 shares @ 211.47 few years back. After that i went New Delhi for official purpose, when i am back i can see the value is Rs. 0.00. Is there any scope coming once again in the market

Ans: Can you be more elaborative to help us guide you better, especially with which share and what has happened?

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I'm taking telvash h 40 for BP. Some times if goes up during hectic schedule even though I am taking regularly telvas h 40. I used a few day Arjunarista tab one in addition to the regular medicine i.e. Telvas H 40. I felt Arjunarista helped in controlling BP in hectic days. Can I take some times Arjunarista in addition to Telvas H. Kindly advise. Regards

Ans: Ayurveda can be helpful to control blood pressure BUT it has to be under supervision of a certified ayurvedic doctor. Please do not change dosage, as it can have adverse effects. You can visit an Ayurvedic center for complete detox followed by medication as prescribed.

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Should a retail investor with higher risk profile invest in start ups? How much percentage of his portfolio should it be and which platforms permits small amount investing in startups in India?

Ans: It depends on your risk appetite, time horizon, need for liquidity and mindset. Startup investing ideally requires a time horizon of 5+ years and building a portfolio of over 10+ companies in order to increase the probability of seeing returns. There are angel networks and online platforms each of whom have different eligibility criteria. One platform has cut its minimum ticket size to Rs 1 lakh per investment. It would be best for you to do your diligence before proceeding further.

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Question by Sathyanarayanan - Jun 28, 2023

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I filed my IT return on 28 June and it got processed on 15 July. Received mail communication on 21 July about the IFSC Code of the bank merger. I updated the same and raised refund reissue on 21 July. No response till now.

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Tax, MF Expert - Answered on Sep 23, 2023

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Hi Sunil, I am planning to buy a under construction Apartment and to fund it, I intend to partly withdraw my Provided Fund(PF). I also have funds available from the sale of my parental flat that was sold around 4-5 months ago (when the parental flat was sold it was on my mother's name). I want to buy the NEW apartment jointly in my Mom's and my name, so that amount received from sale of parental flat is reinvested and capital gains can be avoided on Mom's behalf. However the challenge, I have is, according to the norms of PF, I cannot have joint name other than spouse, if I am using funds from Provided Fund(PF). Please can you suggest me, how I can withdraw from Provided Fund(PF) and also use proceedings from parental flat sale.

Ans: You can withdraw the funds of PF in your account, transfer those funds to either an account which has a joint holdership of you and mom or your individual name and then make the payment for the house from any of the 2 accounts.

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Question by Rabi - Jul 08, 2023

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Tax, MF Expert - Answered on Sep 23, 2023

Question by Rakesh - Jul 01, 2023

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I retired from Railway in June 2022 and received below amount on retirement. PF-23 Lakh, Gratuity - 12 lakh, Commutation - 13 lakh and Leave encashment - 9 lakh. I also received pension from July 2022 to March 2023 - 259,000 INR. There was no TDS on salary of 3 months. Do I need to show all of the amounts in Income tax return? If yes what is exempt income and how to show all above?

Ans: You need to declare all the income, but some are taxable and some are not
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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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