The Biggest and Most Detailed Guide on – Income Tax Return Filing FAQ’s (ITR)

POSTED BY manish ON May 30, 2013 COMMENTS (498)

Do you have some doubt on Income Tax Return Filing Process or some question whose answer you are not getting anywhere? This post might be the end of your struggle.

Few weeks back, we ran a survey and asked investors to send us their queries and doubts on Income Tax Return Filing, whatever it may be. We then picked up some of the most asked and common doubts which investors face and thought of creating this comprehensive guide which will act like the bible to your ITR related queries.

income tax guide

Nobody in this world likes the annual exercise of filing Income Tax Return. Yet due to legal responsibility, everybody has to file his Income Tax Return. Now before understanding the Income Tax Return filing, let’s understand few common things first, which will help you to resolve your queries on ITR.

1. Permanent Account Number (PAN)

Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any “person” who applies for it or to whom the department allots the number without an application. PAN enables the department to link all transactions of the “person” with the department.

These transactions include tax payments, TDS/TCS credits, returns of Income/wealth/gift/FBT, specified transactions, correspondence, and so on. PAN, thus, acts as an identifier for the “person” with the tax department.

A typical PAN is AFZPK7190K

First three characters i.e. “AFZ” in the above PAN are alphabetic series running from AAA to ZZZ
Fourth character of PAN i.e. “P” in the above PAN represents the status of the PAN holder.

  • “P” stands for Individual,
  • “F” stands for Firm,
  • “C” stands for Company,
  • “H” stands for HUF,
  • “A” stands for AOP, “T” stands for TRUST etc.

Fifth character i.e. “K” in the above PAN represents first character of the PAN holder’s last name/surname.

Next four characters i.e. “7190” in the above PAN are sequential number running from 0001 to 9999.

Last character i.e. “K” in the above PAN is an alphabetic check digit. (More Details on PAN)

PAN CARD

2. Tax Deduction Account Number (TAN)

TAN or Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax. It is compulsory to quote TAN in TDS/TCS return (including any e-TDS/TCS return), any TDS/TCS payment challan and TDS/TCS certificates. (More Details on TAN)

3. Financial Year

In India, the Financial Year is defined as a period starting from 1st April of a Calendar Year & ending on 31st March of the next immediate Calendar year. All the income earned by a tax assessee has to be accounted for segregation on the basis of dates in different Financial Years.

4. Assessment Year

The applicable Assessment Year for a given Financial Year is the next +1 year. For example, if a FY is 2012-2013, the relevant AY ‘ll be 2013-2014. All the income earned by you in a FY and taxes paid by you in that FY ‘ll be assessed only in the relevant AY.

5. Form-16

It’s the statement of your yearly income provided by your employer to you after the end of FY. This includes your gross income, deductions claimed by you, net income, tax liability there on, Tax deducted by your employer, any tax liability or refund.

The most important thing to be remember in form 16 is the TAN of your employer should be written clearly & so do your own PAN.

6. Form-16A

Form 16 is issued by the Tax deducting authority where the TDS is applied on your investments (say FD in banks) or non salary cases. Say TDS applied by tenant against rent paid to landlord. Here again TAN & PAN quotation is must.

7. Types of Income

As per Income Tax Act 1961, the income can be classified only under the following heads.

1. Income From Salary or Pension

2. Income from House Property – Rental Income

3. Income from Business or Profession – Say Income to a Doctor or an Agent or Advocate or a Shopkeeper

4. Income from Capital Gains – Income arising out of sell of capital assets like Property, Gold, Art, Coins, Mutual Fund Units, Equity, Precious stones

5. Income from other sources – Any income which can not be classified in the previous 4 categories, comes under this head. Interest income, winning amount in Lottery or Quiz show (example KBC), Horse racing winning, Amount received as Gift from non relatives are some examples.

Now from the above list you can identify that you are having at least 2-3 income sources. Income Tax Deptt. has created different types of Income Tax Return Forms for the combination of different income sources.

Before Discussing Income Tax Return Forms, let’s discuss Income Tax Return itself.

8. What is the importance of Income Tax Return

If your income exceeds the zero tax limits, it’s mandatory for you to file an Income Tax return. During your income earning in the whole FY, there may be a situation that the tax deducted from you is more than the actual liability or there are some losses or deductions which you could not claim during the income earning phase or you paid less tax than the actual liability.

In all such case, you can only save yourself by filing an Income Tax Return. Actually your Income Tax Return form is the account statement of your income, tax liability there on & the tax paid by you. If there is excess tax payment, you ‘ll get refund. If the paid tax is less than your tax liability you w’d have to pay the difference amount.

Below is the official version for Income Tax Return filing essentially.

“The filing of income tax/wealth-tax return is a legal obligation of every person whose total income and wealth tax during the previous year exceeds the maximum amount which is not chargeable to income tax or wealth tax under the provisions of I.T.

Act, 1961 or Wealth Tax Act 1957, as the case may be. The return should be furnished in the prescribed form on or before the due date(s). Penalty of Rs. 5000 is imposable for non-filing of return within the assessment year.

Interest is also chargeable for non-filing or late filing.”

Watch this video to know why you should file income tax return:

9. Types of Income Tax Assessees

As there are multiple source & types of Income, so are types of Income Tax Assessees. Here are few examples –

  • Individual
  • Hindu Undivided Family
  • Firm
  • Limited Liability Partnership
  • Association of Persons
  • Company
  • Trust
  • Body of Individuals
  • Artificial Judicial Person
  • Local Authority

10. Types of Income Tax Return Forms

On the basis of the income combinations as well as Assessee types as discussed above, the Income Tax Deptt. has issued multiple Income Tax Return forms. these are numbered as ITR-1, ITR-2 ……. ITR-7.

Here is a table to understand the combinations of types Incomes for Individual Assesses & the applicable ITR form. Please do note, ITR-5, ITR-6 & ITR-7 are used by assesses other than Individuals & HUFs, hence not discussed here to keep this matter relevant for general public & common Individual assessee.

which ITR form to be filled

Majority of common individual tax payers fall in ITR-1 & ITR-2 category.

11. Online & Offline filing of Income Tax Return

The Income Tax Department is slowly transforming itself. Earlier all the returns were only offline mode. First non Individual & non HUF ITRs were made online filing compulsory. After that for Individuals & HUFs having income more than 10L Rs. were made online filing compulsory.

Now From AY 2013-2014, the income limit has been reduced to 5L Rs. for online filing. So we can safely assume that from next AY i.e. 2014-2015, the online return filing ‘ll be compulsory for each & every tax payer.

12. How to file online ITR

It’s quite easy. Now a days, a person can e-file either self by logging into the official site of e-filing. Apart from this, there are many other private online portals who are helping you to e-file your ITR. (Taxsmile, Taxspanner, Taxyogi, Cleartax are few examples)

Frequency asked doubts on Income Tax Return Filing

We hope that you are very clear about the basic information which every tax payer should be aware about. Now lets see some of the most commonly asked questions on Tax Filing. We collected these questions from one of our surveys and just categorized them into 13 questions. Here are they –

1. I forget (or could not produce in time) to claim HRA/Savings/Home Loan/LTC/Medical Bills etc from my employer. What to do?

Please relax. For all such cases, where either you could not claim on time or forget all together, your return filing is the time to tell the Income Tax department about the same & now you can claim the refund for the excess tax deducted from you. Note that the declaration given to employer is just to make sure that your TDS cut by employer is inline with your plans in a financial year. Incase something does not match, It can be finally done at the time of tax returns filing.

2. Where should I produce Bills/papers/receipts of the things related to Q. 1 above

Please do note that current ITR forms are ‘annexure less’ forms. Which means, that you need not produce any support documents to the Income Tax Department at the time of filing. Just keep the documents safely with you, so that you can produce the same if Income Tax people demand it from you in future. Documentation should be surely done by you, because incase there is a scrutiny case in future, you should have to documentary evidence.

3. I could not file my previous years income tax return on time or forget it .

It happens ! . There are penalty provisions if you do not file your due Income Tax Return on time. To correct the mistake, please file a delayed return now if you have not filed the previous years return. For ITRs related to previous years, please take help of a Tax professional to do the same. Filing late is better than not filing at all. Just contact a CA or tax filing portals, and they will be able to help you. Read this article on Late Tax Filing for clarity

4. I did not get the refund order/cheque . What to do ?

First check your refund status here. In case your refund status is available as cheque issued & the same is not received by you. Please contact at the E-mail or Phone nos. in the shared link. Also you read this article on how to Check your Income tax refund status online & Learn how to use RTI

5. I received the Refund cheque but I misplaced it/delivered at wrong address/wrong bank account number.

A lot of these issues happens because the address you provided at the time of filing returns years back is not the same where you are residing now, and the cheque goes back. For all such cases, you should contact your Jurisdictional Assessing Officer for offline filed ITR or CPC Bangalore for online filed ITRs. For online filed ITR, there is a link within your login window for Refund Reissue Request, use this for refund reissue.

6. How can I calculate my tax liability arising out of capital gains

Relax. You just need to punch in the required data in the excel sheet for ITR e-filing available at the e-filing portal. The sheet ‘ll calculate your tax liability on it’s own. Or you can refer to this article which will guide you on how to calculate capital gains.

7. How can I pay my due taxes as per calculation done by me or ITR excel sheet

Paying your due taxes is very easy. There are 2 ways to it. a)  Use your net-banking account . b) Use the Official Portal . Please do note for self payment of Income tax, the applicable challan number is 280.

8. I fall in 20-30% tax slab. Bank deducted TDS @ 10%. Should I pay more Tax

The answer is yes. Bank has merely done it’s legal responsibility. Your Tax liability is more than the work done by bank. So please calculate your actual tax liability by adding the interest income into your gross income & pay your due taxes. Here is a full article on TDS related issues. 

9. I forget to put in some data or wrong data was put in during my original return filing. How to rectify it ?

No problem, you can file a revised return to rectify these mistakes. The revised return can be filed before the assessment year is over for your original filed return. Here one important point is that the original return must be filed within due date. Just note this point, that if you have filed your returns and if there are any issues or errors, you can always file a revised return later.

10. I own a house in the same city & reside in a rented accommodation. Can I claim HRA & Home loan benefit simultaneously ?

The answer is YES. If you are actually residing on rent due to your Job or any other issues & the home loan house is also in the same city, you can claim both HRA as well as Home Loan benefits. Read this article for more on this

11. I was earning salary earlier. But now there is no income due to break or because I have become NRI with no Indian Income. Should I still file my ITR for zero income ?

The answer is no. if you do not have income or income is within the zero tax slab, you need not file your ITR. Yes in case, some TDS was there, you w’d have to file your ITR to claim the refund of this TDS amount..

12. My wife is a home maker & investing small money into direct Equity & earning some income. Which ITR should she use ?

First of all make sure her income is under zero tax slab or more than it. In case she is earning more than zero tax slab, she should file her ITR. Now the quantity of trades done by her to earn that income ‘ll decide the applicability of ITR. In normal situations, such earning ‘ll be Capital gains (Here it’s assume that gains are short term in nature due to holding less than 1Y) & she should use ITR-2.

For a very high quantity of trading activities, the applicable form ‘ll be ITR-3.

13. I worked with 2 employers in a FY. How to handle & file my ITR ?

First of all please collect form 16 from both of your employers. Now consolidate the income from both employers & check for an pending tax to be paid. Pay it now. Once all this is over, please file your ITR.

We hope all your queries about income tax return filing is solved in this article. If not, please post your doubts over comment section.

This article is contributed by Ashal Jauhari . A key member of Jagoinvestor community and a Tax expert . He writes on his blog here

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498 replies on this article “The Biggest and Most Detailed Guide on – Income Tax Return Filing FAQ’s (ITR)”

  1. mitz says:

    Hello Team
    My father gets pension(army pension) from bank,and has not filed any income tax return yet,Where do we get form 16 at financial year end in order to file IT returns next year

    1. Hi mitz

      This query belongs to CA domain, hence we are not the right people to comment on this issue.

      I suggest you get in touch with a CA for this in your city.

      We also have a CA partner incase you want to explore that, Just fill in your details here and they will give you a complimentary call back

      https://www.jagoinvestor.com/pro

      Manish

  2. phelegreen says:

    i have filed ITR 6 on 30.9.2016 and realised to enter proposed dividend
    can i file revised ITR 6 ?
    is there any problem we will face in future?

    1. Hi phelegreen

      This query belongs to CA domain, hence we are not the right people to comment on this issue.

      I suggest you get in touch with a CA for this in your city.

      We also have a CA partner incase you want to explore that, Just fill in your details here and they will give you a complimentary call back

      https://www.jagoinvestor.com/pro

      Manish

  3. solomon says:

    i had sold my property for Rs.62 lacs and have used this 62 lacs to purchas a property worth of Rs.75 lacs with loan from LIC for 13 lacs during AY 15-16. Now income tax department sent a notice to me to pay tax for the above said sold property . How to reply to them. I have already filed my income tax return for said period. Kindly help me to reply to them

    1. Jagoinvestor Admin says:

      Hi solomon

      This is very specific query which you should follow up with the concerned authority only. We wont be able to comment on that

      Manish

  4. Padmini says:

    I’m a homemaker & my husband purchased a house in my name & subsequently sold it in Jan 2016 attracting short term capital gains of about Rs 53000. There was a tax deduction of Rs 1.1 lacs on this transaction. My husband has taxable income but I do not. Should I file a return for claiming tax refund or should my husband include this in his return?

    1. I think you are talking about the TDS here and not tax deduction

      Manish

      1. Padmini says:

        Yes, should I file return to claim refund or should my husband claim it

        1. You will have to claim it

  5. BABU says:

    IF HUSBAND AND WIFE BOTH SALARIED AND HAVING FORM 16, INCOME TAX RETURN FILING IS MUST FOR BOTH? OR ANY ONE IS ENOUGH”

  6. Shaily says:

    I have a doubt regarding trust. How to present my computation and Form 10B in case my application is more than the sum received ???

    1. Hi Shaily

      This query belongs to CA domain, hence we are not the right people to comment on this issue.

      I suggest you get in touch with a CA for this in your city.

      We also have a CA partner incase you want to explore that, Just fill in your details here and they will give you a complimentary call back

      https://www.jagoinvestor.com/solutions/ca-services

      Manish

  7. Chandru says:

    Hi Manish, In section 80 TTA, I have entered Rs.823 [Interest from my Savings account] but it is not getting deducted under Chapter VI A Gross amount. I dont why it is not getting deducted?

    [My Declaration – 80C Rs.150000, 80D Rs.5000 [Preventive Health Checkup], 80G Rs.1000 [Donation], 80TTA Rs.823 – Total: 156823, but It shows only 156000]

    Please advise.

    1. Hi Chandru

      This query belongs to CA domain, hence we are not the right people to comment on this issue.

      I suggest you get in touch with a CA for this in your city.

      We also have a CA partner incase you want to explore that, Just fill in your details here and they will give you a complimentary call back

      https://www.jagoinvestor.com/solutions/ca-services

      Manish

      1. Chandru says:

        Thanks Manish 🙂

  8. rakesh says:

    Dear Sir,

    Today I was looking for information to decide the ITR form to file.

    My income is only from interest on deposits & bonds. I was under impression that I must file
    ITR 1. But on Internet I found that ITR-1 can not be filed if exempt income is more than Rs. 5000/- & ITR-2A
    can be filed only if I have Salary Income. So, I am confused which form to file?

    I started filling Form ITR-2A. But it seems filling details in Schedule OS 1d are mandatory even if income from
    the heads is 0. In fact none of the heads in 1d (5BB,115A(i,ii etc) are applicable to me but Calculate Tax does
    not allow to leave 1d(1,2,3,4,5) empty & I have to select heads forcibly & randomly with Income 0. This does not
    look proper to me. Kindly suggest ASAP.

    Can you send me a link which provides detailed information about filling or leaving different Schedules & their
    sub sections.

    Kindly reply ASAP.

    Thanking you. Best regards, RAKESH

    1. Hi rakesh

      This query belongs to CA domain, hence we are not the right people to comment on this issue.

      I suggest you get in touch with a CA for this in your city.

