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 2017-2018 (Previous year 2016-17)

Assessment year 2016-2017 (Previous year 2015-16)

Income Tax

1. What is Income Tax Return (ITR)?

Income Tax return is a document which is filed by you stating your Total Income in a Financial Year through various sources of income i.e

  1. Salary ,
  2. Business or Profession,
  3. House property,
  4. Income from other sources like: Interest income etc .
  5. Capital Gains – ie Capital gains from sales of shares or capital gains from sale of Property 

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

The last date to file your Income Tax Return is generally 31st July. However, for financial year ended on 31st March, 2016, the last date of filing return is till 31st July, 2016.

3. 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 2015-2016, the basic exemption limit is Rs.2,50,000. For women, the limit is Rs.2,50,000, while for Senior Citizens it is Rs.3,00,000.
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.

4. 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 is quite simple. see FAQ’s section for more details. We are Chartered Accountants having offices in Faridabad and Gurgaon.

5. 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.

6. What happens if a return is filed late?

If you miss the deadline, you can file a belated tax return by 31 March 2017. 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.

6. What is difference between Advance Tax and self Assessment ? 

What is Advance Tax :

All income tax payers has to estimate his total income during the financial year and pay advance tax quarterly.
If projected tax liability of the current Financial year is more than Rs 10000, you are supposed to pay Advance tax !

Advance Tax has to be paid paid in three instalments.

  1. 30 % by 15th Sept,
  2. 60% minus first instalment by 15th Dec and
  3. 100% minus 2nd instalment by 15th March.

For individuals who are earning only through salaries , the Advance Tax is taken care of through TDS by the employers and there is hardly any Advance Tax to be paid .

But for individuals who have other sources of income , they have to pay Advance Tax. Advance Tax is payable as per Income tax Slab.

Self-Assessment Tax – While filing your Return of Income, sometimes it may happen is that the Taxes paid either as Advance Tax or by way of TDS fall short of the Actual Tax Payable .
The shortfall so determined is called the Self Assessment Tax which is payable before filing the Return of Income.
View here on How to Deposit Self Assessment Tax Online.


7. 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 2017. 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.

8. What to do in case i get notice from income tax department for non-filing of income tax return?
You can view this link on how to handle income tax notice for not filing income tax return

Income Tax Department Notice for Non Compliance & Non Filing of Returns

8. 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), ( Also View how to verify PAN no)

– 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.

Form 26as, it is advisable to view your 26AS before efiling your income tax return.

8. Is ITR V required to be send to Bangalore CPC?
Now ITRV can be verified online using your Aadhar card or net banking. Watch our Youtube video on how to verify ITRV online.

You can also do ITRV electronic verification using EVC by following these steps.


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 AAPGP1308E.

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.

5. How to verify PAN and check PAN Status?
Visit here for details on how to check PAN status.


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.2,00,000/-(increased in budget 2014 from (Rs 1.5 lacs to Rs 2 lac).

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 200,000/-, if the property is not let out.
  • Principal amount repaid can be claimed as deduction under section 80C with overall limit of Rs 1,50,000/-

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, benefit on interest is not available in case loan taken 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, Saving interest upto Rs 10,000/- is allowed as deduction under section 80 TTA. It therefore make sense to add interest income in your income tax return and claim deduction on Saving interest income.

( Please note benefit of section 80 TTA is available to saving interest only and is not available for Fixed deposit interest or/ recurring deposit interest)

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 on 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.

4. I have earned interest income from fixed deposit. Where should I show this income in income tax return and will I get any benefit under section 80 for interest earned. ?
You need to add this interest income under the head ” Income from other Sources”

Benefit under section 80C is available for Investment made under section 80C only. Fixed deposit interest is your income ( not investment).

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.

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.

7. Calculation of Capital gain is cumbersome. Do you assist in filing return for capital gains?

Yes, we assist in filing income tax return for capital gains. Just send the us details and select make payment using

8. I have just purchased new home for 55 lacs and have to Deduct TDS of 1%, How can  deduct TDS ?

Deduction of TDS is compulsory for property whose value is exceeding Rs 50 lacs. You can view Step by step guide TDS deduction on house property.

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),

Sukanya Samriddhi Account for Minor Girl Child

– 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 1,50, 000/- is the Maximum Amount that can be invested in PPF as per Section 80C of Income Tax Act.



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


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

1. 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 

Visit here on how to deposit Self assessment Tax online at NSDL Site.

