Hi, This is Prasad. In my Form 16, the amount I invested in NSC(Rs 55K) is shown as Interest on NSC and is added to my total Income. Can I get the refund for this by filing Returns or Do I have get my Form 16 corrected by the organization I am working for ?
RE:Is there a way to Correct Form 16
by Amitabh on Jul 11, 2008 10:13 PM Permalink
If the tax has already been deducted as per defective form 16 and paid to the exchquer, you can only claim refund in your return.
RE:TAX DEDUCTED LAST YR
by Guest on Jul 11, 2008 11:07 AM Permalink
yes you can, you neeed to show your investment whilw filling returns and the amount gets credited to your bank account
I am retired person and frequently buy and sell shares in the market through NSE through broker. While I did make profit in trading I have suffered capital erosion because of market price crashing. The difference between sales turn over and purchase turn over is below Rs.40 lakhs and my holdings are worth around Rs.25 L based on market price. Please confirm whether I need to maintain accounts / share audit etc. I have nett basis incurred loss only because of capital erosion. I have also paid huge S.T.T. because of purchase/sales. Can you kindly clarify. I am a middle class person.
RE:Can you clarify on share trading
by Amitabh on Jul 11, 2008 11:44 AM Permalink
Just because you frequently buy and sell shares you do not become a trader.An investor does not have to maintain elaborate accounts and get any audit done.If you have short term capital gain you will have to pay tax despite erosion of capital. Till the shares are sold no loss or gain can be accounted for.
RE:Can you clarify on share trading
by mr c on Jul 13, 2008 10:13 PM Permalink
I am given to understand that Trading in Shares one can book the loss/profit based on the market price as at the end of the financial year. Please clarify. Will not freqency of buying & selling shares will be interpreted as Trading. Can one get the benefit of short term/long term gain in case the frequency is high. Can one apply LIFO (last in first out) accounting method to get the benefit of the long term capital gain & short term capital gain.
My bank deducted TDS from FDR Interest on 2.4.2008. My gross income including pension comes below the limit of paying taxes. How can I get back my money and when to file return. I am having PAN also. Thanks.
RE:Date of filing IT Return
by Amitabh on Jul 11, 2008 11:41 AM Permalink
File your return by 31st July and cliam refund in the return itself. Give your bank account details.
RE:Date of filing IT Return
by Suman Kumar on Jul 12, 2008 10:38 PM Permalink
You should fill up 15G/15H to your bank so that they do not deduct TDS next year. Ask your bank for details.
RE:Filling ITR2 Online
by Amitabh on Jul 11, 2008 11:41 AM Permalink
At any income tax office that has jurisdiction over your work or residential address.
RE:Pan card
by NIKHIIL GOENKA on Jul 10, 2008 09:16 PM Permalink
No. If the income is more than 150000 for male assessee then you need to file a return
RE:Pan card
by ajit b khandekar on Jul 10, 2008 09:22 PM Permalink
Filing ITR is mandatory only if you have a taxable income, i.e. income more than the statuatory limit (i.e. 1,10000/ 145000 / 185000 etc). You will have to file it even if you do not have a taxable income because of saving under 80C.