      We also have a CA partner incase you want to explore that, Just fill in your details here and they will give you a complimentary call back

      https://www.jagoinvestor.com/solutions/ca-services

      Manish

  9. Prasad says:

    I did job earlier and enjoy tax benifit under sec 80c paid against PF and others.
    Now, i resigned my job and claimed PF. My PF was settled with 10% deduction
    Can i claim the refund of this 10% .

    Accumulated PF is for 2 years, Amount is more than 50,000
    Submitted Pan copy and 15G ( mentioned income above 3 lacks)

    1. YOu can do that only if you are eligible for tax refund !

  10. Ritzy says:

    I opened a bank account when i started college. It has many many transaction of my expenses, college fees, allowances etc. Now i started my job and will be filling for taxes. Do i need to mention those things too. Someone told me that to start with taxes i must open a new bank account from now.

    1. There is no reason to open a new account. You need to mention your bank account anyways, because if there are any transactions, you need to count that !

  11. KavitaSoni says:

    My brother’s pan card was made after april 2016, can he file income tax return for financial year 2015-16 or say assessment year 2016-17. And if he can file income tax returns for previous financial years also.

    1. I am not sure on this. Check with a CA on this

  12. Neha says:

    Form 16 issued by my employer includes the salary of month of March, 2016. But, the payment of march, 2016 was made in April 2016 i.e. FY 2016-17. Can i claim a lower amount as my salary income while filing IT returns for FY 15-16 , than what is reflected on the Form 16 ?

    1. Hi Neha

      A CA is more qualified to answer you query, hence I suggest better get in touch one.

      We are not right people to talk on this

      Manish

    2. Parminder says:

      under section 89 it is taxable in financial year march 2016

    3. Wam says:

      Section 15(a) of the Income-tax Act, 1961 says, regarding income chargeable under salaries as: “any salary due from an employer or a former employer to an assessee in the previous year, whether paid or not”

      This indicates that you have to show the salary for the month of March, 2016, as the income for the FY 2015-16 (AY 2016-17), whether received or not.

      1. Tushia Shangari says:

        Thanks for your comment Wam

  13. ramesh says:

    my friend is running a man power recruitment and supply agency.The pan card is in his name only.While registering his to obtain EPFO code number after verifying at the official website of IT department he given his name as RAJENDRAN JOE JULIAS and it was accepted.The problem is when he tried upload his pan card it was displayed at EPFO web site something is wrong with the pan card where his name appears as R JOE JULIUS RAJENDRAN.My question is how to rectify? and upload the pan card

    1. Change the name in PAN itself .

  14. Anand says:

    I am salaried person with regular TDS done and for the last 8 years I have been filling ITR-1. From this year onwards I have also started trading on stocks. At the end of FY March-2016 I made a very minimal short term capital gain of Rs 300. I have not even transferred this gain to my bank account. Do I need to show this in ITR? If yes which ITR form I need to use?

    1. Hi Anand

      A CA is more qualified to answer you query, hence I suggest better get in touch one.

      We are not right people to talk on this

      Manish

    2. Parminder says:

      Same case with me and I have researched a lot, I have small gain of Rs 825 You have to fill ITR-2

  15. Rukmani says:

    I am a home maker for 8 years. I worked in IT industry for 12 years and have a home of my own where my parents reside. I don’t collect any rent from them and neither want to. I have not filed any income tax all these 8 years. I want to invest in a single premium Annuity plan. My husband is currently working and putting the Annuity plan under his name means paying 30% of monthly annuity to Income Tax Dept. So, I want to put it in my name, I can submit PF, Gratuity, Last Salary, Super Annuation as source. We want to invest 15 lakhs (9K monthly annuity for self & spouse for life) and I need to show source additionally for 5 lakhs. Which of the following ones will be more valid and what are the supporting documents that we need? (1) Giving all Gold to my husband and getting money transferred from him (2) My husband paying rental arrears for the last few years to me on behalf of my parents?! Considering my husband’s job security factor and the fact that we have to financially support both side extended families, planning for 30% Tax for this bare minimum 9000/- monthly Annuity would be bad. Please guide us on how to take the insurance in my name with self source to avoid tax.

    1. Truely speaking your query is too complicated for me to understand exactly what you want. Please share your query in short and be crisp please

  16. vijay says:

    I’m a student… I deposited my mom’s saving of Rs.5lak in FD and getting an interest of 8.5%… As I’m unemployed do I have to file income tax returns…

    1. It does not matter if you are unemployed or employed, what matters is what income got generated by you in a year. For 5 lacs, the interest is hardly 45k or 40k in a year, so its below the taxable limit and hence no tax.

  17. sagarika says:

    I want to claim LTA while filling tax. I am still using my maiden name in all the documents and official papers. However while booking the ticket the travel Agent used my married surname instead of my maiden name. Will it be a problem if i submit this ticket details while claiming for LTA?? Providing my marriage certificate along with the tickets, will solve the problem??

  18. kdsrjhansi says:

    Sir, I am house wife. I own bank deposits jointly with my husband. Can I take only 50% of the interest earned on those bank deposits for computing my Income for the purpose of Tax assessment since the remaining 50% of interest goes to my husband. Please clarify me in this aspect.

    1. No , the FD interest will be for the person who is primary holder !

  19. Gaurish says:

    Is it possible to show form 10(I) under 80DDB at time of ITR filing. right now im running out of time to produce it before my organisation for tax declaration.

    1. Which product are you talking about ?

  20. IRANNA says:

    Sir i have created my pan card i am a student while creating i have ticked income from other sources so is there necessary to file income tax returns

    1. NO , you need to file returns only when your income is above the limits

  21. SRINIVAS says:

    I PAID ADAVANCE TAX RS 50,000/- 2015-16 AS PER MY AUDITOR STATEMENT . BUT MY AUDITOR NOT FILED IT FOR ME . FOR 2015-16 WHICH DATE OF TRANSCATION SHOULD CONSIDER . ALSO CONVEY LAST DATRE FOR FILING RETURN WITHOUT PENALTY

    1. Hi SRINIVAS

      A CA is more qualified to answer you query, hence I suggest better get in touch one.

      We are not right people to talk on this

      Manish

  22. Saksham says:

    In last financial year I have received my last 3 yrs ariers. I end up paying 2.8 lakhs as total tax.

    1. Will i get something back?
    2. If yes , it comes under in which section while filling the itr form ?
    Thanks

    1. Hi Saksham

      A CA is more qualified to answer you query, hence I suggest better get in touch one.

      We are not right people to talk on this

      Manish

  23. Nidhi says:

    Hi
    I filed a NIL ITR 1 for AY 2014-15 (FY 2013-14) i.e belated return and received the acknowledgment for the same but i did not mention the section under which i was filing the return in the return filing status column. So i want to know if i should revise the same or should not bother if that does not pose any issues?

    1. Hi Nidhi

      A CA is more qualified to answer you query, hence I suggest better get in touch one.

      We are not right people to talk on this

      Manish

  24. Rizwan says:

    Hi Manish,

    Very innovative site you have created. 🙂

    Need your help.

    My Scenario :

    I work in a company. They provide me Form 16.

    I am a freelancer too.
    I got a contract. Contractor paid me 50k Deducting 5,5k as a TDS@10%. And gave me Form 16A.

    I paid 40k to people who helped me.

    Now at the end of the year, I have carried out 10 such contracts worth 5 Lacs. But after keeping my commission, I am only left with 1Lac as the net income and paid 4 Lacs to people who helped me.

    So please let me know how should I show to the Income Tax Dept that I only earned 1 Lac as commission and paid 4Lacs to people who were working for me.

    I don’t have any company. I do some stuff as a freelancer along with working in an Information Technology firm.

    If at the end of the year I have to pay tax on 5L then I will be left with nothing.

    Please help.

    Thanks,
    Rizwan

    1. You have to pay tax only on 1 lacs and not 5 lacs, and mostly you have paid TDS also . I suggest contact a CA on this

  25. Wriju says:

    Hi Manish,

    I am need to file my mother’s income tax return, but someone else seems to have already registered her PAN details to an unknown mail ID.

    I’ve tried resetting but get stuck at the secret question/answer bit (no way of telling what has been set for that)

    Is there a workaround to all this?

    Thanks and Regards,
    Wriju

    1. Not sure . Please email their customer care with this issue

  26. Deepali says:

    Hello,
    yet my employer has not provided me form no. 16. and the last date was 7 th sept, 2015
    can i fill the it return after this date? will they charge me any fine ?
    please guide me.
    Thank you

    1. Hi Deepali

      A CA is more qualified to answer you query, hence I suggest better get in touch one.

      We are not right people to talk on this

      Manish

  27. Tanuj says:

    Hi,

    ihave wrongly put my gross total income,and now instead of payable tax, refund is generated,also i have recieved refund amount check
    pls advice what to do.

  28. Tarun says:

    Hi ,

    I purchased a under construction flat in Feb 2013 and took a homeloan of 35 lakhs. As per builder , the tentative date for offer of possession is Dec 2015 ( although registration of property is not allowed from authority at present for that area). My question is
    -> Am i eligible for interest on home loan rebate under sec 24 for this year (1 april 2015 – 31 March 2016) assuming the possession is in Dec 2015 and registration of property will be after April 2016.
    -> How will the interest already paid ( from March 2013 to March 2015) be adjusted in income tax

    1. No you are not. As registration has not happened, techncally you dont own the house as of now . So why will you be allowed the tax benefits ?

  29. Atul says:

    I filed ITR for AY 2014-15 (FY 2013-14) & same got process too without any problem, but now I am aware, I forgot to claim home loan interest. Can I revise the same now?

    1. Yes, you can revise the returns

  30. Sanjay says:

    My question(s) please:

    If I have purchased (a) Axis Treasury Advantage (bv) Axis Liquid Fund (c) Sundaram Gilt and (d) Sundaram Debt STO on 27/29th March 2015.

    What is tax payable on WITHDRAWAL on (a) 10th April 2016, (b) 27/29 March 2017 and (c) 03rd April 2017 ?

    Please enlighten.

    1. Debt funds before 3 yrs have a normal taxation like FD, its added to your income and taxed at your slab rates

  31. Firoj B. Shaikh says:

    I have filed online ITR1 but we have not received any feedback from Tax Department about of acknowledgement number or TRP number,what is possibility

    1. If you have paid by netbanking, you will see the reciept there !

  32. Somnath De says:

    My wife is a homemaker with no income of her own. I am a salaried income tax payer and file income tax returns every year. In 2013 we got possession of a flat which was purchased through my savings and PPF withdrawal trough installments spread over 5 years. My wife’s name is a co-owner in this property.

    She has recently received a communication from Income Tax Department about explaining non- compliance of not filing her returns of 2012-13 and that they have received information through AIR w.r.t the immovable property transaction in 2012-13.

    How best does she explain in the e-filing portal that since she does not have a positive income it is not mandatory for her file income tax return.

    1. Thats what she should tell them . That she does not have any income, thats why she has not filed any return . If she has got any money in her account, then she should explain from where it has come and should have valid justification !

  33. Akhil says:

    Hi,

    I have withdrawal my EPF fund of my last company before 5 years in last year Aug 2014, the amount I have received in two installments i.e. 35000 and 13000. So I just want to know how much tax I have to pay in my ITR FY2015-16.
    Because I don’t know the tax for the same is already deducted or not and I have checked in EPF account , no details of previous company account is showing there.
    So please tell me how much amount I have to pay as a tax in other source of income.

    Thanks in advance.
    Akhil

    1. The TDS is not deducted on EPF . So you need to pay tax on that. Add it in your income and pay tax. check your 26AS form to see if TDS is deducted or not?

  34. ChowdaReddy says:

    Hi,
    I have two source of income, one is from a company working as full time employee and another one is freelance income as I am working for a US client through online. So, my earnings will be around Rs. 45000 per month.
    So I am not sure filing tax as I am having two source of income.
    Please help me in filing tax.

    Importantly, I need to get tax exception by doing some tax plannings through deductions. So please help me.

    1. Hi ChowdaReddy

      A CA is more qualified to answer you query, hence I suggest better get in touch one.

      We are not right people to talk on this

      Manish

  35. Deepak says:

    Hi Manish,

    I have already filed ITR for assessment year 2015-16 but forgot to mention the income from FD.

    Now I am planning to file ITR again and (as per new calculation need to 1500 extra tax.)

    What is the procedure to pay the tax and then file new returns.

    Thanks.

    1. Hi Deepak

      A CA is more qualified to answer you query, hence I suggest better get in touch one.

      We are not right people to talk on this

      Manish

  36. Mahender says:

    My original return was not filed in time but some rectification in original return iam filed revised return.what is the problem.

    1. Hi Mahender

      A CA is more qualified to answer you query, hence I suggest better get in touch one.

      We are not right people to talk on this

      Manish

  37. Sinha says:

    During the period 1st April to 15th September2014, I have short-term capital gains of Rs. 30000/- from sale of equity shares and during the period 15th March to 31st March 2015, I have short-term capital loss of Rs. 10000/- so that the net short term capital gain is only Rs.20000/-. How to show this in Table-F of Schedule-CG of ITR-2, since the table does not accept negative values.

    1. Hi Sinha

      A CA is more qualified to answer you query, hence I suggest better get in touch one.

      We are not right people to talk on this

      Manish

      1. Sinha says:

        I had thought that since you are providing guidance on Income Tax Filing, you will be able to help out. Thanks anyway for your response. I do not think that a CA would be able to help, since this is a defect in ITR-2 and can only be corrected by CBDT. The only option for me appears to be that I show a gain of Rs. 20,000/- in the first column of Table-F in Schedule-CG for the period April 1 – Sept 15, although actual gain during this period is 30,000/- and loss during March 15-31 is 10,000/-. This means that I shall be giving correct information about the total gain over the year but the distribution of the gains over the four quarters will be incorrect.

        1. Hi Sinha

          I am not well versed with that area. I suggest that you catch a professional in that area , or use RTI !

  38. Vikram says:

    Hello,
    I have taken a break from job after 10 yrs and left my job 1.5 yrs back and there was no income from salary in FY2014-15. I had “no income from other sources” as well in FY2014-15. I am continuing repaying home loan EMI (Sec 12B) and also have LICs (Sec 80C). Which ITR form should I fill this time. Whether it is required this time for my case. If yes, whether I should mention the loan interest under sec12 & investments under 80C. Waiting for your response. I have filed ITR for the last 11 yrs.
    Thanks & Regards
    Vikram

    1. Hi Vikram

      Actually you dont need to file return, but its suggested that you do it, because you are doing it from many years and expected to do it in future also, so better not have a gap !

  39. Mounisha says:

    Hi,

    In ITR-1 form do we need to fill present address or permanent address in the address column ?

  40. shivaprasad says:

    i am having income from other person under Longterm Gains as investment on shares please help me where to enter how to the details in the itr 2 -> other income ->income from other sources ->inconme from other persons

    1. Yes, it has to be income from other sources

  41. idunix says:

    Hi Manish,

    I Left job on dec 2014, I have below doubt related to mutual funds deduction in e-returns?

    I quit my job last year for my further studies. previously i used to provide investment (mutual funds) proof to my employer.
    Last month my previous employer has provided me a copy of form 16 (current year) which does not contains any Mutual funds deductions.
    please let me know how and where should i submit investment (mutual funds) proofs for availing Tax Deduction?

    1. You should better talk to a CA on this , because he will compute your tax liability and then apply for tax refund !

  42. Rajoria says:

    In financial year 2013-2014 I have my first home loan and paid interest on that but I have neitherapplied the rebate while filling return nor shown to employer (so not shown in form 16 for that year. I had filed It return for fin year 2013 2014without it. In financial year 2014 15 I have shown it to employer and got it under 24 us section . now can I file the IR for both the year in the 2015 under 24 us for this year and section 80EE for last year home loan interest 2014.

    1. Hi Rajoria

      I suggest that you now take the RTI route. You can file the RTI and ask your queries to them. THey are bound to reply you on your queries.

      Its a bit long cut, but works well

      Manish

  43. Kanu says:

    Hi sir,
    I have left my organization last year in august.currently i am unemployed.i was filling my itr-1 form but i don’t know what to write in income details??