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 2017-2018 (Previous year 2016-17)

Income Tax Rates/Slab for Assessment Year 2017-18 (Previous Year 2016-17)  Rates/ %age
Up to 2,50,000
Up to 2,50,000 (for women)
Up to 3,00,000 (for resident individual of 60 years till 80 years)
250,001 – 5,00,000Up 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 15% is Income tax payable on Individuals whose taxable income is above Rs 1 crore
Education Cess: 3% of the total of Income-tax and Surcharge.


Income Tax Rates for  Income Tax Rates/Slab for Assessment Year 2016-17 (Previous Year 2015-16) 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)
200,001 – 5,00,000
Up to 500,000 (for resident individual of 80 years and above, Tax is 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 to calculate and reduce your income tax liability
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212 responses to “Income Tax Expert Guide”

  1. Rabindra Panigrahi Avatar
    Rabindra Panigrahi

    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.

    1. Income Tax Buddy Avatar
      Income Tax Buddy


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

  2. Raju Avatar

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

    1. Income Tax Buddy Avatar
      Income Tax Buddy

      Hi Raju, This is not allowed as deduction. You will not be ble to claim any tax benefit

  3. wrapping Avatar

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

  4. Ramesh Avatar

    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.

    1. Income Tax Buddy Avatar
      Income Tax Buddy

      Ramesh, you should file return to carry forward this loss. This loss can be carried forward and adjusted again income from shares in next year.

      1. Ramesh Avatar

        Thanks a lot for the information.

  5. Sandeep Singh Avatar
    Sandeep Singh

    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

    1. Income Tax Buddy Avatar
      Income Tax Buddy

      Sandeep, Since you income was less than Rs 5 lac you are not required to file tax return.

  6. Alok Avatar

    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

    1. Income Tax Buddy Avatar
      Income Tax Buddy

      Hi Alok, by giving gift you cannot claim any tax benefit. Please view Income tax on gifts for more details

  7. Mridul Avatar

    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.


    1. Income Tax Buddy Avatar
      Income Tax Buddy

      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 Avatar
    Rajesh Nayak T

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

    1. Income Tax Buddy Avatar
      Income Tax Buddy

      Interest received on Fixed deposit need to be added to your total income for filing tax return

  9. saba Avatar

    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.


    1. Income Tax Buddy Avatar
      Income Tax Buddy

      Saba, you should cub both income and file your income tax return accordingly

  10. Pallavi Avatar

    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 . Thanks

  11. v sharma Avatar
    v sharma

    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

    1. Income Tax Buddy Avatar
      Income Tax Buddy

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

  12. AlokC Avatar

    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

    1. Income Tax Buddy Avatar
      Income Tax Buddy

      Please use income tax calculator for calculating Income tax liability

      1. AlokC Avatar

        Thanks,Need one clearification if TDS is getting deducted by my Employer monthly,Can I claim TDS deduction in total tax claim or I need to file TDS return during ITR filing.

        1. Income Tax Buddy Avatar
          Income Tax Buddy

          You can claim the excess TDS, in your income tax return

  13. vicky Avatar

    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?


    1. Income Tax Buddy Avatar
      Income Tax Buddy

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

      1. vicky Avatar

        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 Avatar

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

    1. Income Tax Buddy Avatar
      Income Tax Buddy

      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 Avatar

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

    1. Income Tax Buddy Avatar
      Income Tax Buddy

      Narendra, PAN no is compulsory for depositing Income tax. You can not deposit tax without PAN no.

  16. SRKE Avatar

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

    1. Income Tax Buddy Avatar
      Income Tax Buddy

      Please download Income tax Calculator from here

  17. Balvantkumar Avatar

    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.

    1. Income Tax Buddy Avatar
      Income Tax Buddy

      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 Avatar
    ashok motwani

    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.

    1. Income Tax Buddy Avatar
      Income Tax Buddy

      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 Avatar

    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,

    1. Income Tax Buddy Avatar
      Income Tax Buddy


      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 Avatar
    Shrinivas Pathak

    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.

    1. Income Tax Buddy Avatar
      Income Tax Buddy

      Long term sales of shares is tax free. and long term loss can not be claimed

  21. r.madanagopal Avatar

    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

    1. Income Tax Buddy Avatar
      Income Tax Buddy

      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 Avatar

    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.

    1. Income Tax Buddy Avatar
      Income Tax Buddy

      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

      1. Puneet Avatar

        The EPF credited for me is for 2 years and the company has not provided the document in regards to PF details .How could i calculate the amount to be added as part of salary from FORM26AS. Please guide.

