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Rediff.com  » Getahead » ASK ANIL: 'My IT return is still not verified. What can I do?'

ASK ANIL: 'My IT return is still not verified. What can I do?'

By ANIL REGO
July 26, 2022 08:56 IST
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'Should I wait or raise a grievance?'
'Is it possible that the IT return has got stuck due to a technical glitch in the new portal?'

Illustration: Dominic Xavier/Rediff.com

Anil Rego, CEO, Right Horizons, answers your personal income tax queries.


Ramesh Korrapati: My tax query is I had income from equity cash market. I invested in shares through margin trading facility provided by icici direct. I have paid interest to icici direct for the amount they funded through MTF to continue those positions. Can I use this amount paid for interest for tax deduction? 

 

Anil Rego: NO, you won't be able to claim the deduction on the interest.

Samit Chakraborty: I filed and e-verified my IT return (ITR-1) on 18th September 2021 but it still hasn't got processed. Should I wait or raise a grievance? Is it possible that the IT return has got stuck due to a technical glitch in the new portal?

Anil Rego: Usually, the IT department takes 20-45 days to process the ITR which is e- verified.

In your case if it was processed you are supposed to get an intimation from the IT department. Now there can be situations where ITR is not processed due to some irregularities or errors in the income tax returns.

If you have not received any intimation from the IT Department and your ITR remains unprocessed, then you can raise the grievance for ITR not processed. To raise the grievance, you can login to your e-filing portal, go to the 'e-Nivaran' tab and click on 'Submit Grievance' option.

Now you can choose the options from the same and submit it. You will receive an ID for the request submitted and you can use this for future reference.

You can check the grievance status form the portal.

Gaurav Kothari: I have SIPs of 20k per month since May 2021. Till now I haven't withdrawn any amount. Do I need to file ITR-2 or ITR-1 will work?

I don't have any other income source apart from salary. Please let me know.

Anil Rego: Since you don't have any other income apart from salary and you have not made any redemption from Mutual funds, you can go with filing ITR-1.

Once you make redemptions from mutual funds, you will have capital gain tax. At that point of time, you can use ITR-2 for filing.

You can find more of Mr Rego's answers here.

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ANIL REGO