Comment posted on Income Tax Calculator for 2011-2012 by Pravin.
Hi..I have been getting a professional fee of 37500 from my company since i was not on the payroll. Every month a TDS of 3750 was deducted from my salary. So in all almost INR 39000 was deducted from May 2011 to March 2012. Now i want to file ITR & want to claim refund of excess TDS. I have two queries:
1. Can I claim for house rent deduction from taxable income? If yes how much
2. How can i claim for refund.
Thanks in advance.
Regards,
Pravin
I have filed my return for the year 2011-12 o 30-3-2012 and refund is due for me from my return.
Whether I have to apply for the refund or is it enough which I have filed the return.
kindly advice me in this regard
@Krishnamoorthy
If return has refund figures, it would be issued in 2-3 months after return filing.
Nothing extra needs to be done other than return filing.
Hi,
The tax calculator works wonders for people who fear finance, like me. Thanks for sharing it.
I had purchased a house in 2009 (FY 2009-2010), but I did not availed the exemption for “Stamp Duty and registration” charges, which ran in couple of lacs. Can I take the benefit of this year? If Yes, how and what all things I need to share with my employer to take the benefit.
Appreciate your help.
Thanks & Regards,
Suhas
@Suhas
Income tax benefit for expenses towards stamp duty and registration charges can only be availed in the year in which payment has been made.
It can’t be claimed for deduction u/s 80C now.
Thank you so much for reply
thanks for the reply
is any proof required for Periodical Journals and what is the limit/% required
@Bala
Yes, employer need original bills for process periodical journal reimbursements as non taxable.
As such there is no upper limit defined for these.
please clarify driver salary exemption.
@Ms Samta
Driver salary may be non taxable on reimbursement from employer upto Rs 900 per month.
I have income from from my former employer for some months and present employer for remaining months. I have to pay additional amount of tax when both are clubbed. When is the last date for paying the balance tax and when should I file the return pl.
@Gopalakrishna
Last date for paying income tax was 31st March. But now also you can pay it anytime, some interest penalty may be payable for late payment u/s 234 B and C.
You should pay remaining tax and file income tax return before 31st July 2012.
Thank you very much
I have salary from former employer and tax for the income is deducted from current employer. But the income details are not mentioned in the form16. when I file the return online . where do I mention the income details of the previous employer?
Should I add it to income from salary or I need to mention this amount in Income from other sources.
@Ratnakar
You need to add “income chargeable under head salaries” from both employers and put it in income tax return form as salary income.
Thank you Pankaj
Hi Pankaj,
The remaining tax payable is one rupee. How do I handle this? Can this be adjusted someway?
@Ratnakar
Even if you file return with this one rupee pending, there won’t be any issue.
Dear Pankaj ..I get a major part of my salary under the head -Consultant Fee..kindly tell me …it comes under which of the following heads under this calculator..??
@Saurabh
You can keep it under special allowance.
I am a retired employee. To file a return please tell me whether interest received from post office sr.citizen fixed deposit and “mis” will be included alongwith monthly pension.
@S Balasubramanian
Interests from post office fixed deposit and Monthly income scheme are taxable and would be added to your taxable income.
how much percent expenses are allowed from insurance commission income while computing tax return for A/Y 2011-12
@Rasheed
There is no fixed percentage. Whatever expenses you have incurred to run your business, can be claimed.
to what extent driver’s salary is exempted which is being paid through pay slip @6000 p.m
@K Rama Krishna
Driver salary is exempted only upto Rs 900 per month.
wHAT IS THE TAX LIABILITY OF A LADY WITH INCOME 5.79 LACS. TDS ALREADY PAID IS 230000. 80g INVESTMENT IS 1 LAC. 80C INVESTMENT IS IS 740000. pl let me know the tax.
@Balakrishnan
Please download and use income tax calculator to compute income tax.
hi. my gross income = 10,10,000 (Above 10Lakh). my SB interest = 15000 (fifteen thousand). so i can pay tax on sb interest for which amount 15k or 5k (15k-10k)?
pls let me know.
@Niranjan
For FY 2011-12, there is no tax exemption available on saving bank interest, so whole 15K would be taxable.
For FY 2012-13, only amount above 10K (Rs 5K in your case) would be taxable.
Hello Mr Pankaj,
I have a query regarding the penalty charged on the premature closure of fixed deposits. Say I have opened a FD on 1st April 2011 with a bank. As my PAN is updated with the bank they will deduct TDS every quarter @ 10% over the accrued interest if my net income from the bank exceeds 10,000. Say 20,000 Rs were accrued at the end of Jun 2011. Bank deducts 2000 as TDS for that month. Further, for some reason I need to prematurely close my FD on say 1st July 2011. Now, at the time of premature closure, bank charges me some penalty, say 2000. The same gets adjusted in my interest/income. At the end of the financial year, the Form 16A or Form 26AS shows the income as 20,000; but, my actual income was 20,000-2000=18,000. So my question here is, 1) Can I deduct penalty from income or penalty gets different treatement? 2) Can I claim a refund for the extra income 2000? 3) Does the bank adjust the penalty in future tax deductions?