  23. Shailesh Ladwa Avatar
    Shailesh Ladwa

    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.

    1. Income Tax Buddy Avatar
      Income Tax Buddy

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

  24. Ashit Acharjee Avatar
    Ashit Acharjee

    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,

    1. Income Tax Buddy Avatar
      Income Tax Buddy

      Please use income tax calculator to calculate your income tax liablity.

    2. SK Patra Avatar
      SK Patra

      Interest of Bank-saving up to Rs.10000 per year is exempted under Section 80TTA of IT act.

      So You are taxable for income from the saving amount is Rs.33500/-

  25. HUSSAIN Avatar

    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)

    1. Income Tax Buddy Avatar
      Income Tax Buddy

      Interest paid on under construction house can only be taken after possession.

  26. sk sharma Avatar
    sk sharma

    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.

    1. Income Tax Buddy Avatar
      Income Tax Buddy

      Please show the interest amount in your tax return in “Other income” head.

  27. SSR Avatar

    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?

    1. Income Tax Buddy Avatar
      Income Tax Buddy

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

  28. SSR Avatar

    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 Avatar
    Sandeep Khemot


    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?


    1. Income Tax Buddy Avatar
      Income Tax Buddy

      Maturity amount on lic policy -like jeevan saral is completely tax free

  30. Sachin Avatar

    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??

    1. Income Tax Buddy Avatar
      Income Tax Buddy

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

  31. Manav Gupta Avatar
    Manav Gupta

    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.

    1. Tax Dost Avatar
      Tax Dost

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

  32. Pandey Avatar

    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.

    1. Tax Dost Avatar
      Tax Dost

      it is correct bank deduct TDS @ 10% on bank fixed deposit, You need to pay extra income tax.

  33. Amit Avatar

    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?

    1. Tax Dost Avatar
      Tax Dost

      Please show only interest income earned from FD as your income in your income tax return.

  34. Abhi Avatar


    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.

    1. Tax Dost Avatar
      Tax Dost

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

  35. NARAYANP Avatar

    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?

    1. Tax Dost Avatar
      Tax Dost

      Saving bank Interest can be claimed as deduction under section 80TTA.

  36. GG Avatar

    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.

    1. Tax Dost Avatar
      Tax Dost

      Saving Interest Upto Rs 10000 is allowed as deduction under section 80TTA

  37. sudhir Avatar

    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..

    1. Tax Dost Avatar
      Tax Dost

      Since your Income is less than total taxable limit ie Rs 2 lac no income tax is due.

      1. Sudhir Avatar

        Thanks Sir …. You helped me..

  38. chandu Avatar

    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

    1. Tax Dost Avatar
      Tax Dost

      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 Avatar

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

  40. russel Avatar

    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?

    1. Tax Dost Avatar
      Tax Dost

      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 Avatar

    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.

    1. Tax Dost Avatar
      Tax Dost

      You dont have to worry about interest from PPF. PPF interest is tax free

  42. mohan Avatar

    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.

    1. Tax Dost Avatar
      Tax Dost

      Yes, Show this in your income tax return

  43. vivek Avatar

    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 ??/

    1. Tax Dost Avatar
      Tax Dost

      It need to added in your income tax return

  44. samriti Avatar

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

    1. Tax Dost Avatar
      Tax Dost

      You can claim Rs 1 lac as deduction there is no seperate treatment for women.

  45. Deepak Avatar

    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 Avatar

    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

    1. Tax Dost Avatar
      Tax Dost

      You should now file your income tax return and claim your tax refund

  47. manish Avatar

    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.

    1. Tax Dost Avatar
      Tax Dost

      Exact nature and details can be obtained only after visiting your income tax office.

  48. p k lenka Avatar
    p k lenka


    1. Tax Dost Avatar
      Tax Dost

      Please use income tax calculator to calculate your income tax liability

  49. Akshay Avatar

    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.

    1. Tax Dost Avatar
      Tax Dost

      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 Avatar
    sarabjeet singh

    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 Avatar

    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 Avatar


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

    1. Tax Dost Avatar
      Tax Dost

      If you are a salaried employee you can claim vaccination bill under 15000 medical allowance limit

  53. S K SUMAN Avatar

    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 Avatar

    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.

    1. Tax Dost Avatar
      Tax Dost

      Please show gift received under exempt income coloumn while filing your income tax return

  55. mukul Avatar

    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.

  56. gaurav Avatar

    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.

