rediff.com

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News 
Rediff.com  » Business » Filing your tax return? Here's help

Filing your tax return? Here's help

July 11, 2008 09:02 IST
Were you prudent with your investments last year? Did they help you save tax? Or did you end up paying more than you could afford?

What investment mistakes did you make last year? Are their ways to rectify them? What investment options should you go for this year?

What should you do to bring your tax liability to the minimum level?

In an hour-long chat on rediff.com, direct tax expert Vikas M Gandhi replied to many such readers' queries. Here's the transcript:

Vikas Gandhi says, 
Good evening friends and welcome back to the tax chat session.

Prasath asked, I did e-filing and got ITR-V form. Is it necessary to sign and submit it to IT office?
Vikas Gandhi answers,  at 2008-07-10 15:52:45Yes. It is necessary to sign and submit the copy of ITR-V. Till the time you don't file your ITR-V, the Income Tax Department will not process your return and the status will be as good as not filed. The return that has been uploaded to the Income Tax Department website is unsigned and hence for the Department to confirm that correct person has uploaded the return, needs confirmation by way of signed copy of ITR-V.
Ram asked, HI, this is Ram. Can I claim the interst and primciple amount limit if I take tso housing loans from different banks?
Vikas Gandhi answers, If both these loans have been taken for the same property, you can claim the interest and principal amount in your income tax return. there is no limit for the number of housing loans you take and repay during the year.
Narayana asked, Hi, I am salaried person. I want to file my returns through online. if so do i need to submit any hard copy after that.
Vikas Gandhi answers, The answer depends on how you file your returns online. While online filing there is an option to attach a digital signature. If you have one and attach digital signature while e-filing, there is no need to submit a hard copy. However if you file without a digital signature, then you will have to submit a hard copy of ITR-V (generated on the e-filing) within 15 days of e-filing.
Narayana asked, Hi, I am salaried person. I want to file my returns through online. if so do i need to submit any hard copy after that.
Vikas Gandhi answers, The answer depends on how you file your returns online. While online filing there is an option to attach a digital signature. If you have one and attach digital signature while e-filing, there is no need to submit a hard copy. However if you file without a digital signature, then you will have to submit a hard copy of ITR-V (generated on the e-filing) within 15 days of e-filing.
Ashwin asked, I dont have the old companys Form-16, i got the form 16 from new company. Can I fill the ITR without old company's form -16. Thus I m salaried employee.
Vikas Gandhi answers, You will need a copy of Form 16 from your previous employer also. this is because in case tax has been deducted on your salary by such employer you need to disclose certain additional details. It is better that you have all the Form 16 with you.
chella asked, Hai,i have form-16 with home loan(own house).How will file form-16 through online and which form can used to file home loan?
Vikas Gandhi answers, Firstly you don't have file Form 16 online. it is the Income tax Return that you have file online. Since you are paying housing loan and have no income other than Salary, you will have to file your return in ITR-2.
anitawig asked, Dear Sir, i have been filling ITR for almost 15 yrs, last yr i do not have taxable, do i need to file my IT Return.
Vikas Gandhi answers, In normal circumstances if a person is not having taxable income, is not required to file a income tax return. However since you have been filing your returns since last 15 years and if you expect to earn taxable income in succeeding years, it would be advisable for you to file return for the current year in order to maintain continuity.
Ravi asked, If I take homeloan and buy the house and my parents staying in it.I am working in another state. Will I get both homeloan , HRA benefits both?
Vikas Gandhi answers, In the circumstances mentioned by you, you can claim both the benefits, namely - HRA & Home loan.
Jay asked, Please answer: Tax has been cut from my salary, At the last date of submission of Documents I was waiting for receipt of the HDFC insurance policy which I have taken newly they hv provided me provisional but it was not accepted. Now I got the original reciept of the 1st premium I paid which is not included in Form 16. Can I cliam Rfund by any ways
