Tax Filing doubts

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  1. ZED

    ZED Well-Known Member

    Well the belated return for that could have been filed upto 31.03.15.
    Is the income taxable after claiming deductions (if any)

    But if he should become a law abiding citizen, then he should file his return [manual form] and pay the tax with interest. There is a possibility for levy of penalty u/s 271F for Rs. 5ooo (but its discretionary)
     
  2. V K Khanna

    V K Khanna Active Member

    You have total combined income of Rs 437821 ( col 8 of Form 16) which you may mention in your Return. (Allowances which are exempt u/S 10 are to excluded).

    You can claim deductions under Chapter VI A, as advised by @ZED, in the return even though there is no mention of the same in Form 16 issued by your employers and retain proof for scrutiny by the Assessing Officer if required later on.
     
  3. Jain George

    Jain George New Member

    Deductions List

    Company 1
    LIC - 14969 considered in Form 16 (Under head GSIS & LIC)
    PPF - 16000 considered in Form 16 (Under head GSIS & LIC)

    Doubt 1 :- Why company marked my PPF amount under GSLIS & LIC head even though individual PPF field was available. Will this be an issue?

    Life Insurance - 14988 (Not considered in Form 16 )
    Section CCD(1) - 23775.64 considered
    Section CCD(1) - 23775.64 considered

    Company 2
    PF - 6231 considered
    ----------------------------------

    I have Filed my Return Today. Please find the details

    Gross Total Income 4,36,821 (3,07,056 + 1,29,765)

    Doubt 2 :- In previous reply, V K Khanna commented -You have total combined income of Rs 437821 ( col 8 of Form 16) . Sir, Could you please point out the 1000 difference?

    Total Deductions 99,740

    Total Income 3,37,080

    Tax Due (Before Tax Credit U/S 87A) Rs. 8,708
    Tax Credit U/S 87A Rs. 2,000
    Tax Due Rs. 6,910

    100 TDS was already paid by the Company 2. I filed using ClearTax and the system was not allowing me to File, without paying remaining pending 6810 Rs as Self Assessment Tax (Challan 280 I guess). Thus I made that payment in Tax website and completed the process.
    Thus 100 TDS + 6810 Self Assessment Tax = 6910 :)-

    Doubt 3 :- Final Submit button I clicked was on 1/9/2012 12.02 AM, thus it is clear that I have crossed 31st Aug 2015 deadline. Will it be okay ? If it is okay, why Tax dept announce to file returns before July 31st every year.

    Doubt 4 :- I was staying in Rented home during 2nd Company 4 months, but the exemption for HRA was not present in the Form 16 provided by the company. Thus I think I have not got exemption for HRA claim for company 2. Any solution now?

    Doubt 5 :- I am staying Rented Home and my 1st Company providing the Rent for that and it s routed to the salary only. Thus the income calculated includes the House Rent as well right? But 1st company (Bank) also did not provide the Rent exemption.
     
  4. V K Khanna

    V K Khanna Active Member

    Doubt 2: Sorry, its a totalling error what you have mentioned is correct.
     
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