Income Tax Expert Guide

Filing Income Tax Return

Income Tax | PAN | Salary Income | House Property Income| Interest Income | Fixed Deposit / NSC | Capital Gains | Capital Gain on Shares | Capital Gain on House | Clubbing Income

Tax Saving

Tax Saving under Section 80C | PPF | Mediclaim | Donations | Income Tax on Gifts | Tax Refund | Tax Payment | Tax Free Incomes

Tax Slab/ Income Tax Rates

Assessment year 2014-2015 (Previous year 2013-14)
Assessment year 2013-2014 (Previous year 2012-13)
Assessment year 2012-2013 (Previous year 2011-12)

Income Tax

1. What is the Last Date for filing an Income Tax Return?

The last date to file your Income Tax Return is 31st July. For financial year ended on 31st March, 2013, the last date of filing return is 31st July, 2013.

2. Is it mandatory for me to file an Income Tax Return if I have a PAN?

No. You need to file an Income Tax Return if your total taxable income exceeds the basic exemption limit before taking into account deductions.

For the financial year 2013-2014, the basic exemption limit is Rs.2,00,000. For women, the limit is Rs.2,00,000, while for Senior Citizens it is Rs.2,50,000.
You do not need to file an income tax return if your total taxable income does not exceed the basic exemption limit before taking into account deductions, even though you may have a PAN.

3. Filing tax returns is a complex and cumbersome process. I need a Chartered Accountant to help me file my tax returns, who will charge me one thousand Rupees?
Contrary to popular belief preparing and filing a tax return is actually quite simple.With www.incometaxreturnindia.com is quite simple. see FAQ’s section for more details.

4. What are the consequences if I do not pay income-tax?
In case, you fail to pay due amount of income tax , you will be charged interest @ 1% per month from 1st April following the financial year, until you pay your tax.

5. What happens if a return is filed late?

If you miss the deadline, you can file a belated tax return by 31 March 2013. But, if there is balance tax payable, you will have to pay interest on the balance at the rate of 1 per cent per month. This can go up to 2 per cent if you have not paid the required advance tax. If you are entitled to a refund, you don’t have to pay any interest if you file late.

For more detail impact please visit Can you file late income tax return?

6. What is the penalty for delaying or not filing a tax return??

  • A penalty of Rs 5,000 will be levied if the return is not filed by 31 March 2014. But, if there is a reasonable cause for delay, the penalty may be waived.
  • You can also be prosecuted if the tax payable (net of advance tax and TDS) is above Rs 3,000.
  • You can also be imprisoned for three months to three years, besides being fine.

So, it pays to start preparing tax returns early.

7. What documents are needed to correctly assesses and file your income tax return?
While no documents (see Checklist for filing tax return) need to be attached when filing an income-tax return, you need to do all the supporting paperwork and retain the records as you will have to produce them if your case comes up for scrutiny.

- Permanent Account Number (PAN),

- Salaried employees need Form 16

- Form No. 16A, which is also a TDS certificate issued for tax deduction on income from sources other than salary, from all those who have deducted tax at source, such as banks where you have term deposits.

- Details of all bank accounts operated during the year with details of deposits, withdrawals and interest earned.

- Property owners need to retain municipal tax receipts, rent details, and other such papers. If you have bought a house on loan, get a certificate of interest and principal paid.

- Bills, documents and contract notes for assets sold during the year are needed as are the corresponding purchase papers

- Details of tax payments made during the year are needed only if you have made or self assessed advance tax payments.

PAN

1. What is PAN?
Permanent Account Number (PAN), is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department. A typical PAN is AAPGPS1308E.

2. Why is a PAN required?
Having a PAN is compulsory for all taxpayers. A PAN needs to be mentioned in tax returns, Challan’s for income tax payment and all other communication done with the Income Tax Department.

3. Is it compulsory to quote PAN on return of income?
Yes, it is compulsory to quote PAN on return of income. Without PAN no you will not be able to find your income tax return.

4. What if I enter an incorrect PAN?
The penalty for quoting an incorrect PAN is Rs.10,000.

5. How to apply for PAN?
Visit here for details on how to apply PAN.

Salary Income

1. What constitutes Salary Income?
Gross salary includes

  • basic salary,
  • commissions,
  • allowances and
  • perquisites.

Subtract certain deductions from this. The balance is charged under the head ‘salary income’.

Your basic, allowances, commissions and bonuses are fully taxable.

