Your queries: Income Tax | No Form 16? Apply to jurisdictional tax officer with pay slips

• December 16, 2023
• CA Chandan Agarwal's Office

I filed my returns in June this year. However, I have still not got the refund of Rs 10,000. What should I do now?

I worked with a company which closed down a year ago. While it deducted tax at source, it did not issue me the Form 16. The tax deducted is still not reflecting in the AIS portal. What should I do now and how do I file my ITR?

TDS can be claimed only if it is reflected in Form 26AS or AIS or if the employer has issued Form 16. Claim of TDS in ITR will not be accepted by the Centralised Processing Centre in such cases. In case your employer has not deposited the TDS, approach your jurisdictional tax officer with relevant documentary evidence viz. payslips / bank statement for a resolution.

My family and my brother’s family live together. We have been filing individual tax returns. Is it possible to form a Hindu Undivided Family and what are the tax benefits that I will get by adopting HUF?

Hindu Undivided Family (HUF) can be formed by the members of the same family who have descended from a common ancestor and includes their wives and unmarried daughters. Accordingly, brothers may form HUF. In fact, HUF is treated as a separate person from its members and is eligible for basic exemption on its income. Further, it is eligible for all the benefits/perquisites separately from its members.

I filed my returns in June this year. However, I have still not got the refund of Rs 10,000. What should I do now?

Refunds are issued by the tax authorities once the return has been processed. Check the e-filing portal for any issue which may have risen and also make sure that the bank account nominated for refund is pre-validated.

What will be the tax implication if I invest `5,00,000 as lumpsum in gold exchange traded funds and withdraw the gains after three years?

As per the latest amendments, any gain on investment made in funds after March 31, 2023 with less than 35% of equity investment shall be taxable at applicable slab rates only. Accordingly, any gain on investment made in gold exchange traded funds shall be taxable at slab rates only, irrespective of the period of holding the investment.

Source: https://www.financialexpress.com/money/income-tax-your-queries-income-tax-no-form-16-apply-to-jurisdictional-tax-officer-with-pay-slips-3339993/