Income tax filing help

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Deal Cadet
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Anybody, I will pay the fees but need to save tax using exemptions.

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Deal Cadet
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Why private ? Post all the options available to save tax smile

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Deal Subedar
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Donate all your money,
Sab moh maya hai

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Tech Guru
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DealLooter wrote:

When is the last date to file?

For FY 2018-19
30 September
For FY 2019-20

30 NOVEMBER

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Deal Subedar
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A quick question, my March 2020 salary was disbursed in May 2020. Should I include this in FY 2019-20 ITR or the next one?

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Deal Cadet
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kirandr221996 wrote:

Anybody give tips for avoiding income tax

Avoid is legal, but not evade.

Claim eligible reimbursements, claim company operating expenses, claim building/car/capital depreciation…..endless, as long as you are eligible.

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cocay wrote:

A quick question, my March 2020 salary was disbursed in May 2020. Should I include this in FY 2019-20 ITR or the next one?

It should be FY 20-21. My dad always used to get his March salary in the first week of April, and as per his CA, he used to file it for the next year, since FY means 1st April to 31st March.

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BlueFlash wrote:

It should be FY 20-21. My dad always used to get his March salary in the first week of April, and as per his CA, he used to file it for the next year, since FY means 1st April to 31st March.

That is only correct if corresponding tds etc was not deducted in advance because some companies do so & that will result in mismatch because as per IT dept record if tds is deposited to it in just ended FY but actual salary was only credited in next FY then if you don’t show your salary in same FY as tds then that tds will have to be refunded by IT dept & when filing the entry for next year FY this same tds will need to be given back to IT dept. It is better to consult CA/accounts person in the company one works to clarify whether company has paid any advance tds on this late salary credited.
@cocay

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Deal Subedar
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guest_999 wrote:

That is only correct if corresponding tds etc was not deducted in advance because some companies do so & that will result in mismatch because as per IT dept record if tds is deposited to it in just ended FY but actual salary was only credited in next FY then if you don’t show your salary in same FY as tds then that tds will have to be refunded by IT dept & when filing the entry for next year FY this same tds will need to be given back to IT dept. It is better to consult CA/accounts erson in the company one works to clarify whether company has paid any advance tds on this late salary credited.
@cocay

Actually I worked for this company in the month of feb 2020 for only a month. Since I left around end of Feb, they didn’t process any salary. I was due to get this salary in April first week as part of full and final settlement but then lockdown happened and company forgot all about it. Then i wrote an email in May and that’s when i got it. So I don’t think they would have shown this in their statements in last FY. Also, I don’t think any tds would have been deducted since it is just one month salary.

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cocay wrote:

Actually I worked for this company in the month of feb 2020 for only a month. Since I left around end of Feb, they didn’t process any salary. I was due to get this salary in April first week as part of full and final settlement but then lockdown happened and company forgot all about it. Then i wrote an email in May and that’s when i got it. So I don’t think they would have shown this in their statements in last FY. Also, I don’t think any tds would have been deducted since it is just one month salary.

Ideally they should deduct tds but since it is small amount they probably didn’t bother in which case file it next year for this FY IT return.

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guest_999 wrote:

Ideally they should deduct tds but since it is small amount they probably didn’t bother in which case file it next year for this FY IT return.

This is correct

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Deal Cadet
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rogerthat wrote:

This is correct

Not always.
It depends upon the form16. If they issue for the year 2019-20, the whole thing will change.

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ramadesidime wrote:

Not always.
It depends upon the form16. If they issue for the year 2019-20, the whole thing will change.

A company which didn’t submit tds in a particular case because it was very small amount also won’t be giving/preparing form 16 in that same case.

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Deal Cadet
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guest_999 wrote:

A company which didn’t submit tds in a particular case because it was very small amount also won’t be giving/preparing form 16 in that same case.

Form 16 is MUST irrespective of TDS for salaried.

They are supposed to prepare form 16 for FY2019-20, because salary is generated for more than 0(zero) for that year (from that employer).

Salaried class file tax returns using form16. If there is no form16 from that company , no tax filing for that income (Hint to evade tax). But you still need to file using other form16 from other employers.

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ramadesidime wrote:

Form 16 is MUST irrespective of TDS for salaried.

They are supposed to prepare form 16 for FY2019-20, because salary is generated for more than 0(zero) for that year (from that employer).

Salaried class file tax returns using form16. If there is no form16 from that company , no tax filing for that income (Hint to evade tax). But you still need to file using other form16 from other employers.

I know but we are talking about 1 employee’s 1 month of salary.

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Deal Cadet
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I have made some profit/loss with intraday trading & few short term selling. Which ITR i should file?

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