2. How much House Rent Allowance (HRA) is exempt from Income tax?
House Rent Allowance (HRA) is exempt up to a certain limit if you are actually paying house rent. The lowest of three amounts would be exempted:
1) Actual HRA received,

2) Rent paid in excess of 10 per cent of basic salary, and

3) 40 per cent of your basic salary (50 per cent for Mumbai, Kolkata, Delhi and Chennai),

Download HRA Calculator here

3. My tax is already deducted and form 16 is issued by employer. Do I have to still file my income tax return?
Form 16 issued by your employer is only certificate not a return which indicates

  • The total income you have earned during the year from him;
  • The total tax deducted by your Employer; and
  • The tax deposited by your employer with the government.

Even if no tax is payable, you must still file your income tax return.

4. My current employer, while calculating tax has not taken into account Interest paid on Housing loan? How can I get refund?
You can claim this benefit. Send us your form 16 and Housing loan interest certificate. We would calculate your refund and file your return with the income tax department. This would help you to get refund of excess tax amount deducted by your employer.

House Property Income

1. What is the maximum amount I can claim as Deduction from my total income against interest on housing loan?
If the property is used by you or your family then the maximum deductible amount is Rs.1,50,000/-.

In case of let out property, the entire Interest amount is deductible.

2. Can I consider my entire EMI as a tax benefit?
Your housing loan repayment is done through monthly EMI. This has got 2 components -

  • Interest and Principal. Both are deductible, but separately.
  • Maximum Interest that can be claimed as deduction to the tune of maximum of Rs 1,50,000/-, if the property is not let out.
  • Principal amount repaid can be claimed as deduction under section 80C with overall limit of Rs 1,00,000/-

3. I have booked a flat with builder, possession would be given in 2 years, Can I Claim benefits of Interest I am paying now?
Interest paid will become deductible only after you have received possession of Property.
The interest paid till the date of possession is called Pre-construction interest and you can claim a 20% deduction each year, for 5 consecutive years, starting from the year in which
you get the possession of the house.

4. Do I get tax benefits if I have taken loan for piece of land?
No, Tax benefits for interest is only against house property not on land.

5. Property is in name of my father and bank have given loan against my name. Can I claim tax benefits?
No, You have to be co- Owner in the property to avail benefits of housing loan.

6. What is the maximum amount of interest can I claim as deduction, if the property is rented out?
You can get deduction of full amount in case of interest paid on rent out property. This would apply even if rent received is less then Interest paid on Housing Loan.

7. Can I claim the deduction related to interest and repayment of principal housing loan in case I have 2 house property?
Yes you can claim deduction.
In case you have two housing loans for two separate house properties and if you are residing in one of the houses, Then first House is considered self occupied and its value is nil, However the other house will be considered as ‘deemed to be let out’ and the deemed rental value will be considered as taxable in the hands of the individual.

8. I have taken Housing loan from Relatives, Will i get income tax benefits on interest paid?
Yes , you can take income tax benefit for Housing loan Interest even if loan is taken from your relatives. However benefit of principal repaid would be lost u/s 80C.

9. My current employer , while calculating tax has not taken into account Interest paid on Housing loan? How can I claim the benefit?
You can claim this benefit. Send us your form 16 and Housing loan interest certificate. We would calculate your refund and file your return with the income tax department. This would help you to get refund of excess tax amount deducted by your employer.

Interest Income

1. Is Interest earned on my Savings Bank account and Fixed Deposit taxable?
Yes. Saving Bank interest and Fixed Deposit- however small the amount is – is your income and is taxable. Many taxpayers, usually employees, tend to miss this income while filing income tax return.

From year 2012-2013, interest upto Rs 10,000/- is allowed as deduction .

Fixed Deposit / NSC

2. When do I declare interest from Fixed Deposit / National Saving Certificate( NSC) ?
There are 2 options to declare the interest:

  1. At the time of maturity of the Fixed Deposit or
  2. Every year, on the basis of accrual i.e., interest earned but not yet received

Best option is to declare interest income accrual basis.

3. Am I required to also disclose tax-free income while filing my income tax return?
Yes, you are required to enter data of all income earned by you during the year. E.g. interest received from PPF though tax free, need to be shown in your income tax return.

Capital Gains

1. What is Capital Gain?
Gain on sale of following investment/assets is known as Capital Gain:

  • Shares
  • Units of a mutual fund
  • Bonds/debentures
  • Immovable property
  • Jewellery, paintings etc

2. What is Long term and Short Term Capital Gain?
When investments are held for more than 36 months, such gains are termed as Long Term Capital Gain. However, for shares, mutual funds, listed bonds & debentures, zero coupon bonds, the period is 12 months.

