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.
This is a factual account. Every date and quote below is from written correspondence I…
Every year around July–August, the same ritual: open the Income Tax Department's offline ITR utility…
In my previous update on cross-border investing, I broke down how I secured a zero…
In my last finance update, I documented the exact timeline of executing my very first…
Introduction: Most bank customers accept a credit card rejection as "final." But what happens when…
After spending quite a few days researching platforms and figuring out the best way to…
View Comments
HI Mr, Pankaj how can i come to know that the TDS deducted by the company is deposit to IT dept.?
@Rahul
You can check same in form-26AS (https://incometaxindiaefiling.gov.in/portal/form26ASInfo.do)
i want my tds amount A.Y. 2011.2012
Current IT slab AY 12-13
Sir,
I've open a salary account in standard chartered bank and I've saved Rs.50000 above.
will the income tax department deduct money from my account?
@James
In case interest in all accounts (savings/fixed deposits etc) held with a bank is more than 10,000 in year, they would deduct 10% TDS on interest.
where to update the Home loan principal and interest amount in ITR 1 while efilling.
@Nazrin
You should use Row 42 (Income from one House Property) as negative value for home loan interest amount.
For principal amount, use Row 46 u/s 80C.
I am a student i have 5 bank accounts and having 19 lacks in savings a/c 15 lacks in deposits a/c approximately earned interest of Rs.75000 in a year from savings a/c, and Rs.1,35,000 from deposits a/c. and i do not have any other income. i have PAN and update with banks my questions are
1. will i need to file tax and need to pay any amount to income tax.
2. will they ask question like "source of money".
3. some bank deduct TDS from my deposits a/c. so i am confused with tax calculation.
4. i want to transfer my savings a/c money into deposits a/c so my question is depositing 40 lacks + in deposits a/c create any problem.
5. how do i get refund of my TDS amount.
6. is there is any way to put 40 lacks + in deposits and need not not to pay any tax and TDS. like using 80c and something.
@Siddik
1. As your total income in the year was more than non-taxable range (1.80 lac for FY 2011-12), its mandatory for you to file income tax return. If there is no tax saving investment done, you would need to pay 10.3% income tax on Rs 30,000 (2.1-1.8), that is Rs 3090.
2. They may ask source of money as you are a student and there are no salaries/business income.
3. Bank need to deduct TDS @ 10% in case interest in year is more than Rs 10,000. You need to put that into income tax return form. If total tax deducted by all banks is more than Rs 3090, then you would get refund of remaining amount.
4. As such there won't be any issue in opening fixed deposits taking money from savings account but this may be reported to income tax department.
5. Covered under 3rd point.
6. You can get income tax deduction under different sections like 80C, 80D etc, but they are till a limit only. 80C has 1 lakh limit, 80D has 15,000. After that tax would need to be paid.
If HRA is not shown in Office for exempt, can it be claimed in ITR 1 and get the refund amount.
@Nazrin
There is no provision in ITR forms to claim HRA exemption. Its a employer provided tax benefit and should be claimed with employer.
However if you want you can reduce taxable amount (by HRA exemption) in ITR and file return. It would now depend on assessing officer to accept same or not. He may ask for further proofs regarding same and reasons why it was not claimed with employer.
If i myself is filling for returns online. Then wat is the procedure.
@Nazrin
Read more details here: http://www.pankajbatra.com/india/file-income-tax-return-online-yourself/
I have not submitted the HRA exempt in office, i want to file online. There is no such option to quote the HRA. I have the bills. Wat is the procedure then.
@Nazrin
There is no option to claim HRA exemption in income tax return form. It should have been claimed with employer.
Now if you want to claim it, just recompute taxable income after deducting HRA exemption and file return showing a reduced taxable income.
Dear Mr. Batra, In case of payment to contractors, should we take the invidual payments made to each contractor in account while deducting TDS or should take entire payments made to all contractors in a/c. eg should payments of 12000 , 14000, 20000 made to A,B,C, should be taken in a/c (in that case only TDS on C will deduct) or entire payment of 46000 should be taken in a/c (in that case TDS on all A,B,C will deduct) while deducting TDS. All contractors are under diff. TDS sections.
@Sandeep
You should consider payments to contractors individually. TDS deduction should depend on their yearly payment.
Dear Mr.Batra , I want to clarify that all payments are on regular monthly basis.
What is the default password for new PAN card numbers to check form 26A.
@Tarun
There is no default password, you need to create your login.