    1. Hi Kanu

      A CA is more qualified to answer you query, hence I suggest better get in touch one. We are not right people to talk on this

      Manish

  44. Pradeep says:

    Sir
    I have received arrears in salary from 2006 in FY 2014-15.With the arrears my salary goes to 20% tax range and without arrears it is in 10% tax range. For arrears received for back years I am claiming tax relief under section 89.I have earned interest for fixed deposit in the FY 2014-15.If I combine the interest on FD and my salary for FY 2014-15 without arrears ,it comes under 10% tax range but my income tax portal says I will have to pay 20% tax on FD.Is there any act I can claim relief to go to 10% tax range for FD?

    1. Hi Pradeep

      A CA is more qualified to answer you query, hence I suggest better get in touch one.

      We are not right people to talk on this

      Manish

  45. Gojendra says:

    Hello Manish,

    I had filled the ITR for AY 2014-15 through ITR-1 form on 30th July 2014. I left my job on 30th Sept 2014 and became an unemployed person with zero income. However, the Income Tax Department is contacting me to rectify the defects in the return I had filled i.e. Error Code – 38 (Tax determined as Payable in the return filled by you has not been paid).
    Please advice me what I am suppose to do now being an unemployed individual.

    1. Hi Gojendra

      A CA is more qualified to answer you query, hence I suggest better get in touch one.

      We are not right people to talk on this

      Manish

  46. Prakash says:

    I missed filing my IT return for FY 2013-14 (AY 2014-15) as I worked in two different organisations. Now when I try to file my IT return using different portals (myITreturn.com, clearTax.com, incometaxindiaefiling.gov.in), the “Tax to be paid” differs from site to site.
    I’m confused where to file my returns. Kindly help me out.

    GTI: 425155
    Total Deductions: 44851 (80C- 20851 , 80GG- 24000)
    Total Taxable Income: 380304
    Tax paid – 15530

    Balance Tax Payable:
    1090 (myITreturn)
    1080 (clearTax)
    3000 (incometaxindia)

    Also I have filed IT return for AY 2015-16 (FY 2014-15) for which I haven’t submitted the House rental agreement yet. When and where should I produce the proofs, as I have already submitted e-filing?

    1. Hi Prakash

      A CA is more qualified to answer you query, hence I suggest better get in touch one.

      We are not right people to talk on this

      Manish

  47. Suchismita says:

    Hi,

    My office records have my maiden name (as a result my returns were filed in that name) and my PAN card has my married name (recently changed). As a result, a refund that I was expecting for AY 14-15 has got cancelled. What should I do? I don’t want to change my name in the office records and I was told by my office HR dept that it shouldn’t be a problem because the tax is filed based on the PAN number and not name. I was told by the IT help desk that I need to file revised returns. Can I do it in my married name, without changing the office records?

  48. pallavi says:

    Hi
    I have joined new company from march15 , So i have two form16(From Old Company and New Company ) , can u please guide me which form need to consider while filling ITR?

    1. You need to consider both of them , because that divides your income in the year !

  49. Rasiklal says:

    I have an unusual question.I submitted For.ITR 1 Sahaj for A.Y.2013-2014.But I should not have used this form because I had interest income of more than Rs.5000 form Bank savings Acct,.
    So I started completing For,ITR 2.But for various reasons i could not tender this form until 22/05/2015.
    The dead line was over.
    Next I decided to file “Belated” form
    But on trying to complete I come up with a problem.(1) I have to state that this is “Revised” form under 139(5) But i should also state that this “After Due Date under 139(4). How can I do this both? I am trying to e-file my return

    1. Hi Rasiklal

      Your cases is a bit complex and I think we are not the right people to comment on it.

      My suggestion would be hire someone who is professional in this area and consult them

      Manish

  50. Sanu says:

    Hello,
    Do we need to file ITR if the salary goes under 4.5 Lakhs? Or is it mandatory to file ?

  51. Vivek says:

    Hi,
    I am paying my sister’s tuition fee as my father is farmer. Can I claim tax deduction as she is dependent on me? How to show the dependency of her?

  52. reni says:

    Intimation us 143(1) showing different amount under income from other sources in both column but no demand is raised from IT dept and I am satisfied from it. Now what i have to do next …is rectification return should be filed or I have to do no nothing

    1. I think you dont need to file a revised return , if you have not for any notification

  53. Rao says:

    I am retired but not senior citizen and have not yet started claiming pension. I am not sure whether my income this year will cross minimum taxable limit. So I have few questions
    (1) What avenues of tax exemption are available to me? What is the max income from FDs I can have, taking exemptions into account, to stay below taxable limit?
    (2) Should I submit Form 15G or wait till I know my taxability status before doing so? If I submit Form 15G now and later find I fall in taxable bracket, can I pay tax on the FD interests without penalty?

    1. Hi Rao

      I think if you are investing 1.5 lacs in 80C , then you can get upto 4 lacs of income , so that after deducting 1.5 lacs, your taxable income is only 2.5 lacs and no tax for you. So you can make upto 50 lacs of FD !

      You can also give form 15 G/H
      Manish

      1. Rao says:

        Thank you.

  54. Raghavendra bhat says:

    Hi

    I am taking a salary from my wife’s proprietorship business as I manage day to day activities and there is no other income for me apart from this (No TAN is there and no deduction has been made while paying the salary). Now let me know which ITR form I need to use.

    Thanks
    Raghavendra Bhat

    1. Hi Raghavendra bhat

      I think a CA would be a better person to comment on this

  55. Gaurav says:

    Dear Sir,
    I have a shop which gives around 2 lakh of income
    and i also did trading (delivery+intraday) with turn over of around 35lakh (huge amount is because of intraday trading) but the profit made is only 40000.
    my queries:
    1. Do i need to fill ITR2 or ITR4?
    2. Do i show the trading as my business or as other income?
    3. in calculation of capital gain in ITR,
    Will i have to show the complete turn over amount or i can show only the base amount which i invested and the final amount which i got in end year.

    1. Hi Gaurav

      Your cases is a bit complex and I think we are not the right people to comment on it.

      My suggestion would be hire someone who is professional in this area and consult them

      Manish

  56. Jerald says:

    Hi
    I am Non-Resident Indian, Sold my Flat in 2013 and as per IT regulations buyer paid 1% TDS to the Tax department & I paid the same to the buyer. Subsequently in 2014 I filed ITR to claim the TDS. To my surprise IT department has not refunded the amount, because there is payment of advance tax under my PAN number.
    I have never paid advance tax as there is no Income in India. Is it possible that somebody can wrongly make payment into my account? I can understand one payment can be made by mistake but here there are 5 payments by unknown payer.
    How this can be handled / solved?

    1. Yes, its possible that some goof up happened . I suggest filing RTI and taking help of that

  57. Anubhav says:

    Hi,

    I have a query, my mother is a pensioner. What documents are required to be present while filling ITR? Also which form i need to fill – ITR 2C?

    1. Nothing to be given at the time of filing .

  58. Zoher Kheriwala says:

    If I fill itr 4s can I claim benifit under section 80 u as I am 100% blind

    1. Hi Zohar

      Just wanted to understand , if you are 100% blind, how did you comment on the website, if you cant see ?

      1. Zoher Kheriwala says:

        Hello Manish this is not the platform to discus this issue if you want to know how do I run computers pls mail on zosk79@gmail.com

  59. RAJIV SAHDEV says:

    PLS ADVISE i DO NOT HAVE FORM 16 – MY EMPLOYER DID NOT GIVE TO ME
    SO CAN I FILE MY RETURN AFTER FEW DAYS //WILL THERE BE TAX LIABILITY .I AM SALARIED EMPLOYEE AND WHEN COMPANY FILED RETUENS FOR ALL OTHERS I WAS ON LEAVE /// HOW MUCH WILL BE TAX LIABILITY ,MY SALARY IS 190000/- LAST YEAR PLUS MEDICLAIM 6000/- PLUS INTEREST ON EDUCATIONAL LOAN 32000/- PLUS HRA 180000/- PA
    PLUS LIC 30000/-

    1. The filing of return happens anyways till July 31st !

  60. p r chary says:

    01. what is the max limit of LTA, can we utilize the same every year/alternate year.
    02. how does a pvt ltd co., makes works contract Service Tax payment when it is
    main building construction to a firm contractor.

    1. Hi p r chary

      1. There is no limit as such, your company provides that to you

      2. Not our domain, so we cant commnt

  61. Madhu says:

    Hi,

    We have spent almost 1.6 lacs for IVF which was not reimbursed by my employer and we are not having any medical/health insurance policies also.

    My taxable income is 10.5 lacs n tax was deducted on 30% slab. My question is, can I get IVF expenses in tax ememption. If yes, how much and what is the limit.

    2nd question is, I’m paying LIC premiums for my mom and dad from 2009. Can these premiums be claimed under tax exemption in any section or way. In my previous company, they accepted these premiums for tax exemptions as I’m the only one paying the premiums. My present company is denying for doing so now.

    Please clarify my above doubts.

    1. I am not sure what is the IVF expenses ?

      Please note that life insurance premium paid by you for your parents (father / mother / both) or your in-laws is not eligible for deduction under section 80C. Your first company was doing it WRONG . The present company is following rules !

      Manish

      1. Madhu says:

        Thank u Mr.Manish. IVF is In Vitro Fertilization. A medical procedure for couples who are facing becoming parents naturally. Do these IVF expenses eligible for tax exemption ?

        1. I really have no idea on that

  62. Manoj says:

    Hello,

    My wife is a doctor( free lance consultant). which ITR for should she fill? Is it ITR4 ?

    thanks for your response in advance.

    regards,
    Manoj

  63. Surendra says:

    Hi… Tax got deducted for 2012-2013 FY. So I received Form 16 Part A and Part B.
    For 2013-2014 FY, No tax deductions as I showed HRA,LIC. So I got Form 16 Par B only and not Part A.

    HR department informed that there would be NO Part A issued if NO deductions. Is this true? I need Form 16 Part A and Part B for applying loan. What can I do now?

    Please guide me.

    1. Hi Surendra

      Your case is very specific, what is Case A and CAse B ?

  64. TARA CHAND SHARMA says:

    pl help me in my issue.I am DDO.in FY 2011–12 i deducted TDS on thid party bill @ 2 % under 194c. Later i came to know it is to be under 194J @ 10%. in year 2013 i recovred difference amount of TDS @ 8 %. but IT dept chargd intrest of 25 month.The amount involved are huge. also the amount of 2011 cannt be carry forward to next year or cannt be adjusted now i.e. in year 2014-15.
    my query is 1. am I responsible for payinf intrest for whole 25 month or upto the date when the party have filled its return in very next year in july.(which is approx 10 months).
    2. if only upto date of party filed the return,then pl tell hoe to file or act to do so..
    3.some of these party are trust and exempted..but first they have to pay tax and then take claim..so in such case also am i responsible to pay intrest.
    4.when we go to IT dept office,they avoid any cooperation and verbally tell,no no ou have to pay this..but never drop intrst.also TRACES also donot drop charges and keep creating pressure..
    pl reply to my email urgently . Your guidance willl be a great help to me.

    1. Hi TARA CHAND SHARMA

      The question asked by you is beyond our scope. Its suggested that you hire an expert on the issue and pay them for the advice.

      Manish

  65. A. BASAK says:

    What Business Code should be opted in the Column no. 2 of NATURE OF BUSINESS sheet in case of PRIVATE TUTOR & YOGA TRAINER respectively.

    Best regards,

    1. Hi A. BASAK

      The question asked by you is beyond our scope. Its suggested that you hire an expert on the issue and pay them for the advice.

      Manish

  66. NIlabh says:

    HI, i have filed last 2 year ITR but have not filed 2012-13 ITR. i have form 16 fot the same year. What are the declaration do i need to give for applying foreign VISA.

    Thanks

    1. Hi NIlabh

      You should take help of RTI now in this case ! .

      Manish

  67. a nagesh says:

    Sir,
    in it return of a person we can claim loss if we are not maintained books of accounts

    1. Hi a nagesh

      If its not on books, how will you prove it !

  68. Sumit says:

    Hi

    I changed my organisation in mid of Aug ’14 and now pleasue suggest do I need to consider full amount received from my previous organisation i.e. LEAVE Enchasement, Bonus, etc.??? If yes, in which category in ITR or I just have to consider salary received???

    Please revert!

    1. Hi Sumit

      The question asked by you is beyond our scope. Its suggested that you hire an expert on the issue and pay them for the advice.

      Manish

  69. Rohit says:

    Hi I am new to ITR filling,
    I want to know on 80 G deduction.
    The cash limit is 10000 . Is it cumulative cash for one financial year or is it capped for one time. If I have pai d more than 10000 in cash but not a single installment is more than 10000 , all are in 5-6K range. So is it fine or not ?
    Also at the time of claiming do I need to submit any thing or just have to mention the donation.
    Plrase help
    Thanx !

    1. Hi Rohit

      Its the total in a year, so even 5k+5k is fine. You need to keep the document with you to show later if required

      Manish

  70. DEBASIS says:

    This is one of the most insightful and useful blogs that I have read recently. Hats off to you. I got a home loan. the loan amount was disbursed in two instalments in two consecutive financial years. I am aware that as per section 24 (b) i can claim IT deduction if the acquisition is completed within three years from the end of the financial year in which the capital was borrowed.Three year period is to be calculated from the disbursal of second (and final ) instalment or the first instalment? is it the date of sanction of loan or the actual disbursement? the month of the disbursement of first instalment was Jan 2011; second was May 2012. got possession in july 2014. if we reckon from the first instalment then it is more than three years. if second them it is within 3 years. would appreciate your opinion

    1. Hi DEBASIS

      Its the date of registration I guess

  71. KS says:

    Hi,

    I have invested 8 Lakhs in Bank FD in my spouse name during FY 2014-15. She is house wife and having a separate PAN number and her PAN number is printed on FD receipt. She has submitted for 15G and tax is not deducted by bank. The interest earned from these FDs is around Rs. 50,000 this year. She do not have any other income.

    Do I need to show this income in my tax return?

    Regards,

    KS

  72. Divya Soni says:

    can i post a request letter to A.O. for refund re-issue in case of Offline Return?

  73. qutub says:

    i forgot to put 80 c deductions like ppf while e file tax? what to do in that case how to rectify it? Please help and my gross income (Rs 187760 from salary- form 16) is less than taxable income.

    1. Hi qutub

      You need to mention it in your yearly return in that case !

  74. kp says:

    Hi Manish,
    I have been reading that a tax audit can be initiated on an individual by the IT department for update 6-8 years back. So its necessary to maintain tax proof documents for upto 6-8 years.

    Now my question is, who is liable to maintain the proof documents? Does the employer has to maintain the documents because they are the ones who deduct on our behalf?

    My employer is not returning back my original proof documents and are saying that they have to maintain the proof records as there might me an audit for the company. Is it true that the company/employer is liable in record keeping of employee’s proof documents?

    1. Hi kp

      I think they are not liable for the scrutiny part, but only for their own audit , I mean they have to keep the records for all the benefits they have provided you, You should atleast have some kind of proof , like xerox of documents or even a bank entry (like premium payment or investment done through cheque) which you can show up in future if required.

      I think you should not loose sleep over it, while its an important issue- dont be too frightened for it !

  75. Vyasang says:

    Sir,
    I am employee of Maharashtra government. I stay in a rented house which is located in Nagpur. But my office is located in Amravati. These are separate districts / towns. I commute every two days between Nagpur & Amravati.
    When I tried to claim HRA exemption in my income tax by furnishing the rent slips belonging to my rented house in Nagpur, my office objected to this and told me I cannot claim HRA exemption for rent I am paying at Nagpur.
    I was told that as my headquarter is Amaravati I can claim HRA exemption only if the rented house is in the town / city of my office.
    Plz let me know, Is there a such a restriction in claiming HRA exemption? Or I can claim HRA exemption irrespective of location of my rented house.

    1. Hi Vyasang

      I am not 100% sure on that. Please open a thread on our forum so that someone who knows the answer can reply you on that.

      Manish

  76. Rajat Kr Jena says:

    how to fill tax chalan return fill

    1. Hi Rajat

      For that , I suggest look at youtube for some videos .

  77. Nagarjuna says:

    Hi, I have few queries.
    I am a salaried empployee
    1) Can we claim the tax benefit on the telephone bills while filing IT returns? If so what is the limit and under which section?
    2) I do pay rent (staying in rented house) and also have house loan on my name (parents are staying). So, my company has given exemption only for house loan and made HRA as taxable. can I claim HRA while filing IT-return?
    3) Need to know where we can get information about different categories we claim for exemption (like I head for telephone bills, are there any others?)
    4) IT return department ask only for ITR form but they don’t ask for the proofs for which we are claiming return if we submit any. why? how will they know about it?