    1. Tax Dost Avatar
      Tax Dost

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

  57. Vinay Kumar Avatar
    Vinay Kumar

    Can wrong HRA claimed be adjusted through IT return. Please advise

    1. Tax Dost Avatar
      Tax Dost

      Yes you can consider, the same while filing your income tax return

  58. Vijay Kumar Avatar
    Vijay Kumar

    whether interest from bank saving account was exempt in assessment year 2011-12

    1. Tax Dost Avatar
      Tax Dost

      No interest from saving account was not exempt for assessment year 11-12

  59. Ram Avatar

    I’m salaraied person (individual, male), but i was not in job for last 1 year, means i do not have income from Apr’13 to Mar’14. I was filing inc tax return till last year from 2008 onwards every year. I filed ITR-2 last year as I have house property and I am paying loan for that. Should I file return this year also (if so how) or should I submit any proof / doc / letter for ‘no income’. Pl can you guide me on the forms / procedure?

    1. Tax Dost Avatar
      Tax Dost

      No proof is required to be submitted with the return. You can use ITR for filing income tax return

  60. Arun D Sanbhat Avatar
    Arun D Sanbhat

    We are Indian residents. I have opened a savings account and a PPF account for my minor son (1 yrs of age) with myself as guardian. I have given the initial money for this account opening. But all subsequent money deposits into this account would be done from my mother’s / my brother’s account. Will these amounts into my minor child’s account be included in my annual tax calculations? Can these amounts be treated as gift? Will the interests earned be also included in my annual tax calculations? My wife is a housewife and dependent on me. She has no independent source of income.

    1. Tax Dost Avatar
      Tax Dost

      Any some given by your mother or brother, to your son is tax free.

  61. utpal Avatar

    If I file IT return for my taxable income, and my wife do not file IT return(not taxable still now), whether her income will be clubbed in my hand. If no, is there any process to be taken from her hand.
    Your suggestion will be appreciated.

    1. Tax Dost Avatar
      Tax Dost

      Your wife income will be only clubbed if, you have transferred some money in her name and she has earned income out of this income. Then income so earned will be added in your income and need to be shown in your income tax return.

  62. Pramod Avatar


    Good Day!!

    I did not have PAN number, because of this 46K has been deucted as TAX, ( As a penalty at flat rate of 20% of my whole salary!)

    Will I be able to reclaim this amount, If yes can you please guide me how to claim this money back.

    Many thanks for your help,
    Pramod R

    1. Tax Dost Avatar
      Tax Dost

      Please apply for PAn card. After getting PAn card please file your income tax return and claim income income tax refund.

  63. Dhaval Modi Avatar
    Dhaval Modi

    I would like about medical reimbursement.
    I have submitted bills to employer but employer has cut off date 8th March to submit bills. I have paid some medical bills which are after 8th march. Can i avail tax exemption for those bill while filing return.

  64. D. M. Modak Avatar
    D. M. Modak

    I got Rs. 78,000/- for my Flat during the period 1 April 2013 to 31 March 2014 as Rent @ Rs. 6,500- per month for my Flat Given on Lease and License Basis.
    2) I paid Municipal Taxes of Rs. 2,674/- to the Municipal Corporation as the owner.
    3) Apart from the exemption of Rs 2,674/- I have read somewhere that I am also entitled to get 30% deduction while calculating my Taxable Income. i/e/ Rs. 23.400/- will be the Taxable deduction. Am I right?( from Rs 78,000/-)
    3) If I am wrong then how much can I claim as Taxable deduction from Total Income? Please advise.
    4) Also I have completed 60 years of age in March 2014. So basic exemption from Taxable Income is Rs. 2,50,000/- instead of Rs. 2,00,000/- while filing Returns for Ass Year 2014-2015. AM i right?
    – D.M.Modak, Nashik.

    1. Tax Dost Avatar
      Tax Dost

      Yes you can claim 30% benefit of rent earned. Since you have completed 60 years in mar 14, you will be eligible for higher income tax limit ie Rs 2.5 lacs

  65. Rajlaxmi Avatar

    Dear Sir,
    I am a Post office small saving agent since 10 years and have no other income. TDS is deducted from the commission paid to me. I have a PAN but have not filed return. Can I file the return now for previous years? For last how many years can i file the return? Will i get the refund of the TDS?


