Do you have any personal income tax query?
Mihir Tanna, Associate Director, S K Patodia & Associates (external link), a chartered accountants firm that offers consultancy, audit and tax services, will answer your queries.
Please mail your queries at email@example.com with the subject line Ask Mihir.
Ajay Puri: Reference Income tax refund not received of 2021-22 (Assessment year). I had received Income Tax refund initimation order in March 2022. Bank was validated in June 2022. However despite several grievance messages logged on portal, still have not received Income Tax refund.
On calling to CPC Bangalore, call centre always informs that refund is in process but nothing received till now. Kindly advice.
Mihir Tanna: I understand that you have validated your bank account at the Income Tax website (i.e. “My Bank Accounts” appearing under profile) and do not have outstanding demand of earlier years, still you have not received refund claimed in Income Tax Return (ITR) filed for AY 2021-22.
One of the reasons for non-issue of refund is mismatch of data available with income tax department and amount shown in ITR. Therefore, it is advisable to check Annual Information Statement (AIS) from Compliance Portal [option available under “Pending Actions” at income tax portal] and make sure that all the transactions appearing in the AIS are correctly shown in ITR.
In case AIS shows any transactions which are not carried out by you or wrong information is appearing you can file feedback at the portal. Also check refund status at https://tin.tin.nsdl.com/oltas/refund-status-pan.html just to make sure that refund has not failed in bank processing system.
Rajendra Kumar Vijay: Few years back I was working in USA. I had invested in US Equity Market like Facebook, Amazon etc. there and presently my shares are still invested there. Now I want to sell those shares. What will be the tax implications for me in India as I have come back two years back?
Mihir Tanna: I understand you are resident and ordinary resident for the Income Tax purpose. Accordingly, when you sell shares (US equity market), it will be taxable as Capital Gain (assuming trading in shares is not main source of income).
If shares are sold after holding it for more than 24 months it will be taxable at 20% (plus applicable surcharge and cess).
Upendra Prasad Sinha: I had some CG LONG TERM LOSS in AY 2020-21, AY 2021-22. By oversight, I could not fill up BFLA schedule
and therefore was unable to set off LTCG of AY 2020-21 & 2021-22 against LTCG in AY 2022-23.
My assessment for AY 2022-23 is also complete.
Can I file for RECTIFICATION of return for AY 2022-23and set off LTCG losses of earlier years? Await your guidance.
Mihir Tanna:You can file a revised return only to remove the omission and mistake and/or correct the arithmetical error.It cannot be filed for altogether a new claim.
Thus, matter of new claim in revised return can be subject to litigation.
If you file revise return to claim brought forward loss of earlier years against capital gain of AY 2022-23 and if income tax department observes that it is new claim, your claim might be denied as same was not claimed in original return. However, it can be argued that revised return is filed to remove mistake of not claiming brought forward losses.
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