    1. 1. No you cant . If your employer is reimbursing the expenses for that, then anyways you dont have to worry for it

      2. You should be able to claim the HRA as you are living in rented house. Talk to company

      3. Some companies give exemption on internet bills .

      4. Because its too much of work for them to collect all proofs . They are needed if you are asking for scrutiny . Hence its suggested you keep a good record keeping for 6-7 yrs

      Manish

      1. Nagarjuna says:

        Thanks Manish 🙂

  78. Kuntal says:

    Dear Sir,

    Regarding LTA,

    If employee is eligible for say LTA of x = 12,000 Rs/year ( say FY 2014-2015 ) in Employer A, and in April 2014 he enjoys LTA with 3+ days leaves in Employer A with LTA cost y = 18,000 Rs; and leave the Employer A in Sept 2014 as Last month.
    ( LTA_A_Employer = 6000 Rs of 6 months )

    Now same Employee is unemployed for Oct 2014.
    (LTA_O_NoEmplyer = 0 of 1 month).

    In Next Employer B, he is eligible for 24000 Rs/Year ( say FY 2014-2015), he is g not going to enjoy any LTA till FY (Dec 2014-March 2015 ) End.
    (LTA_B_Employer = 10000 Rs of 5 month )

    So Total LTA = LTA_A + LTA_O + LTA_B = 16000 Rs
    Actual LTA cost incurred = 18000 Rs ( 2000 Rs Loss )

    So my Queries are
    1. At he FY end, while filling ITR, what he should do to avail complete LTA ?
    2. Where should he claim LTA ?
    (A) or (B) or Both place (A and B) or something else ?
    3. Should he claim (-2000 Rs = 18000 – 16000) as Loss ?
    4. Suppose if he switched job on Jun2014, without Gap, will his additional LTA income will be Taxable ?
    In this case Total LTA = LTA_A_3000 Rs (April -June 2014 ) + LTA_B_18000 ( July2014-March2015) = 21000.
    Actual LTA on April 2014 = 18000 during Employer A tenure.
    So
    4a. Can he claim LTA_B_18000 ?
    4b. Will his additional 3000 taxable as per his slot ?

    Please give clarity ?

    1. Ultimately in your 16A form , you will get all information . When you request form 16A from first employer see how much LTA is recorded there.

  79. Kuntal says:

    Dear Sir,
    I switched my job in Sep-2014 without any consideration of Tax work.
    1. I opted for ‘Extra MediClaim Topup’ in April2014, How can I show it in ITR ?
    as I invested Base (Free from Company)+Extra ( For parents ), but invalidated after resignation.
    2. I had taken 5 days Leave & enjoyed LTA, but forgot to claim LTA to previous employer. I received Full & Final, but not Form 16.
    I have to submit 12B with raw understanding wiht F&F attached, to current Employer in Jan2015.
    Previous Employer said – I could claim LTA to current employer as Block (2014-2017).
    Current Employer said – As I taken Leave in previous Tenure, I should have claimed there, now I should claim ‘unclaimed LTA’ under ‘Loss’.
    3. Can I claim ‘Notice Pay Amount’ paid to previous employer under ‘Loss’ (as negative income)?

    Please suggest & guide.

    1. Hi Kuntal

      I think you should take it forward with a good CA . Its a bit more complicated . Do you want me to connect you to a right CA ?

  80. paras says:

    i have agricultural income from farms where should i show it in itr and in which itr .i also have have in come from busineess. please tell me

    1. Agricultural income is exempt from income tax. You just need to file your income tax return for the business income !

  81. Neha garg says:

    hlo sir
    I have filed refund reissue request because my bank account no. was wrong earlier. my refund was 11900 rs and when i filed refund reissue i have received only 7300 rs. what is the problem. plz clear it and how can i get my remaining money???

  82. Vijay Raghav says:

    Hi,
    I have small question. I have changed companies in same fiscal year. I have already delclared my investment under 80C to my previous employer hopefully it will get reflected in the Form16.
    My question is do I need show same investment to my current employer? If yes will it be a problem of double counting that I will have 2 form 16s showing my investments under 80C. Please help

    1. In this case, what you should do is

      – Specify the same investment proof like you did for previous employer
      – Also mention the income received from old employer , so that he can adjust that and then cut the TDS !

  83. rhutwik prabhakar palekar says:

    my income is arised from post office agent that is only income source of me then which ITR form i can use?

    1. It matters on the income amount . Is it above 2.5 lacs ?

  84. Kanwaljit says:

    Hi Sir,

    Thanks a Lot for the illuminating article. The Language is quite simple to understand. My query pertains to home loans and deductions regarding interest on them.

    Whether it is required that owner of the building should be owner of the plot also ?
    If plot is in the name of wife who don’t have a source of income (as normally is) and expenses for building are made by Husband out of his income, then what would be the proof of ownership for Husband in case he applies for a Loan ?
    Whether she needs to be a co-applicant in such a case ?
    In case of Joint owners whether the %age of Ownership in Plot itself is sufficient to claim Interest benefit on home loan ?
    In case of co-applicants whether any %age of share is required to be mentioned ?
    If not then in which %age the co-applicants will be able to claim the Interest Loss ?

    Regards
    Kanwal

    1. The house must be registerd in the name of the person who is applying for the loan , thats the prerequisite . On whose name did you register the house which was built ?

  85. sundar P says:

    Hi sir,

    My income from salary was taxable in the past and last 2 yrs I have no income except bank FDs and some lil equity, together not in any tax slab. Earlier I was filing ITR and paying hi taxes and have no dues to ITDept. Recently, Bank deducted TDS out of some confusion and this year I would file ITR1.

    I have doubt on my equity – I hold some of bluechips for last 10yrs, some of them got bonus, splits etc But I never gained (in cash) except notional profit.
    Pls adivse if I still need to show them as part of ITR1 now ? if So, which section ?

    1. No , they dont need to be shown in the ITR !

  86. prabha says:

    Dears,

    I have been trading in fno and equity last one year having taken a pan, but have no income for the year till now, but a loss of around rs. 2L in the interim due to some wrong trading reasons. Do i need to file tax returns and can i claim to offset these losses in the comming year ? I do not have any income of my own but trading using my husband given funds.

    Prabha

    1. YEs, I think you can offset these later by showing them as business loss !

  87. Anusha says:

    Hi,

    I have a full-time job and draw a salary of Rs. 11 lacs p.a. In addition, I conduct private tuitions and get Rs. 4.32 lacs p.a. How am I supposed to account for the tuition income?
    My company provides Form 16. Should I submit ITR-2 or ITR-4 and under which head will the tuition income appear?

    1. Tutions will come under Business Income ..

      1. Anusha says:

        Thank you so much Manish.
        So I should file ITR-4 even though my primary source of income is from Salary?

  88. Subramaniam says:

    Hi

    I’ve submitted my e-returns for ay 2013-14 on time and got refund also. But later i found that i missed to declare income from other sources and TDS. I’ve paid an excess tax of around 25k. Some people commented that revised return can be filed before the end of one year of assessment year or assessment by CPC whichever is earlier. But i revised my ITR electronically this November and sent ITR-V to CPC and got an acknowledgment for receipt. The current status of ITR is under processing. Pls let me know if i’ll get refund or it ‘ll be rejected.

    1. You should ideally get the refund

      1. Subramaniam says:

        Thanks for your reply. What is the difference between revised and return and rectification?

  89. Arun Bhatt says:

    For AY 11-12, I filed the online return which was transferred to AO in income tax office by the CPC. According to the details which I furnished, there was no income tax was due on the return. I am seeing a demand raised in the income tax efiling raised for that year dated 7/11/12 but I didn’t receive any demand notice for the same from IT department with details on why the demand is being raised. What should I do? Should I write to AO to send the demand notice giving the details on why this income tax is charged? Also can I ask for correction in demand in case of any incorrect details now that around 2 years have passed since the demand date?

    1. I think you should better file a RTI and ask it .. that would be better

  90. Bhavesh says:

    Thanks for publishing this wonderful FAQ’s answers for ITR. It’s really helpful for beginners.

  91. S K BHATIA says:

    Sir, where to fill the Gift received from father in ITR-4.

    1. I think you need to take help of CA on this .

  92. Surinder says:

    I have filled ITR 1 for Y14-15, i had worked with two companies in this year and filled the data. I got an email from income tax where some tax is still payable. Sections 234B and 234C have differences in amount. How do i fill rest of the amount. Do i have to make chalan no from bank ?.
    Could you email me the steps as i am new to this.

    This will be great help

    Waiting for reply,
    Thanks

    1. You can just pay the tax online using challan 280 .. Just look at it on internet .. its easy

  93. Rajeev Pushkarna says:

    Hello sir,
    I had received demand notice under sect.143 (1) as TDS on other than salary was not credited in 26as statement. I perused with the bank and later on 26as statement was updated by the bank and matched with details of my return. Thereafter, I filed the rectification under “tax credit mis-mtach” by uploading all the details of my TDS on salary and other than salary. But now I have received rectification order under sect.154. Kindly guide me under which head now I may file the rectification.

    1. Hi Rajeev

      Its very much not into our knowledge scope . I suggest you better hire some CA locally or if you want we have tie up with a CA firm who can help you on this – http://www.jagoinvestor.com/services/ca-and-income-tax

  94. Manoj says:

    Hi,

    I have paid the insurance premium for current year and the next year (in advance). My question is can I claim tax benefit in the next year?

    Thanks
    Manoj

    1. ashalanshu says:

      Dear Manoj, for next year’s Prem. paid in current year, the benefit can not be claimed in next year.

      Thanks

      Ashal

    2. I dont think so ! .. it should be paid in the year of claim only !

  95. Narayan says:

    Hello Sir,

    I want to know some clarifications on these points

    1. My father was having in SBI Insurance policy (70,000/-) after his death (10/01/2010), my mother received 87,500/- so is this amount taxable?

    2. My mother received following IDA Arrears of my dad’s after his death.
    IDA Arrears Period – 01-01-2007 to 31-01-2008 – 62,926/-
    IDA Arrears Period – 31-01-2008 to 10-01-2010 – 1,07,828/-
    IDA Arrears Period – 01-02-2008 to 30-09-2011 – 1,75,152/-

    3. 46,913/- as Difference Leave Encashment payment
    (I heard that Leave Encashment on Retirement is exempted )

    Please let me know

    thank you

    regards,
    Narayan
    Karnataka

    1. 1. no , its not taxable

      2. No tax

  96. kamal.vs.kamal@gmail.com says:

    sir, my mom is running a boutique ,how to file an ITR for her

    1. Just like any other business person does. Meet a CA and he will help you on this .

      Manish

  97. Dr kewal kumar says:

    dear manish ji,
    I want to ask that
    my employer gave me form 16 showing tds deducted 25000 for f.y. 2013-14,
    but form 26as for f.y.2013-14 show tds 21000
    I contacted my employer ,he said by mistake he deposited 4000 of tds to IT dept for another employees salary,
    I filed return according to form 16 given to me showing 25000 but till now my employer did not rectified that mistake,
    More ever ,the form 26AS for f.y.2014-15 show regular tds entries with no mistake .
    now
    I want to ask you that will the entries in form 26as for f.y. 2013-14 be rectified if my employer deposit my 3000 to IT dept for year 2013-14??

    1. I dont think the past year entries will be rectified like this !

      1. Dr kewal kumar says:

        sir,i claimed some amount refund from IT dept according to my form 16 as given by my employer.
        acc to form 16
        amt tds=2870
        receipt number of form 24g =5057653
        DDO sequence no in the book adjustment mini statement=00266
        date on which tax deposited=31/03/2014

        will I get that refund as entries in form 16 doesn’t match with 26AS?

        1. Hi Kewal

          This is a bit technical for me to answer . Better meet a CA on this .

          Manish

        2. ashalanshu says:

          Dear Kewal, you mean to say, in your form 16, there are entries of tax payment which are not there in your form 26AS? In case of mismatch, no refund ‘ll be there for such situation.

          Thanks

          Ashal

  98. V K Singh says:

    I am tyring to file ITR for assement year 2011-2012, my TDS by employer was all correct and I have paid what I was supposed to, but while filing this ITR I am facing problem as I don’t know what to select under “Return filed under section” field.

    Also It will be helpful if you can please, where to mention unclaimed HRA in ITR, can we mention in 80GG(I get HRA from employer)? what is the section where it should go?

    Please clear my doubts, thanks for your help in Advance.

  99. anawnimiss says:

    I have a question.
    I revised my IT declaration to 1.5 lacs instead of the usual 1 lac.
    Should my tax liability (and therefore deduction at source) reduce?

    1. Not sure why you did that. This new limit is applicable from the next year filing

  100. Kittu says:

    I have one more query. my employer (govt department) has deducted Rs. 15180/- as TDS and form 16 also shows the same but when i viewed my form 26as it shows that only Rs. 10036/- has been deposited to govt account i.e Rs. 5144/- less deposited. I wrote the the concerned authority in my department but they are reluctant and not rectified the mistake so far. What may be the consequences of this and what is the solution?

    Regards..
    Kittu.

  101. Kittu says:

    I am a salarized govt employee. I received gift of Rs. 18.5 lacs from my father in law . Do i need to show this amount in my income tax return (as this amount is not taxable under IT Act)? if yes, under which head? I presume that i have to use ITR-1 for filing my return.

    Regards.
    Kittu

    1. Umair says:

      No.. Gift revived from a relative is not taxable.

      56(2)(vii): Gifts received by Individual

    2. Better check this with a CA

  102. Amit says:

    Hi Sir,

    For the fiscal year 2011-2012, there was a deduction of TDS which I forgot to claim, because due to some reason 26AS was not available with me. The tax was deducted by the bank for an FD. Since I was out of India during the fiscal year (and paying taxes outside), my Indian income was not taxable. I had already filed the tax and it got approved. Now my question is can I ask for a rectification?

    Regards,
    Amit

    1. Yes, you can now file the taxes and ask for refund !

  103. Ashutosh Yadav says:

    Hi Sir,

    I am a government employee (Indian Army). First I want to know which ITR form should I file. Secondly, I have query regarding exemptions, my annual salary is Rs. 3,57,000 (shown under hear salary in form 16) and my transport allowance is Rs 1600/- per month. My salary include transport allowance ( not exempted in form 16). And I want to claim this. Where should I mention this in ITR and how should I calculate my salary income.

    Thanks,
    Ashutosh

    1. Do you get the transport allowance in your salary or not ?

  104. Purish says:

    Hi,
    I filled my ITR which was showing a tax liability of Rs. 4000 at me (I chose the option Quick eFile ITR->Personal Information Tab-> Filing Status-> Tax status -> Tax Payable, as I had to pay extra tax). Then I sent the same ITR form to income tax department. Later on, I paid the remaining tax using chalan 280 online. And I checked that it is being reflected in my form 26AS under part C.
    Now my doubt is that do I need to file revised return and send the new ITR form to income tax dept or should I wait for an acknowledgement of my previously sent ITR form? Please suggest.

    Thanks,
    Purish

    1. ashalanshu says:

      Dear Purish, please file a revised ITR now and send the ITR-V of the same to CPC Bangalore.

      Thanks

      Ashal

    2. Please consider consultation with a CA on this .

      Manish

  105. mohanakannan says:

    Hi
    I have filled my itr1 on last year(2013-2014) through online , but i missed to post the itr1 to Income-tax dept . can i refill the itr1 for last year and send it it now?

    1. ashalanshu says:

      Dear Mohan, please post your ITR-V now.

      Thanks

      Ashal

    2. Yes, you can do that !

  106. Ravina sharma says:

    Hello I have income from tuition & cloth stitching work. my total personal income 2 lac.I would like to know that which ITR form should be filed. and my husband having a agriculture & professional income so for him which ITR form should be filed. kindly reply me . thanking you

    1. ashalanshu says:

      Dear Ravina, as your total income is in zero tax slab, you need not to file Income Tax Return. Your husband can use either ITR-4 or ITR-4S.