    1. Tax Dost Avatar
      Tax Dost

      You can now file income tax return for year ending March 13 and March 14

  66. Smruti Avatar

    My bank has erroneoulsy deducted TDS on my FDs in 2012 and submitted the tax to IT dept. Now I want my bank to refund the Tds amount deducted erroneously and the bank is denying it. Is it possible to get my the TDS refunded pertaining to 2012 which has been already paid to IT dept

    1. Tax Dost Avatar
      Tax Dost

      You can file return and claim the income tax refund if it pertains to yar ending mar 13, if Tds is before that period then income tax return can not be filed now.

  67. Amit Sharma Avatar
    Amit Sharma

    I have taken home loan along with my mother, my mother is the owner of the house and i am her only son, as she is a house wife and i am the only earning member So i am paying the home loan installments. Can i claim income tax rebate. My name is there in her property will but i am not the co owner.

    1. Tax Dost Avatar
      Tax Dost

      You will not be able to claim take home loan benefit since, you are not owner of the home.

  68. Ashish Avatar

    Dear, I was filling ITR in FY 2012-13 on July 2013, i want to know that when will I get the Refund.

    1. Tax Dost Avatar
      Tax Dost

      Refund is generally credited in your bank account within 3-4 months. Please make sure that you send the singed ITRV asap. The earlier you send he ITRV, earlier will be you refund. Also make sure that you fill in bank details correctly while filling income tax return.

  69. Pooja Avatar

    Dear Sir,
    I am Female & Indian Resi. having age of 24 years. I am employed by one of the leading Insurance Company.
    My Total income is below Exemption limit for Ass. Year 2014-15. They have given me Form 16A- TDS deducted under 194D(major part) & 194J.
    Can I file my return showing above income under the head Income from Other Source(IFOS) in ITR-1 ? or I am required to shown under the head of Bus/Profession ? I do not have any other income.
    Plz. Guide me. Thank you in advance.

    1. Tax Dost Avatar
      Tax Dost

      Please use ITR 4 and show as income from business and profession

  70. Rahul Avatar

    Hello Sir,

    I had FD for RS 100000 for around 6 months and interest earned due to this FD is less than 10,000. Do I need to mention this interest in ITR?


    1. Tax Dost Avatar
      Tax Dost

      Yes, you are required to show interest income from Fixed deposit even if it is less than Rs 10,000. Interest from saving account is allowed as deduction Please visit here for more details

  71. SG Avatar


    I am currently unemployed and out of country for personal reasons. I am a female, my annual income was below 5 lakhs.

    My last worked month was Sept. 2013.

    I have received ITR-V for the Income Tax Return for Assessment Year 2013-14.

    I have recently received Form 16 from the company where I last worked. By when do I have to submit my proofs to file tax for 2014-2015? Guess I wouldn’t be in India until this year end!

    Pls. advise.

    1. Tax Dost Avatar
      Tax Dost

      For year ending march 2014 return file last date is 31.07.2014.

  72. Ankur Mitra Avatar
    Ankur Mitra

    Hello –

    I had done paper filing for previous year incomes taxes, where I had asked the refund to be sent by cheque. But, due to address changes, I never received any of the cheques. This is for multiple years. Please tell me how to get those refunds.


    1. Tax Dost Avatar
      Tax Dost

      Please contact your income tax officer, where you have filled your return.

  73. Srinath Avatar

    I have a salary income and this year earned a few amount by investing in stocks and short term trading. As per IT rules, whenever STT is paid and stock is traded within a period of 1 year it amounts to short term capital gains. Now to file my IT I am confused with which ITR should I be using, whether ITR-1, ITR-2 or any other since I have income from salary and short term capital gain. Kindly advice me on this.
    Thanks and regards

  74. amv Avatar

    I have been filing income tax online through a tax consultant. He has the id and password. The email id given was also his email id as he was doing the filing. Is there any way I can file tax online? (eg., create new id?)

    1. Tax Dost Avatar
      Tax Dost

      Your user id is always Pan card no and it cannot be changed. Please try to reset the password.

  75. Vibhu Avatar


    My previous employer has made mistake in form 16. He mentioned the amount paid to me for 2 quarters which I didn’t get. I have form16 for those quarter from my current employer. Because this mistake, my tax is coming very high. How can it be rectified?

    1. Tax Dost Avatar
      Tax Dost

      Ask your employer to correct form 16.

  76. Ankit Avatar

    My previous employer didnt calculate HRA claim correctly. The form 16 shared by them only shows half the HRA amount claimed by me.
    Now i wish to file the rest of the amount and claim the refund. Do i need to use ITR 2 or can this be done from ITR 1 itself by reducing the amount under head salaries by the amount of HRA.