Vikas Gandhi answers, Certainly you can. while preparing your Income Tax Return, add your Insurance premium and claim your tax refund.
Sriram asked, Sir, some specific query. a. I have a STCG of Rs 2.75 lakhs and I have deposited advance tax for this in March and April 2008 - a total of Rs Rs 30,000. Can I claim a refund ? The STCG was in my wife's trading account, although money invested was mine. b. Do I fill in IRT -2 and can I do that on internet ?
Vikas Gandhi answers, Since the investment was made by you, the capital gain will be considered as yours and you will have to pay tax on the same. You have already paid advance tax of Rs.30,000/-. However whether you are eligible for refund or not, depends on your total income. Assuming that you do not have any business income, you will have to fill ITR-2 for filing your income tax return.
suresh asked, Hi..I switched over my company last year july. So i have two Form16 one is from my previous compnay and other one is of my current company..In my previous company Form16 there is refund amt around 8000. How do i claim this and how do i submit both this form 16
Vikas Gandhi answers, Do no bother about the final tax position in your Form No.16. Since you have worked with two employers, the final tax position will show a misleading position. While filing your income tax return, just add salary income from both the employers, calculate tax and deduct the tax deducted on salary income. This might result into tax payable or refundable. Further you do not have to attach any Form 16 or any other document while filing income tax return.
balaji asked, I heard that in case if you purchase a property worth exceeding 30 lakhs( registered value), the same has to delcared along with the return Also it applies to the purchase of property which is not situated in town but at town panchayat
Vikas Gandhi answers, Your understanding is perfectly correct. In case of purchase or sale of property worth Rs.30 lakhs or more, you have to declare the same in your income tax return. This is just an additional information that you will be providing to the Income tax Department.
Aroop asked, I am a salaried person, and understand that i need to fill up ITR-1 form. I can do it online, but how can I get the digital signature?
Vikas Gandhi answers, there are several vendors in India who are authorised to issue Digital Signature. You can search on web and find it out. Even Taxsmile allows you to procure Digital Signature from its website.
amit_chakrabarti asked, Hi Vikas-I have invested in a FD in the name of my wife. The funds are out of my salaried income on which tax is paid. In whose income will the interest on FD get added?
Vikas Gandhi answers, Since you have invested in fixed deposit in your wife's name, any income from such F.D. will be treated as your income under the clubbing provisions of the Act and hence you will have to pay tax on the income.
amitsingh_mbm asked, I'm a salaried person. What if I file my TAX returns after 31st July.
Vikas Gandhi answers, If you fail to file your return before 31st July, the implications will be as under - 1.If your tax calculation is resulting into additional tax payment, you will have to pay additional interest @ 1%. 2. In case tax calculation is resulting into refund, interest on refund will be granted from the date of filing instead of 1st April. 3. In case of any unadjusted losses, you will not be able to carry forward such loss to succeeding years.
gana asked, can i use my Digital signature to file for others?
Vikas Gandhi answers, No you cannot do this. With your digital signature you can file only your income tax return or return of a firm in which you are a partner or company in which you are a Director. However please do not use your Digital Signature for uploading Income Tax Return of someone else.
Dayasagar asked, Respected Vikas ji, What is the last date for submission of IT return by individuals? My wife submitted returns till last year i.e. for the year 2007-08. She has retired on 31.8.2007. She is getting pension of Rs.6,500 p.m. + interest on around 8 lacs @ 9.5% or so. Is she required to submit return this year also? Kindly inform us. With reggards Dayasagar/9810412963
Vikas Gandhi answers, If the total income of your wife exceeds Rs.1,45,000/- for the year ended on 31/3/2008, she will have to file income tax return. the last date of filing income tax return for the year 2007-2008 is 31st July, 2008.
Vikas Gandhi says, That's all for this chat session friends. Hardly 20 days have been left for filing your income tax return. Please do not wait for the last day and file return as early as possible. Good bye.