      Thanks

      Ashal

    2. You do not cross the first slab of 2.5 lacs, so its fine if you do not file the returns

      1. Prasad says:

        Hi,

        I have deposited 4L Rs. in my wife’s SB A/c. during FY2013-2014.
        AY2014-2015
        She invested some in FD & earned some interest out of it.

        Also the bank has done TDS for Rs. 97 for her.
        937.00 was the total amount paid thru FD, as interest.

        Now she got a email from IT dept, with subject:
        “Compliance – Income Tax Return for Assessment Year 2013-14 – PAN: XYZ”

        Please advice how to proceed.

        1. Hi Prasad

          You better get in touch with a CA on this .

          Manish

  107. Meena Malik says:

    Hi
    In this financial year my income tax was not deducted as i have submitted all investment proof do I still need to file form 16. And my employer has not given me the hard copy of form 16 as i have no income tax deducted.
    I would be greatful to you if you reply to my query and mail me to my email .

    Regards
    Meena

    1. ashalanshu says:

      Dear Meena, it seems your total income is less than 5L Rs. and due to your declared tax saving, the tax amount is zero, you need not to file your ITR but you should have hard or soft copy of Form 16 for your future reference.

      Thanks

      Ashal

    2. You still need to file the Returns

  108. Sumit says:

    Excellent article.

  109. Vikas Maity says:

    Hello,
    I have filled 100000 rs. under section 80C while filing my income tax return. The actual amount which was mentioned in my form 16 was 123000.
    Do I need to rectify the above said amount.
    A quick response will be highly appreciated.

    Regards
    Vikas

    1. ashalanshu says:

      Dear Vikas, the effective amount is 1L Rs. only, no matter you invest 1.23L or 2.5L or 5L Rs. in 80C instruments.

      Thanks

      Ashal

      1. Vikas Maity says:

        Thank you so much Ashal.

    2. I dont think so .. because anyways the max taken would be 1 lac only !

  110. Narayan says:

    I am just wondering that what is the best time to invest in PPF account. So I can show it in income tax filing FY 2013-2014.

    Should I invest amt in PPF before 31-03-2014 or 1st Jan 2013 to 31 Dec 2013?

    Please clarify

    Thanks
    Narayan

    1. ashalanshu says:

      Dear Narayan, at the start of FY e.g. 1st April of that FY is the best time to earn full year’s interest as well as tax benefit.

      Thanks

      Ashal

    2. Before 31/03/2014 will be considered for 2013-2014 year !

  111. ashish madhav says:

    Hello,
    I have made an FD for a period of 6 years (starting in may 2013) in United Bank. For the Assesment year 2014-2015, the yearly interest earned was Rs 39310 for which the TDS of amount Rs 3931 was deducted.
    However the entire interest earned will only be credited to me after the completion of six years(i.e- May 2019).
    I file my ITR for the salary which I get. In Form 26AS the amount of Rs 3931 is also displayed. Do I need to file ITR for this amount also along with my regular ITR.

    1. ashalanshu says:

      Dear Ashish, yes you should report the accrued interest and TDS thereon. Even if you opt not to declare, IT people ‘ll seek clarification from you due to TDS entry in your form 26AS.

      Thanks

      Ashal

    2. Tax on FD is payable on accrued income and not the income you get in hand !

  112. VINEETH says:

    Hello sir,
    It is nice to go through the site, which has given clarification to many doubts on IT matters to its viewers. I am posting a querry which require your attention and reply.
    I engage persons for training on medical transcription and also has started a sole proprietorship concern wherein jobs were taken on contract and executed with the help of my trained staff and freshers. For this, my income is from two sources 1. The trainee fee that I am collecting from trainees. 2. The contracted payment being received from my clients. These clients deduct 1% tds from the total monthly bills being paid to me. I distribute the salary for those staff who are engaged in doing my work for my clients. Also I incur expenses towards electricity, Internet, salary for other teaching staff for conducting english classes for the training. The payment is being received into my current account. Please let me know my tax liability in such a situation. Also, which form i should use for filing my return. The business is started during this financial year and as such when should I comply with the tax requirement. What are the deduction that I can claim for running my business? Can i efile my return? Do I have to deduct income tax from my staff from their salary and if so, where I have to deposit the deducted amount. Would like your expert advice.

    1. ashalanshu says:

      Dear Vineeth, how about hiring a CA for doing all this petty work (Income Tax) so that you can concentrate more on your serious job?

      Thanks

      Ashal

    2. I think its better you consult a CA On this . It would be a complex thing to find out what is your income tax .

  113. Santhosh J N says:

    I am a medical transcriptionist doing my work at home on the basis work given by my client. I have two client for my work and one client has deducted 10% TDS and issued me form 16A and other client has deducted 1% TDS and has not given any form 16A. Now I would like to know on which IT form I should file my it return for the AY 2014-15, as I am confused on the form to be used for filing. Would like to know from experts. Also, whether can i e-file my return with the available information. Pl guide.

    1. ashalanshu says:

      Dear Santosh, please use ITR-4S.

      Thanks

      Ashal

  114. Narayan says:

    Hello Sir,

    I have some doubts in income filing (FY 2013-2014 | AY 2014-2015)
    My mother is pensioner and getting approx. 3,00,000/- annual pension.
    And investing 100,000/- every year in PPF account. (PPF funded in 12-04-2014)

    She has 3 fixed deposits in 2 different banks.
    4,91,108/-
    3,31,354/-
    2,00,000/-

    All FD’s are deposited in March 2014 and their interests will be received next year.
    And as per bank’s request, she has submitted Form15G on April 2014.

    Now she is confused whether to show next year’s interest in this FY 2013-2014 income tax filing or in the next years filing. Can you please clarify?
    Another query; Last year she had received approx. 1,00,603/- FD interest (Sept 2013 – 28,728/- & March 2014 – 71,875/- ) but not submitted any Form15G nor Bank deducted any TDS.
    So should this be added in this FY 2013-2014 income tax filing?

    Thank you

    Kind regards,
    Narayan K

    1. ashalanshu says:

      Dear Narayan, the FD interest received by her during FY 2013-2014 should be included in the income of FY 2013-2014.

      The FD interest for March 2015 maturing FDs should be considered for FY 2014-2015.

      Thanks

      Ashal

    2. How did bank not deduct the TDS when she didnt fill up form 15G ?

  115. Praphull Sharma says:

    sir,
    I am retired airforce personnel. Earlier my juricdiction was Delhi now I live at Faizabad UTTAR PRADESH. Should I get PAN data corrected before return filing or can I submit at Faizabad office with same earlier juricdiction.

    1. ashalanshu says:

      Dear Praphull, you ask for transfer of your jurisdiction to Faizabad office. You may opt for e-file also (mandatory if your income is more than 5L Rs).

      Thanks

      Ashal

  116. Gokul says:

    My q4 tds is not updated in itr tds section while it is updated in 26AS. Can i edit that column and write the actual paid tds as in form 26AS?

    1. Hi Gokul

      I am not very sure on this . You might want to check out on our Q&A Forum – http://www.jagoinvestor.com/forum

    2. ashalanshu says:

      Dear Gokul, yes you can.

      Thanks

      Ashal

  117. Virender Malhotra says:

    I am a retired person from State Bank of India. I get pension of around 30K per month and i get interest on my deposits of around 20K per month. I pay income tax on time. I want to know that can i claim tax exemptions on Rs. 15,000 as medical bills or not ?

    1. Virender Malhotra says:

      Similarly on transportation of 9,600/- is tax free. Can i claim that or not ?

    2. No you cant .. because thats benefit for salaried employees by company .

  118. Parag Kumar says:

    Hi Ashal/Manish,

    Very nice article.

    I had a doubt. Till last year, we had to fill the excel sheet for ITR-1 manually and generate xml. This year we can pre-fill it using the tool.

    What should be the income in the coloumn (3) Income under Salary in the Tax Details Tab of the new ITR utility. Should it be the Income under head salaries only? Because when i use the pre-fill option, i get a greater amount pre-filled in the section mentioned above?

    My understanding is that this amount should match the Income from Salary/Pension mentiond in Part B1 of Income Details Tab. Am i correct?

    Thanks,
    Parag

    1. Parag

      Its too technical question for me as I have not used that excel .. better ask it on our Q&A forum .. http://www.jagoinvestor.com/forum

      1. Parag Kumar says:

        Many thanks Manish.

        I have posted this in the Q&A forum.

        1. ashalanshu says:

          Dear Parag, the income to fill ‘ll come from your form 16, point no. 6, net taxable income from salary.

          Thanks

          Ashal

  119. spguptahyd says:

    Excellent article and good educative. I got a doubt about Exempt income fromPPF interest and dividend income from MF investments.Does this Exempt income necessetate filing ITR2 instead of simple ITR1.There were number of articles that came in Economic times avising to go for ITR2 if there is Exempt income.Please clarify

  120. spguptahyd says:

    Excellent article and good eucative. I got a doubt about Exempt income fromPPF interest and dividend income from MF investments.Does this Exempt income necessetate filing ITR2 instead of simple ITR1.There were number of articles that came in Economic times avising to go for ITR2 if there is Exempt income.Please clarify

  121. kanishk says:

    hi,

    my log in id of income tax created by lawyer. now I willing to consult CA for audit and filing return but lawyer not providing the same what should i do.
    Please help…

    1. This is a issue .. Because then you need to contact that same income tax lawyer only, else contact the site admin

    2. ashalanshu says:

      Dear Kanishk, please do note your login ID is your PAN. To change and register new password, please follow below link in the official e-filing site.

      https://incometaxindiaefiling.gov.in/e-Filing/Services/ForgotPassword.html

      Thanks

      Ashal

  122. ashalanshu says:

    Dear Anand, please send the ITR-V now. At the same time, please file the revised ITR now in ITR-2 and send this ITR-v also to CPC Banglore.

    Thanks

    Ashal

  123. Anand says:

    Hi
    I have filed a belated return using Form 1. But my exempt income (LTA, HRA, etc.) is more than Rs.5000 hence I should have filled Form 2 instead of Form 1. I have not sent the ITR-V to Bangalore yet. The tax calculation is correct and I have paid the tax fully. Only the form used is wrong and the filing has also been done after the due date. What should I do to correct it now?
    Thanks in advance.

    1. Copying Ashal answer here https://www.jagoinvestor.com/2013/05/guide-on-income-tax-return-itr-filing-doubts.html#comment-136707

      Dear Anand, please send the ITR-V now. At the same time, please file the revised ITR now in ITR-2 and send this ITR-v also to CPC Banglore.
      Thanks
      Ashal

  124. Ashish says:

    A really nice article, My question is- In financial year 2010-11, I had changed my job in Dec’10 and previous employer had deducted TDS without providing rebate under Sec.80C & Sec 80D though I had submitted all the documents for getting rebate. I had filed manual ITR in assesement year 2011-12 but I have not received refund till date. Please suggest what to do?

    1. ashalanshu says:

      Dear Ashish, please contact the Income Tax office where you had filed your manual ITR.

      Thanks

      Ashal

      1. Ashish says:

        Thanks Ashal for your prompt reply, My question is Should I re-file ITR electronically and attach all the documents pertain to rebate.

        1. ashalanshu says:

          Dear Ashish, you need not to refile. Please contact the local office where you originally filed manually. You ‘ll get the info on how to rectify your past ITR.

          Thanks

          Ashal

  125. Renu Sharma says:

    thanks for reply Manish and Ashal

  126. Renu Sharma says:

    thanks for reply
    please tell me we have an unregistered partnership firm of two partner.
    one of partner is going to resign
    i am gonna add new partner
    what should i do for dissolve partnership deed after resign of old partner and make new deed with new partner
    how do in bank current account submit resignation letter then dissolve agreement the new deed

    please clarify this?

    1. ashalanshu says:

      Dear Renu, the question you are asking for is not related to personal finance and arequires a competent professional advice from commercial finance persons. Please contact a good CA or Tax professional in your city.

      Thanks

      Ashal

    2. How did you form the partnership ? You should take help of CA here !

  127. Renu Sharma says:

    Great Article Dear,
    please guide me how i file itr online i have digital signature
    have income from business ticketing and visa services. net income is 345000/-
    which ITR and How?
    i have registered private limited as well but few transaction in bank account no books maintained on company name and not much work on company name can i fill nill itr of company and personal itr?
    please reply and guide me?

    1. Hi Renu

      Looking at your requirement, I strongly suggest get in touch with a good CA , but if you want to do it all yourself , this will help you https://www.jagoinvestor.com/2011/07/online-tax-returns-efiling.html

  128. rajivKerketta says:

    Sir,
    As per Bank’s I.T rule tax is deducted if interest income crosses rs10000.00.and if the account holder dies then Form16 A will be issued to whom?

    1. Dear Rajiv, the form 16A ‘ll be issued still in the name of the original account holder but there is some more work is to be done. the legal hiers of the person should contact the local assessing officer & one of the legal hier should register him/herself as representative assessee. Later on this RA ‘ll file the ITR of the deceased person & any refund ‘ll be issued to RA.

      thanks

      Ashal

  129. First Time Tax-payer says:

    For NRI’s on NRO Fixed Deposit’s TDS is deducted directly by the banks. Is it necessary for them to file income tax returns, if there is no other income other than FD interest.

    1. Only if the income is above the limit

    2. ashalanshu says:

      Dear F T Taxpayer, if you want refund of the tax amount, you w’d have to file your ITR. 🙂

      thanks

      Ashal

  130. First Time Tax-payer says:

    It was informed that Income Tax e-filing is must for income >Rs 5 Lakhs. But it is not clear. Does this refer to ‘Net income’ after deductions like PPF/ Health Insurance etc? Please clarify in simple terms and oblige.

    1. Yes, its the final TAXABLE INCOME

  131. Zafar Sultan says:

    Hello Sir,
    My previous employer gave me form 16 for the financial year 2010-11 and 2011-12. This year I had form 16 from my current employer. I could not file the last 3 years ITR so this year I filed it. The tax preparer told me that he can only file last two year’s tax, previous third year’s tax has to be filed manually. He filed last two years tax, but I want to file the ITR for 2010-11 also. Can you suggest me what is the manual process for it?

    Thanks,
    Zafar Sultan

    1. I think you should now meet a good CA .

  132. K.G.MANIYAR & CO. says:

    Sir,
    If proprietor is HUF TAN NO is not Registering in TDSCPC.GOV.IN Website, So I request you to clarify my doubt as early as possible, we have generate FORM 16 & FORM 16A.

    Thanking You,
    Cell No. 9030604100

  133. rita says:

    I worked with two employers in this financial year. How should I calculate my tax. Is deduction under sec. 80G possible with both employers.

    1. All the deducation you claim has to be under the limit . so for 80C , it cant cross more than 1 lac

    2. Dear Rita, is it 80c or 80G? in case of 80G, you need to write the details of both or all donations made by you towards 80G.

      thanks

      Ashal

  134. VVRV Prasad Rao. says:

    I am a Engineering student. I got a PAN card in 2012. I do not have income from any where. Is it necessary to file ITR this year?

    1. No , its not ! , Just because you have PAN does not mean you need to file it !

      1. VVRV Prasad Rao. says:

        Thank you for replying and clarifying my doubt.

  135. Kaushik says:

    Hi Manish,
    My mother has income from salary as well as from (Fixed Deposit) Interest. She is also repaying the home loan for the house in which she currently lives.
    > I’m confused if ITR1 or ITR2 is applicable to her.
    > Either way, where do I enter the EMI paid for exemption under Section 24 b?

    Thanks!

    1. Is she filing the returns on her own ? I mean if you have a CA or online filing website, they will guide oyu on this

      1. Kaushik says:

        As a matter of fact, I’ll be filing it for her. So if I can have a few points, I’ll be able to take it from there.

  136. santosh says:

    i have worked in more than one company in financial year 2012-2013.. where my first company was in AndhraPradesh and current company is in Karnataka , Could you please help me how should i fill my Icome tax return, as while filing it ask for Income Tax Ward/Circle.. could you please let me know in my case how i should fill this data.

    1. Santosh

      Please take help of our forum on this matter – http://www.jagoinvestor.com/forum/

  137. satish says:

    Sufficiently educative. I just had a query. My wife takes home tutions. Eventhough the income does not reach taxable amount, I thought of filing the ITR . Which form I should use. Can I use ITR 2 for the purpose.