    1. Tax Dost Avatar
      Tax Dost

      PLease use ITR 2

  77. Sundaram Avatar

    Dear Sir,
    After submitting ITR-1, how long it will take to refund Tax? and how can we track the refund status?

    1. Tax Dost Avatar
      Tax Dost

      It takes around 3- 6 for refunds. Please use this link for Refund Status

  78. Rahul Avatar

    what is form 26 AS

    1. Tax Dost Avatar
      Tax Dost

      Please visit here to know what is form 26as and how to view 26as

  79. JVSV Avatar

    Retired Govt servant. Annual pension 2,76,012 having one tax savings sbi certificate for 100000. Having pension certificate for the above amount. How to up load the pension and sbi certificate while filing ITR1 online.

    1. Tax Dost Avatar
      Tax Dost

      Sir You are not required to to upload scan copy. just login to efilling site and fill in this detials and file your return.

  80. Tito Avatar

    My query pertains to FY 2013-14, AY 2014-15. I retired from the army service on 31 May 13. I have received salary of Rs 4lakhs while still in service and got Form 16 . Thereafter I got pension from PCDA Allahabad of Rs 4.5 lakhs . I also received interest from FDs of Rs 5 lakhs. Since I am disabled , my entire pension (Rs 4.5 lakhs) is tax free in terms of GOI, Min Of Finance letter No 200/51/99-ITA.I dated 02 July 2001. While filling up ITR-2 , where and how do I fill in the pension which is 100% tax free?

    1. Tax Dost Avatar
      Tax Dost

      Please mention the same in exempt income “coloumn EI”

  81. Sanchit Valecha Avatar
    Sanchit Valecha


    I have a PPF account with the Indian Postal Service for tax saving purpose. I’ve learnt that we need to declare the interest earned on PPF as Exempt Income while filing the returns. Can you tell me how to calculate the same for a given year? My passbook does not give separate information for the calculated interest in a particular period.

    1. Tax Dost Avatar
      Tax Dost

      Please get your passbook updated. Every year on 31.03 there is PPF interest entry. show this amount in EI coloumn in your tax return

  82. SANDEEP Avatar

    dear..i want to know dat my income is 3 lakh per year….can i submit my ITR online through e-ITR link on incometax websites…??
    what should i do after submit my eITR online ???

    1. Tax Dost Avatar
      Tax Dost

      Yes you can file return through online link. After filing tax return you need to sign the ITR V and send to Banglore CPC address

  83. Naresh Kumar Avatar
    Naresh Kumar

    dear sir, i have income 4.5 lac. is the ITR necessary to be filled? as my income is below 5 lacs.

  84. Deepak Avatar

    My wife has FD in banks for 200000/- and about 100000/- in savings account. She has a pan card. Can she file IT Return?

    1. Tax Dost Avatar
      Tax Dost

      Yes, You can

  85. Dinesh Avatar

    Can i donate money to my parents who have pan card

    1. Tax Dost Avatar
      Tax Dost

      Any money given to your parents is never considered as donation.

  86. Sachin Avatar

    I was doing freelancing (Working alone from home – India) for entire last year from April 2013 to March 2014. I received money from Australia in USD $. Received funds sometimes directly on my saving account in India and sometimes through PayPal. Do i have to pay tax for this income? This income of last year above 10 lacs.

  87. amit gupta Avatar
    amit gupta

    sir i am a salaried person. i have lost my form 16 of year 2011-2012. how can i find it again.

    1. Tax Dost Avatar
      Tax Dost

      Please ask your employer, They can provide a copy of form 16.

  88. Sachin Avatar

    Please answer my query…

  89. Sachin Avatar

    Please answer my query.

  90. siva Avatar


    If the candidate had to move from one organization to another during that financial year. The reason being the closer of the first organization. The candidate may get the form 16 from both previous organization(closed) and current organization but how do the candidate can account for the loss he would have incurred while searching for the next job(since the first one is closed).

    the losses could be like travel to cities for interview, Boarding and lodging and shifting the family to new location and other direct and indirect expenses.

    Please answer.

    1. Tax Dost Avatar
      Tax Dost

      Siva, unfortunately their is no provision in income tax act that allows for such claims.

      1. siva Avatar

        Please take this requirement to finance minister, Atleast for now to the chief income tax officer.

  91. Sanju Avatar

    Please advice. US based company has an employee working in India. The employment contract is with company based in US whereas services are rendered in India. As per US laws it is mandatory to deduct contribution for social security/ medicare/ pension, from the Gross Salary. Whether these deductions are eligible to be deducted from the Gross Salary of employee while calculating tax liability, here in India.