When investments held for less than36 months, such gains are termed as Short Term Capital Gain. However, for shares, mutual funds, listed bonds & debentures, zero coupon bonds, the period is 12 months.

Your ads will be inserted here by

Easy AdSense.

Please go to the plugin admin page to
Paste your ad code OR
Suppress this ad slot.

Visit here for more details on how to save income tax on sale of house property

Capital gain on sale of Shares

3. Do I have to pay tax on sale of shares that I have purchased one year back?
No, since you have hold the shares for more than one year, no Capital Gain tax is payable. Also please ensure that Income tax exemption would be available only if::

  1. Such shares are sold through a recognized stock exchange.
  2. Securities Transaction Tax (STT) has been paid on the sale of such shares.

4. What is STT?
STT stands for Securities Transaction Tax. It is a tax paid for transactions made on a recognized stock exchange.

5. Is STT borne by the buyer or seller?
Securities Transaction Tax (STT) is levied on both buy as well as sell transactions. Hence it
has to be borne both by the buyer and the seller.

6. Do I have to declare sale of assets even if it is at no profit no loss?
It is relevant for transactions where STT is not paid and for claiming indexation benefit.

Capital gain on sale of House

7. I have sold my Residential House at profit. Want to know how can I save income tax on such capital gain?

You can save income tax on capital gain on sale of House property.

If the house was held by you for more than 3 years then, on sale of such asset you can get income tax benefit, if you fulfills following conditions:
a) You have either purchased another residential house, one year before the Date of Sale or

b) You plan to purchase another residential house within two years from the date of sale; or

c) You plan to construct another residential house within three years from the date of sale.

In case of (b) or (c), you need to deposit the amount of Capital Gain in a Capital Gain Account Scheme before the due date of filing your income tax return.

Clubbing Income

1 If I gift a house to my wife would be it taxable?

Gift of an immovable property between spouses is tax free. However, any income that is earned on the house, e.g., rental income in the case of the house being put on rent, will be clubbed with your income and taxable in his hands.

Tax Saving under Section 80C

1. How can I save Income Tax? What are Tax Saving Instruments available to me?
Under Section 80C benefits, you can get an exemption of up to Rs 1 lakh on contributions to a wide range of investments. These include :
- Employee Provident Fund (EPF),

- Deposits in Public Provident Fund (PPF),

- Investments in National Savings Certificate (NSC),

- 5-year bank fixed deposits,

- Life insurance policy premium (LIC),

- Investment in equity-linked savings schemes (ELSS), and

- Unit linked insurance plans (Ulips), among others.

- You can also claim a deduction for the school or university tuition fees you pay for your children provided they are enrolled in a full-time course at any institute in India.

Home loan principal repayment also qualifies for deduction under the overall limit of Section 80C.

2. Can I get Income Tax exemption from Infrastructure Bonds?
Rs. 20,000 tax exemption is provided for investments in certain Infrastructure Bonds. This is in addition to the already allowed exemption (Rs. 1,00,000) in certain savings instruments. Effective from AY 2010-2011.

Please note as per Budget 2012, you will not get tax benefit if you make any Investment in Infrastructure Bonds. ie Effective AY 12-13, Infrastructure bonds  tax benefit is not available.

3. Can I claim a tax benefit of life insurance premium paid for my spouse’s or my child policy?
Yes. You can claim payment of premium on life insurance policies of your spouse and children. Visit here for Best return LIC plan- LIC Jeevan Saral.

Visit here for to view if payment made for family member eligible for deduction under section 80C

4. How much can I Invest in Public Provident fund

( PPF)?
In a year Rs 1,00, 000/- is the Maximum Amount that can be invested in PPF as per Section 80C of Income Tax Act.

 

Mediclaim

1. Can I claim medical insurance premium paid both for me and my dependent parents also?
Yes, You can claim medical insurance premium paid both for me and my dependent parents also. For more details visit link

Donations

1 Can I Claim Income tax benefits on donation paid?
Yes, you claim tax benefits on donations given. Deduction is available under Section 80G of the I-T Act in respect of donations made by an individual to certain funds and charitable institutions.

2. Are donations 100% tax-free?
The rate of deduction, is either 50 or 100 per cent, depending on the choice of trust. Besides, donations must be made to registered institutions only. Only donations of upto 10 per cent of your total income qualify for such a deduction.

Income Tax on Gifts

1. Is Gift received from Relatives Taxable?
Gifts received from specified relatives are exempt from income tax, and there is no upper limit also.

