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  1. WhatsinAName says

    Oh this is comprehensive…Thanks buddy for this very nice piece of information. Shall help out souls like me!!!!!!!

    June 28, 2009, 2:32 am Reply
  2. Rohit says

    Great Help!! Thanks a ton :)

    June 28, 2009, 10:30 am Reply
  3. Angel of Hope says

    Thanks a lot. . This was really helpful!! Good job buddy…

    June 30, 2009, 2:24 pm Reply
  4. Hemantgiri S. Goswami says

    Excellent information :)

    July 1, 2009, 1:20 pm Reply
  5. Lalit says

    sir,
    please tell me more about how i fill my income tax return file online. i got some information.
    thanx

    July 1, 2009, 8:58 pm Reply
  6. Prasanta Biswal says

    Hi Pankaj,
    This is really a very good information thanks for that. I need some advice from you. I have two form 16 and also i have also housing loan. my question is
    1. which Income Tax Return form i should use ( I’m not earning from my house )
    2. what is the calculation steps as i have two form 16. what is the basic way i should follow.

    thanks
    Prasanta

    July 2, 2009, 1:13 pm Reply
  7. Pradeep says

    Hi Pankaj,

    I have invested in shares and how to show it in while filing tax return. What all r required for this and also got a form 16 from the company i am working. Please hellp on this.

    July 2, 2009, 7:30 pm Reply
    • Pankaj Batra says

      Pradeep, You should fill income tax return form 2 (ITR-2) in case you have any short term capital gains from share trading.
      You should provide details under Part B-TI section of form.

      July 2, 2009, 11:29 pm Reply
  8. lokesh says

    Hi Pankaj,
    Currently i have two form 16 (from my prev companny and from current company). I ve invested little bit amount in insurance, but its not declared in my form 16. Can i declare this investments at the time of filing the tax returns.

    Thanks,
    Lokesh

    July 3, 2009, 4:54 pm Reply
    • Pankaj Batra says

      Yes Lokesh, You can declare the investment in income tax return and ask for a income tax refund.

      July 3, 2009, 5:05 pm Reply
  9. lokesh says

    Hi pankaj,

    Currently my taxable amount is 0.0 rs. in both form 16. because i changed my job in between this fin year. Now, if i submit both form 16 then only my total income crossing 1.5 lacs by X amount.
    So i can cover this taxable amount by submitting my investment proof. m i right pankaj?

    Thanks,
    Lokesh

    July 3, 2009, 5:16 pm Reply
  10. lokesh says

    thanx pankaj for ur help and time.

    July 3, 2009, 6:36 pm Reply
  11. Yeshwant says

    Hi Pankaj

    I am facing a very weird problem. I am not able to register on the e-filling website. After i enter my PAN, it displays my Adress and asks for details like password, name, father’s name, etc.

    the name on my PAN card is “YESHWANT D BAFNA”

    I tried all combinations of my first,last,middle name but it always gives me below error

    •Your first name doesnt match with the data you entered..
    •Your surname name doesnt match with the data you entered..

    July 4, 2009, 1:29 pm Reply
  12. Yeshwant says

    Thanks Pankaj

    I contacted ASK and they helped me out. Government service do pick up phone :)

    No wonder i couldnt register. my first name in their records was my Father’s FULLNAME and the surname was my FULLNAME.

    awesome

    July 4, 2009, 2:17 pm Reply
  13. Vikas Bhandari says

    Hi all,

    This is a message for Batra saab. Although he is a superb techy(J2EE), but still he is able to help us in various financial issue. God Dammn, you are awesome sir jee :)

    Cheers to you!!!

    Thanks,
    Vikas

    July 4, 2009, 5:00 pm Reply
  14. vishal says

    Excellent information. will help me to file my return online

    July 5, 2009, 8:17 am Reply
  15. Bhavin says

    Hi Pankaj,

    This is very helpfull but I have a question. I am investing in shares from past 2 years but due to incomplete information I did not declare my stock last to last financial year. However the profilt figure was not so substential. Also I incurred some good amount of loss the last financial year due to down market. So does the loss in share transactions offset against my taxable income to the extent of loss?

    July 5, 2009, 4:06 pm Reply
    • Pankaj Batra says

      Bhavin, Loss in share transactions can only be offset with profit in share transactions. Capital gain calculations can not be combined with salaries or other taxable income.
      For example, Let say 20k is booked profit from shares, 10k is loss booked from shares. Then total taxable capital gain will be 10,000.
      In case you booked profit of 20k and loss of 30k, then total taxable capital gain will be zero.

      July 5, 2009, 4:13 pm Reply
  16. vinod says

    I missed filing my last year return (ie AY 2008-09). When I tried filing online (as per procedure above), the website threw an error saying that the last date of submission was 31.03.09. However under FAQs on incometax website, it is mentioned that return for any financial year can be filed within 2 years from the end of that financial year (pls see question no. 57 on http://www.incometaxindia.gov.in/questionbank.htm#D48).

    In light of this, pls guide as to how I can file this return online.

    July 6, 2009, 1:56 am Reply
    • Pankaj Batra says

      @vinod,
      I think you have to file older returns in income tax office. Seems like they do not support older return filing as of now.

      July 6, 2009, 11:57 am Reply
  17. RP says

    Hi Pankaj,

    Thanks for helping out people with the tax issues. Even I have two form 16 s from two companies and I have a loss of **** Rs through short term trading. i want to show this loss in my returns so that i can offset it in later years.

    I think I have to file ITR-2. But there are so many spaces which is confusing me. Can you advise me about which column i should file this loss in? and where should i write the income from salaries? Cant afford a Chartered Accountant yet.

    The form 16s are only for my reference. If i am not wrong, I think i dont have to submit them along with my IT returns.

    RP

    July 6, 2009, 9:57 am Reply
    • Pankaj Batra says

      @RP
      For income from salaries – provide your inputs in row 78-88 in sheet ‘PARTB – TI – TTI’
      For capital gain/loss, use sheet ‘CG-OS’.
      Yes, Form-16 need not to be submitted along with return.
      Even no paperwork needs to be done in case you file return with digital signature.

      July 6, 2009, 11:51 am Reply
  18. Prerna says

    I am an advocate (female). I am working with a law firm. They pay me Rs. 25,000 per month. Nature of Payment 194J Fee for Professional or Technical Services. TDS is Rs. 2,833 p.m.. I have a LIC Rs. 20,663. I have invested in mutual funds ELSS Rs. 40,000/-. I have investments in other mutual funds too SIP Rs. 4000 p.m.. How would I calculate my tax. Can I claim expenses.

    July 6, 2009, 4:07 pm Reply
  19. KonstantinMiller says

    Hi. I like the way you write. Will you post some more articles?

    July 7, 2009, 12:13 am Reply
  20. Iranna says

    Pankaj, I used ITR-1 excel for filling my returns, after validating all sheets, I tried to generate XML then there was a additional sheet generated showing TDS on Salary, TDS on Interest and Tax Payment with No of Entries 3,4 and 2 resp. Which is not matching as I only submitted data against TDS on Salary(1 Row). I believe it should be 1,0 and 0.Kindly suggest what may be the error, can I go ahead with these 3,4 and 2 entries?
    By the way your effors are well appreciated on Tax filing procedure, Thanks.
    Regards
    Iranna

    July 7, 2009, 9:22 am Reply
    • Pankaj Batra says

      @Iranna,
      It seems like some bug in Tax Sheet provided by Income tax department; But don’t worry about that as XML generated does not contains those blank rows.

      July 7, 2009, 11:01 pm Reply

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