  92. Gaurav Kumar Avatar
    Gaurav Kumar

    Such a very useful website i must say .I got lots of new & updated information buddy.

    Thanks admin !! keep it up..

  93. veena kumari Avatar
    veena kumari

    I submitted my all PPF proof for year(2015) in month of jan. But in month of march I deposited some amount in PPF ,
    So how can I declare the amount in return ?
    Do I need to send proof during ITR file?
    Is my form 16 will contain march month PPF amount in 80C?

    1. Tax Dost Avatar
      Tax Dost

      You Can claim the exta amount of PPF while filing your income tax return.

  94. Amod Avatar

    Today, I read about – high value transactions. If cash deposited aggregating to 10 Lakh or more are considered as high value transactions and monitored by IT Department.

    Does it also includes transfer using internet banking by someone in my account [My wife and I usually keep transferring money to each other’s account through internet banking and total credit in account goes above 10 lakh in FY. Our income is only through Salary and FDs].

    Or this rule of high value transactions just includes – “cash” deposited in account?

  95. Atul Bharti Avatar
    Atul Bharti

    Dear expert, I want to know about stipned receive by doctors during his PG course is exempted or taxable. if exempted then how to possible to claim refund in itr for tds u/s 192.(the institute is deducted tds on stipned u/192)

    1. Tax Dost Avatar
      Tax Dost

      Stipend recieved during training is not exempt from income tax. You are required to pay income tax and file income tax return.

  96. Chiranjeevi Kumar Avatar
    Chiranjeevi Kumar

    Is it not possible to file ereturn (ITR 1) the for the assessment year 2015-2016 (i.e. financial year commencing from April 2014 to March 2015) ?
    When opened the site, the system shows only three assessment years namely 2014-2015
    What I need is 2015-2016 not others.
    Is it possible get the same right now?

    1. rahul301 Avatar

      The new forms will should be available from May month.

  97. IncomTax 16A Avatar
    IncomTax 16A


    I need Clarification about HRA exemption. I have Form 16A and not getting any HRA from Employer (Working as a Contractual Employee)

    Monthly Rent Paid : 10000 Rs Fix

    Can I claim HRA from IT Department ? if yes then how much.


    1. rahul301 Avatar

      Since you are not in employment, You can not claim full Rent benefit. For self employed you can avail benefit under section 80GG ie upto Rs 2000 as rent. Please visit this page for HRA details

  98. watsup Avatar

    very useful info for the freshers like me

  99. may Avatar

    While paying tax, Assessment Year got incorrectly entered by me. I had by mistake selected previous year and filled up the tax. Now while filing ITR for AY 2014-15, it shows amount(tax) which is due on me. Do let me know how can I get the details corrected?

    1. Tax Dost Avatar

      You need to file rectification. We also assist you in filing rectification.

  100. Akhilesh Kumar Singh Avatar
    Akhilesh Kumar Singh

    My employer has deducted tax because I have not submitted proof of savings. I have 1.5 lakh savings then how can I get extra paid money.

  101. Lakshmaji Rao Avatar
    Lakshmaji Rao

    I have retired from a PSU (NTPC) on 31st March 2014. I received an amount of Rs.380000 towards my PRP for the year 13-14. Is it taxable? No TDS deducted by NTPC. Where to show this in ITR1. I received Rs.260000/- towards my LIC Policy which was matured in March 2015. Policy was taken in 2005. My premium per annum not crossed 20%. I paid 22300/- pa. my sum assured was 2,00,000/-. It is exempted income. I suppose. Where to claim this ITR 1. or iI have to use ITR 2 form pl explain

    1. Tax Dost Avatar

      hello Sir,

      Amount recieved from LIC on maturity is tax free. You can show this under head exempt income (Schedule EI) in your income tax return.

  102. pallavi Avatar

    I have joined new company from march , so now i have two FORM16 (Old company and new company) , can u please guide me i need to fill ITR now, which form need to consider.

    1. Tax Dost Avatar

      It is better to file ITR 2, it will be easy for you to do calcuations in ITR 2.

  103. Pavankumar Avatar

    Hi, I have submitted the House rent documents (agreement + monthly rent receipts) to my company’s finance team. But however they have not considered these documents and deducted the tax. Now, I would like to file the ITR and get the amount back. Can I do it?

    1. Tax Dost Avatar

      Of course you can take benefit of HRA . Please use ITR 2 and claim your income tax refund.

      1. Pavankumar Avatar

        Thank you sir for the reply…!!