2. Under what circumstance gift received is tax free?

  • Gifts received from specified relatives are exempt from income tax.
  • Gifts of any amount and from anyone received during your marriage are totally tax-free.
  • Similar is the case with the gifts received under a Will or by way of an inheritance,
  • From a registered charitable or education organisation or in contemplation of death of the donor.

3. What is tax Implications on gifts received from Non-Relatives?
If one gets any gifts -cash or in kind from non-relatives exceeding Rs 50,000 in a year, one is required to pay tax on the excess amount exceeding Rs 50,000.

4. Is Immovable property received as gift with out consideration taxable?
Gifts received w.e.f. October 1, 2009, has also been brought under the tax net. These include immovable property, including land or building or both, shares and securities, jewellery, archaeological collections, drawings, paintings and sculptures as specified under the Act.

5. Who is a relative in the eyes of the law?

  1. Spouse of the individual
  2. Brother or sister of the individual, spouse or of either parent
  3. Lineal ascendants or descendants of individual or of spouse
  4. Spouse of person referred to in scenario 2 and 3 above

Income Tax Refund

1. What should I do to claim credit for TDS?
In order to get tax refund, you need to file your tax return. It is advisable to tax help of Income tax consultant/ Chartered Accountants. You also Contact us for filing your Income Tax return.

You need to obtain a certificate of Tax Deduction (TDS Certificate) from the person who deducted your tax.
Enter the income and deduction details from the certificate in your Income Tax return.

Income Tax Payment

2. I want to pay income tax. How do I pay it?
You can pay the tax by filling up a form called “Challan No.280″ and submit it to any Nationalized Bank or pay it online through the website https://onlineservices.tin.nsdl.com/etaxnew/tdsnontds.jsp.

3. I forgot to pay advance tax before 31st March, what should I do?
You can still pay the tax before you file your tax return. You will be charged some interest for late payment.

Tax Free Incomes

1. Can you tell me income sources where in i don’t have to pay income tax?
There are couple of sources from which you can earn income and don’t have to pay tax as well, They are-

  • Agricultural Income
  • Dividends from equity mutual funds and stocks
  • Long-term capital gains on stock transactions are not taxed if you have paid the securities transaction tax on the sale
  • Interest earned on PPF
  • Amount received on Maturity of LIC Insurance Policy
  • Gifts Received from relatives. (See Relatives)

Tax Slab/ Income Tax Rates

Income Tax Rates for  Assessment year 2014-2015 (Previous year 2013-14)

Income Tax Rates for Assessment year 2014-2015 (Previous year 2013-14)

Income Tax Rates/Slab for Assessment Year 2014-15 (Previous Year 2013-14) Rates/ %age
Up to 2,00,000
Up to 2,00,000 (for women)
Up to 2,50,000 (for resident individual of 60 years till 80 years)
Nil
200,001 – 5,00,000
Up to 500,000 (for resident individual of 80 years and above, Tax is nil)
10%
Nil
5,00,001 – 10,00,000 20%
10,00,001 upwards 30%

Tax rebate of Rs 2000/- to Resident Individuals whose Total Income is less than Rs 5,00,000/-

Surcharge: is 10% is Income tax payable on Individuals whose taxable income is above Rs 1 crore

Education Cess of 3% is also applicable to Income Tax computed as per above slab.

Download Income tax Calculator

 

Income Tax Rates for Assessment year 2013-2014 (Previous year 2012-13)

Income Tax Rates/Slab for Assessment Year 2013-14 (Previous Year 2012-13) Rates/ %age
Up to 2,00,000
Up to 2,00,000 (for women)
Up to 2,50,000 (for resident individual of 60 years till 80 years)
Nil
200,001 – 5,00,000
Up to 500,000 (for resident individual of 80 years and above, Tax is nil)
10%
Nil
5,00,001 – 10,00,000 20%
10,00,001 upwards 30%

 

109 Responses to Income Tax Expert Guide

  1. Rabindra Panigrahi says:

    Please let me know how to show the interest earned from tax saver deposit. Do we need to pay tax on the interest earned from such deposit. Can we show the interest accrued every year as interest earned from other sources.

    • Income Tax Buddy says:

      Rabindra,

      Interest earned from all fixed deposit ( including tax saver deposits) should be shown in other income on accrual basis

  2. Raju says:

    When leaving my employer i had returned my joining bonus of 1 lakh. can i reduce that amount in my taxable income?

  3. wrapping says:

    Hello, this was a truly helpful article. Fantastic job.

