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Filing tax returns? Some last-minute tips!

July 17, 2009 14:40 IST
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It is that time of the year when you need to file your tax returns. Can you file returns yourself or do you need help?

Did you make any investment mistakes last year? Are you keen to know how can you get more tax exemptions?

What exactly should you do to get more tax benefits?

In an hour-long chat on on Thursday, direct tax expert Vikas M Gandhi offered some valuable tax-saving tips. Here is the transcript:

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

rajeev asked, my company giving hra but give no expetion in tax on hra
Vikas Gandhi answers,  at 2009-07-16 15:24:59Receiving HRA does not necessary mean that you will also get exemption. the exemption depends upon 3 factors viz: a. Actual HRA Received b. 50% / 40% of (Basic salary + DA) c. Rent paid in excess of 10% of (Basic Salary + DA). The lower of above three factors determine the amount of exemption available. It is possible that based on the above, your exemption may be resulting in zero and hence no exemption has been given. Try yourself the above formula and then contact your employer if required.

sri asked,  what is form 16?
Vikas Gandhi answers, Form-16 is a Certificate of Salary received by you during the year alongwith the amount of tax deducted from your salary with the calculation.

vak asked, can a salaried return be filed within one year after due date ?
Vikas Gandhi answers, Basically income tax return has to be filed within the due date. If for any reason you are not able to file within the due date you may file by the end of the assessment year.

TaxMan asked, This year I will be submitting my Advance Income Tax as a professional. Please tell me which chalan to fill?
Vikas Gandhi answers, Irrespective of your source of income, advance tax payment has to be made by filling in Form No. ITNS-280.

kamalkannan asked, sir, my company do not give TDS certificate, can i file my IT with my all of the month's salary received statement typed in a excel sheet and duly signed by my boss.
Vikas Gandhi answers, If oyur employer is not giving you TDS certificate just because no tax has been deducted from your salary, you may go ahead with the same. However just remember to mention TAN of your employer. However if tax has been deducted from your salary, you have to receive Form-16 from your employer.

kishore asked, Hi Vikas, Good evening to you, my name is kishore, i wanted to ask you, i am a salary employed person and i do invest in stocks for short term gains, i don't hold anything long, so to file my returns, what documents should i ask from my brokerage house, will you please tell me about it
Vikas Gandhi answers, You will require copy of contract notes and brokers bill for the purpose of Capital Gain and for income tax purpose.

vak asked, can stt be claimed as expense in capital gains from shares
Vikas Gandhi answers, No. STT cannot be claimed as expenses in capital gains from shares.

rajiv asked, sir, i would like to know if i would get income tax refund on return filed for FY 2007-08. i have not yet filed the return. kindly help me
Vikas Gandhi answers, File the return at your earliest. You will get the refund if you are eligible for the same.

mainu asked, company deducted TDS 1000 every month and my annual salary is 1 lack 44 thousand. so will i get the total money refund after filling ITR
Vikas Gandhi answers, Yes, you will get the entire tax deducted as refund, provided you file your income tax refund.

rao asked, Hi, My own house is under consturction and i have paid housing loan EMI in last financial year, i was staying in a rented house can i still claim both HRA and housing loan benefits.
Vikas Gandhi answers, Till the time your house is under construction, you cannot claim housing loan benefits. This benefit can be claimed only when you receive possession of your house. Till that time you can claim HRA benefit.

amit asked,  Is form 16 and ITR receipt equivalent?
Vikas Gandhi answers, Form 16 is not your income tax return. Even if you don't have to pay any tax, you have to file your income tax return.

Akhilesh asked, I have Loss under income from house property. Can i setoff that with salary income? In return it says that if income from house property is negative then mention Zero. Then how i can setoff the negative income under HP
Vikas Gandhi answers, You can set-off your house property loss against your salary income. As far as ITR is concerned, it is because either house property loss gets set-off against income or gets carried forward to subsequent year and hence you have to mention zero.

ABC asked, vikas, could you please tell me what is the last date to file my income tax return for this financial year....
Vikas Gandhi answers, For individuals not required to get their books audited, the last date of filing income tax returns for the year ended on 31/03/2009 is 31st July, 2009.

TaxMan asked, I am working for a foriegn company based out of India (they do not have office here)but I am physically present in India and work from Bangalore. Do I have to pay income tax in India and if yes, what will be am I a professional and I am paid directly and no tax is deduted by them.
Vikas Gandhi answers, Since you are physically present in india, your residential status is that of Resident. For a Resident income, the entire world income is taxable. This means any income earned by you, it will be taxable in India.

TaxMan asked, You just repled to my question on Adv fill Form No. ITNS-280. On this chalan it is asking to select Type of Payemnt..(100)ADVANCE TAX or (300)SELF ASSESSMENT TAX...which one should i select?
Vikas Gandhi answers, This depends for which year you are paying the tax for. if you are paying tax for Financial year 2008-09 or earlier, select Self Assessment Tax. If you are paying tax for current financial year, select Advance Tax.

rajiv asked, sir i would like to know which ITR form should i fill i get salary as well as commission as an LIC agent.
Vikas Gandhi answers, Commission income is treated as business income and hence you will have file your income tax return in ITR-4.

tusharr asked, can i file revised online return ?
Vikas Gandhi answers, Yes, provided the original return was also filed online.

SUNI asked, My Bank has given me a TDS Certificate giving details of Interest paid on FDR and amount of tax deducted but they have not given the chalan number and tax of deposit of tax with the IT Deptt. They have only given Unified Identification Number. Will the IT Deptt accept this and give me refund of tax deducted (I am eligible for refund) . Thanks
Vikas Gandhi answers, To my mind there is nothing like unified identification number. in such a case, the Form-16A given by the bank is defective and needs to be intimated to the bank for rectifying the same.

subhashii asked, hi..after doing my final consolidation of it returns i found i hv to pay abt 50k to IT dept..What is the safest way to do it in online
Vikas Gandhi answers, You can pay tax online only if you are having netbanking facility with select banks. For making online tax payment and also to check which banks are available visit for further details.

sai asked, should I have to declare the small dividends from shares,interests from the savings bank account in the IT Return form?
Vikas Gandhi answers, Yes. However small the amount is, you have to declare all the income (taxable or tax-free) while filing your income tax return.

Vikas Gandhi says, With this we come to the end of this session. Chat with you in the next session. Remember 31st July is nearing and hence file your return at the earliest.

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