What to do if I don’t get intimation of ITR?

I filed my revenue tax return (ITR) in July 2022 however neither has it been processed until now, nor have I obtained any intimation from the revenue tax division. What ought to I do?

– Bimla

It is assumed that your question refers back to the income-tax return for monetary yr (FY) 2021-22. The tax return filed and duly verified, is initially reviewed and processed by the tax authorities underneath the provisions of part 143(1) of the act for any prima facie changes required. Once the digital processing is accomplished, an intimation is generated and despatched to the taxpayer. As per the provisions, the tax authorities can’t ship an intimation underneath part 143(1) after the expiry of 9 months from the tip of the FY during which return is filed. In your case, as tax return for FY 2021-22 was filed and verified throughout FY 2022-23, the intimation may be despatched by 31 Dec ember 2023.

If a taxpayer doesn’t obtain any intimation inside such interval, the acknowledgement of the return filed could also be deemed to be the intimation. In case you want, you should still increase a grievance question via your on-line income-tax account to examine on the standing of processing.

Also, please observe that the processing of the return underneath part 143(1) of the Act might not be closing as it is just a preliminary evaluation of the tax return by the tax authorities. The tax division should ship a discover underneath different sections of the act, in search of extra info in future.

How a lot tax must be paid on long-term capital positive aspects (LTCG) if I’m not certain about securities transaction tax (STT) paid by the inventory broking platform on inventory transactions?

—Name withheld on request

If the topic shares had been listed on a recognised inventory alternate in India (on the time of each buy and sale) and have by no means been delisted from such recognised inventory alternate, then STT will need to have been levied on such transactions. Typically, such STT displays as a part of the dealer’s assertion / capital achieve assertion. You could accordingly examine along with your dealer for such particulars. Regarding taxability of LTCG could also be taxed as under (For FY 2022-23):

(i) As per part 112A of Income-tax Act, 1961, capital positive aspects arising from switch of a long-term capital asset being an fairness share in an organization shall be taxed at 10% plus relevant surcharge and cess of such capital positive aspects exceeding ₹1 lakh, if STT has been paid on the time of acquisition and switch of such capital asset. The LTCG on this case is to be calculated with out giving profit for price inflation index. Where shares had been acquired previous to 1 February 2018, grandfathering provisions shall be allowed whereas calculating price of acquisition for such asset.

(ii) Under part 112: If STT has not been paid on the time of buy and sale of fairness shares, then the LTCG shall not be eligible for taxation underneath part 112A and must be taxed at 20% charge, plus relevant surcharge and cess, as per provisions of part 112. Benefit of indexation (underneath part 48 of the act) shall be allowed on this case.

Parizad Sirwalla is companion and head, world mobility companies, tax, KPMG in India.

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