  4. Ramesh says:

    Hi,
    This is really a very helpful article.
    I purchased and sold some different stocks in this financial year only. I have some loss there. Is it mandatory to show it in Income Tax return? There is no profit from any of the stocks.
    Is that loss exemptable?
    Thanks in advance.

  5. Sandeep Singh says:

    Sir,
    I left my job last year and my salary was below 5lac, although I had Form 16 which includes tax deducted by my employer for 2010-11 and 2011-12. But I didn’t mention interest from my salary account as it was below 5000 and didn’t file ITR. Is it fine or do I need to file?? Pls tell me the procedure

  6. Alok says:

    Hi!
    In addition to exemption limit of rs. 100000 can one gift some money to relatives or minor child to get tax benefit. If yes then under which section? Thanks

  7. Mridul says:

    Hi,
    I lost the receipts of School Education Fee and Annual Activity Fee that I paid for my Child’s education in the month of April, 2012. Hence I did not mention the same in the final IT declaration of my company. My company has deducted the TDS as per the declaration I did. BUT, yesterday I found out those school receipts and want to get the tax deduction for the same or I want to get back the amount which are already cut as tax gainst the undeclared child education fee amount..

    Please suugest/guide me what should I do now.

    Regards,
    Mridul

    • Income Tax Buddy says:

      Mridul, You can claim the benefit of tution fees under section 80C. Just claim the same in your income tax return and claim tax refund.

  8. Rajesh Nayak T says:

    whether fd interest shown at the time of maturity how to treat principal and interest ?

  9. saba says:

    i have changed job within a financial year, and my income exceeds the limit if i include income of both employer, in this case i am confuse wether i am liable to pay the IT Tax or not please answer.

    thanks.

  10. Pallavi says:

    Sir,
    pl. let me know if accrued interest on Bank FD ( under cumulative scme ) is exempted under section 80 C ? Kindy respond on my e-mail ID . pallavisanghavi33@yahoo.in. Thanks

  11. v sharma says:

    sir
    i have inherited 2 fdr of 8 lakh each from my father who died in yr 2010. in 2011 i got a govt job but as income was below 5 lakh i didnt file an IT return.

    is it fine if i dont file annual interest earned componant in my annual IT return and show full amount as my income for tax calculation purpose when i get that fdr encashed?
    i will be obliged for ur help

    • Income Tax Buddy says:

      Varun, It is always better to show interest on accrual basis, every year for which interest is received.

  12. AlokC says:

    My salary is 9 lakhs and i have taken home laon and interest paid is more than 1.8 lakhs and 36k principal and 15k is tution fees I paid for my kids school and 15k mediclaim.

    Can you please help me in calulating wht will be the tax payable amount for me.
    Also my employe is deducting TDS from my salary would that we eligilble for tax deduction.
    Thanks Alok

  13. vicky says:

    Sir,
    i invested Rs 50,000 in FD on July 2012 and it’s getting matured on july 2013.

    am is suppose to pay tax in terms of FD interest in assessment year 13-14 or assessment year 14-15?

    Thnx..

    • Income Tax Buddy says:

      Vicky FD interest is taxable, it need to be added to your Income tax return

      • vicky says:

        agree sir, however wanted to know am i suppose to pay tax in terms of FD interest for assessment year 13-14 or assessment year 14-15?

        as i invested Rs 50,000 in FD on July 2012 and it’s getting matured on july 2013.

  14. R.Ramesh says:

    Is it possible to show FD Interest & other income like Share purchase in Form-16 issuing by employer along with Salary income details????

    • Income Tax Buddy says:

      Ramesh, You can ask your employer to add interest income in form 16. However there is no option to include share income in your form 16. For this you have to file your tax return only

  15. narendra says:

    I dont have a PAN Card, can i pay income tax?
    I have applied for PAN card and I have a acknowledge no.

  16. SRKE says:

    Sir will you please send – Income Tax Calculator for assessment year 2013-14 in EXCEL Format to my email address sivaramakrishnaevani@gmail.com

  17. Balvantkumar says:

    Dear Sir,
    Right now i am under training and not getting any stipend nor salary, before that i was a govt. employee and they deducted tax from my salary. So, my total salary income could not exceed the limit of 5 lacs, should i get the form 16 A from our previous employer (govt body). However, i am having pdf of form 26AS from TRACES. Let me guide about income tax ASAP
    Thanking You.

    • Income Tax Buddy says:

      You can file your income tax return without form 16. But it is advisable to get form 16 from your employer. This will be ready document for correct filing of income tax return and will be required at time of applying for visa and home loan

  18. ashok motwani says:

    Sir,
    Can u guide me how to claim my professional fees from client. I am self employed and dont have a bill.Can i make simple bill and they can pay me.I have helped them as a pf Consultant.What % will be deducted by them.This is my first instance.Please guide.