    1. You should use ITR 4 , as its business income

  138. Amaresh says:

    Awesome help document. I got really benefitted frm this. Found all the infrmation I needed and was not getting the right answer for last few weeks.
    Thanks a lot for the masterpiece.

  139. Shankar Dutta says:

    will a employer issue form 16 even though no TDS has been deducted ? kindly reply.

  140. Puneet says:

    Hi,

    Nice information here, i have filed my ITR for the first time since i have been into profession for just one year, but i made a mistake in calculating my tax and submitted ITR, soon after that i checked my form again and found the mistake so i revised it and i actually had to pay a small amount more to govt. as tax i did that and created chalan.

    Is it ok, or i have to face issues ?

    Regards

    1. there wont be much issue, just pay the tax online and refile your returns

  141. P.C.NARANG says:

    Very simple and useful material..

  142. sharat says:

    Dear Manish,

    Recently when I tried to Login at tdscpc.gov.in for viewing TDS details form 26AS, it returned an error as “PAN card not found in our database”. I got the same message when tried to do so through my bank account. I do not understand how it can say that, the PAN card does not exist in their database, when this card has been in use by me for past 20 years and until Nov or December I was able to view my 26AS form. I have never owned any other PAN card in my life.

    I checked online consumer complain forums, where I find several people have also faced similar problem. Could you please throw some light on this as to why this happens and what are the remedial measures to be taken.

    Can an RTI be filed and what format to be used?

    If anyone in the forum has faced this problem and got over it, kindly share the ordeal you had to go through. Thanks

    Sharat

    1. Yes, I think RTI should be used by you .

  143. B.S.Atal says:

    A highly useful and complete information on Income Tax matters and individual,s doubts and querries.i have been filing my income tax returns for more than 40 years all in manually filled forms .This a.y is the first one that I am required to file online.I may need the help of an Authorised TRP in my locality .Where to get the list of TRPs locality wise?Thanks in advance,Sincerely B.S.Atal

    1. I am not sure exactly, but have you not tried it on their website ?

  144. Anirudha says:

    Hi,
    I have one question.
    My home loan started on Aug’11. Means full EMI started from Aug’11. I got possession on 23 March 2013. So my pre-construction period is Aug’11 to 31March 2012. I hope i am correct here. So i can claim exemption on 1/5th of interest paid during this tenure in my income tax return this year?

    Since i got possession in march’13 (within F.Y. 2012-13), can i claim exemption of 1,50,000/- this year (in returns for F.Y.2012-13) ? I will not claim exemption on pre-construction interest then.

    Thanks and Regards,

    Anirudha

    1. You can only clam it on pre-rata basis only for the months you for possission !

    2. Dear Aniruddha, as the possession was there with you in FY 2012-2013, irtself, full year’s interest within the over all limit of 1.5L Rs. is available to you. any interest paid before 31st march 2012 i.e. in FY 2011-2012 is to be claimed @ 20% each in 5 installments within the over al limit of 1.5L Rs. for self occupied property.

      thanks

      Ashal

  145. Nagarajan says:

    Hi Manish & Ashal,

    My sister is taking Tuition in her home and earn less than 2 Lakhs p.a. No other income source.

    Which ITR form suitable for her to file returns

    Thanks
    Nagarajan Santhan

    1. Dear Nagarajan, if the combined income for her from all sources is less than 2L Rs. she need not to file Income Tax Return. So relax & enjoy. If you want to file at any cost, it ‘ll be ITR-4 as tuition classes income ‘ll be considerd as income from business & profession.

      thanks

      Ashal

    2. ITR 4 . But she does not have to file it as her income is lesser than limit.

  146. Sidharth says:

    Hi Manish,

    I have a query regarding which ITR form to use. I have a form 16a for first 3 months of FY for contract work wherein tax deducted at source is 10% (as per 194j) and form 16 with a different company as a salaried employee for later 9 months. Question 1: which ITR is applicable to me.? Q2: Seems like, I end up paying extra tax because 1. my overall income falls under 20% bracket and 2. contract job only cut 10% and was not aware of my future salaried income. Is that true?

    Regards,
    Sid

    1. Yes, you have to file ITR 1/2 .

      1. Sidharth says:

        You mean both ITR 1 and 2 . Please advise.

        Regards,
        Sid

    2. Dear Sidharth, as you were on contract during first 3 months, the applicable form to you is ITR-4 not ITR-2 as advised by dear Manish. ITR-2 does nopt deal with income from business or profession. So it’s not aplicable to you.

      thanks

      Ashal

  147. karan says:

    Hi,

    I have query regarding savings.
    I missed the premium of my Insurance policy for the last year which was due in feb.
    Now, i have paid it in July with late fee.
    So, in which year FY I can show this in my savings ?

    Regards
    Karan

    1. In the year of payment !

  148. Shruti Mehrotra says:

    While filing my return online I came across a field ->Relief under Section 89. Which is showing in case of receipt of arrears of salary. My question is I have received arrears for VI pay commission and DA during this financial year can I enter that amount here to get the exemption.
    My second question is when I am filing the amount of interest through saving bank a/c in income other than salary it is deducting tax on it which is less than 10,000/- where shall I show that income.
    My third question is where shall I show the interest from fixed deposit?
    Thanks

    1. Shruti

      Please open a thread on our forum for this – http://www.jagoinvestor.com/forum/

  149. Shruti Mehrotra says:

    While filing my return online I came across a field ->Relief under Section 89. Which is showing in case of receipt of arrears of salary. My question is I have received arrears for VI pay commission and DA during this financial year can I enter that amount here to get the exemption.
    My second question is when I am filing the amount of interest through saving bank a/c in income other than salary it is deducting tax on it which is less than 10,000/- where shall I show that income.
    My third question is where shall I show the interest from fixed deposit?

    1. Dear Shruti, to calculate the tax benefit under section 89, first of all we need to know that due to arrear are you paying tax in higher slab?

      How much Sb interest is there for you? for less than 5K use exempted income cell in ITR-1. if your Sb interest is more than 5K, you w’d have to file ITR-2.

      Interest from Fixed deposit is to be reported as income from other sources.

      Thanks

      Ashal

  150. Sathish TN says:

    Hi Manish, ITR1 Form excel has TDS sheet, there is this ” 24 Details of Advance Tax and Self Assessment Tax Payments”.I am not sure what should i fill in and from where i should get this data.. If you have any idea please let me know

    1. I have no idea on that personally. Take help from forum – http://www.jagoinvestor.com/forum/

    2. Dear Sathish, in TDS sheet, there are entries to be done (if applicable to you) for Tax deducted by your employer (Form 16). Tax deducted by bank or any other institute (Form 16A ) & the tax deposited by you on your own either as advance tax or self assessment tax.

      Thanks

      Ashal

  151. Ashraf Khalid says:

    Dear Sir,

    I had recieved Income Tax refund cheque for the Assessment Year (2007 – 2008), and failed to submit it on time (within 90 days).

    Now this was not followed up due to ignorance, and it has been more than 5 years.

    Will I be able to get a refund again? I do not see an option to “Refund Re-Issue Request” that are older than the Assessment Year (2008 2009) in the website: https://incometaxindiaefiling.gov.in

    My PAN Number is : ARSPK2542G
    Income Tax Office: KRL/W/15/1
    Refund Amount: Rs.9730/-

    Kindly help me with clarity regarding the possibility of re-issuing th erefund amount.

    Thank you.

    Kind Regards,
    Ashraf Khalid
    +91 98867 07110

    1. You need a CA now .

  152. Vishal Narayankar says:

    Dear Manish,

    I am regular reader of your jagoinvestor site, It is best financial teacher online.
    Thanks for your effort.
    I am having one query regarding ITR form selection.
    I am having income from
    1) Full time Salary
    2) Profession
    3) Equity capital gain
    So should I fill ITR 4 or ITR 2 ?
    and what is ITR 4s ?
    Please reply…
    Thanks in advance.

    1. ITR 4 , because you have income from profession

      1. vishal narayankar says:

        Thanks for your reply ….!

        I am having one more query as my profession is CIVIL CONTRACTOR .. can I file ITR 4s … with showing 8% profit … as turnover is less than 40 lacks… without maintaining book ?

        1. YEs you can .. but better meet a CA !

  153. paridhi says:

    Where to find “Unique TDS certificate number”? The ITR1 form says it should be of 8-digits. The form16A provided by my bank has Certificate number of 7 alphabets and not digits.

    Please advise.

    1. Deepak Varma says:

      I work as a “consultant” with one IT company. The offer letter mentions about a fixed amount of pay every month, from which they deduct 10% tax and I get the final amount per month. They have told me that I need to follow the professional services taxation rule I194J

      Now the questions are:

      a) I need to file ITR-4 when filing the tax returns.
      b) Do I need to pay more tax, apart from the 10% tax? My income from this company exceeds 10 lakhs per year.
      c) If the answer is yes to (b), can I claim my living expenses, other expenses etc in order to save tax?

      Please advise.

      1. Deepak

        I want you to open a thread on our forum for this – http://www.jagoinvestor.com/forum/

      2. Dear deepak, please fill ITR-4. Yes as the total income is more than 10L Rs. you need to pay a lot of tax.

        How to do it? Please contact a Tax professional in your city?

        Thanks

        Ashal

    2. Dear Paridhi, the ITR form filing can be over even with out quoting UTN.

      thanks

      Ashal

  154. Prerak Agarwal says:

    My query is that can a widow woman with her two sons can be assessed as an HUF for the amount received on death of her husband with woman as Karta.

    1. Not sure of your question , you mean that can form a HUF or not ?

      1. Dear Prerak, Yes is the answer.

        Thanks

        Ashal

  155. Jayasuda says:

    Hi Manish,

    I had done the efiling through income tax online website and received the mail with efiling acknowledgement number. I was asked to pay Rs.10 as due tax payable and I followed the instructions to pay through Challan 280 and paid the same. Now I am not sure if I had to efile one more time to include this Rs.10 which I paid.

    With this confusion, I was trying to search info from jagoinvestor and in one of the forum (I guess), I found that there were new amendments introduced in 2013 in which it was mentioned that ITR – 1 form cannot be used to file IT if the income exempted for tax is above Rs.5000 which holds good to me, so I should not have used the ITR – 1 form at the first place.

    Could you please suggest me what can be done now? I mean, should I go for a revised filing using ITR – 2 form? (May be, if I had to do this, I can use this Rs.10 which I paid seperately through Challan 280 which is again a question with me)

    Please note that I have not sent the acknowledgement to the Income tax dept Bangalore yet.

    I cannot finish writing here withouth thanking you for all the great work you guys are doing. I had been benefitted in many ways. Thanks again.

    1. I think you should open a thread on our forum to discuss this – http://www.jagoinvestor.com/forum/

      1. Jayasuda says:

        Sure. Thanks.

        1. Dear Jayasuda, please fill a revised ITR in ITR-2. Put in the tax info paid by you for those 10 Rs. Now collect the new ITR-v also & send both to CPC Banglore. Please do note, with out original ITR (although wrongly filed by you), the revised ‘ll not be accepted.

          thanks

          Ashal

          1. Jayasuda says:

            Thanks a lot Ashal

  156. First time Tax Filing says:

    My wife is filing her tax return for the first time. Her income mostly due to Bank Interest is around 6L or so in all. I hear that now >5L have to be e-filed, but our neighborhood accountant (he is not a qualified chartered accountant) insists on filing it manually saying that the papers/supportings etc cannot be attached otherwise. We are new & do not wish to do the wrong thing, nor wish to antagonize him unnecessarily & run the risk of him filing our returns erroneously. Please advise.

    1. It has to be e-filing only and he/she will also do efiling only 🙂

      1. First time Tax Filing says:

        In case income >5Lakhs has been filed “off-line”, will it cause an issue for the tax-payer? The tax web-site does not display “view 26AS” details etc & is always malfunctioning? Why is the date 30th June 2013 important for IT payers? Is this a deadline of some sort to pay outstanding “advance tax”? Is it OK if I pay the outstanding tax due for income >5Lakhs, before 30th June & file the returns “off-line” later before 31st July 2013

        1. It has to be done online filing now onways . Catch a CA in your city and he should be able to guide you well on this .

        2. Dear First Time, I’m curious to know, from where your wife managed such huge amount of money that anual income mistly from interest is coming 6L Rs. As far as question of attaching papers along with your income tax return, the person you are talking to is ignorant for the fact that the ITR forms in operation from last 7 years (ITR-1 to ITR-8, the current series forms) are annexure less forms & you only need to file your ITR form in case of offline. it’s time to contact a good tax professional in your area. 🙂

          Thanks

          Ashal

  157. paridhi says:

    I will be shifting my house within 2-3 of months. So by the time the cheque/intimation letter from CPC office comes to my current address I will be at a different place.

    Can I mention my friend’s communication address in the ITR form? Or is it compulsory that the address in the ITR form and PAN database should match?

    1. Yes, better it matches !

      1. paridhi says:

        hmm 🙁 i cannot collect the letter then!

    2. Dear Paridhi, relax, you can provide any address of your choice during ITR filing. If any mail communication is to be done by Income Tax people, it ‘ll be on the address provided in the ITR. In case the mail returns back to income Tax due to non availability of the addressee (you) or wrong address, the mail ‘ll be sent back to the PAN record address.

      Thanks

      Ashal

  158. Abhisheka says:

    Ummmm….

    I read may be on JI , that everyone should file ITR. Also who dont come under IT slabs.

    Does that mean I have paid neither extra tax nor less.
    Do I need to file ITR?

    1. Yes, you should still do .. because when you go for loans, they ask for ITR for past 3-4 yrs , no matter if you paid tax or not !

  159. Dear Srinivaas, please check the status of your ITR in e-filing portal for receipt of ITR-V. if it’s not updated, in all probability, your form has been lost in post. Please print out the same & send it again to CPC Banglore.

    Thanks

    Ashal

  160. Srinivaas says:

    Hi,
    Please clarify my doubt.To get my refund of 2000Rs I filed the return previous year(assessment year 2012-2013)..Still today i didn’t got my refund back. Not even my status has changed from return uploaded. within 1week of filing my return ,duly signed I sent the same to CPC through ordinary post. I don’t know whether my form reached CPC or it has been missed. Please let me know what should i do now to get my refund back.

    Thanks in advance

    1. Just file a RTI and it should solve in coming montsh !

  161. Anoop says:

    Hi,

    Is it true that we will have to use ITR-2 for filing our tax returns from this year if your salary includes Conveyance allowance, HRA, LTA,….. which collectively exceed Rs 5,000 in a year?
    http://economictimes.indiatimes.com/personal-finance/savings-centre/savings-news/e-filing-of-tax-returns-made-simple/articleshow/20628305.cms

    1. Dear anoop, in my personal opinion, allowances are already part of your salary income & not a separate income source. So tax free allowances are to be counted under this exmpted income head. This is meant for Income from Dividend. LTCG from Eq. MFs, Agriculture Income……

      thanks

      Ashal

      1. OOOppps typo error in the above reply to dear Anoop. Please read the correct one as –
        “So tax free allowances are not to be counted under this exmpted income head.”

        Thanks

        Ashal

  162. paridhi says:

    Today I read in local newspaper that there is no need to print the ITR-V and send it to CPC – applicable from this year itself. Just wanted to confirm here.

    1. Dear Paridhi, can you share the source. As far as I know, it’s merely a proposal as of now & has not been implemented.

      Thanks

      Ashal

      1. paridhi says:

        There is no online link I can provide. I read that in a newspaper.

        You are right it will be implemented for next assessment year. Sorry for the confusion!

  163. Dear Hitesh, trying to answer your queries.
    1. I receive interest in my savings account and there are two dates mentioned in account statement. For e.g statement of April has “credit interest capitalized under transactions and there are two dates one only date (1st apr 2013) and the other value date (31st mar 2013 ) . So this interest will be considered in which F.Y /
    1st april 2013 should be considered for next FY.

    2. Is interest received from savings bank account exempted under “savings bank interest exemption” if yes what is the limit ?
    the applicable section is 80TTA & limit is 10K for all SB accounts taken together.

    3. Also i receive interests from recurring and fixed deposits . Will the interest part be added to the income or is any section under which it is exempted till certain limit ?
    Income is taxable as income from other source. Taxable at your slab rate.