@Siddharth
There are no tax deduction/exemption available for penalties.
Do you meant to say that I need to pay tax on penalty also? Penalty is the part of my income not paid to me by the bank (but used for TDS calculation) in case of a premature withdrawal.
@Siddharth
As interest was accrued in Jun 2011, bank had to deduct 10% TDS and deposit it with income tax department. Further as you acted against the deposit contract, they deducted penalty for pre-mature withdrawal. This is a penalty/fine. There is no deduction/exemption available against a penalty or fine.
Bank is right in form 26AS saying that they paid you interest of Rs 20k. 2000 was deducted as penalty and not as less interest payment.
Thanks Mr Pankaj.
I understood what you explained about the penalty. I missed to mention one point here.
In case of a premature FD closure, the interest rate also gets revised. So the accrued interest was @ 12% say, and on a premature closure the interest to be paid gets recalculated by say 7%. Not considering any penalty here. So now my income got revised/reduced. Earlier it was projected @ 12% and used for TDS calculations. Now I am actually paid @ 7%. So can I claim this 5% difference in ITR?
@Siddharth
You may file income tax return by showing less interest income. But income tax department would find a mismatch in form-26AS and ITR and they may raise a notice for tax demand. Then you will have to explain them with all proofs. If they are convinced then its fine.
I am a retired Govt Pensioner and my taxable income after all standard deductions is Rs.2,71,000. and the Income tax calculated amounts around Rs.2236/- paid through challan in a nationalised bank in july 1 st week it self..No advance tax or TDSto be adjusted and No refund any.. Now I ask wether I have to submit the return to Income Tax office or not.Can I keep the Duly filled Tax Form alongwith Paid Bank Challan with my records without submitting to Income Tax office or not.Plese advice me early so that I can submitt if needed before 31 st july.
I am told Income Tax Return( ITR 1)Submission is not required if Income is less than Rs.5.00lakh.And if Tax calculated by self assessment is paid by challan in nationalised bank, that is sufficient.
@Ramana
You will have to file income tax return mandatorily.
5 lakh rule is only applicable if whatever tax is applicable has been deducted by your employer as TDS.
i had got PF withdrawal from my previous company and they have deducted 3% TDS on it (is there in form 26AS, but not in form 16). I am not sure whether this amount needs to put in my ITR or not. Pls advise. Thanks in advance.
@Vishal
If tax has been deducted and it shows entry in Form 26AS, then it should be shown in ITR.
If you don’t show in ITR, income tax department would find mismatch against form 26AS.
PF withdrawal would be taxable in case same is withdrawn before five year of PF account.
Hi..I have been getting a professional fee of 37500 from my company since i was not on the payroll. Every month a TDS of 3750 was deducted from my salary. So in all almost INR 39000 was deducted from May 2011 to March 2012. Now i want to file ITR & want to claim refund of excess TDS. I have two queries:
1. Can I claim for house rent deduction from taxable income? If yes how much
2. How can i claim for refund.
Thanks in advance.
Regards,
Pravin
@Pravin
You would need to file ITR-4 as this income would be treated as income from business/profession. You also show expenses incurred for work like internet bills, telephone bills, car running expenses etc.
You can claim house rent deduction under section 80GG only. Read more details here: http://www.socialfinance.in/questions/1706/house-rent-under-permissible-expenses
You can claim refund by filing income tax return only, whatever is extra tax computed would be refunded by IT department.
Hi Pankaj,
I have two form 16 since I moved from one concern to the other, can you guide me the procedure to calculate the tax for the same. Do I need to file both the form 16s or anyone of them will do. And I heard that if our annual income is less than 10 lakhs we dont need to file the form 16 until or unless we need to pay or get the returns is it true.
Thanks in advance.
Lokesh K
@Lokesh
You need to add taxable income from both employers to compute total income tax.
Add figures under “Income chargeable under head salaries” column from both form-16s and put it in income tax return form. Also put various deductions under 80C, 80D etc.
There is no such rule to not file income tax return if income is below 10 lakhs. That rule is for Rs 5 lakh, but applicable only if one has only one employer in year and has no other income other than salaries and bank interest.
Thanks Pankaj for your response..
i have shown bank interest of rs.6000/- to my employer and its been reflected in form 16 and tds deducted for the interest. Now , since the bank interest is exempted from tax is it necessary to show while IT returns.
@Arun
Bank interest is exempted from income tax upto Rs 10,000 starting from FY 2012-13 and not from FY 2011-12. This amount would be taxable for FY 2011-12 and you need to show same in IT return under income from other sources.
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