    • Income Tax Buddy says:

      Ashok,
      You can raise simple bill on your client. Since you are proving profesional services, they will deduct TDS as per section 194J @ 10%, please see more details in TDS rates page

  19. Prasanth says:

    Dear Experts,

    I was working as a S/W Engineer in a company till 21 Nov 2012. I started a website last year and started getting around 1 Lakh/month as advertisement revenue and affiliate sales commission from Sept 2012 from that website(mainly from US through PayPal and some cheques). Then, I resigned from my full time job on 21 Nov 2012 and started working on the website from home. My previous company deducted TDS properly and I will get Form 16 from them. I got around 3 lakhs as salary and 3 Laks from the website when I was working there. So, I think I can show the website income as income from other source when file return. My doubt is regrading Income Tax on the money I got after I resigned (around 6 Lakhs). My questions are: 1. Whether I have to file both ITR-1 and ITR-4? 2. How can I save tax from both these incomes if I file it separately? 3. Is there any tax exemption on the income I got from oversees? (As I’m contributing something to our economy) 4. Can I deduct the expenses for running and maintaining the website from my revenue? By the way, I’m planning to set up a start-up company withing the next FY. Please guide me on this. Any resource for clarification will be highly appreciated.

    Thanks in advance,
    Prasanth

    • Income Tax Buddy says:

      Prashanth,

      You need to file only one ITR. 1) Since your website income is now full time income, you should show as business income and file ITR4.
      2) you can not save tax if you file tax return separately.
      3) There is no tax exemption from getting income from overseas.
      4) Website Running expenses can be dedcuted from your website revenue.

  20. Shrinivas Pathak says:

    Share purchased in Dec- 2007 & Jan 2008 for Rs 5 Lac current share value is Rs 1 Lac. Total loss in last 5 years is 4 Lac. Now I decided to sell my shares..! Can I claim loss of Rs 4 Lac in current financial year…? Please advise.

  21. sir
    i humbly request you that an information can kindly provided. i paid my lic premium in the month of April but i should have paid in the month of march2013. can it be accepted in the income tax return.
    Thanking you

    • Income Tax Buddy says:

      You will be able to claim LIC benefit only in financial year in which you have paid the premium. You can take benefit of section 80C for LIC premium during financial year 2013-2014

  22. seema says:

    Hi,
    I left my job last year and since then working nowhere. However, my employer has deducted tax last year for which I’ll get TDS certificate. I got my EPF with around 13000 Rs. as interest. My bank has also deducted tax on my term deposits. My question is that my overall income for 2012-2013 is very less than the income tax return value. I want to file the tax however so that I can claim my refunds. Do I need to mention my EPF amount and term deposit interests as income from other sources or it’s just the interest which I need to mention? And do I need to mention the tax deducted whether by employer or bank as overall tax deduction?
    Please help I’m bit confused how it’s gonna work this year as am not having any income without job since July’12.

    • Income Tax Buddy says:

      You need to show only interest income as income from other sources. TDS deducted by both need to be claimed in your income tax return

  23. Shailesh Ladwa says:

    If I want to file return for the A.Y. 2012-13 by paying tax in April’2013 with interest of 1% is it ok. or any penalty will be payable on it. let me know.

    • Income Tax Buddy says:

      Penalty is leviable since income tax return is late return, but it is at discretion of Income tax officer.

  24. Ashit Acharjee says:

    Sir, recently I have started M I S in bank which is Rs400000/-
    & I have got Rs3600/- interest per month. (43500/- p.a). pls tell me how much amount I have to pay for Income tax in a year? & how can I save it? please suggest me to my email address

    I will be thankful to you,
    Thanking you,
    Regards,
    Ashit.

  25. HUSSAIN says:

    sir,
    house loan on interest benefit 150,000. if house under construction should i take interest benefit that time. or 150,000 benefit on interest each year (till 5 years)

  26. sk sharma says:

    I had booked an apartment with a builder in 2008. Due dispute builder refunded the booking amount in Dec 2012 with an interest of 9 %. Builder deducted TDS on the interest amount at the rate of 10 %.
    Kindly advise if the interest received from the builder due refund is taxable and if so at what will be the tax rate and under what head this amount will be indicated in ITR – IV.

  27. SSR says:

    I have kept some amount as ‘Fixed Deposit’ for 5 years in the year 2011.
    My doubt is can I declare this under Tax Saving under Section 80C only for 2011 financial year or up to 2015?

