Just out of curiosity and to learn more, for past few years, I have been calculating tax, making whatever extra payment other than TDS online, filling return forms and submitting tax return myself. I am always excited to try new ways government implements.
I registered myself 3 years back to view tax credits paid by my employer as TDS. You can also register here : Check you tax credits. You can also download Form 26 AS here and see how much tax has been deposited on your name from your employer or any other firm.
You can view it to verify if the tax payments made by you or TDS deducted from salary or interest etc are correctly reported to the income tax department. You can also check income tax refund from previous year in the same form.
Now the same can also be checked from View Tax credit statement (Form 26 AS) section under “My Account” menu in Income tax e-filing website after login.
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sir,
our land is under aquasition on nh1 by soma developers.in liu of that we received cheque of 250000 after deducting tds 62500.now i have gone number of times to department from where i receive cheque but they are not able to tell me from which site i can take my 16 a form.pls help me in my case.
@Varun
If they have deducted TDS, they must provide you Form-16A.
And also, I am not able to understand why TDS was deducted in first place, its like selling your land. On selling land, TDS is deductible, but income tax is payable only in capital gains.
I can see some details under in my form16
b)Value of perquisites u/s 17(2) (as per Form No.12BA,wherever applicable)
c)Profits in lieu of salary under section 17(3) (as per Form No.12BA, wherever applicable)
Because of such above values I paid a lot of tax in my current oraganisation.
I have never got above income and never paid tax against that income...
what I can fill in ITR1 against those values.
Please suggest.
Thanks in advance,
Arti
@Arti
Value of perquisites u/s 17(2): This is the amount paid towards rent free accommodation provided by employer or concession of rent for accommodation provided to employee, company provided car or any other fringe benefit provided to employee by employer, other than salary.
Profits in lieu of salary under 17(3): The amount of any compensation due to or received by an employer from his employer in connection with the termination of his employment.
Please check form 12BA at the end of your form-16, which should have these figures mentioned.
These figures cannot be provided in income tax return form as already declared by employer as taxable.
Do I need to pay penalties as calculated by ITR1 because I am delayed in paying TDS by Two months ?
@Arti
It depends on various factors.
Under section 234B, you will have to pay interest if your advance tax is not paid quarterly. (30% till Sept 15, 60% till Dec 15 and 100% by March 15). 1% per month is chargeable on amount less deposited. But if total tax payable is less than 10,000 then there is no advance tax liability.
Under section 234C, you will have to pay interest @ 1% per month, if full tax amount is not paid by 31st March.
my salary is 19,500 Per month. How much money i need to pay as tax for one month.i m working with a call center.
@Aman
Its not possible to compute income tax, without knowing package structure and income details.
I would advise you to download income tax calculator (from link: http://www.pankajbatra.com/india/income-tax-calculator-india-2008-2009-2010/) and compute income tax yourself.
Dear Sir
I am working with a MNC as a software engg.my current salary is 35000 in hand company has deducted 4000 as a TDS now tel me that what to do about ITR filing I don't have any investment like LIC, FDR, PPF . i don't want to file ITR Bcoz Tax come out more payable .....
@Keshav
As your income is above non-taxable range, you must file income tax return.
In case you total income in year is less than five lacs, you worked for a single employer during the year, company has already deducted TDS and there is no income tax pending, then you can skip income tax return.
But else, you should pay pending income tax, clear liability and file return.
Hi Pankaj - Hi - I will be leaving my job on Aug 31, 2011 to pursue further studies. As such, I will not have any income in the course of current finacial year other than the salary received from my employer till August. I have already submitted my resignation a week back.
I would like to know if my tax deduction during the month of July and August will continue to be based on the the total projected salary income for the financial year or will my tax for these two months be adjusted based on the slab applicable to the salary income accrued between April and August of this fiscal year? Is there a standard guideline regarding this or does it vary from employer to employer?
Thanks
@Avinash
It varies from employer to employer. But you can request your employer to deduct tax by considering till date salary as total year salary as you are not going to work in remaining financial year.
Hi Pankaj,
I want to know how to fillup IT return online for two Form 16. Please provide me details step.
@Kisholoy
Check for figures under section "Income chargeable under the head salaries" in form-16 and add those for total taxable salary.
I gave my property on rent in july 2010, the company is not providing me the TDS certificate, how can I check whether they have deposited the TDS or not?
regards
Sachin
@Sachin
You can check Form 26AS on income tax e-filing website (https://incometaxindiaefiling.gov.in/portal/form26ASInfo.do)
compensation received against land 327000 tds deducted 36000 can i get refund/what deductions &exemption available
@Mahesh
What sort of compensation is received against land. Is it sale of land.
In case yes, you will have to pay tax as per capital gains.
To get refund, you will need to file income tax return.
compensation is received from Land Aquisition officer,Land is being used by them for Irrigation purpose,How much deduction I can make on TDS return,I have also earned LIC commission of Rs.121068/TDS Deducted Rs.12000/- on which I have shown deduction of Rs.10,000 u/s-57 is it correct.Total TDS deducted is now Rs.48000 how much refund I will get
@Mahesh
Compensation received by land acquisition officer will be considered as land sale income and capital gains rule will apply here.
As you have other sources of income too, Its a complex case and I would advise you to consult a tax professional or CA for tax filing.
Dear Pankaj,
Pls guide me how much deduction can be shown on IT return against compensation recived from land aquisiotion officer under compulsory aquisition for irrigation purpose rs.327370 Tds deducted 36375,I have no details of purchase with me it was a family land
@Mahesh
It will be treated as long term gain if land has been kept for more than three years.
Below computation will be used to compute capital gains and income tax:
Purchase Year = A, Purchase Cost = P, Cost Inflation Index (CII) for purchase year = X
Sale Year = B, Selling price = Q, CII for sale year = Y
Indexed Purchase price = P x (Y/X) = R
Long term capital gain = Q - R = S
Income tax on capital gain = S x 20%
If you don't have details of purchase, fair market value as in April, 1981 has to be taken as purchase price and purchase year as 1981-82.
Full deduction on this tax can be availed, if another residential property is purchased with amount more than compensation received. this is as per section 54F.
Also if this amount is invested in capital gain bonds, then also income tax can be saved u/s 54EC.
Thanks,I want to know what %age of FMV should be taken on sale value & also Just want to know whether we need to calculate tax on capital gain on both normal as well as on special rates,as capital gain is also added in total income & we calculate tax on total income at normal rates,which means tax is also calculated at normal rate on capital gains too.pls guide
@Mahesh
You will have to consider FMV as on April, 1981 to compute long term capital gains.
Income tax on long term capital gain is 20% with indexation benefit. It will be computed at this special rate and won't be taxed as per normal slab rates.
I GOT FORM 16A FROM MY COMPANY. MY COMPANY ALREADY DEDUCTED TDS ON SALARY BY PER MONTH ON MY WHOLE PACKAGE. NOW WHAT SHOULD I DO REFUND THAT DEDUCTED AMOUNT..? PL TELL ME HOW TO MAKE FILE ONLINE ?.
@Ganesh
You can file income tax return to claim refund of extra tax deducted.
Read this post for income tax return filing details: http://www.pankajbatra.com/india/file-income-tax-return-online-yourself/