    4. I have redeemed all units religare agile tax fund and recieved 7031 ( agianst 10000 invested at start). So is this amount applicable for tax deduction ?
    It’s not income. It’s your LTCL which is tax free & it’s to be ignored as LTCG from Eq. mFs are tax free.

    5. I have received dividend from birla sunlife tax saving mutual fund of Rs.1224. does this amount needs to be added to my income or is it tax free ?
    This is tax free to you. to be reported as exempted income.

    6. Also while giving my investment details to my employer for tds i had given scool fees receipt of 6000 in feb 2013 but later i cancelled the admission in may 2013 and got admission some where. Now tds deducted has considered 6000 but since its refunded what should i do ?
    Can you elaborate, i’m unable to pick it up?

    7.Also during last financial year (2011-2012) tds deducted from my employer was more than actual but it was not deposited in 26As. Now this extra amount was given to me in june 2013. Should this amount be treated as income ?
    NO.

    Thanks

    Ashal

    1. Hitesh says:

      Hi Ashal,

      Thank you for the reply and helping to clear my queries.

      Regarding point no.6 . I had taken admission for my son on 29th jan 2013 for academic year 2013-2014. I had paid fees of 20280 from which 6000 was for tuition fees ( my understanding is that only tuition fees mentioned on receipt is eligible for deduction under sec 80C. correct me if i am wrong). So i submitted that receipt to my employer for tds calculation to include 6000 under sec 80C for F.Y 2012-2013.
      Now later in may 2013 i got a admission for son in another school and hence i cancelled the admission in previous school and got the whole refund of 20280. At that time my employer had already deposited my tds to Govt.
      So now tds had been deducted considering tuition fees of 6000 and now since fees have been refunded , i think so there will be some tax to be paid by me.
      Now i want to know how to calculate the differential amount to be paid to the IT and how to pay it and what is the dead line.

      One more query

      8. I had started sip (1000) in hdfc prudence June 2011 ( sip date 27th of every month) for one year . Last sip date was 25th may 2012. Now i had redeemed all units on 29th jan 2013. I received @ 14000 as against 12000 invested . Now since i have redeemed some units before completion of a year , will they be eligible for tax and how do i calculate it and will it be treated as income for other source.

      Thanks,

      Hitesh

      1. Dear Hitesh, no need to panic, the 6K Tuition fee was part of your section 80C related saving. First of all, please check that your total saving is 1L or more with out this 6K. In case your saving is still 1L Rs. with out Tuition fee, no need to pay tax. in case your remaining saving is 94K, you need to pay tax for 6K part as per your slab rate. I.e. during your ITR filing, please put section 80C saving amount 94K instead of 1L Rs. & calculate Tax & pay that amount. Put in the details of tax paid by you in self assessed tax & file your ITR.

        The units purchased after 27th DEc 2011 have not completed 1Y of holding, hence any gains made on those Units ‘ll be STCG & ‘ll be taxed @ 15.45%. This is to be reported in capital gain schedule of ITR-2.

        Thanks

        Ashal

        1. Hitesh says:

          Hi Ashal,

          Regarding point 8. STCG will be calculated as below
          for e.g difference of nav of sip date of jan 12 and nav of redeemed date and if the difference is positive then 15.45% on the differential amount.
          Correct ?

          Thanks,

          Hitesh

          1. Dear Hitesh, the answer is Yes for your understanding of STCG calculation.

            Thanks

            Ashal

            1. Hitesh says:

              Dear Ashal,

              Thanks a lot for your answers.

              Regards,

              Hitesh

  164. Hitesh says:

    Dear Ashal / Manish,

    I have queries regarding computation of income tax. I am a salaried individual.

    1. I receive interest in my savings account and there are two dates mentioned in account statement. For e.g statement of April has “credit interest capitalized under transactions and there are two dates one only date (1st apr 2013) and the other value date (31st mar 2013 ) . So this interest will be considered in which F.Y /
    2. Is interest received from savings bank account exempted under “savings bank interest exemption” if yes what is the limit ?
    3. Also i receive interests from recurring and fixed deposits . Will the interest part be added to the income or is any section under which it is exempted till certain limit ?
    4. I have redeemed all units religare agile tax fund and recieved 7031 ( agianst 10000 invested at start). So is this amount applicable for tax deduction ?
    5. I have received dividend from birla sunlife tax saving mutual fund of Rs.1224. does this amount needs to be added to my income or is it tax free ?
    6. Also while giving my investment details to my employer for tds i had given scool fees receipt of 6000 in feb 2013 but later i cancelled the admission in may 2013 and got admission some where. Now tds deducted has considered 6000 but since its refunded what should i do ?
    7.Also during last financial year (2011-2012) tds deducted from my employer was more than actual but it was not deposited in 26As. Now this extra amount was given to me in june 2013.
    Should this amount be treated as income ?

    Regards,

    Hitesh

  165. vivek says:

    Hi Manish,

    Can we expect Coupon code from Jago investor this year also for filing tax using tax smile/tax spanner as we got last year?

    Thanks
    Vivek

    1. Devang says:

      Vivek,

      You can e-file ITR using government site https://incometaxindiaefiling.gov.in/ in just 30-40 minutes at yourself..

      Here you can see detailed steps with screen shot:
      http://www.incometaxforindividual.blogspot.in/2013/06/e-filing-Income-Tax-Return.html

    2. Let me check out !

  166. Abhishek Malik says:

    Hi sir,

    I have a question regarding the Intimation Demand Notice u/s 143(1) which I received 20 days ago against the return I filed last year (AY 2012-13) before due date. I have been taxed because my refund (arising from the savings in excess of my income) could not considered as I mentioned my TDS mistakenly under Advance Tax section in the ITR Utility excel file. After searching over the web, I have come to know that I can not revise my itr as it has been assessed already. And I have come to know that I can file Rectified ITR instead. I am planning to file the same tomorrow and further send the itr-v with a cover letter and form16. I want to know, can I mention additional 80c savings which I forgot to mention in my original return. Please guide and correct or add if I am missing something. I would be very thankful to you.

    Regards,
    Abhishek Malik

    1. Dear Abhishek, you can show your 80c savings during rectification of your return.

      Please do note, there is no need to send form 16 or any other document to CPc unless it’s demanded from you in that notice u/s 143(1).
      thanks

      Ashal

      1. Abhishek Malik says:

        Hello Ashal,

        Thank you for the reply. I called up CPC call center and the the person instructed if I want to include extra savings then I’ll have to revise the return instead, as rectification doesn’t let one include his/her additional savings which were missed in the original return. Please clarify the confusion.
        Thanks.

        Abhishek

        1. Dear Abhishek, sorry for the goof up in my prev. reply. Actually I meant for revised Return. Even after getting notice u/s 143(1), you can file a revised return. As you are filing revised return, other changes for section 80c figures etc. can be done by you.

          thanks

          Ashal

          1. Abhishek Malik says:

            Thanks a lot Ashal for the guidance.

  167. Dr. Mahesh says:

    Good one. It would have been best if the steps of how to fill online form had given from the site itself. still, better. many doubts are cleared.
    thanks,

    1. Dear Dr. Mahesh, just google a bit & you ‘ll read plenty of such articles & help books on how to e-file. We stay focussed on the issues in this article.

      Thanks

      Ashal

      1. Dr. Mahesh says:

        Dear Ashal,
        thanks for your reply. It was just a suggestion. please dont mind.

  168. Gaurav Bajaj says:

    Hi Ashal, Manish,

    Very good and useful article. This year I am thinking of filling return on my own and this article is apt starting point I was looking for. Thanks a lot.

    I have question here:
    My tax refund for A’Year 2007-08 is still pending. I inquired in IT Dept and it seems they had sent a cheque but I never received it. Now is there a way I can get it?

    1. Dear Gaurav, to get back that refund cheque, please contact the IT office & ask there for reissue of that refund cheque.

      Thanks

      Ashal

      1. gaurav says:

        Hi Ashal,

        Thanks for reply. That’s the difficult part as IT office operates only on weekdays 🙂

  169. Dear Vijay, this is my personal view that exempted income related issue is meant for Income from other sources like SB account interest, Dividends etc. It should not be read for the tax free allowances which are part of your salary package & not an independent income.

    If you read ITR-2 form, you ‘ll understand what I mean here. There income is to be reported combined & then taxable & non taxable allowances. So clearly Income Tax department is not considering allowances as a separate income sources.

    Thanks

    Ashal

  170. Vijay says:

    ITR-1 vs ITR-2.
    Hi Ashal,
    There has been numerous articles but not much clarity on the change proposed where you need to file ITR-2 where exempt income is > 5000. This will remove almost all salary folks from the simple ITR-1 to ITR-2. Simple transport exemption we get every year of Rs 9600 will exceed the amount. Do you have any confirmation of the view ? I searched income tax site but couldnt get this clarification.

    Regards
    Vijay

  171. Gian Sagar says:

    Dear Ashal & Manish

    A good article written in simple language and could be easily understood by a lay man .Keep us abreast with such information. Most of them are clueless because of orders passed from time to time.

    How to claim refund through RTI. Could you through light on this. Besides One should meet the the assessing officer to request him to issue refund.

    1. Dear Gian, in case of online filing, there is no need to visit your Assessing Officer for refund or any other matter unless CPC asks you to do so.

      For older offline filed ITRs & where refund is due, please contact local Income Tax Office & file an application there.

      Thanks

      Ashal

      1. Gian Sagar says:

        Dear Ashal

        Thanks Ashal. Returns were offline So I contacted the assessing officer. He promised to send the refunds soon. Hopefully it comes through.

        Regarding e-filing the return how to get confidence and avoid fears before filing. Could you guide to a layman how to proceed and becomes fully conversant with the process of e- filing.

        Regards

        Gian

        1. Dear Gian, regarding your fear for online filing, only you can combat it. Just to inform you, I’m filing my own ITR online even before it was made mandatory by Govt. of India. I’m filing online since FY2009-2010.

          Relax. in case you are using ITR-1, it’s very simple to fill in. In case of ITR-2, again it’s not a big issue. Yes ITR-3 & ITR-4 are meant for professional help.

          Thanks

          Ashal

  172. Dear Shankar, the SB account interest upto 10K Rs. is tax exempted for FY 2012-2013 under section 80TTA.

    Thanks

    Ashal

    1. Raj says:

      Hi Ashal,

      Saving interest upto Rs 10,000/- is allowed as deduction under Section 80TTA . Which means that you need to add saving interest in your total income ( under head income from other sources ) and get tax deduction under section 80C.

      Please note it is not allowed as exemption but, showed as Deduction.

      1. Swetank Saroj says:

        Hi Raj, Anshal & Others,

        Recently I was also in a dilemma whether and how to reduce my tax liability on bank interest (saving or FD).

        After reading through many webpages, I came to a conclusion that this deduction of ineterest is given only till 10K anually. The moment it is over 10K, the concerned person will not get any deduction even for the first 10K.

        I dont understand the rules and logic behind this, but even out great media has initially projected it as a flat relief of 10K.

        Thanks,
        Swetank

        1. Hi Swetank

          I dont think its that way . The first 10k interest will be exempted . Where did you get that info that above 10k , whole exemption will be revoked ?

          1. Swetank Saroj says:

            Hi Manish,

            I tried publishing the below information before your comment but never know the reason why it has not been got captured.

            Here goes the clarification regarding Bank Interest.

            Sorry that I have given an incorrect clarification in one of the reply above; even I have paid 400-500 extra tax because of my wrong understanding/interpretation.

            The assesee have to show all their interest (SB +FD +RD) from bank under “income from other sources” and claim upto a max of 10K under section 80TTA (which is a part of 80C).

            Please be aware that this deduction is applicable only for saving account interest and not on others.

            *******************************

            Section 80TTA

            The Finance Bill 2012 has proposed to insert a new section 80TTA in the Income Tax Act – 1961 which will provide deduction up to Rs. 10,000/- to an Individual/ HUF from Gross Total Income towards Interest on saving bank A/c (not being time deposits) maintained with a bank / society / post office. The deduction admissible shall be interest received or Rs. 10,000/- whichever is lower.

            Few Clarifications on 80TTA (Amendments)

            1) The deduction towards interest on all saving accounts taken together cannot exceed Rs. 10,000/-. If the interest on saving bank account received is Rs. 12,500/-, then effectively only Rs. 2,500/- will be taxable.

            2) The deduction is in addition to deduction of Rs. 1 Lacs admissible u/s 80C of the Income Tax Act-1961.

            3) As already mentioned, the maximum amount of deduction admissible u/s 80TTA can not exceed Rs. 10,000/-. If you will be receiving Rs. 31,850/- from three saving accounts, you will be entitled for Rs. 10,000/- only as deduction u/s 80TTA & the balance amount of Rs. 21,850/- will be taxable.

            4) The filing of income tax return would not be mandatory if your Gross Total Income is below the applicable basic exemption limit even though interest on saving accounts exceeds Rs. 10,000/-.

            5)The interest to be offered for taxation depends upon the method of accounting regularly followed by the assessee in recognizing the income.

            ************************************

            Thanks,
            Swetank

            1. Thanks for that information , I was planning to do an article on this . Thanks a lot 🙂

  173. Shankar says:

    Hi Manish,

    Is SB account interest up to INR 10,000 per annum exempted from Income tax?

    Regards,
    Shankar.

    1. satya says:

      Hi,
      I have a doubt. Please clarify it.
      Suppose for term deposit i get 50K interest in whole year(after 10% deduction from bank). I also get say 20K interest for SB acoount(for all banks if have multiple bank account). I am falling in 30% tax bracet. How much tax rest i need to pay.
      Term deposit tax= 50K* 30% = 15K
      SB a/c tax =(20k-10k)*30% = 3K
      Total bank interest tax = 18K

      Does 10K exempted for each bank or it’s for whole year with combination of all bank?

      Please confirm the tax liability?

      Thanks
      Satya

      1. 10k from saving bank is for whole year ! . YOur tax liability is as computed by you

  174. Mani says:

    Hi,

    Thanks for the useful article.
    Hope I will get an answer for my below question,

    I was there in India and earning salary for last financial year 2012-2013
    But from last month , I came to abroad for work. For filling tax return for the assessment year 2013-2014 , I have not cliamed deduction for some of my LIC bills and have paid more TDS than actual TDS . I have some LIC bills + additional tax amount to claim. I have to produce the physical bills for my tax return.
    Since I am here at abroad that is not possible and bills are with me. How to file return in this case.

    And one more point is , I will be returning to India in some 10 months and taught of filing in next assesment year. I heard like we can file tax for finance year 2012-2013 in the assesment year 2014-2015. (i.e.,) after one year. Is this is possible. Is this what income tax act says.
    Please help me .

    Thanks in advance.

    1. 1. first point is that you do not need physical bills for anything, you do not attach them , So you can contact any CA in India and everything can be done online

      2. Yes, you can file the returns later, but you will not be able to claim back the TDS in that case

    2. Dear Mani, you can file your ITR for FY 2012-2013 even from outside of India. There is no need to submit proof of LIC prem. paid by you & other things.

      Just download the exl. sheet from official portal of e-filing. Punch in your details. Upload the XML file & you ‘ll receive an ITR-V in your mail Box. Print it out & mail it to the CPC Banglore address given in the ITR-V itself.

      Alternatively you can take help of various online e-filing private portals as mentioned above.

      Thanks

      Ashal

  175. Dear Vebugopal, please feel free to ask your queries here. Alternatively you may post your queries in forum also.

    http://www.jagoinvestor.com/forum

    Thanks

    Ashal

  176. Venugopal says:

    Excellent article. Many doubts of mine got clarified. On capital gains i have some questions. How do I get it clarified?
    Venugopal

    1. Dear Venugopal, either ask here in the comment section or better ask in http://www.jagoinvestor.com/forum

      Thanks

      Ashal

    2. Just put the question

  177. Rajni says:

    Dear Ashal, Me n my Wife have PAN n we r in zerotax bracket…as we are planning to take home lone after 3 yrs…can we fill ITR for future perpose???N my Mother hv some FDs in banks,where they deducted TDS but returned it after filling 15G is it necessary to fill ITR for her???As we all 8 family mebers hv PAN card n r in 0 tax bra but hv some FDs wth same as my mother case.Shd we fill ITR for all of them???

