ITR 1, 2 and 4 are available for e-filing

[pokerbob]

@thoughtlessdepth Yeah only Excel utility is available so far

 

[chado2423]

@thoughtlessdepth By this you mean that the option to 'Submit Online' is not available yet, right? So, I should wait for that since that is supposed to make things easier.

Sorry for the silly questions. First time!

 

[thoughtlessdepth]

@chado2423 No, the java utility wasn't released until a few days ago.

 

[cjs17]

@pokerbob Do I need to report long term capital gains from mf if it's much leeser than 1L?

 

[pokerbob]

@cjs17 You have other income? Or just LTCG on equity mutual funds?

 

[cjs17]

@pokerbob Salary and fd/saving interests

 

[pokerbob]

@cjs17 More than 2.5 lakh?

 

[cjs17]

@pokerbob Yes, in 30% tax bracket

 

[pokerbob]

@cjs17 Then it has to be reported. Show it under exempt income (assuming this is Equity oriented mutual fund).

 

[cjs17]

@pokerbob Thanks, was confused whether to use itr 1 or 2

 

[pokerbob]

@cjs17 ITR 2 in most situations

 

[resjudicata]

@pokerbob Have the salaried guys here received Form 16s from their employers?

Ours are still a work in progress, I don't think I will be getting them anytime soon.

 

[pokerbob]

@resjudicata Yeah it seems like most Form 16s are pending. But if you're working with your CA, they can start preparing the computation without the Form 16. Once the Form 16 is available it's a simple cross-verification.

 

[resjudicata]

@pokerbob Is there an advantage in doing that?

Have the deadlines for filing also extended this time?

 

[pokerbob]

@resjudicata Advantage is that your CA will spend more time on your Return and will probably thank you for starting early.

We actually did a thread on why it's a good idea to start early. Linking here - Why to file return early.

Yes. Deadline for FY 2019-20 is extended to 30 November. Lots of time in hand.

 

[disciple1997]

@pokerbob So I started a OPC Pvt LTD an year back for my infosec consultancy side gig. So If I want to withdraw money from that account and use it. Do I need to show it on my ITR? Which ITR I need to use?

PS - I have a guy who helped me with company formation, but he had a bad accident and in no condition to talk.

 

[pokerbob]

@disciple1997 Okay so a couple of things.

Assuming you are the only shareholder of the company. You must also be a director of the company I assume?

In that case you file ITR 2 for yourself and ITR 6 for the company.

Coming to the withdrawal, there's a couple of ways to do it -

One is you show it as a loan from the company to you. This isn't exactly 100% clean. You need to pass a special resolution etc and you'll have to show why this is a business loan and not a personal expense.

The correct official way of doing it is to pay it as dividend. This dividend would be taxable in your hands at slab rates (going forward, earlier there was a dividend distribution tax but let's not get into it you're looking at a future withdrawal).

 

[disciple1997]

@pokerbob Yes, I am the sole director of the company. My guy previously told me that I can just pass a resolution saying I will get XXX amount as dividend. Is this a proper process or do I need to hire someone to do the legal work?

 

[disciple1997]

@pokerbob Just to add, amount would be somewhere in 50k to 150k inr.

 

[pokerbob]

@disciple1997 Since you're the sole shareholder and sole director it doesn't really matter. A simple resolution should suffice.

Amount is also okay assuming this is out of profits for the year after providing for depreciation.