  104. Pavankumar Avatar

    Hi, I have made a donation of 5k to an orphanage. I want to get this amount tax exempted under 80G. however that orphanage does not have a PAN number available. in the ITR utility, it enforcing me to enter the PAN where as I dont have the PAN number. Is there a way to get this tax exempted or just leave it?

    1. Tax Dost Avatar

      You can only claim deduction under section 80G for donation, only if the trust is registered with Income tax authority for 80G benefit. In this case you will not be able to claim the 80G benefit.

  105. Shruti Murthy Avatar
    Shruti Murthy

    Hi, I am e-filing the IT returns. I have paid a life insurance premium for which I want to claim 80C benefit while filing the returns. I dont see any option to upload the premium receipt in the e-filing system, though I can specify the premium amount under the 80C section. How can I submit this receipt so that my claim is processed properly?


    1. Tax Dost Avatar

      No Receipt is required to be uploaded while filing tax return. You are just required to tmentione the amount of LIC insurance premium in your 80C benefit coloumn

  106. Kumar Anup Avatar
    Kumar Anup

    Can my Income tax refund be deposited in my Spouse account? We do not have any joint account.

    1. Tax Dost Avatar

      Income Tax Refund is issued in name of tax payer/ Assessee only. You will not be able to deposit the cheque in your spouse account.


    I have opened a FD under Capital Gain A/c. Scheme in July 2015. Am I to show the interest accrued on the same till 31.3.2016 as income while filing IT return for A.Y. 2016-17? OR can I show the entire accumulated interest while filing the return for A.Y. 2018-19 before which I will have to construct a new house?. Why I ask this is because if I show the accrued interest every year as income, I may have to pay tax during current year and again pay tax for the entire accumulated interest as well on Capital Gain when the CGAS FD matures in AY 2017-18 or later. Please advise.

    1. Tax Dost Avatar

      Interest Income is required to shown on basis of accrual every year.


        OK, suppose I show interest received on accrual basis this year and the next year I may or may not be liable to pay tax in these 2 years. But what happens on the third year if I fail to construct a new house and I have to withdraw the FD invested under CGAS SCHEME along with the accumulated interest? During that year, am I to pay tax ONLY ON the principal i.e. the capital gain amount which has been kept under CGAS scheme or also on the entire interest earned and accumulated for all the 3 years? Why I ask this is because as per CGAS scheme, if one fails to construct a new house within the 3 year limit, he has to pay income tax on the entire capital gain. In case I show the interest on first 2 years, and have to pay income tax because of this interest accrual, I may AGAIN have to pay tax on the entire capital gain as well as on the accumulated interest also on the 3rd year which will be similar to paying tax twice on the same amount i.e. interest earned.
        A clear reply would be appreciated.

  108. Aravind Avatar

    My parents recently purchased a new flat and I have applied a housing loan for some amount. But the registration has been done only on my mothers name was not mentioned as CO owner or CO applicant. But loan repayment is done solely by myself.. In loan provisional certificate my name is mentioned as CO applicant as my parents don’t have income..My company doesn’t accept Incometax exemption as the property ownership was not in my name(either owner or CO owner).Please advice my how I could get tax exemption for housing loan..currently we can’t re register our house for adding my name as CO owner as it include more rupees…kindly advice me on the same

    1. Tax Dost Avatar

      You will not be able to claim tax benefit on housing loan interest as you are not a co-ownwer.

  109. Akash J Avatar
    Akash J


    Which IT form I need to fill for the assessment year 2016-17
    1) i have two form 16
    2) I bought property also
    3) There is capital loss in share market

    1. Tax Dost Avatar

      Hello Akash,

      Since you were dealing in stocks, Correct income tax form for you is ITR2.

  110. anoop Avatar

    Please help me

    1. i have forgotten the password
    2. my user id is not active to reset password
    3. can’t activate user id as i have lost my mobile PIN
    4. can’t generate new mobile PIN and activation link as i have forgotten my password!!!!!!

    so, i’m stuck in a loop here!!
    please help me out.

    thanks in advance

    1. Sapna Gupta Avatar

      You need to call customer care at 1800 4250 0025

  111. Rajesh Avatar

    I filed my return before the due date. I had yet not submitted my ITRV FORM.

    Now I want to revise my return. shall i revise after or before submitting my ITRV. and under what section.

    can somebody guide me.
    Thanks in advance

    1. Sapna Gupta Avatar

      It is better that you revise your income tax return, before sending ITRV.