    1. Dear Rajni, you & your wife may file ITR for home loan record purpose. Interestingly as both of you are having zero tax slab & Form 16 from individual employers, there is no need to file ITR.

      Regarding Mother’s FDs, please file form 15G or 15H (if she is a Sr. citizen) in the first week of April every year.

      If all the members are in zero tax slab, there is no legal requirement to file ITR.

      Thanks

      Ashal

  178. Thondai says:

    Thanks for a nice article. I have a question on TDS. My bank has deducted TDS on fixed deposit for full FY including Q4, however, per incometaxindiaefiling.gov.in website deposit until Q3 is made and Q4 is yet to appear. Probably the bank deposited TDS slightly after March 31st. Do I need to manually add Q4 TDS in my return since its debited from my account, or will this appear in next year return?

    1. Dear Thondai, relax. Please wait for next few days. The TDS is deposited by your bank for Q4. The only thing is, the TDS return is yet to be filed by your bank. Within next few days i.e. may be till 10th June, you ‘ll be able to check your Q4 TDS amount in your Form 26AS.

      Thanks

      Ashal

      1. Thondai says:

        Great! Thanks very much, Ashal. I will wait until June 15.
        One more question please, my short term capital gain is Rs. 300k for the year. Last year I suffered Rs. 40k STCL. Using Manish’s last year article, I am filing income tax return through https://myitreturn.com/. This site is calculating taxes on total Rs. 300k without offsetting last year 40k loss. Shouldn’t taxes be on net income Rs. 260k (300-40)?

        Also, there is no provision to enter dividends under exempt income.. Probably I will have to skip this or else I can write to their admin.

        1. Dear Thondai, the most important question is – had you claim STCL last year at the time of filing your ITR? If yes, please contact the customer care of the site you are referring to. It’s possible that you are not entering the data in correct places.

          Please sort out the matter with the customer care. Alternatively please quote only the adjusted STCG amount i.e. 2.6L Rs.

          Thanks

          Ashal

          1. Thondai says:

            Thank you, Ashal. Yes, I filed STCL last year and carry-forward. I also just verified this in ITR2 excel file in income tax website, which also has same problem. Therefore, I will quote only the adjusted STCG.

  179. Dear Jitendra, thanks for asking it. We ‘ll try to create one if demand arise.

    Thanks

    Ashal

  180. Jitendra says:

    A demo (Video tutorial) as to how to fill ITR coomputation sheet on Income tax website would be desirable and appreciated.

    1. Swetank Saroj says:

      Hi Jitendra,

      As requested by you, please find below a youtube video link showing a very detailed example of filling ones income tax return.

      http://www.youtube.com/watch?v=do2sOx2fP4k&list=PL_16BSQMjAHMNWPXzISzxlDwJ_uzqIV9v&index=17

      Thanks to Amlan Dutta who have created and posted this video on you tube.

      @ Manish : Can you please update this link on your article after taking permision (if any) from Amlan.

      Thanks,
      Swetank

      1. Amlan Dutta says:

        I just came across crap blogs taking my name and making use of my tuts …came across your article …guess someone here is referring to my video and permission to use it …making use of my video after taking my permission is okay else i strictly won’t allow the same ….

        God bless , anyways , i make 30-40 Tutorials a day on tax …people will get tired copying pasting because i have over 1000 Tutorials on tax ….and here the blog writes about filing of returns …i have a seperate playlist for each type of return ,lol, I.e ITR 1/2/3/4/5/6/7 …god bless and let knowledge be free …

        Jai Hind ,

        Amlan Dutta

  181. Jitendra says:

    I think we should also have a demo as to how Excel sheet for ITR computation is filled online … all steps inclusive. The ITR sheet is a bit complex and ccan confuse even the experienced user leave apart those who are new to it.

    1. Dear Jitendra, the demo is available already on several sites. If you feel filing on your own is not your cup of tea, we already mentioned to contact fee based online portals. ITR-1 is not at all complex & interestingly majority of salaried class are covered in ITR-1 itself (No capital gains).

      Even if you want the same, we ‘ll try to create one for ITR-1 & another for ITR-2. ITR-3 & ITR-4 are not meant for common salaried public in general, hence we ‘ll not discuss these.

      Thanks

      Ashal

      1. Jitendra says:

        Dear Ashal,

        Thanks a lot for positive reply 🙂

  182. Anant Garg says:

    Hello Manish,

    I have been frequent reader of your posts. And most of the time, your posts land at right time in my inbox when I was thinking of exact problem. This time is also of no exception.
    As this post answered my many question on tax return, I still had one question. i appreciate if you can answer my question. here is my question:

    I filed tax return for assessment year 2010-2011 manually in Gurgaon, Haryana jurisdiction. Next month, I moved to United states. As the address mentioned in tax return was of rental house, refund cheque returned back as there was no one to receive. I am still in the United states and seeking your support/suggestion about how can I get that refund cheque back ?
    My address on record of PAN card is my permanent address which is valid. Is there any way,I can tell the income tax department to resend my refund cheque on the address mentioned in the PAN record ? Though I did this exercise 2 yr back submitted a request letter (through a friend) to assessing office in Gurgaon but nothing happened. Neither I have a record of that letter/incidence.

    Given the fact that I am in US, Please guide me how can i get my refund cheque reissued and sent on permanent address mentioned in PAN records.

    I appreciate your suggestion.

    thanks & Regards,
    Anant Kumar Garg

    1. Dear Anant, as you are out of India, nothing can be done as of now. At best you can resubmit your request though a friend in the G’gaon Income Tax office for reissue of refund cheque at the single window redressal system. Please do note, for this request, you w’d have to provide the copy of the ITR with the seal of Income Tax office of original filed return.

      Thanks

      Ashal

      1. Anant Garg says:

        Thanks Ashal,

        So what I understood is, i will write a request letter on plain paper and attach copy of filed tax return and submit it to aaykar sampark kendra gurgaon (or aaykar seva kendra ?). Will that enough be to get cheque reissued ? will I get any acceptance receipt for the same ? Can i take any further action in case they don’t reissue the cheque ?

        Sorry for asking so many questions in a row ;-).
        regards,
        Anant

        1. Dear Anant, please go ahead. Your understanding is correct. Please do not forget to quote in your application that you need refund cheque at the PAN address.

          Thanks

          Ashal

          1. Anant Garg says:

            Lots of thanks Ashal,

            One more important thing left to be asked, Can i submit this request at any income tax seva kendra (at any other city) or only at gurgaon (I filed my income tax under Gurgaon assessing officer)?

            regards,
            Anant

            1. Dear Anant, as the original return was filed offline, please contact G’gaon Office.

              Thanks

              Ashal

  183. bharat shah says:

    thank you, both of you, Ashal and Manish for the article.

  184. Dear Nagarajan, the basic difference lies in the fact that instead of maintaining detailed accounts, the profit can be declared @ 8% of gross revenue & this ‘ll be the income from business & taxes w’d have to be paid accordingly.

    Thanks

    Ashal

  185. Nagarajan Santhan says:

    Hi Ashal,

    While surfing tax related sites I found ITR-4 and ITR-4S returns.

    * SUGAM (ITR -4S) is applicable for small businesses and professionals covered under presumptive taxation.

    What is the difference between ITR-4 and ITR-4S ?

    Thanks
    Nagarajan Santhan

  186. Roopesh says:

    Hi

    Good work as usual guys

    A quesry from my side though
    I have income from salary as well as run my own business in my proprietorship name. Which ITR form should I use ?
    Also from salary I earned income of Rs 12 Lakhs but in business i made a net loss of Rs 4 lakhs. Can I offset the loss in my business from my salary take home to reduce the overall tax outgo ?

    Regards

    1. Dear Roopesh, ITR-4 is the form for you. No you can not offset losses from Business income against salary income. Yes you can carry over these losses for next 8Y to be offset against future gains from your business.

      Thanks

      Ashal

      1. Roopesh says:

        Thanks for the clarification Ashal.
        Very good stuff indeed

  187. Prashant says:

    Very Well written article !

    Prashant

  188. Col K S Rana says:

    Thanks fothe information and clarity on the common doubts. I too have a question. I wish to know that if a person is a pensioner and his total pension is exempt from income tax because of some injury sustained during service or decease contracted which is attributable to the service and hence exempt from income tax, in this case if an individual has an additional income out of interest on FDs or mutual funds, then how this additional income is taxed? what are the rates/ slabs of tax if any? I want to clarify the doubt since there are categories which are exempt under MOF letter number 2/2001, F. No. 200/51/99- ITA, Government of India, Ministry of Finance, New Delhi letter dated 2nd July 2001.
    Yours truly,
    K S Rana

    1. Dear Col Rana, in this case as the pension is tax free, this should not be reported under normal income but under the head Exempted Income. The regular income from FD interest or similar things should be reported & pay tax on it as per your slab rate.

      For example if Interest income is 2.5L Rs. & tax exempted pension is 3.5L Rs., although combined income in this case is 6L Rs. but taxable income ‘ll be 2.5L Rs. only. So Tax liability ‘ll arise on this 2.5L Rs. figure only. The regular slab of 10% over the 2L Rs. amount means your taxable income in 10% tax slab ‘ll be 50K only. Even this tax liability can be saved b y investing 50K Rs. in section 80C related investments.

      Thanks

      Ashal

  189. dr ramesh says:

    excellent article in simple language.

  190. Pradeep says:

    Thanks for the layman guide to Income tax. There is another point I would like to inform Tax payers that is under sources of income one should include all sorts of income earned like interest from SB A/c, FD, NSC, Bonds, etc. It is said that most people do not include such income or are not aware that they should include it.
    I welcome users feedback

    1. dr ramesh says:

      Are we suppose to include tax free income from PPF and dividend to the total income? What if we have not included it in the past?

      1. Dear Dr Ramesh, the PPF should not be reported under income head. Yes the dividends should be reported under the head Exempted Income.

        Thanks

        Ashal

    2. Dear Pradeep, yes, one should include all income.

      Thanks

      Ashal

  191. Sushil says:

    It has come to my knowledge that Online Filing of Income Tax Return is compulsory for persons having income more than 5 Lakh. If a person has salary income of 4.5 lakh and agriculture income of 80000 ( which is Tax Free) then is the person comes under online category or offline?

    1. Dear Sushil, the income is more than 5L Rs. although taxable income is less than 5L Rs. so better to file online. Even if this person files offline this year, from next FY, the online ‘ll be his way. Better to change now than from next year, when it’s made compulsory to him. 🙂

      Thanks

      Ashal

  192. M.Thilakarajan says:

    Nice article

  193. Sahil Bhatia says:

    Nice Article !

      1. Mohit Chaturvedi says:

        I think that if at the time of tax deduction at source, an assessee is unable to furnish his PAN then he can’t claim tax credit of tds because it will not reflecting in form 26AS.

        Thanks.

  194. Saravanan A says:

    Thanks Very nice article. Appreciate Ashul and Manish for capturing all FAQ. I have two things to share from my experience, mentioned below:
    1. Regarding this question => I forget (or could not produce in time) to claim HRA from my employer. What to do?
    If we don’t declare HRA component in Salary the salary structure makes it Zero. In that case I was told by the Tax filing person that we can’t Claim HRA at all as it was not part of Salary. I have not done this mistake. I have seen people ending up in that situation.

    2. If we have two Form-16, better to declare previous employer details. Otherwise we wait until both Fom-16 comes, which would be around June/July, then when you combine them there will be some more additional Tax to be paid. That is fine. However catch is that we need to pay interest to the Tax as it was not paid within that financial year. I faced this problem and ended up paying few thousands as interest.

    1. Dear Sarvanan, thanks for sharing your experience.

      Thanks

      Ashal

  195. Nagarajan Santhan says:

    Hi Manish & Ashal,

    Thanks for this wonderful article !!!

    I have one query on behalf of my friend (he is not familiar in web):

    My friend having two income source

    1. From his employer (Form 16 provided and tax detucted)
    2. Other irregular income (from LIC as he is working LIC agent as well)

    Questions:

    1. Some expenses incurred in his LIC job (transport, mobile,..), is it possible to adjust this expenses in any way ?

    ex. LIC income 5000 and expenses are 7000 (net loss is 2000)

    He could adjust this loss in his return and get back TDS which is already deducted by his employer ?

    2. Which ITR form he is going to use to file his returns ? and under which category ?

    Thanks
    Nagarajan Santhan

    1. Dear Nagaraj, the applicable ITR for your friend ‘ll be ITR-4.

      Thanks

      Ashal

      1. Nagarajan Santhan says:

        Hi Ashal

        Thanks for your reply.

        It would be great pleasure, if question number 1 also answered …

        //1. Some expenses incurred in his LIC job (transport, mobile,..), is it possible to adjust this expenses in any way ?
        ex. LIC income 5000 and expenses are 7000 (net loss is 2000)
        He could adjust this loss in his return and get back TDS which is already deducted by his employer ?//

        Thanks
        Nagarajan Santhan

        1. Dear Nagarajan, your friend can claim losses but interestingly, he can not adjust these losses against his salary income. Yes he can carry over these for next 8 FY & set it off against profits at that time.

          Thanks

          Ashal

          1. Nagarajan Santhan says:

            Thanks Ashal …

          2. Satish says:

            Good to know that we can carry over loss for next 8 FY.

            Mostly people talk about calculating individual income tax liability considering all profits ( salaries, interest earnings, etc.). and some well known ways to reduce tax liability like section 80C., mediclaim, edu loan etc… I really don’t know how we can report losses in order to reduce tax liability. What documents we need to maintain? what kind of losses can be claimed? What is the meaning of carry over? I have a feeling that, due to this indifference each year, I have been paying more tax than what is “just”. Do we have some related articles on this forum which helps salaried people and proprietors?

            1. Satish says:

              Thanks Manish

            2. Dear Satish, if you are running a home loan, you are already reporting your loss & claiming it as tax benefit against your salary income. Regarding other losses, these can be claimed only under the same head of income. Like Business loss against business income, capital loss against capital gains.

              Thanks

              Ashal

            3. Satish says:

              thanks!

    2. No he cant mix 2k loss with the salary income , IN this case, I dont see much value in mixing things as the amount if very low .

      He will now have to file ITR 4 .

  196. Suhas says:

    3. Financial Year
    4. Assessment Year

    Add (FY) and (AY) accordingly to the heading so it makes it more clear for the rest of the article..

  197. rajesh says:

    Hi
    I have 2 questions I have a total running sip of 75000 a month.

    out of this
    1) 2 of equity mf are for 20k each so the net investment for the year for each of these 2 are 240000 should I enter it anywhere.

    2) I have switched some mutual funds from regular to the direct funds these amount to around 3.5 in one of them the others are less than 2 do i have to declare this in the

    1. Dear Rajesh, please post your query in detail. What’s 3.5 or 2 in your query above?

      Thanks

      Ashal

      1. rajesh says:

        Lakhs

        I am filing ITR 2 is there any place where I have to mention these investments.

        1. Dear Rakesh, Please do calculate the Short Term capital Gains or the Long Term Capital Gains if any on your switch from regular to direct option. The STCg is to be taxed @ 15.45% & that should be reported in ITR-2 form.

          Thanks

          Ashal

  198. TRILOCHAN THUKRAL says:

    The article is very useful and informative.

    However I think in the answer to FAQ 12

    “For a very high quantity of trading activities, the applicable form ‘ll be ITR-3.”

    The ITR form should be ITR-4 instead of ITR-3

    1. Dear Tirlochan, yes it should be ITR-4. Thanks for pointing out the mistake.

      Thanks

      Ashal

  199. Gaurav Doshi says:

    Hi Manish & Ashal,

    This is one more masterpiece from your end. Read it once will re-read it again to get a better understanding and absorb the content better.
    And surely the key is ‘simple message’.

    Thanks,
    Gaurav

    1. Dear Gaurav, thanks that you find article useful for you. Please feel free to ask your queries if any.

      thanks

      Ashal

      1. Aditya says:

        Dear Ashal,

        I understand there is 1% TDS on property value above Rs. 50 lakhs. I need to know if this is applicable even if the seller has been owning the property for more than 5 years? Is there any property age (with the seller) relaxation for the seller to pay 1% TDS.

        Regards
        Aditya

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