I am about to file my tax returns but i haven't received last years refund. does IT dept really refund? This year also i am expecting a refund. Is there any hope
if the house loan is taken from a private party and this has been declared in the property questionnaire submitted to the ITO after the completion of the house and its aqcuisition, can the interest paid to private party on this house loan be alloed as is for the loan taken from any bank or HDFC?
RE:exemption on house oan
by chingapunga on Jul 19, 2008 08:46 PM Permalink
If you can prove that, the amount taken from the private party is for the purpose of housing only and also, the bifurcation of principal interest then you can very well tread that as from any bank or HFC
RE:exemption on house oan
by LALPET SRIDHAR on Jul 19, 2008 09:08 PM Permalink
Yes like any other loan . But you must be able to provide eveidence in case of any query from the IT dept
Sir, Can somebody extend help on ITR-2 Schedule HP column 1b i.e. the amount of rent which can not be relised in case of 2nd property. How to calculate it.
Friends, I retired from Govt service during Sep'2006. last year I filed IT return based on the Form 16 given by my employer for the pd of my work from March 2006 till my retirement SEP'2006 and adding the pension recd by me for the rest of the pd from Oct'2006 to Feb' 2007. Whereas during the Year 2008-09, I recd only the pension. I can not get Form 16 from my empolyer, since I reired now. Can I file IT return based on the pension recd by me without Form 16.
RE:Filing Income Tax return wothout Form 16.
by chingapunga on Jul 19, 2008 08:48 PM Permalink
for filing the IT returns, form-16 is not a must. Form-16 basically does the job easy for calculating the income and tax and also, it's coming directly from the employer. for filing your own returns, you can do without form-16.
RE:Filing Income Tax return wothout Form 16.
by LALPET SRIDHAR on Jul 19, 2008 09:12 PM Permalink
Yes . A revise return can be filed before 31.03.2009 on receipt of Form 16 from your last employer and payning the differential tax if any payable in this regard
I have not received the F16 till date and my Finance team says that as per Income tax rules min of 90% employees should have PAN cards in order for them to file eTDS and issue F16. What shoul I do in this siyuation.
RE:I have not received my Form 16 till date
by LALPET SRIDHAR on Jul 19, 2008 09:00 PM Permalink
If yor are not having PAN apply and give the no to your employer to issue Form 16. It is correct that employer can not file e-TDS returns without PAN of employess . However they necessarily have to furnish 90% of the PAN nos of their employees
conveyance not deducted in my Form 16 - how can i file tax return wuth refund of eligible amt for conveyance(Rs 9600). Do i Need to write a letter to Income Tax Department?
RE:conveyance not deducted in my Form 16
by chingapunga on Jul 19, 2008 08:50 PM Permalink
Normally companies with transportation facilities, do not adjust the conveyance in FORM-16. If your company doesn't have such a facility or if you have not availed such a facility, you can very well show the amount durng return and claim the refund
RE:conveyance not deducted in my Form 16
by LALPET SRIDHAR on Jul 19, 2008 08:57 PM Permalink
Your terms of employment shall determine the payment of the conveyance allowance. You can still ask the employer to considere the same and issue afresh Form 16(it is possible in a small company). But employer will refuse as the have to change thenecessary accounts and issue a fresh Form 16
conveyance not deducted in my Form 16 - how can i file tax return wuth refund of eligible amt for conveyance(Rs 9600). Do i Need to write a letter to Income Tax Department?
I have a doubt regarding my filing of it return. I have two form 16s.i worked in one company for four months where tds has been deducted and when i joined the other company tds hasnt been deducted so in the first form 16 i have refund of some amount and in the other nothing .so do i need to file the return with the first form 16 or both.please do help me.
RE:RE:Filing Tax return
by Guest on Jul 18, 2008 04:12 PM Permalink
Both. You will have to club the two Form 16s & then arrive at the total income, savings/deductions & tax paid / to be paid. Its not very tedious. Thanks. Dheeraj
RE:Filing Tax return
by LALPET SRIDHAR on Jul 19, 2008 08:50 PM Permalink
You have to file the return with both Form 16. The aggregate income after exemptions an deductions u/s 80-C will be the taxable income, and compute the tax and from which deduct the TDS from the first company. If there is balance of tax payable then you can use Challan 280 for payment of tax and file the return with details of TDS ducted and self assessment tax paid by you
In financial year 2007-08 my employer has deducted less tax. so need to give some more money to IT dept. Someone told me that I need to pay some 1.5% interest (per month) on this extra tax amount from Mar 08 to till date (July 08). Is it so?
RE:Extra Tax
by swati singh on Jul 17, 2008 08:17 PM Permalink
Yes..you need to pay interest for the extra tax amount over the period from March to till date. However, the interest rate is 1%
RE:Extra Tax
by Ankur Tyagi on Jul 17, 2008 08:45 PM Permalink
Actually i have paid that, but its unfair. It was the responsibility of employer. and i am suffering... it was big amount :(
RE:Extra Tax
by kalpesh shah on Jul 19, 2008 09:06 PM Permalink
You need to pay it since thats the way the govt works... but u need to pay interest on only the difference and not on the whole amount
RE:RE:Extra Tax
by LALPET SRIDHAR on Jul 19, 2008 08:55 PM Permalink
Yes the liability if deducted lies with the employer. If deducted amount is not paid then you can insist them to pay the same. However as you have already made the payment you can claim from the employereif he has not remitted the tax. Yes interest is payable at 1% per month.Alternatively you dont pay interest and wait a notice from the dept for payment of the same .Then pay the same. It serves one purpose that of intimation from the IT dept for having processed your IT return.
RE:TDS being deducted even below taxable threshold
by freelance on Jul 19, 2008 12:26 PM Permalink
Since you are employed as a contractor your employer is bound by law to deduct tax at source. For this the company must have pro vided Form 16A. Now you will have to file return with the details from this form to claim refund.
RE:TDS being deducted even below taxable threshold
by LALPET SRIDHAR on Jul 19, 2008 09:03 PM Permalink
You are not an employee. There should be employer and employee relation. Yours is contarct for service. Hence ask your employer Form 16A and claim refund after setting off expenses if any incurred while rendering services to the organisation and also 80-C deduction.
RE:TDS being deducted even below taxable threshold
by kalpesh shah on Jul 19, 2008 09:09 PM Permalink
Form 16 is issued to only salaried employees. Since you work on contract, the company should give you form 16A. Its better for you becuase you can prepare profit and loss account and avoid liability of tax.
