Sorry about this last minute desperate plea… So I sat up the whole night trying to finish my tax returns… And am almost done. I am getting this error message just as I am about to proceed for verification. Requesting CAs here to pls decodify the mystery… I have a splitting headache & I just have to submit the return today…
Thanks @VijayNair
I clicked… nothing happens. It doesn’t go to that schedule. In case you can help me with a better idea, pls share. The thought of having to let go of this filled form & refill all the deets all over again is driving me crazy…
I am going insane… what a buggy software?!
I am travelling away from home, living out of a suitcase & trying to sort this tax mess… My sympathies to all the CAs who are dealing with this with so much patience…
nah… cannot uncheck… i will lose the 10k deduction on 80TTA… it comes bundled with that. i did delete the particular 80U one though… even then it didn’t work. Got a mini heart attack. My poor heart!!
I logged out, took myself to the hotel restaurant, had breakfast, came back to my room, logged in (chanted Govinda Govinda!) & tried again. Worked like a charm!
So how did it go @Jason_Castelino … also are you based in BOM? #askingforafriend
So folks that day the stress really got to me… needed 2 whole days to recover… I would have been okay with filing late returns & paying penalty but i have some long term capital loss which needs to be carried forward (don’t ask how a smart woman like me ended up making a loss – but it wasn’t actually a loss. long story) If i had missed the tax filing deadline, I wouldn’t have been able to carry forward the loss. And that is why my desperation to finish & file that day.
what a godawful portal- full of glitches?! year after year same old nonsense… Simplify taxes yaar. make it easy for the common man to file returns…
Common man only has salary and interest income as per tax guys it seems.
ITR1 is simple enough, rest not so much. Every year it only gets more complicated with IF else within IF else …
That said glitches aside, tax filling has become easier now. 10 years ago, we had excel sheets and sending physical form to Bangalore. Now everything can be done online from portal itself.
Most of these site. Even gst has issues. TDS filings or company filings.
If you ask me, I would say abolish direct taxes completely. Let people spend. Give them the purchasing power and they will pay much more in the form of indirect taxes.
Am sure I am missing something. Otherwise somebody else would have already done this. Anyways.
In theory, direct taxes allow taxpayers to be taxed as per their ability to pay (canon of equity/ equality).
Though it can be argued that consumption patterns for rich and poor are different, so this can be achieved through consumption taxes alone but it’s not as easy in practice (and not as equitable as direct taxes).
I have done multiple stories on this already… The pain is real. My respect for CAs has gone up.
Subramanian Swamy’s pet theory … But you are the only CA i know to say this … won’t a step like this affect CAs negatively? I mean this is bread & butter (& cheese & jam) for you guys.
Oh is it. So somebody has similar views. Honestly I didn’t even know about it.
Firstly, personally does it affect me? Well. No. I am into business as well. Practice is secondary. Also, after I started being active in markets, practice has become a very small part of my revenue. Like 10 percent. So may be that’s why I have such views. Possible. Even if I forgo this, it will get covered up with my equity portfolio which will shoot by directly by 30 percent. So networth wise, I am still positive.
Secondly, will it affect other CA firms? Yes. To some extent. If there are no direct taxes, IT filings and tax audit is out. Company audit will still be there. There is GST audit and some other fields too. I don’t think any firm makes more than 30 percent of their revenue out of these things unless the firm is very small. Major portion of the revenue comes from company audits, compliance, gst litigations and so on. But now that the firm doesn’t have to pay taxes, that 30 percent loss is covered.
Just to add little bit from what I understand. If direct taxes are removed, as I already mentioned market will shoot up by 25 percent to 30 percent. In addition to additional earnings for the company, there is additional liquidity too. Unaccounted company will come to the market. (I strongly believe there is more unaccounted money in our economy than the accounted one) Stt is calculated on turnover and directly 30percent additional stt will be collected even if we assume same volume. People will buy luxury cars too because now they are not scared of unaccounted money. This would mean higher consumption of fuel and taxes on that also will go up. (More consumption of fuel may not be good.) Real estate prices may also go up and this will lead to higher stamp duty too. There are many other ways in which I think people will still save the exact same amount they would have saved if there were taxes. With more activity there will be more employment.
Having said all this, I am not sure how much of it can actually happen. It’s just a thought that I have for some time. Inflation may also go up because of demand. There might be some other negatives too.
Umm I was saying from a more casual viewpoint. I filed family taxes this year - including my parents’, inlaws’ and wife’s. The pressure of filing is more when I file mine - perhaps because others’ are simpler.
May be that’s how it is.
From professionals point of view for us all are same. In fact I will be least bothered about my return. I filed mine on 26th July. But for others we put in the data even before the forms were out.
I wouldn’t call it pressure. Because at the end of the day, we know that we will file all the returns before due date. And if site doesn’t work there will be extension. The real pain is how the work gets dragged to the last day till 12AM. This year we didn’t have that issue. We left office at our regular time.