Returns Filling

POSTED BY TheZionView ON June 1, 2011 2:43 am COMMENTS (12)

Hi

I need to file ITR2 this year .I have few queries.I work for company which collects income tax exemption data in decemeber,hence i was not able to provide the Tax saving instruments which are exempt in the income tax.Hence my company Form16 does not reflect this data.

So how should i show this in tax filling to get back the additional tax paid.Also how to fill in the Short term loss/gain in stocks in ITR 2

Also please mention the documents which i should attach along with this for the proof ,especially for ST loss/gain in stocks.

 

12 replies on this article “Returns Filling”

  1. Durga Prasad says:

    Dear friends,

    I have query related to Form 16.
    I have changed my job in the middle of financial year, FY 2011-12. So I will get 2 form 16s from my previous and current employer.
    My current employer provide me the form 16 but the previous employer not yet provided the form 16.
    My query is can I submit the form 16 received from current employer now and previous employer form 16 later? If possible, please explain the process to do this.

    Alternatively how can I submit the two form 16s together, please let me know the process?

    Thanks,
    Durga

    1. Dear Durga Prasad, you need not to submit any form 16. While online filing, you w’d have to file only your data. Please check your form 26As for the TDS by your first employer & accordingly prepare your ITR & file your ITR.

      Thanks

      Ashal

      1. Durga Prasad says:

        Dear Ashal,

        Thanks for your reply, but so far every year I am submitting form 16 to file ITR.
        As you said if form 16 is not required to file ITR, then what is the significance of this form?
        Please don’t think the other way, I have incomplete knowledge on this subject, so asking this question.
        Please do the needful.

        Thanks,
        Durga

        1. Dear Durga, The current ITR series is annexure less. In simple words no matter you are filing online or offline, no additional paper is to be submitted along with your ITR. Significance of form 16 is more if you are applying for a loan from a bank & based upon your income reported in your form 16, the bank ‘ll decide your loan eligibility.

          Thanks

          Ashal

          1. Durga Prasad says:

            Dear Ashal,

            Thank you,

            Durga

  2. Dominic Prakash says:

    “If No,then what is the proof IT department has that i have bought the tax saving instrument or STCG?”

    “Technology”. Using your PAN they can get complete HISTORY of your TAX related proofs and payments including STCG.

  3. ashal jauhari says:

    Dear Prabeesh, I’m sorry for my typo error in my first post please read it the correct one –

    “FYI – current ITR forms are annexure less forms so you need not to file any support documents with your ITR.”

    I hope I’m clear now. No need to file any support docs.

    Thanks

    Ashal

  4. prabeesh says:

    @ashal you are contradicting your statements.

    FYI – current ITR forms are annexure less forms so you need to file any support documents with your ITR.

    Being annexure less form, no need to attach any support docs. with your ITR.

    So should i ,or should i not.

    If No,then what is the proof IT department has that i have bought the tax saving instrument or STCG?

  5. ashal jauhari says:

    Dear Prabeesh, Being annexure less form, no need to attach any support docs. with your ITR.

    Thanks

    Ashal

  6. prabeesh says:

    I understand that we can show any missed tax saving instruments during return filling for refund. My confusion is for the documents that i should attach. I have two different DP account both of which has short term loss/gain. I need to show this in the filling,so what document should i attach along with itr form for the short term gain/loss

  7. srinivasan swaminathan says:

    form-16 is just a statement of how the company accessed your tax component and deduced tax at sourced. You can claim deductions on ITR-1 even if they dont figure in form-16. For example. if you didnt give 80C proof for 100000, you can reduce the amount in itr-1 and recompute your taxes and calculate your refund.

  8. ashal jauhari says:

    Dear Prabeesh, You may either seek professional help to fill your ITR or may contact either Manish or any other fellow (including me) here at Jagoinvestor.

    No matter your form -16 does not indicates all the tax savings done by you, you may still claim the same while filing your ITR.

    Same thing is for STCG/L.

    FYI – current ITR forms are annexure less forms so you need to file any support documents with your ITR.

    Thanks

    Ashal

Leave a Reply

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

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download Our FREE Ebook!

Available only for first 100 people today

Download Our FREE Ebook!

Available only for first 100 people today