    • Income Tax Buddy says:

      Income tax Benefit under section 80C for Fixed deposit can be made in year deposit only.

  28. SSR says:

    How much savings one person should show under section 80c so that very less or no income tax gets deducted to him if he has salary of 6,00,000 per year.

  29. Sandeep Khemot says:

    Hi,

    My question is, is there any tax on maturity amount of LIC policy like Jeevan Saral, Jeevan Ankur? as I am expecting Rs. 800000.00

    Is there any chance to deduct amount as a TDS from LIC?

    Regards,
    Sandeep

  30. Sachin says:

    Hi.. I am working from (home) India for one of the Australian company. That is a registered company and I receive monthly payment on my one of the saving accounts. I will be getting salary slips only and no form 16. How can i file income tax return? will there be any problem in future to apply for home loan or visa in future? if yes is there any work around??

    • Income Tax Buddy says:

      Sachin, you can file return as self employed professional. This document is sufficient for home loan and visa.

  31. Manav Gupta says:

    Hi, I am salaried employee working for MNC. I bought a property through broking firm. The broking firm promised that if i make 40% of the payment to the builder, Firm will give me some amount back from its brokerage. Once i made 40% payment then brokerage firm gave me check for the said amount after deducting TDS 10%. I was checking my 26AS and found that they deducted tax under 194H. Now, Do i need to fill ITR-1 or ITR-4? I do not have business.

    • Tax Dost says:

      You can file ITR 1 and show this commission / brokerage income under head “income from other sources”

  32. Pandey says:

    whle filling the IT returns for AY 2013-14, when I enter the amount earned as interest on deposits in the column “Income from other sources”, the tax gets calculated as per normal slabs whereas the bank has deducted TDS at 10%. This leads to the tax calculator showing tax to be paid even though TDS done correctly. pl guide.

  33. Amit says:

    Hi . Can anyone tell me how can i file ITR for this financial year as this complete financial year i haven’t worked and no income and no form 16 i have but still i want to file ITR..Is it possible? I only have one FD in bank for that @10% TDS has been deducted by Bank…Please suggest How can i file ITR in this situation?

  34. Abhi says:

    Hi

    my saving interest is more than 10,000. in the ITR , where can i show the amount and which form on income tax website i have to use to deposit the income tax on interest amount.

    • Tax Dost says:

      Abhi, Please use ITR 1 for filling tax return. You can show interest income under the head income from other sources

  35. NARAYANP says:

    Hi,
    My doubts are specific to filling up ITR-2 form.
    i) Where should I show the deduction of Rs 10000/- allowed on Savings Bank interest?
    ii) I had four investments in Fixed Maturity Plans. After indexation, there was capital gain on three investments and loss on one investment. The consolidated position also results in net capital loss. Do I show the consolidated position in schedule CG Item B2a & B2b(i) and under item D-LTCG NO PROVISO?

  36. GG says:

    I have savings interest income more than 10,000 but have not paid any advance tax, will I have to pay any interest/penalty under section 234b/c? I filled the ITR-1 and it is not calculating any amount under section 234.

  37. sudhir says:

    I am earning in dollars by doing jobs on freelance but my Gross income for one year is $2000 = approx 1 lakh , which is less then minimum limit of Income tax return..
    I just wanted to ask do i still need to pay tax or not..

  38. chandu says:

    Sir ,
    I hav not shown the LIC premium amount to the company and they have not included in to the form 16.
    can I get the benefit the premium amount under 80C, while filing online?
    do I hav to send the premium recipt copy to the dept along with the acknowledgement signed….
    Plz help me .. Thanks in advance

    • Tax Dost says:

      Chandu,
      You can take benefit of LIC payment, while filing income tax return online. No documents is required to be attached with your income tax return.

  39. GG says:

    Does PPF interest need to be added to ITR, if yes, which form (ITR1 or 2) and under which section?

  40. russel says:

    I received Rs.30 lakh (accounted money) from my father and paid to builder (property yet to be registered) against buying a property. How to show these transactions in ITR form while e-filing?

    • Tax Dost says:

      Amount you have received from you father if it was not refundable, that is in nature of gift then it is exempt under income tax act. and need to be shown in exempt income

  41. KAILASH says:

    I have a PPF account for last 6 years, but didn’t show interest in my ITR in any year including current year. I filed ITR before due date. Now what can be done.

  42. mohan says:

    hi sir,
    I have started repaying of my education loan from january-2013 and i have paid 3 months in 2012-13 jan-mar (interest comes around 20,000) i dint declared this to my employer. Now can i show this in Returns to get refund? If yes then what i need to do?
    Please guide sir.

  43. vivek says:

    I took my pf money from last company and tax deducted for that. Can i Add it in TDS and can pay remaining tax in this financial year or it has to be excluded ??/

  44. samriti says:

    how much Tax Saving under Section 80C for women in india..

  45. Deepak says:

    My friend recently received a mail from IT department on 07-06-2013 regarding his 143(1) which states that there is a mismatch in his previous year (A.Y 2012 – 2013) IT filed between 1.computed under section 143(1) and 2.provided by Taxpayer in return of income.

    Please let me know the answers for the below questions.

    1.I found out that there was a error while filing previous year (A.Y 2012 – 2013) IT through online, amount entered in online is greater than actual amount so there is no need to pay extra amount as mentioned in the notice. Do we need to rectify this only by online application?

    2.What is the procedure for online rectification?

    3.From google I came to know that, these rectification needs to be done within 30 days of the notice. He havnt responded to the notice until today which is more than 30 days from the day of notification.Please suggest what we need to do? Will there be any penality towards it?

  46. krish says:

    sir, I have a fixed deposit account in a bank.tds is not applicable but unfortunately bank has deducted tds for financial year 12-13. what should I do

  47. manish says:

    I am a salaried person and I had filed return for AY2012-13, still i have got notice from IT deptt to submit balance tax while my employer had deducted due taxes as shown in form 16. Please reply as the IT dept has issued notice to represent my case and appear personally before the Dy. Commissioner.Please HELP.

  48. p k lenka says:

    A HOUSE WIFE EARNING 3.5 LAKH .HOW MUCH INCOME TAX SHE HAS TO PAID .

  49. Akshay says:

    I was employed for only 6 months during this year (April 2013 to Sept 2013). I left the job and didn’t take up a new job.
    Now, my question is that while filling ITR, can I take into consideration the House Rent paid from October 2013 to March 2014.

    In this situation how would be HRA exemption calculated?
    Would they take into account the rent paid for the whole year or only till September 2013.

    Please help.

    • Tax Dost says:

      HRA can be claimed , only if you are etting in your salary. In your case you will not be able to claim HRA, since you are not receiving HRA

  50. sarabjeet singh says:

    I have a flat A in Navimumbai worth 35 lacs (with loan of 10 lacs ) and have purchased another flat B in Thane (with loan of 75 lacs ). Both properties are in ready possession. Since i have my office in mumbai. Can i claim HRA, show the 1st and 2nd property let out ?
    Also since i would be eligible for incometax rebate of 1 lacs towards principal and 1.5 lacs towards interest towards Flat A . Would like to know if i can claim the additional interest born on Flat B which would comparatively be high approx (5-7 lacs per annum). Is there any limit on the interest to be claimed on FLat B

  51. M.M.Ravindran says:

    I’m a long time NRI in Kuwait and I arrived in India on15-7-2013 after retirement. Then I travelled back to Kuwait on 13-1-2014 on visit. I will be going back to India on 2-3-2014. HoweverI intend to visit Kuwait every six months indefinitely. Under this situation what is my status: NRI or Resident from tax perspective.

  52. Manish says:

    Hi,

    Can you tell me whether vaccination done for baby comes under any tax exemption?

  53. S K SUMAN says:

    I had paid self assessment tax for interest earned from fixed deposits. Inadvertently the self assessment tax paid by me online through ICICI Bank has been wrongly filed under (Major Head – 024 interest tax, and minor Head – 300, self assessment tax.) 024 pertains to interest tax. The tax should have been paid by me under 021 which pertain to income tax. How do I make the correction? Just a few days back i have got demand note from Income tax department for the same amount.What to do now?please guide.

  54. gaurav says:

    I have received rs 200000 as a gift from my father, I know it is not taxable, but is it necessary for me to show the gift amount in ITR 4s under the head income from other sources.

  55. mukul says:

    Good advice on tax saving, there is one question on HRA Exemption.
    I am working in pvt ltd company & staying in company guest house but my family stay in another city & HRA is paid by me.
    Can I get HRA Exemption in Tax calculation, Pl advice.
    Regards
    mukul

  56. gaurav says:

    I forget to mention my “other income” in my income tax return form, but i already paid advance tax on that “other income”. Is it a offence, or what can be done now.

    • Tax Dost says:

      If the other income is substantial, then it makes sense to revise your income tax return(if it can be revised )

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>